Financials Microsoft Corporation

Equities

MSFT

US5949181045

Software

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-17 pm EDT			After market 07:55:29 pm
420.2 ^USD	-0.19%		420.2	0.00%

01:32am	Microsoft offers cloud customers AMD alternative to Nvidia AI processors	RE
May. 17	Communications Services Up as Traders Chase Gains in the Sector -- Communications Services Roundup	DJ

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,026,511	1,543,306	2,040,304	1,920,840	2,532,081	3,123,129	-	-
Enterprise Value (EV) ¹	964,870	1,470,106	1,968,116	1,865,864	2,468,056	3,091,878	3,033,571	2,973,487
P/E ratio	26.5 x	35.3 x	33.7 x	26.6 x	35.2 x	35.6 x	31.5 x	26.9 x
Yield	1.37%	1%	0.83%	0.97%	0.8%	0.7%	0.76%	0.85%
Capitalization / Revenue	8.16 x	10.8 x	12.1 x	9.69 x	11.9 x	12.7 x	11.1 x	9.7 x
EV / Revenue	7.67 x	10.3 x	11.7 x	9.41 x	11.6 x	12.6 x	10.8 x	9.23 x
EV / EBITDA	17.7 x	22.4 x	24.1 x	19.1 x	23.8 x	23.7 x	20.6 x	17.3 x
EV / FCF	25.2 x	32.5 x	35.1 x	28.6 x	41.5 x	44.6 x	38.5 x	31.1 x
FCF Yield	3.97%	3.08%	2.85%	3.49%	2.41%	2.24%	2.59%	3.22%
Price to Book	10 x	13 x	14.3 x	11.5 x	12.3 x	11.4 x	8.73 x	6.91 x
Nbr of stocks (in thousands)	7,662,818	7,583,440	7,531,575	7,479,033	7,435,488	7,432,306	-	-
Reference price ²	134.0	203.5	270.9	256.8	340.5	420.2	420.2	420.2
Announcement Date	7/18/19	7/22/20	7/27/21	7/26/22	7/25/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	125,843	143,015	168,088	198,270	211,915	244,977	280,133	322,039
EBITDA ¹	54,641	65,755	81,602	97,843	103,555	130,263	147,024	171,438
EBIT ¹	42,959	52,959	69,916	83,383	89,694	108,498	122,350	142,256
Operating Margin	34.14%	37.03%	41.59%	42.06%	42.33%	44.29%	43.68%	44.17%
Earnings before Tax (EBT) ¹	43,688	53,036	71,102	83,716	89,311	107,083	120,843	141,052
Net income ¹	39,240	44,281	61,271	72,738	72,361	87,935	99,023	115,457
Net margin	31.18%	30.96%	36.45%	36.69%	34.15%	35.9%	35.35%	35.85%
EPS ²	5.060	5.760	8.050	9.650	9.680	11.80	13.33	15.62
Free Cash Flow ¹	38,260	45,234	56,118	65,149	59,475	69,352	78,715	95,740
FCF margin	30.4%	31.63%	33.39%	32.86%	28.07%	28.31%	28.1%	29.73%
FCF Conversion (EBITDA)	70.02%	68.79%	68.77%	66.59%	57.43%	53.24%	53.54%	55.85%
FCF Conversion (Net income)	97.5%	102.15%	91.59%	89.57%	82.19%	78.87%	79.49%	82.92%
Dividend per Share ²	1.840	2.040	2.240	2.480	2.720	2.938	3.206	3.581
Announcement Date	7/18/19	7/22/20	7/27/21	7/26/22	7/25/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	51,728	49,360	51,865	50,122	52,747	52,857	56,189	56,517	62,020	61,858	64,392	65,268	70,009	69,836	73,078
EBITDA ¹	25,743	24,137	24,513	24,308	25,218	25,901	28,128	30,816	32,991	33,608	33,219	36,053	36,940	37,286	37,728
EBIT ¹	22,247	20,364	20,534	21,518	21,570	22,352	24,254	26,895	27,032	27,581	27,518	29,325	30,216	30,421	31,543
Operating Margin	43.01%	41.26%	39.59%	42.93%	40.89%	42.29%	43.17%	47.59%	43.59%	44.59%	42.74%	44.93%	43.16%	43.56%	43.16%
Earnings before Tax (EBT) ¹	22,515	20,190	20,487	21,572	20,339	22,673	24,727	27,284	26,526	26,727	26,593	28,434	29,570	29,819	31,161
Net income ¹	18,765	16,728	16,740	17,556	16,425	18,299	20,081	22,291	21,870	21,939	21,808	23,426	24,250	24,477	25,416
Net margin	36.28%	33.89%	32.28%	35.03%	31.14%	34.62%	35.74%	39.44%	35.26%	35.47%	33.87%	35.89%	34.64%	35.05%	34.78%
EPS ²	2.480	2.220	2.230	2.350	2.200	2.450	2.690	2.990	2.930	2.940	2.924	3.144	3.268	3.293	3.412
Dividend per Share ²	0.6200	0.6200	0.6200	0.6800	0.6800	0.6800	0.6800	0.7500	0.7500	0.7500	0.7475	0.8237	0.8237	0.8234	0.8196
Announcement Date	1/25/22	4/26/22	7/26/22	10/25/22	1/24/23	4/25/23	7/25/23	10/24/23	1/30/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	61,641	73,200	72,188	54,976	64,025	31,251	89,558	149,642
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	38,260	45,234	56,118	65,149	59,475	69,352	78,715	95,740
ROE (net income / shareholders' equity)	42.4%	40.1%	47.1%	47.2%	38.8%	35.7%	31.7%	30%
ROA (Net income/ Total Assets)	14.4%	15.1%	19.3%	20.8%	35.1%	18.7%	17.9%	18.8%
Assets ¹	272,703	293,934	317,545	349,309	206,038	469,157	554,452	614,182
Book Value Per Share ²	13.40	15.60	18.90	22.30	27.70	36.80	48.10	60.80
Cash Flow per Share ²	6.730	7.900	10.10	11.80	11.70	15.70	19.00	25.00
Capex ¹	13,925	15,441	20,622	23,886	28,107	44,336	51,561	55,422
Capex / Sales	11.07%	10.8%	12.27%	12.05%	13.26%	18.1%	18.41%	17.21%
Announcement Date	7/18/19	7/22/20	7/27/21	7/26/22	7/25/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Microsoft Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

420.2 USD

Average target price

478.1 USD

Spread / Average Target

+13.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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