Financials Microsoft Corporation

Equities

MSFT

US5949181045

Software

Market Closed - Nasdaq Other stock markets 04:00:00 2024-07-05 pm EDT			5-day change	1st Jan Change
467.6 ^USD	+1.47%		+4.61%	+24.34%

Jul. 07	Wall St Week Ahead-Earnings season to test hopes for broader stocks rally	RE
Jul. 05	Megacaps power S&P, Nasdaq to record closing highs	RE

Valuation

Fiscal Period: Giugno	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	3,475,049	-	-
Enterprise Value (EV) ¹	964,870	1,470,106	1,968,116	1,865,864	2,468,056	3,446,032	3,393,415	3,336,618
P/E ratio	26.5 x	35.3 x	33.7 x	26.6 x	35.2 x	39.6 x	35.1 x	30 x
Yield	1.37%	1%	0.83%	0.97%	0.8%	0.63%	0.68%	0.77%
Capitalization / Revenue	8.16 x	10.8 x	12.1 x	9.69 x	11.9 x	14.2 x	12.4 x	10.8 x
EV / Revenue	7.67 x	10.3 x	11.7 x	9.41 x	11.6 x	14.1 x	12.1 x	10.4 x
EV / EBITDA	17.7 x	22.4 x	24.1 x	19.1 x	23.8 x	26.6 x	22.9 x	19.4 x
EV / FCF	25.2 x	32.5 x	35.1 x	28.6 x	41.5 x	50.2 x	43.7 x	36 x
FCF Yield	3.97%	3.08%	2.85%	3.49%	2.41%	1.99%	2.29%	2.78%
Price to Book	10 x	13 x	14.3 x	11.5 x	12.3 x	12.7 x	9.65 x	7.6 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	467.6	467.6	467.6
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	244,974	279,998	321,631
EBITDA ¹	54,641	65,755	81,602	97,843	103,555	129,600	148,232	172,172
EBIT ¹	42,959	52,959	69,916	83,383	89,694	108,652	122,601	142,826
Operating Margin	34.14%	37.03%	41.59%	42.06%	42.33%	44.35%	43.79%	44.41%
Earnings before Tax (EBT) ¹	43,688	53,036	71,102	83,716	89,311	107,236	121,212	141,518
Net income ¹	39,240	44,281	61,271	72,738	72,361	88,094	99,245	115,650
Net margin	31.18%	30.96%	36.45%	36.69%	34.15%	35.96%	35.44%	35.96%
EPS ²	5.060	5.760	8.050	9.650	9.680	11.81	13.32	15.58
Free Cash Flow ¹	38,260	45,234	56,118	65,149	59,475	68,672	77,670	92,693
FCF margin	30.4%	31.63%	33.39%	32.86%	28.07%	28.03%	27.74%	28.82%
FCF Conversion (EBITDA)	70.02%	68.79%	68.77%	66.59%	57.43%	52.99%	52.4%	53.84%
FCF Conversion (Net income)	97.5%	102.15%	91.59%	89.57%	82.19%	77.95%	78.26%	80.15%
Dividend per Share ²	1.840	2.040	2.240	2.480	2.720	2.938	3.200	3.578
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: Giugno	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	64,369	65,304	70,016	69,795	73,082
EBITDA ¹	25,743	24,137	24,513	24,308	25,218	25,901	28,128	30,816	32,991	33,608	33,324	35,848	36,770	37,207	37,732
EBIT ¹	22,247	20,364	20,534	21,518	21,570	22,352	24,254	26,895	27,032	27,581	27,573	29,308	30,219	30,423	31,578
Operating Margin	43.01%	41.26%	39.59%	42.93%	40.89%	42.29%	43.17%	47.59%	43.59%	44.59%	42.84%	44.88%	43.16%	43.59%	43.21%
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	26,636	28,509	29,626	29,832	31,109
Net income ¹	18,765	16,728	16,740	17,556	16,425	18,299	20,081	22,291	21,870	21,939	21,843	23,469	24,314	24,535	25,518
Net margin	36.28%	33.89%	32.28%	35.03%	31.14%	34.62%	35.74%	39.44%	35.26%	35.47%	33.93%	35.94%	34.73%	35.15%	34.92%
EPS ²	2.480	2.220	2.230	2.350	2.200	2.450	2.690	2.990	2.930	2.940	2.926	3.144	3.269	3.302	3.427
Dividend per Share ²	0.6200	0.6200	0.6200	0.6800	0.6800	0.6800	0.6800	0.7500	0.7500	0.7500	0.7488	0.8166	0.8166	0.8250	0.8199
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	29,017	81,634	138,431
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	38,260	45,234	56,118	65,149	59,475	68,672	77,670	92,693
ROE (net income / shareholders' equity)	42.4%	40.1%	47.1%	47.2%	38.8%	35.6%	31.9%	30.2%
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	470,005	553,660	614,563
Book Value Per Share ²	13.40	15.60	18.90	22.30	27.70	36.90	48.50	61.50
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	44,517	52,079	57,016
Capex / Sales	11.07%	10.8%	12.27%	12.05%	13.26%	18.17%	18.6%	17.73%
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

467.6 USD

Average target price

491 USD

Spread / Average Target

+5.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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