Microsoft Corporation (MSFT) 股票估值 — PE 分析

Q: 基於本益比，MSFT 被高估了嗎？

MSFT 的本益比 29.5x 結合 PEG 比率 0.94 提供了成長調整後的視角。PEG 低於 1.0 表明 本益比相對於獲利成長率偏低。注意 PE 估值最適合獲利穩定的成熟公司——對於高成長或週期性Software - Infrastructure，DCF 分析可能更合適。

Software - Infrastructure · NASDAQ

目前價格

$527.72

PE Ratio (TTM)

29.5x

內在價值

$932.57

安全邊際 +43.4%

AI 護城河與風險分析MSFT

競爭護城河

投資風險

基準情形

MSFT 基準情形 PE 估值

MSFT 的基準情形 PE 估值估算每股公允價值約為 $932.57，目前股價為 $527.72。該模型假設盈餘年成長率 20.0%、目標 P/E 倍數 29.43x、折現率 10%。

內在價值

$932.57

安全邊際

+43.4%

預期年化報酬

+12.1%

基準情形假設：盈餘年成長率 20.0%、目標 P/E 倍數 29.43x、折現率 10%、預測 5 年。資料截至 2026-10-07。

本基準情形採用預設假設，不構成投資建議。當目標 PE 或盈餘成長率變化時，公允價值會顯著改變。開啟計算器可設定你自己的假設，並查看完整的敏感度區間。

自訂 MSFT PE 估值

調整目標 PE、盈餘成長與折現率，查看 Microsoft Corporation 的公允價值與安全邊際如何變化。

開啟 MSFT PE 計算器

或試試 MSFT DCF 估值 →

公司簡介

Microsoft Corporation is a prominent global technology firm that invents, markets, and provides ongoing assistance for a diverse range of software, digital services, computing devices, and comprehensive solutions. Its operations are organized into three primary divisions: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment delivers crucial tools for both enterprises and individual users. This includes the extensive Office suite (comprising Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, Microsoft Viva, and Skype for Business), along with popular consumer offerings like Skype, Outlook.com, OneDrive, and LinkedIn. It also features Dynamics 365, a suite of integrated cloud and on-premises business applications tailored for organizations. The Intelligent Cloud division focuses on sophisticated infrastructure and platform services. Here, Microsoft licenses key products such as SQL Server, Windows Servers, Visual Studio, System Center, and associated Client Access Licenses. It also includes GitHub, a leading platform for developer collaboration and code hosting; Nuance, offering advanced AI solutions for healthcare and businesses; and Azure, its expansive cloud computing platform. This segment further encompasses enterprise support, Microsoft consulting services, and Nuance professional services, assisting clients with the development, deployment, and management of Microsoft's server and desktop technologies, alongside offering product training and certification. Finally, the More Personal Computing segment covers a broad spectrum of consumer and commercial computing experiences. It generates revenue through Windows operating system licensing, including agreements with original equipment manufacturers (OEMs), non-volume licensing, and various Windows Commercial offerings (such as volume licensing and cloud services), as well as patent licensing and Windows Internet of Things (IoT). This division also supplies its own hardware, including Surface devices, PC accessories, and gaming/entertainment consoles. Its Gaming portfolio features Xbox hardware, content, and subscription services, in addition to video games and royalties from third-party titles. Furthermore, it manages search services like Bing and Microsoft's advertising platforms. Microsoft distributes its extensive product line via numerous channels, including original equipment manufacturers, wholesale distributors, and various resellers, complementing direct sales through digital marketplaces, its own online storefronts, and physical retail outlets. The company, established in 1975, maintains its headquarters in Redmond, Washington.

財務指標 — MSFT PE 估值資料

PE Ratio (TTM)

29.5x

PEG Ratio

0.94

獲利收益率

3.40%

ROE (TTM)

33.2%

Revenue/Share (TTM)

$44.67

股息收益率

0.69%

Debt/Equity

0.29x

常見問題

MSFT 的本益比是多少？

MSFT 的過去 12 個月本益比反映投資者為 Microsoft Corporation 每一美元收益所支付的價格。該指標在與Software - Infrastructure同類公司和公司自身歷史區間對比時最有意義。

基於本益比，MSFT 被高估了嗎？

MSFT 的本益比 29.5x 結合 PEG 比率 0.94 提供了成長調整後的視角。PEG 低於 1.0 表明本益比相對於獲利成長率偏低。注意 PE 估值最適合獲利穩定的成熟公司——對於高成長或週期性Software - Infrastructure，DCF 分析可能更合適。

如何使用本益比對 MSFT 進行估值？

對 Microsoft Corporation 使用 PE 估值的步驟：(1) 將目前本益比 (29.5x)與Software - Infrastructure中位數對比評估相對定價，(2) 查看 PEG 比率 (0.94)以調整成長預期，(3) 參考 5 年 PE 歷史區間判斷目前位置，(4) 用目標 PE 乘以前瞻 EPS 估算公允價值。這種相對估值方法與 DCF 的絕對估值互為補充。

MSFT 的 PEG 比率是多少？

MSFT 的 PEG 比率為 0.94，由本益比（29.5x）除以預期獲利成長率計算。PEG 低於 1.0 意味著本益比相對於預期獲利成長率偏低。注意 PEG 的準確性取決於成長預期的可靠性。

對 MSFT 應該使用 PE 還是 DCF 估值？

PE 本益比給出快速的相對定價——MSFT 相對於Software - Infrastructure同類的估值水準。DCF 基於預期自由現金流提供絕對價值。對於 MSFT，ROE 達到 33.2%，兩種方法都值得使用——PE 做市場對比，DCF 驗證基本面是否支撐目前價格。兩種方法各有盲區：PE 忽略了資本結構和現金流品質，DCF 則對成長率和折現率假設非常敏感。

了解更多

查看 MSFT DCF 估值 → — 透過折現現金流分析計算內在價值
PE 方法論 — PE 本益比估值分步指南
DCF 方法論 — 折現現金流分析指南
PE 本益比 — 理解本益比
內在價值 — 如何評估股票公允價值