MSFT

MICROSOFT CORP ↗ website

CIK: 0000789019 · Technology / Software - Infrastructure · 16d ago

$393.82 -7.28 (-1.82%)

Market Cap $2.9T P/E 23.4 EV/EBITDA 24.0x P/B 7.1 Div Yield 0.91% 52W $349 – $555

Loading chart…

🔍 Burger Lens available for this name — run it yourself against MSFT's numbers. Open the Burger Lens → Read the writeup →

Growth

Compounded Sales Growth

10 Years	12%
5 Years	15%
3 Years	12%
TTM	18%

Compounded Profit Growth

10 Years	24%
5 Years	18%
3 Years	12%
TTM	30%

Fundamental Growth Decomposition ⓘ

Window:

Returns / Quality

Avg ROIC (All-Capital)

10 Years	75%
5 Years	62%
3 Years	47%
Last Year	39%

Return on Equity

10 Years	33%
5 Years	37%
3 Years	33%
Last Year	30%

Capital Allocation

Capital Return Ratio (vs OE)

10 Years	95%
5 Years	83%
3 Years	78%
Last Year	81%

Dividend Growth (DPS)

10 Years	10%
5 Years	10%
3 Years	10%

Performance

Stock Price CAGR

10 Years	23%
5 Years	8%
3 Years	6%
1 Year	-26%

⚠️

Material M&A or Disposition — YoY comparisons include deal step-changes 8-K item 2.01 · filed 2023-10-13

8-K

View filing ↗

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Capital Allocation (USD millions / %)
NOPAT	11,965	20,891	24,742	15,928	38,585	44,217	60,249	72,449	71,723	89,482	105,869
Invested capital (ops)	28,950	31,986	40,956	49,986	58,682	65,527	85,231	103,401	128,734	171,765	248,085
Reinvestment rate %	N/A	14.5%	36.3%	56.7%	22.5%	15.5%	32.7%	25.1%	35.3%	48.1%	72.1%
ROIC (Ops) % ⓘ	41.3%	68.6%	67.8%	35.0%	71.0%	71.2%	79.9%	76.8%	61.8%	59.6%	50.4%
Invested capital (All-Capital)	18,842	23,354	40,902	25,150	40,689	48,853	77,872	114,315	142,198	244,564	292,065
ROIC (All-Capital) % ⓘ	63.5%	99.0%	77.0%	48.2%	117.2%	98.8%	95.1%	75.4%	55.9%	46.3%	39.5%
Capital return ratio %	N/A	152.5%	119.0%	250.9%	100.1%	94.4%	95.8%	87.7%	82.2%	70.0%	81.2%
Acquisition intensity %	9.8%	8.1%	15.4%	0.0%	0.6%	0.0%	2.1%	1.8%	0.0%	10.2%	1.3%
Profit & Loss (USD millions)
Revenue	93,580	91,154	96,571	110,360	125,843	143,015	168,088	198,270	211,915	245,122	281,724
Revenue growth %	N/A	-2.6%	5.9%	14.3%	14.0%	13.6%	17.5%	18.0%	6.9%	15.7%	14.9%
Gross profit	60,542	58,374	62,310	72,007	82,933	96,937	115,856	135,620	146,052	171,008	193,893
Gross margin %	64.7%	64.0%	64.5%	65.2%	65.9%	67.8%	68.9%	68.4%	68.9%	69.8%	68.8%
Gross profit growth %	N/A	-3.6%	6.7%	15.6%	15.2%	16.9%	19.5%	17.1%	7.7%	17.1%	13.4%
Operating income	18,161	26,078	29,025	35,058	42,959	52,959	69,916	83,383	88,523	109,433	128,528
Operating margin %	19.4%	28.6%	30.1%	31.8%	34.1%	37.0%	41.6%	42.1%	41.8%	44.6%	45.6%
Operating income growth %	N/A	43.6%	11.3%	20.8%	22.5%	23.3%	32.0%	19.3%	6.2%	23.6%	17.4%
EBITDA	22,261	30,978	35,125	42,758	52,659	63,659	79,216	95,983	99,523	124,633	150,528
EBITDA growth %	N/A	39.2%	13.4%	21.7%	23.2%	20.9%	24.4%	21.2%	3.7%	25.2%	20.8%
EBITDA margin %	23.8%	34.0%	36.4%	38.7%	41.8%	44.5%	47.1%	48.4%	47.0%	50.8%	53.4%
Interest expense	781	1,243	2,222	2,733	2,686	2,591	2,346	2,063	1,968	2,935	2,385
Interest coverage (x)	28.5x	24.9x	15.8x	15.6x	19.6x	24.6x	33.8x	46.5x	50.6x	42.5x	63.1x
Net income	12,193	20,539	25,489	16,571	39,240	44,281	61,271	72,738	72,361	88,136	101,832
Net margin %	13.0%	22.5%	26.4%	15.0%	31.2%	31.0%	36.5%	36.7%	34.1%	36.0%	36.1%
Net income growth %	N/A	68.4%	24.1%	-35.0%	136.8%	12.8%	38.4%	18.7%	-0.5%	21.8%	15.5%
EPS (diluted, $)	1.48	2.56	3.25	2.13	5.06	5.76	8.05	9.65	9.68	11.80	13.64
EPS growth %	N/A	73.0%	27.0%	-34.5%	137.6%	13.8%	39.8%	19.9%	0.3%	21.9%	15.6%
Balance Sheet (USD millions)
Total assets	174,472	193,468	250,312	258,848	286,556	301,311	333,779	364,840	411,976	512,163	619,003
Total debt	35,285	53,504	86,172	76,200	72,178	67,076	66,218	52,530	47,237	51,630	43,151
Shareholders' equity	80,083	83,090	87,711	82,718	102,330	118,304	141,988	166,542	206,223	268,477	343,479
Cash & equivalents	96,526	113,240	132,981	133,768	133,819	136,527	130,334	104,757	111,262	75,543	94,565
Shares outstanding (M)	8,027	7,808	7,708	7,677	7,643	7,571	7,519	7,464	7,432	7,434	7,434
Cash Flow (USD millions)
Operating cash flow	29,668	33,325	39,507	43,884	52,185	60,675	76,740	89,035	87,582	118,548	136,162
Capex	5,944	8,343	8,129	11,632	13,925	15,441	20,622	23,886	28,107	44,477	64,551
Free cash flow	23,724	24,982	31,378	32,252	38,260	45,234	56,118	65,149	59,475	74,071	71,611
FCF margin %	25.4%	27.4%	32.5%	29.2%	30.4%	31.6%	33.4%	32.9%	28.1%	30.2%	25.4%
FCF growth %	N/A	5.3%	25.6%	2.8%	18.6%	18.2%	24.1%	16.1%	-8.7%	24.5%	-3.3%
Owner Earnings	N/A	17,685	19,868	9,335	33,336	40,369	45,809	57,965	51,164	55,778	52,336
Owner Earnings margin %	N/A	19.4%	20.6%	8.5%	26.5%	28.2%	27.3%	29.2%	24.1%	22.8%	18.6%
Owner Earnings growth %	N/A	N/A	12.3%	-53.0%	257.1%	21.1%	13.5%	26.5%	-11.7%	9.0%	-6.2%
Unlevered Owner Earnings	10,121	17,448	22,713	11,996	34,360	39,476	48,927	61,163	54,616	60,205	63,318
Investing cash flow	-23,001	-23,950	-46,781	-6,061	-15,773	-12,223	-27,577	-30,311	-22,680	-96,970	-72,599
Financing cash flow	-9,668	-8,393	8,408	-33,590	-36,887	-46,031	-48,486	-58,876	-43,935	-37,757	-51,699
Dividends paid	9,882	11,006	11,845	12,699	13,811	15,137	16,521	18,135	19,800	21,771	24,082
Share buybacks	14,443	15,969	11,788	10,721	19,543	22,968	27,385	32,696	22,245	17,254	18,420
Buyback yield %	—	4.5%	2.4%	1.5%	2.0%	1.6%	1.4%	1.8%	0.9%	0.5%	0.5%
D&A	4,100	4,900	6,100	7,700	9,700	10,700	9,300	12,600	11,000	15,200	22,000
CFO / Op. Income %	163.4%	127.8%	136.1%	125.2%	121.5%	114.6%	109.8%	106.8%	98.9%	108.3%	105.9%
Working Capital (USD millions)
Accounts receivable	17,908	18,277	22,431	26,481	29,524	32,011	38,043	44,261	48,688	56,924	69,905
Inventory	2,902	2,251	2,181	2,662	2,063	1,895	2,636	3,742	2,500	1,246	938
Accounts payable	6,591	6,898	7,390	8,617	9,382	12,530	15,163	19,000	18,095	21,996	27,724
Net PPE	14,731	18,356	23,734	29,460	36,477	44,151	59,715	74,398	95,641	135,591	204,966
Key Ratios
ROE %	15.2%	24.7%	29.1%	20.0%	38.3%	37.4%	43.2%	43.7%	35.1%	32.8%	29.6%
ROA %	7.0%	10.6%	10.2%	6.4%	13.7%	14.7%	18.4%	19.9%	17.6%	17.2%	16.5%
ROCE %	14.5%	19.4%	14.9%	17.5%	19.8%	23.1%	28.5%	30.9%	28.8%	28.3%	26.9%
Debt / Equity	0.44	0.64	0.98	0.92	0.71	0.57	0.47	0.32	0.23	0.19	0.13
Net Debt / EBITDA (x)	-2.8x	-1.9x	-1.3x	-1.3x	-1.2x	-1.1x	-0.8x	-0.5x	-0.6x	-0.2x	-0.3x
Debtor days	70	73	85	88	86	82	83	81	84	85	91
Inventory days	32	25	23	25	18	15	18	22	14	6	4
Days payable (DPO)	73	77	79	82	80	99	106	111	100	108	115
Cash conv. cycle	29	21	29	31	23	-3	-5	-7	-3	-17	-21

Metric	FY24 Q4 Jun 24	FY25 Q1 Sep 24	FY25 Q2 Dec 24	FY25 Q3 Mar 25	FY25 Q4 Jun 25	FY26 Q1 Sep 25	FY26 Q2 Dec 25	FY26 Q3 Mar 26
Profit & Loss (USD millions)
Revenue	64,727	65,585	69,632	70,066	76,441	77,673	81,273	82,886
Gross profit	45,043	45,486	47,833	48,147	52,427	53,630	55,295	56,058
Gross margin %	69.6%	69.4%	68.7%	68.7%	68.6%	69.0%	68.0%	67.6%
Operating income	27,925	30,552	31,653	32,000	34,323	37,961	38,275	38,398
Net income	22,036	24,667	24,108	25,824	27,233	27,747	38,458	31,778
Net margin %	34.0%	37.6%	34.6%	36.9%	35.6%	35.7%	47.3%	38.3%
EPS (diluted, $)	2.96	3.30	3.23	3.46	3.66	3.72	5.16	4.27
Balance Sheet (USD millions, end of quarter)
Total assets	512,163	523,013	533,898	562,624	619,003	636,351	665,302	694,228
Total debt	51,630	45,117	44,970	42,881	43,151	51,040	45,099	49,101
Shareholders' equity	268,477	287,723	302,695	321,891	343,479	363,076	390,875	414,367
Cash & equivalents	75,543	78,428	71,555	79,618	94,565	102,012	89,462	78,272
Cash Flow (USD millions)
Operating cash flow	37,195	34,180	22,291	37,044	42,647	45,057	35,758	46,679
Capex	13,873	14,923	15,804	16,745	17,079	19,394	29,876	30,876
Free cash flow	23,322	19,257	6,487	20,299	25,568	25,663	5,882	15,803

Advertising

Consulting And Product Support Services

Microsoft Office System

Other Products And Services

Phone

Server Products And Tools

Surface

Windows Operating Systems For Computing Devices

Xbox Platform

Xbox

Devices

Linked In Corporation

Enterprise Services

Gaming

Office Products And Cloud Services

Product

Search Advertising

Server Products And Cloud Services

Service Other

Windows

Search And News Advertising

Dynamics

Dynamics Products And Cloud Services

Enterprise And Partner Services

Microsoft Three Six Five Commercial Products And Cloud Services

Microsoft Three Six Five Consumer Products And Cloud Services

Windows And Devices

Segment	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue ($M)
Advertising	3,181	3,387 +6%	4,016 +19%	4,557 5%+13%	6,098 7%+34%	6,971 7%+14%	—	—	—	—	—	—	—	—
Consulting And Product Support Services	3,976	4,372 +10%	4,767 +9%	5,090 5%+7%	5,641 6%+11%	5,588 6%-1%	—	—	—	—	—	—	—	—
Microsoft Office System	22,299	22,995 +3%	24,323 +6%	23,538 25%-3%	23,588 26%+0%	25,389 26%+8%	—	—	—	—	—	—	—	—
Other Products And Services	4,508	5,590 +24%	6,217 +11%	6,234 7%+0%	2,499 3%-60%	2,611 3%+4%	2,793 3%+7%	3,070 2%+10%	3,768 3%+23%	373 0%-90%	233 0%-38%	119 0%-49%	45 0%-62%	72 0%+60%
Phone	162	615 +280%	3,073 +400%	7,702 8%+151%	3,358 4%-56%	—	—	—	—	—	—	—	—	—
Server Products And Tools	14,232	15,408 +8%	17,055 +11%	18,612 20%+9%	19,177 21%+3%	21,758 23%+13%	—	—	—	—	—	—	—	—
Surface	0	853	1,883 +121%	3,900 4%+107%	4,108 5%+5%	—	—	—	—	—	—	—	—	—
Windows Operating Systems For Computing Devices	17,320	17,529 +1%	16,856 -4%	14,826 16%-12%	8,104 9%-45%	8,625 9%+6%	—	—	—	—	—	—	—	—
Xbox Platform	8,045	7,100 -12%	8,643 +22%	—	—	—	—	—	—	—	—	—	—	—
Xbox	—	7,100	8,643 +22%	9,121 10%+6%	9,395 10%+3%	9,256 10%-1%	—	—	—	—	—	—	—	—
Devices	—	—	—	11,602 12%	7,888 9%-32%	5,062 5%-36%	5,134 5%+1%	6,095 5%+19%	6,457 5%+6%	7,143 4%+11%	7,306 4%+2%	5,521 3%-24%	4,706 2%-15%	—
Linked In Corporation	—	—	—	0 0%	0 0%	2,271 2%	5,259 5%+132%	6,754 5%+28%	8,077 6%+20%	10,289 6%+27%	13,631 7%+32%	14,989 7%+10%	16,372 7%+9%	17,812 6%+9%
Enterprise Services	—	—	—	—	5,659 6%	5,542 6%-2%	5,846 5%+5%	6,124 5%+5%	6,409 4%+5%	6,943 4%+8%	7,407 4%+7%	7,722 4%+4%	—	—
Gaming	—	—	—	—	9,202 10%	9,051 9%-2%	10,353 9%+14%	11,386 9%+10%	11,575 8%+2%	15,370 9%+33%	16,230 8%+6%	15,466 7%-5%	21,503 9%+39%	23,455 8%+9%
Office Products And Cloud Services	—	—	—	—	23,868 26%	25,573 26%+7%	28,316 26%+11%	31,769 25%+12%	35,316 25%+11%	39,872 24%+13%	44,970 23%+13%	48,848 23%+9%	54,875 22%+12%	—
Product	—	—	—	—	67,336 74%	63,811 66%-5%	64,497 58%+1%	66,069 53%+2%	68,041 48%+3%	71,074 42%+4%	72,732 37%+2%	64,699 31%-11%	64,773 26%+0%	63,946 23%-1%
Search Advertising	—	—	—	—	5,428 6%	6,219 6%+15%	7,012 6%+13%	7,628 6%+9%	7,740 5%+1%	8,528 5%+10%	—	—	—	—
Server Products And Cloud Services	—	—	—	—	19,062 21%	21,649 22%+14%	26,129 24%+21%	32,622 26%+25%	41,379 29%+27%	52,589 31%+27%	67,350 34%+28%	65,007 31%-3%	79,828 33%+23%	98,435 35%+23%
Service Other	—	—	—	—	23,818 26%	32,760 34%+38%	45,863 42%+40%	59,774 47%+30%	74,974 52%+25%	97,014 58%+29%	125,538 63%+29%	147,216 69%+17%	180,349 74%+23%	217,778 77%+21%
Windows	—	—	—	—	17,548 19%	18,593 19%+6%	19,518 18%+5%	20,395 16%+4%	21,510 15%+5%	22,488 13%+5%	24,732 12%+10%	21,507 10%-13%	23,244 9%+8%	—
Search And News Advertising	—	—	—	—	—	—	—	—	8,524 6%	9,267 6%+9%	11,526 6%+24%	12,125 6%+5%	12,306 5%+1%	13,878 5%+13%
Dynamics	—	—	—	—	—	—	—	—	—	3,754 2%	4,687 2%+25%	5,437 3%+16%	—	—
Dynamics Products And Cloud Services	—	—	—	—	—	—	—	—	—	—	4,687 2%	5,796 3%+24%	6,831 3%+18%	7,827 3%+15%
Enterprise And Partner Services	—	—	—	—	—	—	—	—	—	—	7,605 4%	7,900 4%+4%	7,594 3%-4%	7,760 3%+2%
Microsoft Three Six Five Commercial Products And Cloud Services	—	—	—	—	—	—	—	—	—	—	—	66,949 32%	76,969 31%+15%	87,767 31%+14%
Microsoft Three Six Five Consumer Products And Cloud Services	—	—	—	—	—	—	—	—	—	—	—	6,417 3%	6,648 3%+4%	7,404 3%+11%
Windows And Devices	—	—	—	—	—	—	—	—	—	—	—	17,147 8%	17,026 7%-1%	17,314 6%+2%
Total (check)	73,723	84,949	95,476	105,182	261,777	270,729	220,720	251,686	293,770	344,704	408,634	512,865	573,069	563,448

Source: SEC EDGAR XBRL · Full breakdown ↗

Commercial Licensing

Commercial Other

Computing And Gaming Hardware

Devices And Consumer Licensing

Devices And Consumer Other

Phone Hardware

Intelligent Cloud

More Personal Computing

Productivity And Business Processes

Segment	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue ($M)
Commercial Licensing	37,126	39,778 +7%	42,085 +6%	41,039 44%-2%	—	—	—	—	—	—	—	—	—	—
Commercial Other	4,644	5,661 +22%	7,546 +33%	10,836 12%+44%	—	—	—	—	—	—	—	—	—	—
Computing And Gaming Hardware	6,740	6,149 -9%	9,093 +48%	10,183 11%+12%	—	—	—	—	—	—	—	—	—	—
Devices And Consumer Licensing	19,495	19,427 -0%	19,528 +1%	14,969 16%-23%	—	—	—	—	—	—	—	—	—	—
Devices And Consumer Other	6,203	6,431 +4%	7,014 +9%	8,825 9%+26%	—	—	—	—	—	—	—	—	—	—
Phone Hardware	0	0	1,982	7,524 8%+280%	—	—	—	—	—	—	—	—	—	—
Intelligent Cloud	—	—	21,735	23,715 25%+9%	24,952 27%+5%	27,407 28%+10%	32,219 29%+18%	38,985 31%+21%	48,366 34%+24%	59,728 36%+23%	74,965 38%+26%	72,944 34%-3%	87,464 36%+20%	106,265 38%+21%
More Personal Computing	—	—	38,460	43,435 46%+13%	40,410 44%-7%	39,294 41%-3%	42,276 38%+8%	45,698 36%+8%	48,251 34%+6%	54,445 32%+13%	59,941 30%+10%	44,820 21%-25%	50,838 21%+13%	54,649 19%+7%
Productivity And Business Processes	—	—	26,976	26,430 28%-2%	25,792 28%-2%	29,870 31%+16%	35,865 32%+20%	41,160 33%+15%	46,398 32%+13%	53,915 32%+16%	63,364 32%+18%	94,151 44%+49%	106,820 44%+13%	120,810 43%+13%
Total (check)	74,208	77,446	174,419	186,956	91,154	96,571	110,360	125,843	143,015	168,088	198,270	211,915	245,122	281,724
Operating Margin %
Commercial Licensing	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Commercial Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Computing And Gaming Hardware	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Devices And Consumer Licensing	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Devices And Consumer Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Phone Hardware	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Intelligent Cloud	—	—	+38.9%	+41.3%	+37.1%	+33.3%	+35.8%	+35.7%	+37.9%	+44.3%	+44.3%	+38.9%	+43.2%	+42.0%
More Personal Computing	—	—	+14.6%	+11.7%	+15.3%	+22.4%	+25.1%	+28.1%	+33.0%	+35.1%	+34.2%	+22.4%	+23.5%	+25.9%
Productivity And Business Processes	—	—	+52.5%	+50.2%	+45.6%	+38.1%	+36.0%	+39.4%	+40.4%	+45.2%	+46.9%	+53.2%	+55.9%	+57.8%

Source: SEC EDGAR XBRL · Full breakdown ↗

MSFT

Annual Reports (10-K)

Quarterly Reports (10-Q)

Earnings & Financial Updates

M&A and Capital Events

Governance Alerts

Quick Links

The Picture

Edit Value