— Know what they know.
/
Not Investment Advice

MSFT

NASDAQ · USD
Microsoft Corporation
Technology · Software - Infrastructure
CEO Satya Nadella Employees 223,000 R&D / revenue 10.7%
Last price
$529.05−1.93%last session
Market cap
$3.93T
P/E (TTM)
29.4x
From 52w high
−4.5%
From 52w low
+51.5%
1-year return
+4.3%
RSI 14 · vs SMA200
57.4 · +21.9%
IS score
77.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

MSFT   SPY   XLK (sector ETF) · weekly closes
80100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116MSFT 104

Score DNA

Each bar is a 0-100 score within the scored universe
99
Profitability
73
Growth
49
Value
96
Momentum
100
Risk (safety)
93
Quality
79
Balance sheet
61
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for MSFT (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 7 / 9Altman Z 7.1Beta 1.113 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
23 open-market sales, $85.9M
Form 144 notices (12m): 10, $81.3M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
47
Last disclosed purchase 2026-09-30
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+27
233 new holders, 129 closed
6,259 filers hold 74.6% · 3,215 added, 2,449 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+401
2,890 funds adding shares
2,489 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
37.4%
20-day avg 40.7%, 50-day avg 42.5%
Latest 3.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$331.8B
Revenue growth YoY+17.8%
Gross margin67.9%
Operating income$155.2B
Operating margin46.8%
Net income$133.7B
Net margin40.3%
EPS (diluted)$17.95
Cash flow
Operating cash flow$182.9B
Capital expenditure$115.9B
Free cash flow$67.0B
FCF conversion (FCF / OCF)36.6%
Stock-based compensation$12.4B
FCF less SBC$54.6B
Buybacks$22.3B
Dividends$26.4B
Balance sheet & returns
Cash & short-term investments$76.8B
Total debt$40.3B
Net cash$36.5B
Shareholders' equity$442.4B
Goodwill & intangibles$138.3B
Debt / equity0.29
ROE (TTM)33.2%
ROIC (TTM)20.6%
Operating margin by fiscal year
42.1%FY202241.8%FY202344.6%FY202445.6%FY202546.8%FY2026
Revenue $198.3B (FY2022) to $331.8B (FY2026), a 13.7% CAGR.

Valuation

P/E (TTM)29.4x
EV / EBITDA19.0x
Price / sales11.84x
Price / FCF58.6x
FCF yield1.71%
Buyback yield0.57%
SBC / revenue3.7%
Price / book8.88x
Forward P/E FY202726.8x
Forward P/E FY202822.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $585.63 across 27 analysts last quarter is theirs, not ours.

MSFT vs industry median

296 companies in Software - Infrastructure
Gross margin 67.9% 65.7% Operating margin 46.8% -1.8% Net margin 40.3% -5.3% ROIC 20.6% 2.0%
MSFT (TTM)Industry median Asset turnover 0.44 vs industry 0.50 · financial leverage 1.71

Earnings delivery

Next report 2026-10-28 · consensus EPS $4.72
100%
beat rate, 12 of 12 quarters
+6.3%
median EPS surprise
12
longest beat streak
+13+5+4+1+6+3+7+8+13+6+5+12
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-24 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
MSFT Microsoft Corporation $3.93T29.4x33.2%40.3%+17.8% +4.3%
PLTR Palantir Technologies Inc. $428.0B147.6x38.4%54.9%+78.9% +4.4%
AAPL Apple Inc. $5.01T39.2x148.8%27.2%+14.2% +39.3%
NVDA NVIDIA Corporation $5.16T26.9x117.2%62.0%+83.4% +18.1%
AVGO Broadcom Inc. $1.57T40.8x44.2%44.2%+48.7% −7.2%
MU Micron Technology, Inc. $994.3B11.7x88.3%69.5%+256.3% —
AMD Advanced Micro Devices, Inc. $863.2B134.2x10.1%19.9%+39.5% —
INTC Intel Corp. $475.0Bn/m-12.2%-68.4%+7.5% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-09-02Regulation FD; Exhibits
2026-07-29Earnings Release; Exhibits
2026-06-05Officer/Director Change
2026-05-14Officer/Director Change; Exhibits
2026-04-29Earnings Release; Exhibits
2026-01-28Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding7,425,550,000
Free float99.9%
Institutional ownership74.6%
Beta1.11
Dividend yield0.69%
Last dividend$0.98 on 2026-11-19
50 / 200-day average$504.95 / $435.04
Mega-cap Technology median P/E33.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where MSFT sits among 82 scored companies in Software - Infrastructure (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureMSFTIndustry medianIndustry percentileSector median
P/E (TTM) 29.4x 30.5x
48th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 1.29 1.06
62nd		 1.36
Price / sales 11.8x 3.5x
89th		 3.9x
Price / book 8.9x 4.9x
75th		 4.4x
Price / tangible book 9.1x 12.4x
38th		 8.8x
Price / free cash flow 58.6x 19.2x
85th		 20.3x
Price / operating cash flow 21.5x 13.8x
64th		 17.9x
Enterprise value $3.98T $5.3B
100th		 $5.5B
EV / sales 12.0x 4.0x
84th		 4.1x
EV / EBITDA 18.7x 20.0x
47th		 18.9x
EV / EBIT 23.6x 25.5x
47th		 26.7x
EV / free cash flow 59.4x 20.5x
86th		 21.9x
Earnings yield 3.4% 2.3%
63rd		 2.0%
FCF yield 1.7% 4.6%
25th		 3.3%
Operating cash flow yield 4.7% 7.1%
38th		 4.4%
Graham number (per share) $154.81 $13.16
100th		 $28.08

Profitability (TTM)

MeasureMSFTIndustry medianIndustry percentileSector median
Gross margin 67.9% 70.2%
46th		 55.7%
EBITDA margin 64.0% 13.7%
98th		 13.7%
Operating margin 46.8% 8.9%
99th		 8.2%
EBIT margin 50.9% 9.9%
99th		 8.6%
Net margin 40.3% 9.3%
96th		 5.7%
NOPAT margin 37.7% 7.5%
96th		 7.0%
FCF margin 20.2% 18.4%
58th		 15.0%
Operating cash flow margin 55.1% 24.1%
91st		 18.4%
R&D / revenue 10.7% 16.6%
40th		 12.9%
SG&A / revenue 10.4% 36.1%
1st		 25.6%
Stock comp / revenue 3.7% 6.6%
30th		 4.4%
Effective tax rate 19.4% 21.0%
43rd		 21.0%

Returns on capital

MeasureMSFTIndustry medianIndustry percentileSector median
ROE (on average equity) 34.0% 13.4%
81st		 9.4%
ROA 19.4% 4.7%
91st		 4.1%
ROIC 25.3% 11.3%
72nd		 9.0%
ROCE 28.7% 8.1%
93rd		 8.6%
Return on tangible assets 24.5% 6.4%
91st		 5.9%
Cash ROIC (OCF / invested capital) 37.0% 30.3%
58th		 20.7%
Gross profitability (GP / assets) 29.7% 32.4%
43rd		 30.0%
ROIC, 3-yr average 24.8% 8.3%
85th		 7.4%
ROIC, 5-yr average 33.8% 8.3%
81st		 7.9%
ROE, 5-yr average 34.3% -2.1%
96th		 6.9%
Incremental ROIC 37.3% 29.1%
54th		 15.3%

Growth

MeasureMSFTIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 17.8% 14.3%
57th		 14.3%
Revenue growth (QoQ) 8.6% 5.9%
63rd		 6.6%
Revenue CAGR, 3 yr 16.1% 12.0%
68th		 9.6%
Revenue CAGR, 5 yr 14.6% 14.2%
52nd		 11.5%
Gross profit CAGR, 3 yr 15.6% 12.7%
55th		 10.9%
Operating income CAGR, 3 yr 20.6% 17.3%
59th		 11.3%
Net income growth (TTM YoY) 31.3% 16.7%
58th		 21.6%
Net income CAGR, 3 yr 22.7% 10.1%
65th		 9.9%
EPS growth (TTM YoY) 31.5% 21.5%
58th		 22.3%
EPS CAGR, 3 yr 22.8% 13.1%
61st		 11.2%
EPS CAGR, 5 yr 17.3% 13.8%
54th		 12.0%
FCF growth (TTM YoY) -6.5% 17.2%
20th		 24.6%
FCF CAGR, 3 yr 4.0% 21.6%
16th		 19.3%
Operating cash flow CAGR, 3 yr 27.8% 22.3%
62nd		 17.9%
Book value CAGR, 3 yr 29.1% 7.1%
75th		 6.8%
Dividend CAGR, 3 yr 3.2% 2.8%
56th		 3.1%
Sustainable growth rate 27.3% 15.9%
70th		 14.2%

Margin history & stability

MeasureMSFTIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 68.8% 70.5%
48th		 53.2%
Operating margin, 3-yr average 45.7% 5.3%
99th		 6.6%
Net margin, 3-yr average 37.5% 3.4%
99th		 5.2%
FCF margin, 3-yr average 25.3% 14.7%
74th		 12.7%
Revenue stability (0-1) 0.97 0.96
55th		 0.87
Earnings stability (0-1) 0.89 0.57
82nd		 0.45
Margin stability (0-1) 0.99 0.96
97th		 0.95

Liquidity (latest quarter)

MeasureMSFTIndustry medianIndustry percentileSector median
Cash & short-term investments $76.8B $689.5M
100th		 $494.1M
Net cash (− = net debt) −$52.0B $140.9M
1st		 $49.8M
Working capital $38.9B $260.0M
100th		 $391.0M
Current ratio 1.23 1.42
37th		 1.92
Quick ratio 1.22 1.38
39th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.46 0.94
25th		 0.95
Defensive interval (days) 820 days 494 days
78th		 521 days

Leverage & solvency (latest quarter)

MeasureMSFTIndustry medianIndustry percentileSector median
Total debt $128.8B $511.2M
99th		 $349.3M
Debt / equity 0.29 0.39
43rd		 0.29
Net debt / equity 0.12 −0.33
65th		 −0.13
Debt / assets 17.0% 27.1%
40th		 16.9%
Debt / capital 22.6% 29.8%
43rd		 22.3%
Debt / EBITDA 0.61 2.44
35th		 1.78
Net debt / EBITDA 0.24 −0.49
56th		 −0.18
Interest coverage (EBIT / interest) 55.4x 3.9x
90th		 5.8x
Cash interest coverage 60.0x 14.1x
75th		 12.8x
Debt payback (years of OCF) 0.7 yrs 2.2 yrs
36th		 1.6 yrs
Liabilities / assets 41.7% 63.9%
23rd		 48.7%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 225
6th		 175

Efficiency

MeasureMSFTIndustry medianIndustry percentileSector median
Asset turnover 0.48 0.58
36th		 0.62
Fixed asset turnover 0.98 10.05
10th		 9.25
Inventory turnover 91.1 8.3
91st		 3.8
Receivables turnover 4.4 6.2
18th		 6.2
Days sales outstanding 83 days 58 days
83rd		 59 days
Days inventory outstanding 4 days 44 days
9th		 94 days
Days payables outstanding 120 days 32 days
85th		 46 days
Cash conversion cycle (days) −33 days 34 days
20th		 50 days
Capex / revenue 34.9% 2.1%
94th		 2.3%
Capex / depreciation 2.67 0.47
94th		 0.56
Operating expense ratio 22.1% 57.7%
14th		 44.3%

Cash flow & earnings quality

MeasureMSFTIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.37 1.79
27th		 1.61
FCF / net income 0.50 1.53
14th		 1.33
FCF / operating cash flow 36.6% 90.7%
12th		 88.0%
Capex / operating cash flow 63.4% 9.3%
88th		 12.0%
Accruals ratio -7.1% -7.9%
56th		 -6.3%
Sloan accruals ratio -7.9% -2.3%
35th		 -1.8%
Earnings quality score (0-1) 0.75 0.75
11th		 0.75

Dividends & buybacks

MeasureMSFTIndustry medianIndustry percentileSector median
Dividend yield 0.7% 0.0%
89th		 0.0%
Dividend per share (TTM) $3.64 $0.00
100th		 $0.00
Payout ratio (dividends / net income) 19.8% 0.0%
84th		 0.0%
Dividends / FCF 39.5% 0.0%
99th		 0.0%
Dividend growth (YoY) 9.9% 5.4%
62nd		 4.1%
Buyback yield 0.6% 2.0%
38th		 1.2%
Shareholder yield (dividends + buybacks) 1.2% 2.3%
42nd		 1.7%
Share count change (YoY) -0.1% 0.0%
48th		 0.1%
Buybacks, last 5 years $105.3B $224.2M
100th		 $215.3M

Scores & forensic checks

MeasureMSFTIndustry medianIndustry percentileSector median
IS score 77 58
90th		 56
IS profitability 99 44
96th		 40
IS growth 73 65
68th		 65
IS value 49 37
69th		 39
IS momentum 96 81
82nd		 78
IS risk (safety) 100 65
67th		 100
IS quality 93 68
95th		 67
IS balance sheet 79 65
64th		 72
IS earnings quality 61 62
48th		 61
IS cash flow 59 67
35th		 66
Piotroski F-score (0-9) 7 6
58th		 6
Altman Z-score 7.1 2.9
81st		 4.0
Beneish M-score −2.60 −2.61
52nd		 −2.58
Ohlson O-score −11.50 −6.95
6th		 −8.00
IS credit score 94 64
94th		 69

Per share

MeasureMSFTIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $17.95 $0.68
100th		 $0.84
Book value per share $59.36 $4.49
98th		 $9.77
Tangible book per share $40.94 $1.24
100th		 $3.22
Revenue per share $44.52 $10.67
91st		 $13.00
FCF per share $8.99 $1.54
93rd		 $1.78
Operating cash flow per share $24.55 $2.14
99th		 $2.40
Cash per share $10.31 $4.92
72nd		 $4.50

Size (TTM)

MeasureMSFTIndustry medianIndustry percentileSector median
Market cap $3.93T $4.3B
100th		 $4.7B
Revenue $331.8B $1.3B
100th		 $1.2B
EBITDA $212.4B $176.5M
100th		 $185.8M
Net income $133.7B $87.5M
100th		 $84.9M
Free cash flow $67.0B $176.3M
100th		 $170.6M
Total assets $758.4B $2.4B
100th		 $2.4B
Shareholders' equity $442.4B $594.2M
100th		 $1.1B
Employees 223,000 2,856
100th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-15Coleman Amy
EVP, Chief Human Resources Off
 Tax withholding 32$533.69$17,04850,925
2026-10-13Hood Amy
EVP, Chief Financial Officer
 Open-market sale 3,387$544.80$1.8M559,314
2026-10-13Hood Amy
EVP, Chief Financial Officer
 Open-market sale 2,927$545.77$1.6M556,387
2026-10-13Hood Amy
EVP, Chief Financial Officer
 Open-market sale 991$546.51$541,590555,396
2026-09-15Smith Bradford L
Vice Chair and President
 Award / grant 29,077——473,793
2026-09-15Numoto Takeshi
EVP, Chief Marketing Officer
 Award / grant 11,569——59,412
2026-09-15Hood Amy
EVP & Chief Financial Officer
 Award / grant 29,077——562,701
2026-09-15Coleman Amy
EVP, Chief Human Resources Off
 Award / grant 6,506——50,957
2026-09-15Althoff Judson
EVP, Chief Commercial Officer
 Award / grant 29,077——141,168
2026-09-15Jolla Alice L.
Chief Accounting Officer
 Tax withholding 123$505.41$62,05181,119
2026-09-15Coleman Amy
EVP, Chief Human Resources Off
 Tax withholding 36$505.41$18,16644,451
2026-09-14Hood Amy
EVP, Chief Financial Officer
 Open-market sale 4,339$495.97$2.2M570,959

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired57400,452—
GiftDisposed114,000—
Open-market saleDisposed23174,077$85.9M
Tax withholdingDisposed16134,445$69.0M
—Disposed30—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 10 notices · 166,062 shares · $81.3M
FiledFilerShares proposedEst. proceeds
2026-09-14Amy Hood56,284$28.4M
2026-08-05Althoff Judson10,000$4.9M
2026-08-04Numoto Takeshi6,444$3.1M
2026-06-04Numoto Takeshi7,000$3.0M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 165 trades (94 purchases) · Senate 33 (15 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-30Lisa McClainHousePurchase$1,001 - $15,0002026-10-13
2026-09-30Lisa McClainHousePurchase$1,001 - $15,0002026-10-12
2026-09-28Michael RulliHouseSale$1,001 - $15,0002026-10-05
2026-09-24Maria Elvira SalazarHouseSale$1,001 - $15,0002026-10-08
2026-07-21Shelley Moore CapitoSenateSale$15,001 - $50,0002026-08-04
2026-07-21Shelley Moore CapitoSenateSale$15,001 - $50,0002026-08-04
2026-04-13Mark WarnerSenatePurchase$1,001 - $15,0002026-05-01
2026-04-13Mark R. WarnerSenatePurchase$1,001 - $15,0002026-05-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.607,367,113$226.6B8.18%
VANGUARD CAPITAL MANAGEMENT LLC485,192,007$181.0B6.53%
STATE STREET CORP315,653,206$117.7B4.25%
GEODE CAPITAL MANAGEMENT, LLC189,632,090$70.6B2.55%
FMR LLC185,960,066$69.4B2.50%
VANGUARD PORTFOLIO MANAGEMENT LLC168,407,641$62.8B2.27%
JPMORGAN CHASE & CO113,498,918$41.8B1.53%
NORGES BANK102,732,956$38.3B1.38%
Invesco Ltd.100,247,890$37.4B1.35%
Capital Research Global Investors94,750,369$35.3B1.28%
PRICE T ROWE ASSOCIATES INC /MD/87,287,163$32.6B1.18%
BANK OF AMERICA CORP /DE/73,289,286$27.3B0.99%
GOLDMAN SACHS GROUP INC63,933,083$23.8B0.86%
NORTHERN TRUST CORP60,857,054$22.7B0.82%
Capital World Investors55,139,128$20.6B0.74%

Institutional ownership by quarter

2023-092026-0674.6%
% of shares held by 13F filers
2023-092026-066,259
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-306,25974.6%2333,2152,449129
2026-03-316,23271.9%2323,2542,423211
2025-12-316,32673.6%7092,6502,573104
2025-09-305,86182.5%1932,6172,58457
2025-06-305,82983.2%2402,5822,615102
2025-03-315,77772.5%1642,6502,614161
2024-12-315,87372.2%7682,5152,21589
2024-09-305,29871.6%1862,4872,24488
2024-06-305,26871.3%2012,4022,25498
2024-03-315,24171.4%2022,2392,444101
2023-12-315,22171.4%5512,0142,35390
2023-09-304,86070.8%1902,2082,10281

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%555,988,240
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX5.19%$120.9B
VTI5.19%$120.9B
VTSAX5.19%$120.9B
VSMPX5.19%$120.9B
VFFSX5.78%$100.0B
VFIAX5.78%$100.0B

Share structure

Shares outstanding7,425,550,000
Float7,414,555,684
Free float99.9%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$198.3B$211.9B$245.1B$281.7B$331.8B
Cost of revenue$62.6B$65.9B$74.1B$87.8B$106.4B
Gross profit$135.6B$146.1B$171.0B$193.9B$225.5B
R&D$24.5B$27.2B$29.5B$32.5B$35.6B
SG&A$27.7B$30.3B$32.1B$32.9B$34.7B
Operating income$83.4B$88.5B$109.4B$128.5B$155.2B
EBITDA$100.2B$105.1B$133.0B$160.2B$207.5B
Pretax income$83.7B$89.3B$107.8B$123.6B$165.9B
Income tax$11.0B$16.9B$19.7B$21.8B$32.2B
Net income$72.7B$72.4B$88.1B$101.8B$133.7B
EPS, diluted$9.65$9.68$11.80$13.64$17.95
Diluted shares7.5B7.5B7.5B7.5B7.5B

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$104.7B$111.3B$75.5B$94.6B$76.8B
Receivables$44.3B$48.7B$56.9B$69.9B$80.9B
Inventory$3.7B$2.5B$1.2B$938.0M$1.4B
Total current assets$169.7B$184.3B$159.7B$191.1B$207.7B
PP&E, net$87.5B$110.0B$154.6B$229.8B$337.3B
Goodwill & intangibles$78.8B$77.3B$146.8B$142.1B$138.3B
Total assets$364.8B$412.0B$512.2B$619.0B$758.4B
Accounts payable$19.0B$18.1B$22.0B$27.7B$42.4B
Total current liabilities$95.1B$104.1B$125.3B$141.2B$168.8B
Long-term debt$47.0B$42.0B$42.7B$40.2B$31.1B
Total liabilities$198.3B$205.8B$243.7B$275.5B$316.0B
Shareholders' equity$166.5B$206.2B$268.5B$343.5B$442.4B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$72.7B$72.4B$88.1B$101.8B$133.7B
Depreciation & amortization$14.5B$13.9B$22.3B$34.2B$38.5B
Stock-based compensation$7.5B$9.6B$10.7B$12.0B$12.4B
Change in working capital$446.0M−$2.4B$1.8B−$5.3B−$4.9B
Operating cash flow$89.0B$87.6B$118.5B$136.2B$182.9B
Capital expenditure−$23.9B−$28.1B−$44.5B−$64.6B−$115.9B
Free cash flow$65.1B$59.5B$74.1B$71.6B$67.0B
Investing cash flow−$30.3B−$22.7B−$97.0B−$72.6B−$139.5B
Net debt issued / repaid−$9.0B−$2.8B$575.0M−$9.0B−$3.0B
Buybacks−$32.7B−$22.2B−$17.3B−$18.4B−$22.3B
Dividends paid−$18.1B−$19.8B−$21.8B−$24.1B−$26.4B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin68.4%68.9%69.8%68.8%67.9%
Operating margin42.1%41.8%44.6%45.6%46.8%
Net margin36.7%34.1%36.0%36.1%40.3%
FCF margin32.9%28.1%30.2%25.4%20.2%
ROE47.2%38.8%37.1%33.3%34.0%
ROIC58.9%46.3%34.4%29.3%25.3%
ROA20.8%18.6%19.1%18.0%19.4%
Debt / equity0.370.290.250.330.29
Interest coverage41.6x46.4x37.7x52.8x55.4x
Current ratio1.781.771.271.351.23
Revenue growth+18.0%+6.9%+15.7%+14.9%+17.8%
EPS growth+19.9%+0.0%+21.7%+15.7%+31.5%
P/E at year end25.8x34.5x37.5x36.3x20.8x
EV / EBITDA at year end18.3x23.2x24.8x23.2x13.3x
FCF yield at year end3.48%2.38%2.24%1.94%2.41%
Dividend payout24.9%27.4%24.7%23.6%19.8%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Server Products And Cloud Services$67.3B$80.0B$97.7B$98.4B$129.4B
Microsoft Three Six Five Commercial Products And Cloud Services———$87.8B$102.0B
Server Products And Tools$67.3B$80.0B$97.7B$98.4B—
Office Products And Cloud Services$44.9B$48.7B$54.9B——
Microsoft Office System$44.9B$48.7B$54.9B——
Windows$24.8B$21.5B$23.2B$17.3B$17.1B
Gaming$16.2B$15.5B$21.5B$23.5B—
XBOX————$21.8B
Linked In Corporation$13.8B$15.1B$16.4B$17.8B$19.8B
Devices$7.0B$5.5B$4.7B$17.3B—
Search Advertising$11.6B$12.2B$12.6B$13.9B$15.2B
Search And News Advertising$11.6B$12.2B$12.6B$13.9B—
Microsoft Three Six Five Consumer Products and Cloud Services———$7.4B$9.2B
Dynamics Products And Cloud Services—$5.4B$6.5B$7.8B$9.0B
Enterprise Services$7.4B$7.7B$7.6B$7.8B$8.3B
Dynamics—$5.4B———
Other Products And Services$5.3B$211.0M$45.0M$72.0M$109.0M

Revenue by region · FY2026

UNITED STATES$170.8B · 51%
Non Us$161.0B · 49%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $4.72 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$329.5B$328.9B – $330.3B$17.00$16.90 – $17.082531.1x
2027$390.9B$383.0B – $395.0B$19.76$19.02 – $20.513026.8x
2028$467.6B$438.1B – $489.3B$23.53$22.08 – $24.442922.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$4.24$4.74+11.8%$87.6B$90.0B+2.7%
2026-04-29$4.06$4.27+5.2%$81.4B$82.9B+1.8%
2026-01-28$3.90$4.14+6.2%$80.3B$81.3B+1.2%
2025-10-29$3.67$4.13+12.5%$75.5B$77.7B+2.9%
2025-07-30$3.37$3.65+8.3%$73.9B$76.4B+3.4%
2025-04-30$3.22$3.46+7.5%$68.4B$70.1B+2.4%
2025-01-29$3.15$3.23+2.5%$68.9B$69.6B+1.1%
2024-10-30$3.10$3.30+6.5%$64.6B$65.6B+1.6%
2024-07-30$2.93$2.95+0.7%$64.4B$64.7B+0.5%
2024-04-25$2.82$2.94+4.3%$60.9B$61.9B+1.6%
2024-01-30$2.78$2.93+5.4%$56.2B$62.0B+10.3%
2023-10-24$2.65$2.99+12.8%$54.5B$56.5B+3.7%
2023-07-25$2.55$2.69+5.5%$55.5B$56.2B+1.3%
2023-04-25$2.23$2.45+9.9%$51.0B$52.9B+3.6%
2023-01-24$2.29$2.32+1.3%$53.0B$52.7B−0.5%
2022-10-25$2.30$2.35+2.2%$49.6B$50.1B+1.0%
2022-07-26$2.29$2.23−2.6%$52.4B$51.9B−1.0%
2022-04-26$2.19$2.22+1.4%$49.0B$49.4B+0.7%
2022-01-25$2.31$2.48+7.4%$50.7B$51.7B+1.9%
2021-10-26$2.07$2.27+9.7%$44.0B$45.3B+3.0%
2021-07-27$1.92$2.17+13.0%$44.0B$46.2B+5.0%
2021-04-27$1.78$1.95+9.6%$41.0B$41.7B+1.6%
2021-01-26$1.64$2.03+23.8%$40.2B$43.1B+7.2%
2020-10-27$1.54$1.82+18.2%$31.4B$37.2B+18.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
9.606-1522.406-2214.006-2910.507-0613.507-1311.007-2025.407-2722.608-0311.708-109.508-179.608-249.608-31
Week ofNotionalSharesTrades
2026-08-31$9.6B19,054,347428,347
2026-08-24$9.6B19,262,497451,791
2026-08-17$9.5B19,699,780443,498
2026-08-10$11.7B23,321,513516,947
2026-08-03$22.6B45,810,919862,248
2026-07-27$25.4B58,781,0361,048,308

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1537.4%
DateShort shareShort volumeTotal volume
2026-10-1537.4%2,974,6137,945,710
2026-10-1438.3%2,755,3607,199,830
2026-10-1342.9%3,892,3489,082,060
2026-10-1250.6%3,455,7416,824,476
2026-10-0936.5%2,742,9767,507,766
2026-10-0842.0%3,546,8818,440,083
2026-10-0741.0%2,307,2745,627,023
2026-10-0650.0%3,447,0606,888,635
2026-10-0538.2%3,550,2019,285,918
2026-10-0232.0%2,096,5426,546,921
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.4Jan-1.3Feb+2.0Mar+2.9Apr+0.3May+2.1Jun+2.2Jul+1.4Aug+0.3Sep+4.3Oct+1.4Nov+1.0Dec
MonthAvg returnUp yearsYears
Jan−0.4%55%20
Feb−1.3%40%20
Mar+2.0%52%21
Apr+2.9%65%20
May+0.3%55%20
Jun+2.1%55%20
Jul+2.2%65%20
Aug+1.4%65%20
Sep+0.3%65%20
Oct+4.3%65%20
Nov+1.4%70%20
Dec+1.0%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1457.4
MFI63.9
ADX37.7
Stochastic %K / %D66.1 / 75.7
Williams %R-45.3
CCI60
TSI / signal27.2 / 25.2
Chaikin money flow-0.04
ATR$12.01
Bollinger width11.1%
Volume vs 20-day avg1.11x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$520.22 (+1.7%)
SMA 50$505.37 (+4.7%)
SMA 200$434.03 (+21.9%)
EMA 21$521.76 (+1.4%)
EMA 50$499.62 (+5.9%)
EMA 200$456.22 (+16.0%)
Bollinger upper$548.97 (−3.6%)
Bollinger lower$491.47 (+7.6%)
Parabolic SAR$551.15 (−4.0%)
Open the live chart, 110+ indicators

About Microsoft Corporation

Microsoft Corporation is a prominent global technology firm that invents, markets, and provides ongoing assistance for a diverse range of software, digital services, computing devices, and comprehensive solutions. Its operations are organized into three primary divisions: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment delivers crucial tools for both enterprises and individual users. This includes the extensive Office suite (comprising Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, Microsoft Viva, and Skype for Business), along with popular consumer offerings like Skype, Outlook.com, OneDrive, and LinkedIn. It also features Dynamics 365, a suite of integrated cloud and on-premises business applications tailored for organizations. The Intelligent Cloud division focuses on sophisticated infrastructure and platform services. Here, Microsoft licenses key products such as SQL Server, Windows Servers, Visual Studio, System Center, and associated Client Access Licenses. It also includes GitHub, a leading platform for developer collaboration and code hosting; Nuance, offering advanced AI solutions for healthcare and businesses; and Azure, its expansive cloud computing platform. This segment further encompasses enterprise support, Microsoft consulting services, and Nuance professional services, assisting clients with the development, deployment, and management of Microsoft's server and desktop technologies, alongside offering product training and certification. Finally, the More Personal Computing segment covers a broad spectrum of consumer and commercial computing experiences. It generates revenue through Windows operating system licensing, including agreements with original equipment manufacturers (OEMs), non-volume licensing, and various Windows Commercial offerings (such as volume licensing and cloud services), as well as patent licensing and Windows Internet of Things (IoT). This division also supplies its own hardware, including Surface devices, PC accessories, and gaming/entertainment consoles. Its Gaming portfolio features Xbox hardware, content, and subscription services, in addition to video games and royalties from third-party titles. Furthermore, it manages search services like Bing and Microsoft's advertising platforms. Microsoft distributes its extensive product line via numerous channels, including original equipment manufacturers, wholesale distributors, and various resellers, complementing direct sales through digital marketplaces, its own online storefronts, and physical retail outlets. The company, established in 1975, maintains its headquarters in Redmond, Washington.

https://www.microsoft.com

Key executives

NameTitlePayBorn
Satya NadellaChairman & Chief Executive Officer$12.3M1967
Bradford L. SmithPresident & Vice Chairman$4.5M1959
Judson AlthoffExecutive Vice President & Chief Executive Officer of Commercial Business$4.5M1973
Amy E. HoodExecutive Vice President & Chief Financial Officer$4.4M1972
Takeshi NumotoExecutive Vice President & Chief Marketing Officer$2.9M1971
Carolina Dybeck HappeExecutive Vice President & Chief Operating Officer—1972
Jonathan NeilsonVice President of Investor Relations——
Matthew KernerChief Technology Officer & Corporate Vice President of Worldwide Sales and Solutions——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Satya Nadella Chairman and Chief Executive Officer2025$2.5M$84.2M$9.6M$96.5M
Amy E. Hood Executive Vice President and Chief Financial Officer2025$1.0M$25.0M$3.4M$29.5M
Bradford L. Smith Vice Chair and President2025$1.0M$23.7M$3.4M$28.3M
Judson B. Althoff Executive Vice President and CEO Microsoft Commercial2025$993,333$23.7M$3.4M$28.2M
Takeshi Numoto Executive Vice President and Chief Marketing Officer2025$800,000$9.0M$2.1M$11.9M

Employees

144k2019163k2020181k2021221k2022221k2023228k2024228k2025223k2026

Dividends

Ex-dateAmountPaid
2026-11-19$0.982026-12-10
2026-08-20$0.912026-09-10
2026-05-21$0.912026-06-11
2026-02-19$0.912026-03-12
2025-11-20$0.912025-12-11
2025-08-21$0.832025-09-11
2025-05-15$0.832025-06-12
2025-02-20$0.832025-03-13

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage79
Intangibles52
Switching costs52
Network effect75
Efficient scale100
Our component scores (0-100) and overall 68.1; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms