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Microsoft Corporation (MSFT)

適正価値
TechnologySoftware - InfrastructureUnited States

ファンダメンタル

71

株価

$516.55

時価総額

$3.70T

パート1 · 企業の価値

概要

Microsoft sells software and cloud computing to businesses and consumers. Its products span office productivity software, business applications, operating systems, video games, and — its largest growth engine — Azure, a rented computing platform that lets other companies run their own software and AI models on Microsoft's data centres instead of building their own.

収益の仕組み

Most revenue is recurring: Office, many business applications and parts of Windows are sold as subscriptions billed monthly or annually, and Azure is billed by the amount of computing capacity a customer actually consumes. This makes revenue far more predictable than a company that sells one-off licences or hardware, and gives Microsoft visibility into future revenue through signed but not yet delivered cloud contracts.

セグメント別売上高

Productivity and Business Processes42.2%

Office 365, LinkedIn, and Dynamics business applications — mostly subscription revenue billed to companies and individual users.

Intelligent Cloud41.5%

Azure cloud computing and server products. The fastest-growing segment and the one most tied to AI infrastructure spending.

More Personal Computing16.3%

Windows licensing, Surface devices, gaming (Xbox) and Bing search advertising — the slowest-growing segment, tied to PC and console sales.

競争優位性(moat)

スイッチングコスト · 広い

Businesses run their email, documents, identity management and internal tools on Microsoft's stack, and migrating any one of these to a competitor requires retraining staff and rebuilding integrations across the whole company. Azure adds a second layer of lock-in once a customer's applications are built to run on it. The result is a customer base that rarely leaves even when a rival product is technically comparable.

需要を左右する要因

中程度の景気循環性

Subscription software revenue is fairly steady because it renews automatically and businesses rarely cancel core tools like email or Office. Azure and PC-related revenue are more sensitive to the economic cycle, since cloud spending can be optimised down in a downturn and PC sales track corporate refresh budgets and consumer discretionary spending.

主なリスク

  • Intense cloud competition — Azure competes against Amazon Web Services and Google Cloud, both well-capitalised and investing heavily in the same AI infrastructure. Price competition and customer negotiating power in this market can compress margins.
  • Regulatory and antitrust scrutiny — Microsoft's size and bundling practices across Office, Windows, Teams and cloud services draw sustained antitrust attention in the US, EU and elsewhere, which can force product changes or result in fines.
  • Heavy AI infrastructure spending — Microsoft is committing very large sums to data centres and chips to meet AI demand. If that demand grows more slowly than the capacity being built, the return on this spending falls short.
  • Cybersecurity incidents — As the operator of identity, email and cloud infrastructure for a large share of the world's businesses, a serious security breach involving Microsoft's own systems would damage trust across its entire customer base at once.

強気材料

Buyers argue that Microsoft's grip on business software gives it a captive customer base to sell Azure and AI tools into, that Intelligent Cloud growth still has years to run as more computing shifts off-premises, and that recurring subscription revenue makes the business unusually resilient through downturns.

弱気材料

Sellers fear that AI infrastructure spending is outrunning proven demand, that antitrust pressure could eventually force apart the bundling that keeps customers locked in, and that Azure's growth rate must keep decelerating simply because the base it is growing from is now so large.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: 20.0Score: 69Market cap: $2.69T

AWS is Azure's primary rival for the same enterprise cloud infrastructure and platform budgets, with the two together taking roughly half of global cloud spending.

P/E: 21.5Score: 58Market cap: $400.95B

Oracle sells database, enterprise applications and OCI cloud capacity to the same large corporate IT departments Microsoft targets with SQL Server, Dynamics 365 and Azure.

P/E: 20.9Score: 73Market cap: $187.04B

Salesforce is the leading rival to Microsoft Dynamics 365 in cloud CRM and customer-service software, and both now sell AI agents on top of that same install base.

P/E: 19.5Score: 58Market cap: $207.90B

IBM competes for the same hybrid-cloud, middleware and enterprise IT-services contracts with large regulated customers, through Red Hat and its consulting arm.

SAP SESAPGF
P/E: 27.6Score: 64Market cap: $212.58B

SAP competes directly with Microsoft Dynamics 365 for enterprise resource planning deployments, especially among mid-size and large European manufacturers.

Alphabet Inc. (Google)GOOGL

Google competes with Microsoft on three fronts at once: Google Cloud against Azure, Google Workspace against Microsoft 365, and Google Search against Bing for advertising revenue.

貸借対照表と流動性

売上高

$331.84B

直近12か月(2026/6/30まで)

純利益

$133.75B

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$66.99B

自己資本合計

$442.39B

負債合計

$315.99B

流動比率

1.23

利払い倍率

50.88

負債/EBITDA

0.66

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$444.02

現在株価

$516.55

安全マージン

-16.3%

適正価値レンジ

$291.09 - $596.95

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$577.26
ディスカウンテッド・キャッシュフロー(DCF):$290.61
利益倍率(P/E):$434.72
グレアムの成長公式:$684.10
収益力価値(EPV):$159.17
正当化されたP/B:$274.38
配当割引モデル(ゴードン):$58.35
P/FFO(運用から生まれる資金):算出に必要なデータが不足しています
中間サイクル利益:$403.22
売上高倍率:$227.63
アナリスト・コンセンサス:強い買い (64B / 5H / 0S)
直近の決算サプライズ:+9.53%

バリュエーション指標

P/E レシオ

28.57

ROE

30.2%

P/B レシオ

8.61

P/FCF

56.86

粗利益率

67.9%

ROIC

20.8%

収益性レーダー

価値創造(経済的モート)

ROIC

20.8%

WACC

10.1%

ROIC − WACC

+10.8 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(21)

  • EPS shows upward trend
  • EPS CAGR 13.39%
  • Price CAGR 23.20%
  • ROIC 20.8%
  • Gross Margin 67.9%
  • Debt/Equity ratio
  • Operating Margin 46.8%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 33.2%
  • Revenue Growth 5Y 14.6%
  • Analyst Consensus 93% Buy
  • Earnings Surprise avg 6.4%
  • PEG Ratio 1.58
  • Earnings Quality (OCF/NI) 1.37
  • Share Dilution -0.2%
  • Net Margin Trend 40.3% vs 36.1%
  • Piotroski F-Score 6/9

不合格(6)

  • P/FCF 56.86
  • P/B Ratio 8.61
  • CapEx intensity
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)

データなし(1)

  • Dividend Payout NaN%

Piotroski F-スコア

6/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.37

高品質:利益はキャッシュに裏付けられている

株式希薄化

-0.2%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Satya NadellaChairman & CEO58
Mr. Bradford L. Smith LCAPresident & Vice Chairman66
Ms. Amy E. HoodExecutive VP & CFO53
Mr. Takeshi NumotoExecutive VP & Chief Marketing Officer54
Mr. Judson B. AlthoffExecutive VP & CEO of Commercial Business52
Ms. Carolina Dybeck HappeExecutive VP & COO53
Ms. Alice L. JollaCorporate VP & Chief Accounting Officer59
Mr. Matthew KernerCTO & Corporate VP of Worldwide Sales and Solutions-
Jonathan NeilsonVice President of Investor Relations-
Mr. Jonathan M. PalmerCorporate Vice President & Chief Legal Officer-

監査リスク

9

取締役会リスク

7

報酬リスク

5

株主権利リスク

2

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-07-29

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-04-29

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-02

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for MSFT, sourced from Markets Gazette.

  • 1d agoPOSITIVE
    Perché le azioni Microsoft sono salite del 2% mercoledì?

    Microsoft shares climbed approximately 2% on Wednesday following Piper Sandler's upgrade, which raised the price target to $610 from $550 while reiterating an 'Overweight' rating. This new target suggests an 18% upside potential from current trading levels, driven by elevated estimates and an expanded enterprise value/operating cash flow multiple. The brokerage firm's increased confidence stems from Microsoft's commercial cloud business prospects, particularly within Microsoft 365. The stock also benefited from broader market gains, spurred by US economic data indicating cooling inflation, which pushed Treasury yields lower and boosted the S&P 500.

  • 2d agoPOSITIVE
    Microsoft’s stock is on track to post its biggest quarterly gain in 28 years

    Microsoft's stock is poised for its largest quarterly gain in 28 years, driven by its prominent position in the AI sector and a broader market "flight to quality." This performance highlights investor confidence in Microsoft's strategic positioning and its ability to capitalize on emerging technologies. The sustained demand for AI-driven solutions is translating into significant shareholder value, making MSFT a standout performer in the current market environment. Investors are likely to see this trend continue as AI adoption accelerates across industries.

  • 5d agoPOSITIVE
    Microsoft VP: SaaS isn’t dying. It’s becoming the operating system for AI agents—and that changes everything

    Microsoft's VP asserts that Software-as-a-Service (SaaS) is evolving into the foundational operating system for AI agents, a paradigm shift that redefines its role in enterprise workflows. Contrary to expectations of a 'SaaS crash,' the technology is proving resilient and is now instrumental in eliminating human middleware, thereby streamlining operations. This evolution suggests a robust future for SaaS platforms, particularly those integrated with AI, promising enhanced efficiency and new avenues for innovation. Investors should note this strategic pivot, which could unlock significant growth potential for companies leading in AI-driven SaaS solutions.

  • 6d agoPOSITIVE
    Microsoft’s stock has roared back to life, closing at its highest level of the year

    Microsoft Corporation's stock has experienced a significant rebound, reaching its highest point of the year. Despite an initial sluggish start to the year, investor sentiment has shifted positively, largely driven by the company's compelling artificial intelligence narrative. This resurgence suggests that the market is increasingly valuing Microsoft's AI initiatives, potentially signaling future growth and innovation. Investors are likely to view this upward trend as a strong indicator of the company's strategic direction and its ability to capitalize on emerging technologies, reinforcing confidence in its long-term prospects.

  • 8d agoPOSITIVE
    Microsoft has ‘clearly turned the corner.’ How its stock can chart more gains.

    Stifel analyst Mark Schroeder has upgraded Microsoft's rating, citing the company's strong position to monetize its extensive computing power. This optimistic outlook suggests that Microsoft is poised for further stock appreciation, driven by its strategic advantages in leveraging its technological infrastructure. The analyst's confidence implies that recent performance and future growth prospects are robust, potentially attracting more investor interest and capital into the stock.

  • 10d agoPOSITIVE
    This is the ‘most underappreciated’ driver for Microsoft’s business, according to one analyst

    An analyst suggests that investors are overlooking a key growth driver for Microsoft: its software business. While the company's cloud-computing segment, Azure, is well-recognized for its revenue potential, the software division's contributions may be underestimated. This perspective implies that Microsoft's overall valuation could be higher if the market fully appreciates the ongoing strength and future prospects of its software products. Investors may want to re-evaluate Microsoft's diversified revenue streams beyond just cloud services.

via Markets Gazette