Microsoft Corporation
MSFT 7.5Price and target zones价格与目标区间
What the company does公司做什么
Microsoft sells software and computing power to companies, and Windows, Xbox and search to consumers. The company side is now much the larger part. Total revenue was $281.7 billion in FY2025.Microsoft把软件和算力卖给企业，把Windows、Xbox和搜索卖给普通消费者。如今企业这一块要大得多。2025财年总收入为2817亿美元。
Earns from营收来源 subscriptions and metered cloud use. Microsoft Cloud revenue was $168.9 billion in FY2025, an increase of 23%.来自订阅费和按用量计费的云服务。2025财年Microsoft Cloud收入为1689亿美元，增长了23%。
Read the full description查看完整介绍
Microsoft Corporation, a technology company, develops and supports a portfolio of technology solutions for individuals and businesses worldwide. Its products include operating systems, server applications, business solution applications, software development tools, desktop and server management tools, and video games; and devices, such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. The company's Productivity and Business Processes segment offers Microsoft 365 Commercial, Enterprise Mobility + Security, Power BI, Exchange, SharePoint, Microsoft Teams, Microsoft 365 Security and Compliance, Microsoft 365 Copilot, and Windows Commercial on-premises and Office licensed on-premises. This segment also provides Microsoft 365 Consumer products and cloud services; LinkedIn, including talent solutions, marketing solutions, subscriptions, and sales solutions; Dynamics 365, a set of cloud-based applications; and on-premises ERP and CRM applications. Its Intelligent Cloud segment offers server products and cloud services; cloud and AI consumption-based services, GitHub cloud services, health and life sciences cloud services, as well as virtual desktop offerings, and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related client access licenses; and enterprise support services, industry solutions, Microsoft partner network, and learning experience. The company's More Personal Computing segment provides Windows OEM licensing and devices comprising Surface and PC accessories; XBOX hardware, and XBOX first- and third-party content and services; XBOX Game Pass and other subscriptions; XBOX Cloud Gaming, advertising, and other cloud services; and search advertising consisting of Bing, Copilot, Microsoft News, Microsoft Edge, and third-party affiliates. It sells its products through partners and retail networks. The company was founded in 1975 and is headquartered in Redmond, Washington.
Revenue breakdown营收构成 share of revenue营收占比
This is Microsoft's largest and steadiest business. It sells the software that office workers rely on daily — email, documents, spreadsheets and video meetings — mostly through per-employee subscriptions. LinkedIn adds hiring and advertising income, and Dynamics sells finance and sales software to mid-size firms. Once a company standardises on these tools, switching away is costly, so the revenue is predictable and grows with both headcount and price increases.这是微软规模最大、最稳定的业务。它出售办公人员每天都会用到的软件——电子邮件、文档、电子表格和视频会议——主要通过按员工人数收取的订阅费实现。LinkedIn带来招聘和广告收入，Dynamics则向中型企业销售财务和销售软件。一旦企业将这些工具作为标准配置，更换成本很高，因此收入可预测，并随员工人数和价格上涨而增长。
- Microsoft 365 and OfficeMicrosoft 365 和 Office — Word, Excel, Outlook and Teams, sold as a subscription for each employee.Word、Excel、Outlook 和 Teams，按每位员工的订阅方式出售。
- LinkedIn — A professional network that earns from recruiters and advertisers.一个职业社交网络，从招聘方和广告主那里赚钱。
- Dynamics — Sales, finance and service software for mid-size companies.面向中型公司的销售、财务和客服软件。
This segment rents out computing power, storage and AI models over the internet, so companies do not have to buy and run their own servers. Azure is the core of it and the main driver of Microsoft's growth, especially as businesses build AI applications. It also includes software for companies still running their own data centres, and GitHub, where developers store code. Growth here depends on how fast companies move workloads and AI projects to the cloud.该业务部门通过互联网出租计算能力、存储空间和AI模型，使企业无需自行购买和运营服务器。Azure是其核心，也是微软增长的主要驱动力，尤其是在企业构建AI应用之际。该部门还包括面向仍自行运营数据中心的企业的软件，以及开发者存储代码的平台GitHub。这里的增长取决于企业将工作负载和AI项目迁移到云端的速度。
- Azure — Servers, storage and AI models rented by the hour. This is the growth engine and the reason the share price moves.按小时租用的服务器、存储和AI模型。这是增长引擎，也是股价波动的原因。
- Server software服务器软件 — Windows Server and SQL Server, for companies that still run their own machines.Windows Server 和 SQL Server，面向仍然自己运行机器的公司。
- GitHub — Where developers store and review code.开发者存放和审阅代码的地方。
This segment sells directly to consumers rather than businesses. Windows earns licence fees mostly when people buy a new PC, so it rises and falls with PC sales. Xbox, games and Game Pass subscriptions add entertainment revenue, and Bing and Edge earn from search advertising. It is Microsoft's smallest and most cyclical segment, tied closely to consumer spending and the PC market.该业务部门直接面向消费者，而非企业。Windows的授权费用主要在人们购买新电脑时产生，因此其收入随PC销量起伏。Xbox、游戏和Game Pass订阅带来娱乐收入，必应（Bing）和Edge则通过搜索广告获利。这是微软规模最小、周期性最强的业务部门，与消费者支出和PC市场紧密相关。
- Windows — Licensed mostly through new personal computers.主要通过新的个人电脑授权出售。
- Xbox and gamingXbox 和游戏 — Consoles, games and Game Pass subscriptions.游戏主机、游戏和 Game Pass 订阅。
- Search and news advertising搜索和新闻广告 — Bing and Edge.Bing 和 Edge。
Company facts公司资料
- Founded成立时间
- 1975
- Headquarters总部
- Redmond, Washington
- Employees员工人数
- 223,000
- Industry行业
- Software - Infrastructure
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
🔒 Re-analyzed 8/27 — BUY→HOLD, conviction 8.0→7.5. Thesis 90% intact and two named risks resolved favorably — Azure re-accelerated to a 45% cc guide (beat the 41.4% feared decel), gross margin held (−88bps, not the feared floor). But the +31% run in 43 days closed the ~30% discount, so this downgrades on price, not quality.
Watch
- AI-capex bill escalating: FY26 FCF −6.5% (2nd straight annual decline), capex now 63% of OCF, FY27 capex guided +35% to $255-260B; an OpenAI-stake fair-value gain ($7.6B/$1.02 EPS) inflated Q2 net income. Vendor 21.4x fwd was a year too far out; true FY27 ~25.6x ([[pitfall-vendor-forward-eps-is-the-wrong-fiscal-year]]). FV $460-560. Entry $420-460. Trim 30x ttm (~$539)
8/27 重新分析——买入→持有，信念 8.0→7.5。 论点 90% 完好，两个既定风险朝有利方向化解——Azure 重新加速至 45% cc 指引，毛利率守住（-88bps）。 但 43 天 +31% 的涨幅抹平了约 30% 的折价，故仅因估值降级。 ⚠️ AI 资本开支账单升级：FY26 FCF -6.5%（连续第二年下滑），资本开支已占经营现金流 63%，FY27 指引 +35% 至 $255-260B；OpenAI 持股按市值计的收益（$7.6B/$1.02 EPS）抬高了 Q2 净利。 旧 21.4x fwd 晚了一个财年，真实 FY27 约 25.6x。 FV $460-560。 入场 $420-460，减持 30x ttm。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 34%
- Revenue growth营收增长
- +18%
- Dividend yield股息率
- 0.76%
Competitors竞争对手
Why customers stay客户为什么留下
A company buys Microsoft 365 for email and documents. Teams, security and Azure are then easy to add and are already paid for in part. Each added product raises the cost of leaving, so customers rarely do.一家公司为了收发邮件和处理文档买了Microsoft 365。之后再加上Teams、安全服务和Azure就很容易，而且有一部分已经付过钱了。每多加一个产品，离开的成本就更高，所以客户很少走。