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Graphs reflect the one time non-cash, non-tax-deductible income statement charge of $6.19 billion for the impairment of goodwill in June 2012.

 
 
Microsoft Corporation -Entry target below-$29.8MSFTMicrosoft Corporation (Microsoft) develops, licenses, and supports software, services, and hardware devices worldwide. Its Windows division offers Windows operating system; Windows Services suite of applications and Web services, including Outlook.com and SkyDrive; Surface RT and Pro devices; and PC accessories. The company’s Server and Tools division provides server software, cloud-based services, and solutions; and training and certification to developers and information technology professionals; and builds standalone and software development lifecycle tools for software architects, developers, testers, and project managers. Its products include Windows Server operating systems, Windows Azure, Microsoft SQL Server, Windows Intune, Windows Embedded, Visual Studio, System Center products, Microsoft consulting services, and Premier product support services. Microsoft’s Online Services division offers online information and content, including Bing, Bing Ads, and MSN. The company’s Microsoft Business division provides software and online services, such as Microsoft Office system consisting of Microsoft Office, SharePoint, Exchange, Lync, Yammer, and Microsoft Office project and office Visio; and Microsoft Dynamics business solutions, including Microsoft Dynamics ERP and Dynamics CRM, as well as Microsoft Office Web Apps and Microsoft Office 365, which are online service offerings. Microsoft’s Entertainment and Devices division offers products and services designed to entertain and connect people. Its products include Xbox entertainment platform, including Xbox 360 gaming and entertainment console, Kinect for Xbox 360, Xbox 360 video games, and Xbox 360 accessories; Xbox LIVE; Skype; and Windows Phone. The company markets and distributes its products and services primarily through original equipment manufacturers, distributors, and resellers, as well as through online. Microsoft Corporation was founded in 1975 and is headquartered in Redmond, Washington.
This page Last Updated:1/30/2014 9:48PE HISTORY
Calculated Fair Value as of above date$40.4

Zacks | MorningStar

(based on yr end price)
Price as of last update given above$36.45

3 | 3

fiscal yearPE 
Current discount at time of update9.8%200913.1 
Tangible book value/share per IIEX calcs$8.04 201010.0 
Market Cap (million)$304,68620119.0 
Forward diluted shares used in calcs (million)8395.0201214.7 
Diviidend yield3.07%201313.2 
Payout to FCF37%current13.41/30/2014
Estimated 5 year EPS growth (see below)6.80%Forward13.41/30/2014
Current PE13.4   
Fair Value PE14.9Past 5 yr Growth Rates
Projected FCF growth6.0%Revenue7.3%
Projected FCF growth after year 103.0%Op. Income6.1%
DCF discount9%FCF8.5%
DCF MOS35.0%  
Earnings-Projected or adjusted$2.72Check the Value Calcs tab for any updates in fair values and target prices made after this page was last updated.
52 Week Range27.10-38.98
Current Ratio3.17
Liab./ Equity0.80
Piotroski Score (last year| TTM)7 | 6
Altman Z Score (non-manufacturer)9.671.00Below numbers in millions
  Quarterly data below the yearly dataFiscal year ends - Jun
PAST DATA USED0

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

TTM

Income Statement-Selected financials

NA=not available at update

0

0

0

0

0

6/30/2009

6/30/2010

6/30/2011

6/30/2012

6/30/2013

0

  Revenues

Revenue

$36,835.0

$39,788.0

$44,282.0

$51,122.0

$60,420.0

$58,437.0

$62,484.0

$69,943.0

$73,723.0

$77,849.0

$83,433.0

COGS

$6,716.0

$6,031.0

$7,650.0

$10,693.0

$11,598.0

$12,155.0

$12,395.0

$15,577.0

$17,530.0

$20,249.0

$23,787.0

COGS (%)

18.2%

15.2%

17.3%

20.9%

19.2%

20.8%

19.8%

22.3%

23.8%

26.0%

28.5%

Gross Profit

$30,119.0

$33,757.0

$36,632.0

$40,429.0

$48,822.0

$46,282.0

$50,089.0

$54,366.0

$56,193.0

$57,600.0

$59,646.0

Gross Profit (%)

81.8%

84.8%

82.7%

79.1%

80.8%

79.2%

80.2%

77.7%

76.2%

74.0%

71.5%

  Operating Income

Operating Income

$9,034.0

$14,561.0

$16,472.0

$18,438.0

$22,271.0

$20,363.0

$24,098.0

$27,161.0

$21,763.0

$26,764.0

$27,988.0

Operating Income (%)

24.5%

36.6%

37.2%

36.1%

36.9%

34.8%

38.6%

38.8%

29.5%

34.4%

33.5%

  Other Income and
  Expense

Net i Inc,other &charges

$0.0

$0.0

$0.0

$0.0

$888.0

$706.0

$692.0

$605.0

$420.0

$248.0

$268.0

Earnings Before Taxes

$12,196.0

$16,628.0

$18,262.0

$20,101.0

$23,814.0

$19,821.0

$25,013.0

$28,071.0

$22,267.0

$27,052.0

$28,034.0

Income Taxes

$4,028.0

$4,374.0

$5,663.0

$6,036.0

$6,133.0

$5,252.0

$6,253.0

$4,921.0

$5,289.0

$5,189.0

$5,212.0

Earnings After Taxes

$8,168.0

$12,254.0

$12,599.0

$14,065.0

$17,681.0

$14,569.0

$18,760.0

$23,150.0

$16,978.0

$21,863.0

$22,822.0

  Net Income

Net Income

$8,168.0

$12,254.0

$12,599.0

$14,065.0

$17,681.0

$14,569.0

$18,760.0

$23,150.0

$16,978.0

$21,863.0

$22,822.0

Net Income (%)

22.2%

30.8%

28.5%

27.5%

29.3%

24.9%

30.0%

33.1%

23.0%

28.1%

27.4%

Diluted EPS

$0.75

$1.12

$1.20

$1.42

$1.87

$1.62

$2.10

$2.69

$2.00

$2.58

$2.72

Diluted EPS 

$0.75

$1.12

$1.20

$1.42

$1.87

$1.62

$2.10

$2.69

$2.00

$2.58

$2.72

Shares Outstanding (Diluted)

10894

10906

10531

9886

9470

8996

8927

8593

8506

8470

8395

Balance Sheet

0

 $               - 

 $               - 

 $               - 

 $               - 

 $                - 

 $                  - 

 $                  - 

 $                  - 

 $                  - 

 $                  - 

 $                  - 

  Assets

Cash and Equiv

$14,304.0

$4,851.0

$6,714.0

$6,111.0

$10,339.0

$6,076.0

$5,505.0

$9,610.0

$6,938.0

$3,804.0

$10,059.0

Short-Term Investments

$46,288.0

$32,900.0

$27,447.0

$17,300.0

$13,323.0

$25,371.0

$31,283.0

$43,162.0

$56,102.0

$73,218.0

$73,885.0

Accts Rec

$5,890.0

$7,180.0

$9,316.0

$11,338.0

$13,589.0

$11,192.0

$13,014.0

$14,987.0

$15,780.0

$17,486.0

$15,986.0

Inventory

$421.0

$491.0

$1,478.0

$1,127.0

$985.0

$717.0

$740.0

$1,372.0

$1,137.0

$1,938.0

$1,594.0

Other Current Assets

$3,663.0

$3,315.0

$4,055.0

$4,292.0

$5,006.0

$5,924.0

$5,134.0

$5,787.0

$5,127.0

$5,020.0

$5,346.0

Total Current Assets

$70,566.0

$48,737.0

$49,010.0

$40,168.0

$43,242.0

$49,280.0

$55,676.0

$74,918.0

$85,084.0

$101,466.0

$106,870.0

Net PP&E

$2,326.0

$2,346.0

$3,044.0

$4,350.0

$6,242.0

$7,535.0

$7,630.0

$8,162.0

$8,269.0

$9,991.0

$25,253.0

Intangibles/Goodwill

$3,684.0

$3,808.0

$4,405.0

$5,638.0

$14,081.0

$14,262.0

$13,552.0

$13,325.0

$16,622.0

$17,738.0

$17,625.0

Other Long-Term Assets

$17,792.0

$15,924.0

$13,138.0

$13,015.0

$9,228.0

$6,811.0

$9,255.0

$12,299.0

$11,296.0

$13,236.0

$3,795.0

Total Assets

$94,368.0

$70,815.0

$69,597.0

$63,171.0

$72,793.0

$77,888.0

$86,113.0

$108,704.0

$121,271.0

$142,431.0

$153,543.0

  Liabilities & Equity

Accounts Payable & Accrued Expenses

$3,056.0

$3,748.0

$4,847.0

$5,572.0

$6,968.0

$8,889.0

$8,564.0

$9,560.0

$9,653.0

$10,182.0

$9,906.0

Curr. Portion:Long-Term Debt

$0.0

$0.0

$0.0

$0.0

$0.0

$2,000.0

$1,000.0

$0.0

$1,231.0

$2,999.0

$2,300.0

Other Short-Term Liabilities

$11,913.0

$13,129.0

$17,595.0

$18,182.0

$22,918.0

$16,145.0

$16,583.0

$19,214.0

$21,804.0

$24,236.0

$21,536.0

Total Current Liabilities

$14,969.0

$16,877.0

$22,442.0

$23,754.0

$29,886.0

$27,034.0

$26,147.0

$28,774.0

$32,688.0

$37,417.0

$33,742.0

Long-Term Debt

$0.0

$0.0

$0.0

$0.0

$0.0

$3,746.0

$4,939.0

$11,921.0

$10,713.0

$12,601.0

$20,676.0

Other Long-Term Liabilities

$4,574.0

$5,823.0

$7,051.0

$8,320.0

$6,621.0

$7,550.0

$8,852.0

$10,926.0

$11,507.0

$13,469.0

$14,025.0

Total Liabilities

$19,543.0

$22,700.0

$29,493.0

$32,074.0

$36,507.0

$38,330.0

$39,938.0

$51,621.0

$54,908.0

$63,487.0

$68,443.0

Total Equity

$74,825.0

$48,115.0

$40,104.0

$31,097.0

$36,286.0

$39,558.0

$46,175.0

$57,083.0

$66,363.0

$78,944.0

$85,100.0

Total Liabilities & Equity

$94,368.0

$70,815.0

$69,597.0

$63,171.0

$72,793.0

$77,888.0

$86,113.0

$108,704.0

$121,271.0

$142,431.0

$153,543.0

Cash Flow Data

0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

  Cash Flows From
  Operating Activities

Net Income

$8,168.0

$12,254.0

$12,599.0

$14,065.0

$17,681.0

$14,569.0

$18,760.0

$23,150.0

$16,978.0

$21,863.0

$22,822.0

Depr & Amort

$1,186.0

$855.0

$903.0

$1,440.0

$2,056.0

$2,562.0

$2,673.0

$2,766.0

$2,967.0

$3,755.0

$4,251.0

Other

$5,272.0

$3,496.0

$902.0

$2,291.0

$1,875.0

$1,906.0

$2,640.0

$1,078.0

$11,681.0

$3,215.0

$1,114.0

Cash from Operations

$14,626.0

$16,605.0

$14,404.0

$17,796.0

$21,612.0

$19,037.0

$24,073.0

$26,994.0

$31,626.0

$28,833.0

$28,187.0

  Cash Flows From
  Investing Activities

Cap Ex

($1,109.0)

($812.0)

($1,578.0)

($2,264.0)

($3,182.0)

($3,119.0)

($1,977.0)

($2,355.0)

($2,305.0)

($4,257.0)

($5,687.0)

Other

($2,233.0)

$15,839.0

$9,581.0

$8,353.0

($1,405.0)

($12,651.0)

($9,337.0)

($12,261.0)

($22,481.0)

($19,554.0)

($13,451.0)

Cash from Investing

($3,342.0)

$15,027.0

$8,003.0

$6,089.0

($4,587.0)

($15,770.0)

($11,314.0)

($14,616.0)

($24,786.0)

($23,811.0)

($19,138.0)

  Cash Flows From
  Financing Activities

Net Issuance of Stock

($635.0)

($4,948.0)

($17,106.0)

($20,793.0)

($9,039.0)

($8,774.0)

($8,958.0)

($9,133.0)

($3,116.0)

($4,429.0)

($5,682.0)

Net Issuance of Debt

$0.0

$0.0

$0.0

$0.0

$0.0

$5,746.0

$190.0

$5,960.0

$0.0

$3,537.0

$8,567.0

Dividends

($1,729.0)

($36,112.0)

($3,545.0)

($3,805.0)

($4,015.0)

($4,468.0)

($4,578.0)

($5,180.0)

($6,385.0)

($7,455.0)

($8,094.0)

Other

$0.0

($18.0)

$89.0

$54.0

$120.0

$33.0

$55.0

($23.0)

$93.0

$199.0

$215.0

Cash from Financing

($2,364.0)

($41,078.0)

($20,562.0)

($24,544.0)

($12,934.0)

($7,463.0)

($13,291.0)

($8,376.0)

($9,408.0)

($8,148.0)

($4,994.0)

  Free Cash Flow

Currency Adj

$27.0

($7.0)

$18.0

$56.0

$137.0

($67.0)

($39.0)

$103.0

($104.0)

($8.0)

($13.0)

Change in Cash

$8,947.0

($9,453.0)

$1,863.0

($603.0)

$4,228.0

($4,263.0)

($571.0)

$4,105.0

($2,672.0)

($3,134.0)

$4,042.0

Cash from Operations

$14,626.0

$16,605.0

$14,404.0

$17,796.0

$21,612.0

$19,037.0

$24,073.0

$26,994.0

$31,626.0

$28,833.0

$28,187.0

Cap Ex

($1,109.0)

($812.0)

($1,578.0)

($2,264.0)

($3,182.0)

($3,119.0)

($1,977.0)

($2,355.0)

($2,305.0)

($4,257.0)

($5,687.0)

Free Cash Flow

$13,517.0

$15,793.0

$12,826.0

$15,532.0

$18,430.0

$15,918.0

$22,096.0

$24,639.0

$29,321.0

$24,576.0

$22,500.0

Misc Data

Book Value Per Share

$6.87

$4.41

$3.81

$3.15

$3.83

$4.40

$5.17

$6.64

$7.80

$9.32

$10.14

Div/Share

($0.16)

($3.31)

($0.34)

($0.38)

($0.42)

($0.50)

($0.51)

($0.60)

($0.75)

($0.88)

($0.96)

Year end stock price

$22.38

$22.24

$25.59

$31.08

$16.69

$21.20

$20.92

$24.21

$29.26

$34.04

$36.45

PE

29.8

19.8

21.4

21.8

8.9

13.1

10.0

9.0

14.7

13.2

13.4

Free Cash Flow %Revenue

36.7%

39.7%

29.0%

30.4%

30.5%

27.2%

35.4%

35.2%

39.8%

31.6%

27.0%

Quarterly Income Statement

 

Dec13

Sep13

Jun13

Mar13

 

 

 

 

 

 

 

  Revenues

Revenue

$24,519.0

$18,529.0

$19,896.0

$20,489.0

 

 

 

 

 

 

 

COGS

$8,284.0

$5,114.0

$5,602.0

$4,787.0

 

Metric paths as of last update

Gross Profit

$16,235.0

$13,415.0

$14,294.0

$15,702.0

 

Equity/ Share Path

FCF/ Share Path

Diluted EPS Path

Gross Margin Path

Rev/ Share Path

EBITDA/ Share Path

  Operating Expenses

SG&A

$5,518.0

$4,314.0

$5,438.0

$5,450.0

 

R&D

$2,748.0

$2,767.0

$2,783.0

$2,640.0

 

UP

UP

UP

DOWN

UP

UP

Other

$0.0

$0.0

$0.0

$0.0

 

 

 

 

 

 

 

Operating Income

$7,969.0

$6,334.0

$6,073.0

$7,612.0

 

 

 

 

 

 

 

  Other Income and
  Expense

Net Int Inc & Other

$84.0

$61.0

$82.0

$41.0

 

 

 

 

 

 

 

Earnings Before Taxes

$7,878.0

$6,408.0

$6,145.0

$7,603.0

 

 

 

 

 

 

 

Income Taxes

$1,320.0

$1,164.0

$1,180.0

$1,548.0

 

 

 

 

 

 

 

Earnings After Taxes

$6,558.0

$5,244.0

$4,965.0

$6,055.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Cash Flow Data

 

Dec13

Sep13

Jun13

Mar13

Dec12

 

 

 

 

 

 

  Cash From Operations
  Operating Activities

Cash Flow from Operations

$4,413.0

$8,205.0

$5,903.0

$9,666.0

$4,780.0

 

 

 

 

 

 

  Cash Flows From
  Investing Activities

Purchase Of Property, Plant, Equipment

($1,732.0)

($1,231.0)

($1,794.0)

($930.0)

($930.0)

 

 

 

 

 

 

Other

$707.0

($3,383.0)

($4,045.0)

($6,730.0)

($1,663.0)

 

 

 

 

 

 

Cash Flow from Investing

($1,025.0)

($4,614.0)

($5,839.0)

($7,660.0)

($2,593.0)

 

 

 

 

 

 

  Cash Flows From
  Financing Activities

Net Issuance of Stock

($1,996.0)

($1,985.0)

($876.0)

($825.0)

($1,513.0)

 

 

 

 

 

 

Net Issuance of Debt

$6,962.0

$300.0

$1,305.0

$0.0

$2,232.0

 

 

 

 

 

 

Cash Flow for Dividends

($2,332.0)

($1,916.0)

($1,921.0)

($1,925.0)

($1,933.0)

 

 

 

 

 

 

Other Financing

($19.0)

$205.0

$23.0

$6.0

($7.0)

 

 

 

 

 

 

Cash Flow from Financing

$2,615.0

($3,396.0)

($1,469.0)

($2,744.0)

($1,221.0)

 

 

 

 

 

 

 

Currency Adj.

$33.0

$24.0

($31.0)

($39.0)

$15.0

 

 

 

 

 

 

Net Change in Cash

$6,036.0

$219.0

($1,436.0)

($777.0)

$981.0

 

 

 

 

 

 

Net Income

$6,558.0

$5,244.0

$4,965.0

$6,055.0

$6,377.0

 

 

 

 

 

 

  Free Cash Flow

FCF

$2,681.0

$6,974.0

$4,109.0

$8,736.0

$3,850.0

 

 

 

 

 

 

FCF/Share

$0.32

$0.83

$0.49

$1.04

$0.46

             
Additional analysis information - see notes below           
Earnings Growth information Year3yr op income average (y)Operating income (y)Diluted EPS - cont. ops.  Year3yr op income average (y)Operating income (y)Diluted EPS - cont. ops. 
 200613356164721.2010 year trend data 200613356164721.20Actural
 200716490184381.42 200716490184381.42
 200819060222711.87 200819060222711.87
 200920357203631.62 200920357203631.62
 201022244240982.10 201022244240982.10
 201123874271612.695 year trend data201123874271612.69
 201224341217632.73201224341217632.73
calculates the statistics for a trend line by using the "least squares" method to calculate a straight line that best fits the data, and then returns an array that describes the trend line. Projections are an extension of the historical data based on 10 and 5 year trends. Also applies to the FCF section.201325229267642.58201325229267642.58
201425525280492.70201425525280492.70Estimates
201528348302312.91EPS based on %USED201528348302312.91
201630473331393.19             $3.19201630473331393.19Projections
201733313365683.52             $3.41201733313365683.52
201835099355883.58             $3.64201836022383593.69
201936433371433.76             $3.89201938585408293.93
 10 year analysis5.99%6.19%8.80%  5 year analysis8.62%7.80%7.78%Blended 10 & 5 yr EPS
   From MSN or NASDAQ8.50%From Yahoo7.45%USED6.80% 8.29%
        
FCF & operating cash Growth information Year10 yr FCF trend projection5 yr FCF trend projection3 yr FCF trend projection  Year10 yr op cash trend projection5 yr op cash trend projection3 yr op cash trend projection 
 Actual Data2004135171351713517Actual Data2004146261462614626 
 20051579315793157932005166051660516605 
 20061282612826128262006144041440414404 
 20071553215532155322007177961779617796 
 20081843018430184302008216122161221612 
 20091591815918159182009190371903719037 
 20102209622096220962010240732407324073 
 201124639246392463920112699426994269942013-2017
 20122932129321293212012316263162631626Blended
 2013245762457624576FCF USED20132883328833288333.18%
Manual are projections from research not the least squares method as decscribed aboveAdjusted2014253132531325313Manual20142818728187281872014-2017
 201528841295542528126827Possible projections2015324853292529107Blended
 20163034531242250092843120163420634772291855.90%
Projections2017318493331025830301312017359263662029264 
  Calc FCF Growth10 yr calc5 yr calc3yr calc  Calc Op.Cash Growth10 yr calc5 yr calc3yr calcAve weighting
  7.45%2.58%0.68% 7.28%2.98%1.26%2.83%
 Adjusted Trend5.98%0.00%USED5.98% 2013-20175.65%6.16%0.37% 
FCF & operating cash Growth information per share Year10 yr FCF trend projection5 yr FCF trend projection3 yr FCF trend projection  Year10 yr op cash trend projection5 yr op cash trend projection3 yr op cash trend projection 
 20041.241.241.24Actual Data20041.341.341.34 
 20051.451.451.4520051.521.521.52 
 20061.221.221.2220061.371.371.37 
 20071.571.571.5720071.801.801.80 
 20081.951.951.9520082.282.282.28 
 20091.771.771.7720092.122.122.12 
 20102.482.482.4820102.702.702.70 
 20112.872.872.8720113.143.143.14 
 20123.453.453.4520123.723.723.72 
 20132.902.902.9020133.403.403.40 
 20143.023.023.022014-201720143.363.363.362014-2017
 20153.453.543.026.25%20153.893.943.486.36%
 20163.653.753.002013-201720164.114.183.512013-2017
 20173.844.023.125.71%20174.344.423.534.42%
 Proj FCF Growth10 yr calc5 yr calc3yr calcAveProj Op.Cash Growth10 yr calc5 yr calc3yr calcAve
  9.36%3.12%1.11%3.15% 9.19%3.51%1.69%3.55%
The USED earnings and FCF growthrates are determined based on several sources which may include but may not be limited to the percentages generated through the model (used as a starting point) various third party analyst reports, conference call transcripts, etc.