Financials Microsoft Corporation

Equities

MSFT

US5949181045

Software

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503.02 ^USD	-0.06%		505.14	+0.42%

Apr. 17	Meta Asked Microsoft, Amazon And Others To Help Finance Llama - The Information	RE
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Projected Income Statement: Microsoft Corporation

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	143,015	168,088	198,270	211,915	245,122	279,030	316,492	362,526
Change	-	17.53%	17.96%	6.88%	15.67%	13.83%	13.43%	14.55%
EBITDA ¹	65,755	81,602	97,843	103,555	131,720	155,722	178,745	206,397
Change	-	24.1%	19.9%	5.84%	27.2%	18.22%	14.78%	15.47%
EBIT ¹	52,959	69,916	83,383	89,694	109,433	125,968	142,391	163,684
Change	-	32.02%	19.26%	7.57%	22.01%	15.11%	13.04%	14.95%
Interest Paid ¹	77	1,186	333	788	-1,646	-4,364	-5,000	-4,174
Earnings before Tax (EBT) ¹	53,036	71,102	83,716	89,311	107,787	122,362	138,657	160,498
Change	-	34.06%	17.74%	6.68%	20.69%	13.52%	13.32%	15.75%
Net income ¹	44,281	61,271	72,738	72,361	88,136	99,994	112,769	130,295
Change	-	38.37%	18.72%	-0.52%	21.8%	13.45%	12.77%	15.54%
Announcement Date	7/22/20	7/27/21	7/26/22	7/25/23	7/30/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: June	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	38,033	37,154	43,076	41,706	46,152	45,317	51,728	49,360	51,865	50,122	52,747	52,857	56,189	56,517	62,020	61,858	64,727	65,585	69,632	70,066	73,794	74,103	78,548	79,308	83,355	84,474	89,406	90,558
Change	-	-2.31%	15.94%	-3.18%	10.66%	-1.81%	14.15%	-4.58%	5.07%	-3.36%	5.24%	0.21%	6.3%	0.58%	9.74%	-0.26%	4.64%	1.33%	6.17%	0.62%	5.32%	0.42%	6%	0.97%	5.1%	1.34%	5.84%	1.29%
EBITDA ¹	16,911	18,521	20,658	19,984	22,439	23,450	25,743	24,137	24,513	24,308	25,218	25,901	28,128	30,816	32,991	33,608	34,305	37,935	38,480	40,740	39,767	42,780	44,498	45,575	44,936	48,365	50,226	51,366
Change	-	9.52%	11.54%	-3.26%	12.28%	4.51%	9.78%	-6.24%	1.56%	-0.84%	3.74%	2.71%	8.6%	9.56%	7.06%	1.87%	2.07%	10.58%	1.44%	5.87%	-2.39%	7.58%	4.01%	2.42%	-1.4%	7.63%	3.85%	2.27%
EBIT ¹	13,407	15,876	17,897	17,048	19,095	20,238	22,247	20,364	20,534	21,518	21,570	22,352	24,254	26,895	27,032	27,581	27,925	30,552	31,653	32,000	32,205	33,859	35,438	36,039	37,016	38,463	40,257	40,722
Change	-	18.42%	12.73%	-4.74%	12.01%	5.99%	9.93%	-8.46%	0.83%	4.79%	0.24%	3.63%	8.51%	10.89%	0.51%	2.03%	1.25%	9.41%	3.6%	1.1%	0.64%	5.14%	4.66%	1.69%	2.71%	3.91%	4.66%	1.16%
Charge d'intérêts ¹	15	248	440	188	-	-	-	-	-47	54	-	321	473	389	-506	-854	-675	-283	-2,288	-623	-1,202	-1,218	-1,218	-1,165	-1,196	-	-	-
Earnings before Tax (EBT) ¹	13,422	16,124	18,337	17,236	19,405	20,524	22,515	20,190	20,487	21,572	20,339	22,673	24,727	27,284	26,526	26,727	27,250	30,269	29,365	31,377	30,998	32,588	34,218	34,789	35,900	37,838	39,498	40,238
Change	-	20.13%	13.72%	-6%	12.58%	5.77%	9.7%	-10.33%	1.47%	5.3%	-5.72%	11.48%	9.06%	10.34%	-2.78%	0.76%	1.96%	11.08%	-2.99%	6.85%	-1.21%	5.13%	5%	1.67%	3.19%	5.4%	4.39%	1.87%
Net income ¹	11,202	13,893	15,463	15,457	16,458	20,505	18,765	16,728	16,740	17,556	16,425	18,299	20,081	22,291	21,870	21,939	22,036	24,667	24,108	25,824	25,192	26,557	27,841	28,250	29,099	30,600	31,918	32,336
Change	-	24.02%	11.3%	-0.04%	6.48%	24.59%	-8.49%	-10.86%	0.07%	4.87%	-6.44%	11.41%	9.74%	11.01%	-1.89%	0.32%	0.44%	11.94%	-2.27%	7.12%	-2.45%	5.42%	4.83%	1.47%	3%	5.16%	4.31%	1.31%
Announcement Date	7/22/20	10/27/20	1/26/21	4/27/21	7/27/21	10/26/21	1/25/22	4/26/22	7/26/22	10/25/22	1/24/23	4/25/23	7/25/23	10/24/23	1/30/24	4/25/24	7/30/24	10/30/24	1/29/25	4/30/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Microsoft Corporation

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-73,200	-72,188	-54,976	-64,025	-30,606	-44,854	-85,141	-131,188
Change	-	1.38%	23.84%	-16.46%	52.2%	-46.55%	-89.82%	-54.08%
Announcement Date	7/22/20	7/27/21	7/26/22	7/25/23	7/30/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Microsoft Corporation

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	15,441	20,622	23,886	28,107	44,477	64,948	72,994	76,411
Change	-	33.55%	15.83%	17.67%	58.24%	46.03%	12.39%	4.68%
Free Cash Flow (FCF) ¹	45,234	56,118	65,149	59,475	74,071	67,997	79,539	99,978
Change	-	24.06%	16.09%	-8.71%	24.54%	-8.2%	16.98%	25.7%
Announcement Date	7/22/20	7/27/21	7/26/22	7/25/23	7/30/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Microsoft Corporation

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	45.98%	48.55%	49.35%	48.87%	53.74%	55.81%	56.48%	56.93%
EBIT Margin (%)	37.03%	41.59%	42.06%	42.33%	44.64%	45.14%	44.99%	45.15%
EBT Margin (%)	37.08%	42.3%	42.22%	42.14%	43.97%	43.85%	43.81%	44.27%
Net margin (%)	30.96%	36.45%	36.69%	34.15%	35.96%	35.84%	35.63%	35.94%
FCF margin (%)	31.63%	33.39%	32.86%	28.07%	30.22%	24.37%	25.13%	27.58%
FCF / Net Income (%)	102.15%	91.59%	89.57%	82.19%	84.04%	68%	70.53%	76.73%
Profitability
ROA	15.06%	19.3%	20.82%	35.12%	19.07%	17.96%	17.8%	17.85%
ROE	40.14%	47.08%	47.15%	38.82%	37.13%	31.55%	28.83%	27.33%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	10.8%	12.27%	12.05%	13.26%	18.14%	23.28%	23.06%	21.08%
CAPEX / EBITDA (%)	23.48%	25.27%	24.41%	27.14%	33.77%	41.71%	40.84%	37.02%
CAPEX / FCF (%)	34.14%	36.75%	36.66%	47.26%	60.05%	95.52%	91.77%	76.43%
Items per share
Cash flow per share ¹	7.897	10.09	11.81	11.72	15.87	17.5	23.77	33.39
Change	-	27.72%	17.07%	-0.74%	35.41%	10.26%	35.83%	40.47%
Dividend per Share ¹	2.04	2.24	2.48	2.72	3	3.304	3.629	4.116
Change	-	9.8%	10.71%	9.68%	10.29%	10.13%	9.84%	13.44%
Book Value Per Share ¹	15.63	18.88	22.31	27.75	36.11	46.03	59.57	75.12
Change	-	20.85%	18.16%	24.36%	30.15%	27.46%	29.42%	26.1%
EPS ¹	5.76	8.05	9.65	9.68	11.8	13.4	15.14	17.69
Change	-	39.76%	19.88%	0.31%	21.9%	13.55%	13.01%	16.85%
Nbr of stocks (in thousands)	7,583,440	7,531,575	7,479,033	7,435,488	7,432,306	7,432,544	7,432,544	7,432,544
Announcement Date	7/22/20	7/27/21	7/26/22	7/25/23	7/30/24	-	-	-