MSFTMICROSOFT CORP
Services-Prepackaged Software
- Revenue
- $331.8B
- 18% YoY
- Operating margin
- 46.8%
- 2.5% YoY
- EBITDA
- $189.5B
- 26% YoY
- Market cap
- $3.9T
- Employees
- 223,000
- $1M revenue each
- Net debt / EBITDA
- 0.1×
- $11.5B net debt
- AI in 10-K
- 26.7
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$79M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo137% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo27% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo15% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 87th pctBottom quartile of its SIC industry
- Quiet on AINo26.7 per 10K words · 99th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$3.9T market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$117M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $198.3B | $211.9B | $245.1B | $281.7B | $331.8B | 18% |
| Operating income | $83.4B | $88.5B | $109.4B | $128.5B | $155.2B | 21% |
| Net income | $72.7B | $72.4B | $88.1B | $101.8B | $133.7B | 31% |
| Operating cash flow | $89.0B | $87.6B | $118.5B | $136.2B | $182.9B | 34% |
| Capex | $23.9B | $28.1B | $44.5B | $64.6B | $115.9B | 80% |
| Stock-based comp | $7.5B | $9.6B | $10.7B | $12.0B | $12.4B | 3.6% |
| Buybacks | $32.7B | $22.2B | $17.3B | $18.4B | $22.3B | 21% |
| Dividends | $18.1B | $19.8B | $21.8B | $24.1B | $26.4B | 9.8% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $2M · 1
- Open-market sells, 12 mo
- $119M · 28
- Net
- −$117M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $91M | $30M | 143 | 260 |
| FY2025 | $96M | $131M | 190 | 184 |
| FY2024 | $79M | $171M | 169 | 162 |
| FY2023 | $49M | $93M | 128 | 112 |
| FY2022 | $55M | $57M | 96 | 82 |