目前價格
$367.54
PE Ratio (TTM)
21.8x
內在價值
$682.5
安全邊際 +46.1%
競爭護城河
↑雲端運算領導者
Azure 在雲端基礎設施市場佔據領先地位，憑藉其廣泛的服務和龐大的客戶群，形成難以撼動的網絡效應與規模經濟。
↑軟體生態系鎖定
Windows 和 Office 365 的廣泛普及，創造了極高的用戶轉換成本，並與 Azure 緊密整合，鞏固了其在企業級軟體市場的壟斷地位。
↑AI 佈局領先
透過對 OpenAI 的巨額投資與深度合作，微軟在生成式 AI 領域取得先發優勢，並將其整合至 Azure 和 Office 產品線，驅動未來成長。
投資風險
↓AI 成長疑慮
近期市場對 AI 成長前景的質疑，可能影響投資者對微軟 AI 相關業務的信心，進而壓抑股價表現。
↓監管與訴訟風險
潛在的證券詐欺訴訟可能引發監管審查，增加營運的不確定性與潛在的財務負擔。
↓競爭加劇
雲端和 AI 市場的競爭日益激烈，其他科技巨頭的快速發展可能侵蝕微軟的市場份額與獲利能力。
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 $682.5,目前股價為 $367.54。該模型假設盈餘年增長率 20.0%、目標 P/E 倍數 22x、折現率 10%。
內在價值
$682.5
安全邊際
+46.1%
預期年化報酬
+13.2%
基準情形假設:盈餘年增長率 20.0%、目標 P/E 倍數 22x、折現率 10%、預測 5 年。資料截至 2026-06-29。
本基準情形採用預設假設,不構成投資建議。當目標 PE 或盈餘增長率變化時,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。
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)
21.8x
PEG Ratio
0.73
Earnings Yield
4.59%
ROE (TTM)
33.1%
Revenue/Share (TTM)
$42.86
Dividend Yield
0.97%
Debt/Equity
0.14x
常見問題
MSFT 的市盈率是多少？
MSFT 的過去 12 個月市盈率反映投資者為 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。
基於市盈率，MSFT 被高估了嗎？
MSFT 的市盈率 21.8x 結合 PEG 比率 0.73 提供了增長調整後的視角。PEG 低於 1.0 表明 MSFT 相對於盈利增速可能被低估。注意 PE 估值最適合盈利穩定的成熟公司——對於高增長或週期性Software - Infrastructure，DCF 分析可能更合適。
如何使用市盈率對 MSFT 進行估值？
對 Microsoft Corporation 使用 PE 估值的步驟：(1) 將目前市盈率 (21.8x)與Software - Infrastructure中位數對比評估相對定價，(2) 查看 PEG 比率 (0.73)以調整增長預期，(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 0.73，由市盈率（21.8x）除以預期盈利增速計算。PEG 低於 1.0 傳統上被認為是低估的訊號——市場可能未充分定價增長潛力。注意 PEG 的準確性取決於增長預期的可靠性。
對 MSFT 應該使用 PE 還是 DCF 估值？
PE 市盈率給出快速的相對定價——MSFT 相對於Software - Infrastructure同類的估值水平。DCF 基於預期自由現金流提供絕對價值。對於 MSFT，ROE 達到 33.1%，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質量，DCF 則對增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 市盈率估值分步指南
- DCF 方法論 — 折現現金流分析指南
- PE 市盈率 — 理解市盈率
- 內在價值 — 如何評估股票公允價值
相關 PE 估值
查看全部 Technology 估值本益比與 DCF 使用不同的方法和假設為 MSFT 估值，因此兩者的結論可能不同。可對比 DCF 內在價值。
價格截至 2026-06-29。 財務數據來自 Financial Modeling Prep（過去 12 個月）· 估值方法論由 Charlie Wang 提供。
這是估計值，不構成投資建議。