当前价格
$390.74
PE Ratio (TTM)
23.2x
内在价值
$708.52
安全边际 +44.9%
竞争护城河
↑Azure云服务优势
Azure作为全球领先的云平台，凭借其强大的基础设施和广泛的服务生态，吸引了大量企业客户，形成了显著的网络效应和转换成本。
↑Office生态系统粘性
Microsoft Office套件的深度集成和用户习惯，使其成为企业和个人办公的标准，用户迁移到竞争对手产品的成本高昂。
↑AI技术领导力
在AI领域的持续投入和与OpenAI的深度合作，使Microsoft在AI技术研发和应用上处于领先地位，为Azure和Office等产品注入新动能。
投资风险
↓AI投资压力
近期AI领域支出担忧导致科技股普遍承压，Microsoft作为AI主要参与者，面临短期业绩和估值调整的风险。
↓Xbox业务不确定性
Xbox业务可能被分拆或重组的消息，为该部门的未来发展带来不确定性，可能影响整体公司战略和市场表现。
↓巨头持仓变动
知名投资人大幅减持Microsoft股票，虽然另一位增持，但此类巨头持仓变动可能引发市场对公司短期前景的担忧。
基准情形
MSFT 基准情形 PE 估值
MSFT 的基准情形 PE 估值估算每股公允价值约为 $708.52，当前股价为 $390.74。该模型假设盈利年增长率 20.0%、目标 P/E 倍数 23x、折现率 10%。
内在价值
$708.52
安全边际
+44.9%
预期年化收益
+12.6%
基准情形假设：盈利年增长率 20.0%、目标 P/E 倍数 23x、折现率 10%、预测 5 年。数据截至 2026-06-12。
本基准情形采用默认假设，不构成投资建议。当目标 PE 或盈利增长率变化时，公允价值会显著改变。打开计算器可设置你自己的假设，并查看完整的敏感性区间。
公司简介
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.
财务指标 — MSFT PE 估值数据
PE Ratio (TTM)
23.2x
PEG Ratio
0.78
Earnings Yield
4.32%
ROE (TTM)
33.1%
Revenue/Share (TTM)
$42.86
Dividend Yield
0.91%
Debt/Equity
0.14x
常见问题
MSFT 的市盈率是多少？
MSFT 的过去 12 个月市盈率反映投资者为 Microsoft Corporation 每一美元收益所支付的价格。该指标在与Software - Infrastructure同类公司和公司自身历史区间对比时最有意义。
基于市盈率，MSFT 被高估了吗？
MSFT 的市盈率 23.2x 结合 PEG 比率 0.78 提供了增长调整后的视角。PEG 低于 1.0 表明 MSFT 相对于盈利增速可能被低估。注意 PE 估值最适合盈利稳定的成熟公司——对于高增长或周期性Software - Infrastructure，DCF 分析可能更合适。
如何使用市盈率对 MSFT 进行估值？
对 Microsoft Corporation 使用 PE 估值的步骤：(1) 将当前市盈率 (23.2x)与Software - Infrastructure中位数对比评估相对定价，(2) 查看 PEG 比率 (0.78)以调整增长预期，(3) 参考 5 年 PE 历史区间判断当前位置，(4) 用目标 PE 乘以前瞻 EPS 估算公允价值。这种相对估值方法与 DCF 的绝对估值互为补充。
MSFT 的 PEG 比率是多少？
MSFT 的 PEG 比率为 0.78，由市盈率（23.2x）除以预期盈利增速计算。PEG 低于 1.0 传统上被认为是低估的信号——市场可能未充分定价增长潜力。注意 PEG 的准确性取决于增长预期的可靠性。
对 MSFT 应该使用 PE 还是 DCF 估值？
PE 市盈率给出快速的相对定价——MSFT 相对于Software - Infrastructure同类的估值水平。DCF 基于预期自由现金流提供绝对价值。对于 MSFT，ROE 达到 33.1%，两种方法都值得使用——PE 做市场对比，DCF 验证基本面是否支撑当前价格。两种方法各有盲区：PE 忽略了资本结构和现金流质量，DCF 则对增长率和折现率假设非常敏感。
了解更多
- 查看 MSFT DCF 估值 → — 通过折现现金流分析计算内在价值
- PE 方法论 — PE 市盈率估值分步指南
- DCF 方法论 — 折现现金流分析指南
- PE 市盈率 — 理解市盈率
- 内在价值 — 如何评估股票公允价值
相关 PE 估值
查看全部 Technology 估值PE 与 DCF 使用不同的方法和假设为 MSFT 估值，因此两者的结论可能不同。可对比 DCF 内在价值。
价格截至 2026-06-12。 财务数据来自 Financial Modeling Prep（过去 12 个月）· 估值方法论由 Charlie Wang 提供。
这是估计值，不构成投资建议。