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Held by 6,047 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 39% of free cash flow, leaving room to grow it and fund buybacks. Last year: $26.45B dividends + $22.27B buybacks = $48.72B returned on $66.99B FCF.
9 consecutive years of dividend increases · 10%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 28%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $20.93B covers the $9.25B due within a year 2.3× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~7.6% on $40.29B of debt.
Cash of $20.93B fully covers short-term debt of $9.23B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 25 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSFT | $4.04T | 30.3× | 21.4× | 12.2× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.1× | 6,047 |
| PLTR | $501.4B | 331.2× | — | — | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | -1.0× | 2,794 |
| ORCL | $434.1B | 24.6× | 14.5× | 6.4× | 17.3% | — | 25.4% | 40.2% | 34.4% | -0.8× | 3,403 |
| CRWD | $267.5B | — | — | 55.6× | 21.7% | 74.7% | -3.4% | -3.7% | -3.1% | — | 2,385 |
| SHOP | $227.1B | 187.8× | 150.5× | 19.6× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | -1.0× | 1,643 |
| CRM | $195.9B | 30.5× | 21.3× | 4.7× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 0.8× | 2,393 |
| NOW | $143.3B | 83.0× | 55.1× | 10.8× | 20.9% | 77.5% | 13.2% | 13.5% | 12.1% | -0.9× | 2,160 |
| SNOW | $126.2B | — | — | 26.9× | 29.2% | 67.2% | -28.4% | -69.2% | -69.2% | — | 1,428 |
| NET | $123.8B | — | — | 57.1× | 29.8% | 74.5% | -4.7% | -7.0% | -7.0% | — | 1,182 |
| DDOG | $101.7B | — | — | 29.7× | 27.7% | 80.0% | 3.1% | 2.9% | 2.9% | — | 1,222 |
| SNPS | $94.8B | 61.5× | 66.9× | 13.4× | 15.1% | 77.0% | 18.9% | 4.7% | 3.2% | 6.7× | 1,391 |
| CDNS | $92.0B | 82.3× | 51.8× | 17.4× | 14.1% | — | 20.9% | 20.3% | 20.3% | -1.8× | 1,445 |
| ADBE | $92.0B | 14.2× | 9.7× | 3.9× | 10.5% | 89.3% | 30.0% | 61.3% | 40.0% | 0.1× | 1,914 |
| INTU | $80.6B | 18.3× | 13.8× | 3.8× | 13.9% | — | 21.3% | 24.0% | 17.1% | 0.5× | 1,694 |
| NTES | $79.9B | 83.2× | 13.4× | 5.0× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 446 |
| EA | $52.9B | 59.7× | 36.3× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | -2.1× | 983 |
| VEEV | $48.8B | 55.5× | — | 15.3× | 16.3% | 75.5% | 28.4% | 12.6% | 12.6% | — | 1,032 |
| ADSK | $48.2B | 44.1× | 29.9× | 6.7× | 17.5% | 91.0% | 15.6% | 36.9% | 20.3% | 0.1× | 1,157 |
| XYZ | $46.2B | 36.6× | 22.6× | 1.9× | 0.3% | 42.8% | 5.4% | 5.9% | 4.4% | 0.3× | 1,057 |
| TWLO | $43.2B | — | 123.3× | 8.5× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 0.9× | 933 |
| CRWV | $42.9B | — | 25.4× | 8.4× | 168% | 71.7% | -22.7% | -35.0% | -4.7% | 7.6× | 960 |
| OKTA | $39.6B | 172.9× | — | 13.6× | 11.8% | 77.4% | 8.1% | 3.4% | 3.4% | -5.3× | 810 |
| TTWO | $37.5B | — | — | 5.6× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 10.3× | 1,092 |
| RBLX | $35.4B | — | — | 7.2× | 35.8% | 78.1% | -21.8% | -270% | -76.0% | — | 778 |
| MDB | $30.0B | — | — | 12.2× | 22.8% | 71.7% | -2.9% | -2.4% | -2.4% | — | 840 |
Peers = companies sharing MSFT's sector (Services-Prepackaged Software) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $533.69 today, the market must believe free cash flow compounds 23.0%/yr for a decade (off $70.89B on the 3-yr avg basis).
On the basis ($59.19B) the requirement is 25.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 23.0% is more optimistic than its 9-yr track record.
Default is 10.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 7.43B shares (market data) · net debt $19.36B
mean 9.5% · volatility σ 13% · implied rate exceeded in 2/9 yrs
Central path = implied 23.0%/yr growth; shaded band = ±1σ (13%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $331.84B 100.0% | $281.72B 100.0% | $245.12B 100.0% | $211.91B 100.0% | $198.27B 100.0% | $168.09B 100.0% | $143.01B 100.0% | $125.84B 100.0% | $110.36B 100.0% | $96.57B 100.0% |
| Cost of Revenue | $106.37B 32.1% | $87.83B 31.2% | $74.11B 30.2% | $65.86B 31.1% | $62.65B 31.6% | $52.23B 31.1% | $46.08B 32.2% | $42.91B 34.1% | $38.35B 34.8% | $34.26B 35.5% |
| Cost of Products | — | — | — | — | — | — | — | — | — | $15.18B 15.7% |
| Gross Profit | $225.47B 67.9% | $193.89B 68.8% | $171.01B 69.8% | $146.05B 68.9% | $135.62B 68.4% | $115.86B 68.9% | $96.94B 67.8% | $82.93B 65.9% | $72.01B 65.2% | $62.31B 64.5% |
| Research & Development | $35.56B 10.7% | $32.49B 11.5% | $29.51B 12.0% | $27.20B 12.8% | $24.51B 12.4% | $20.72B 12.3% | $19.27B 13.5% | $16.88B 13.4% | $14.73B 13.3% | $13.04B 13.5% |
| Selling, General & Admin | $7.96B 2.4% | $7.22B 2.6% | $7.61B 3.1% | $7.58B 3.6% | $5.90B 3.0% | $5.11B 3.0% | $5.11B 3.6% | $4.88B 3.9% | $4.75B 4.3% | $4.48B 4.6% |
| Total Operating Expenses | $70.23B 21.2% | $65.36B 23.2% | $61.58B 25.1% | $57.53B 27.1% | — | — | — | — | — | — |
| Operating Income | $155.24B 46.8% | $128.53B 45.6% | $109.43B 44.6% | $88.52B 41.8% | $83.38B 42.1% | $69.92B 41.6% | $52.96B 37.0% | $42.96B 34.1% | $35.06B 31.8% | $29.02B 30.1% |
| Interest Expense | $3.05B 0.9% | $2.38B 0.8% | $2.94B 1.2% | $1.97B 0.9% | $2.06B 1.0% | $2.35B 1.4% | $2.59B 1.8% | $2.69B 2.1% | $2.73B 2.5% | $2.22B 2.3% |
| Other Income (Expense), net | $10.70B 3.2% | -$4.90B -1.7% | -$1.65B -0.7% | $788.0M 0.4% | $333.0M 0.2% | $1.19B 0.7% | $77.0M 0.1% | $729.0M 0.6% | $1.42B 1.3% | $876.0M 0.9% |
| Pretax Income | $165.93B 50.0% | $123.63B 43.9% | $107.79B 44.0% | $89.31B 42.1% | $83.72B 42.2% | $71.10B 42.3% | $53.04B 37.1% | $43.69B 34.7% | $36.47B 33.1% | $29.90B 31.0% |
| Income Tax Expense | $32.19B 9.7% | $21.80B 7.7% | $19.65B 8.0% | $16.95B 8.0% | $10.98B 5.5% | $9.83B 5.8% | $8.76B 6.1% | $4.45B 3.5% | $19.90B 18.0% | $4.41B 4.6% |
| Net Income | $133.75B 40.3% | $101.83B 36.1% | $88.14B 36.0% | $72.36B 34.1% | $72.74B 36.7% | $61.27B 36.5% | $44.28B 31.0% | $39.24B 31.2% | $16.57B 15.0% | $25.49B 26.4% |
| Per Share | ||||||||||
| EPS (Basic) | $18.00 | $13.70 | $11.86 | $9.72 | $9.70 | $8.12 | $5.82 | $5.11 | $2.15 | $3.29 |
| EPS (Diluted) | $17.95 | $13.64 | $11.80 | $9.68 | $9.65 | $8.05 | $5.76 | $5.06 | $2.13 | $3.25 |
| Weighted Avg Shares (Basic) | 7.43B | 7.43B | 7.43B | 7.45B | 7.50B | 7.55B | 7.61B | 7.67B | 7.70B | 7.75B |
| Weighted Avg Shares (Diluted) | 7.45B | 7.46B | 7.47B | 7.47B | 7.54B | 7.61B | 7.68B | 7.75B | 7.79B | 7.83B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-14
Where each multiple sits in its own 15-yr range · 67th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 30% against ROIC 28% — 3% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 34.0% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 34.1 | 32.2 | 31.1 | 31.6 | 31.1 | 30.2 | 31.2 | 32.1 |
| Gross Profit | 65.9 | 67.8 | 68.9 | 68.4 | 68.9 | 69.8 | 68.8 | 67.9 |
| R&D | 13.4 | 13.5 | 12.3 | 12.4 | 12.8 | 12.0 | 11.5 | 10.7 |
| SG&A | 3.9 | 3.6 | 3.0 | 3.0 | 3.6 | 3.1 | 2.6 | 2.4 |
| Operating Income | 34.1 | 37.0 | 41.6 | 42.1 | 41.8 | 44.6 | 45.6 | 46.8 |
| Income Tax | 3.5 | 6.1 | 5.8 | 5.5 | 8.0 | 8.0 | 7.7 | 9.7 |
| Net Income | 31.2 | 31.0 | 36.5 | 36.7 | 34.1 | 36.0 | 36.1 | 40.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MSFT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
The spread has compressed 4 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 24.2% | 10.5% (today's — no rate published for this year) | 13.7pts |
| FY2021 | 28.7% | 10.5% (today's — no rate published for this year) | 18.2pts |
| FY2022 | 31.2% | 8.4% | 22.9pts |
| FY2023 | 30.6% | 9.4% | 21.3pts |
| FY2024 | 28.3% | 9.8% | 18.5pts |
| FY2025 | 27.6% | 9.2% | 18.4pts |
| FY2026 | 26.1% | 9.6% | 16.5pts |
| Now | 27.7% | 10.5% | 17.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 64.5% | 30.1% | 26.4% |
| FY2018 | 65.2% | 31.8% | 15.0% |
| FY2019 | 65.9% | 34.1% | 31.2% |
| FY2020 | 67.8% | 37.0% | 31.0% |
| FY2021 | 68.9% | 41.6% | 36.5% |
| FY2022 | 68.4% | 42.1% | 36.7% |
| FY2023 | 68.9% | 41.8% | 34.1% |
| FY2024 | 69.8% | 44.6% | 36.0% |
| FY2025 | 68.8% | 45.6% | 36.1% |
| FY2026 | 67.9% | 46.8% | 40.3% |
Leverage and buybacks account for 3 points of the 30% return on equity in FY2026. The business earns 28% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$119.7B of goodwill — 28% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 40.98% against 29.54% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.75x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $66.99B; after share-based compensation it is $54.58B. The difference is a real cost that the cash flow statement adds back.
Covers interest 35.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 50.88x |
| 5% | 48.34x |
| 10% | 45.79x |
| 15% | 43.25x |
| 20% | 40.70x |
| 25% | 38.16x |
| 30% | 35.62x |
| 35% | 33.07x |
| 40% | 30.53x |
| 45% | 27.98x |
| 50% | 25.44x |
| 55% | 22.90x |
| 60% | 20.35x |
Ladder as of 2026-06-30 (10-K); cash from the 2026-06-30 balance sheet; FCF from FY2026.
Balance sheet at 2026-06-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $543.45, free cash flow must compound 23.32%/yr for 10 years. It has done 6.76%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 24.1% | 23.3% |
| FY2022 | 16.1% | 23.3% |
| FY2023 | −8.7% | 23.3% |
| FY2024 | 24.5% | 23.3% |
| FY2025 | −3.3% | 23.3% |
| FY2026 | −6.5% | 23.3% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $133.75B | $133.75B |
| Share-based comp | $12.40B | $146.15B |
| Other non-cash & working capital | $36.78B | $182.94B |
| Operating cash flow | $182.94B | $182.94B |
| Capex | −$115.95B | $66.99B |
| Free cash flow | $66.99B | $66.99B |
| FCF after SBC | $54.58B | $54.58B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 17.5% | 18.8% | 1.3 points |
| FY2022 | 18.0% | 16.3% | -1.6 points |
| FY2023 | 6.9% | 10.0% | 3.1 points |
| FY2024 | 15.7% | 16.9% | 1.3 points |
| FY2025 | 14.9% | 22.8% | 7.9 points |
| FY2026 | 17.8% | 15.7% | -2.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 81.7 days | 15 days | 99.3 days | -2.5 days |
| FY2021 | 82.6 days | 18.4 days | 106 days | -4.9 days |
| FY2022 | 81.5 days | 21.8 days | 110.7 days | -7.4 days |
| FY2023 | 83.9 days | 13.9 days | 100.3 days | -2.6 days |
| FY2024 | 84.8 days | 6.1 days | 108.3 days | -17.4 days |
| FY2025 | 90.6 days | 3.9 days | 115.2 days | -20.7 days |
| FY2026 | 89 days | 4.8 days | 145.5 days | -51.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -5.4 percent |
| FY2021 | -4.6 percent |
| FY2022 | -4.5 percent |
| FY2023 | -3.7 percent |
| FY2024 | -5.9 percent |
| FY2025 | -5.5 percent |
| FY2026 | -6.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.