Microsoft Corporation
MSFT 8Price 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. It operates through three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The 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. The 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 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.
What the company sells公司卖什么share of revenue营收占比
Productivity and Business Processes生产力与业务流程
42%The software people use to do office work.人们用来做办公工作的软件。
- 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。
- 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。
Intelligent Cloud智能云
37%Computing power and storage that a company rents instead of buying.公司租用而不是购买的算力和存储。
- 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。
More Personal Computing更多个人计算
21%Products sold to people rather than companies.卖给个人而不是公司的产品。
- 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
What's working
- The 7/29 print was strong (beat top and bottom, Azure crossed $100B revenue, guided 39-40% cc) and the AI-capex-fear discount closed in a week. 21.1x fwd, −10.7% off high, tgt $562.73 (+13.8%), strong_buy. FV $420-500 → spot is now above it. Zone $380-400 needs a −19% pullback. Trim $520+ (approaching)
Watch
- ZONE EXITED — +26.7% since 7/29.
⭐ 处于买入区 $380-400。 Azure +40%（固定汇率），AI 年化营收 $37B、+123%。尽管净利润 +15%，自由现金流从 FY24 到 FY25 下降（资本开支）。合理价值 $420-500。$520+ 减仓。⚠️ 7/29 财报。
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
- 0.78%
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。