Microsoft Corporation - MSFT - Ratios & Benchmarks



Microsoft Corporation (MSFT) Ratios & Benchmarks

  Name 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY
  LIQUIDITY RATIOS
Current Ratio 2.92 2.90 3.40 2.89 2.90 2.92 2.35 2.47 2.50
Debt-free Net Working Capital to Revenue 99.57 % 104.36 % 107.86 % 122.66 % 104.36 % 121.23 % 102.25 % 86.17 % 81.33 %
Debt-free, Cash-free Net Working Capital to Revenue -18.68 % -16.85 % -17.06 % -16.95 % -16.85 % -16.47 % -21.98 % -16.98 % -17.38 %
Net Working Capital to Revenue 93.92 % 100.74 % 104.39 % 107.10 % 100.74 % 110.75 % 88.10 % 78.17 % 79.03 %
Quick Ratio 2.72 2.74 3.24 2.77 2.74 2.79 2.22 2.31 2.31
  ACTIVITY/EFFICIENCY RATIOS
Accounts Payable Turnover 5.20 4.79 5.36 4.97 4.79 4.80 4.86 4.71 4.42
Accounts Receivable Turnover 7.19 4.51 7.04 6.24 4.51 4.74 5.04 5.00 4.69
Asset Turnover 0.45 0.43 0.45 0.43 0.43 0.44 0.50 0.54 0.55
Cash Conversion Cycle (CCC) 11.71 27.76 3.73 5.21 27.76 24.43 26.04 26.30 26.19
Days Inventory Outstanding (DIO) 31.15 23.05 20.00 20.17 23.05 23.61 28.69 30.72 30.99
Days Payable Outstanding (DPO) 70.19 76.17 68.14 73.44 76.17 76.11 75.10 77.46 82.63
Days Sales Outstanding (DSO) 50.75 80.88 51.86 58.48 80.88 76.93 72.45 73.04 77.83
Fixed Asset Turnover 4.09 4.15 4.24 4.29 4.15 4.59 5.51 6.75 7.55
Inventory Turnover 11.72 15.84 18.25 18.09 15.84 15.46 12.72 11.88 11.78
Invested Capital Turnover 4.13 3.79 5.08 4.76 3.79 5.26 21.24 9.89 9.24
  LEVERAGE RATIOS
Compound Leverage Factor 2.89 2.99 3.16 3.27 2.99 2.78 2.42 2.04 1.87
Debt to Equity 0.89 0.92 0.97 1.14 0.92 0.98 0.74 0.44 0.25
Debt to Total Capital 47.00 % 47.96 % 49.33 % 53.25 % 47.96 % 49.56 % 42.61 % 30.59 % 20.14 %
Financial Leverage -0.68 -0.66 -0.72 -0.71 -0.66 -0.77 -0.94 -0.89 -0.89
Leverage Ratio 2.89 2.99 3.16 3.27 2.99 2.78 2.42 2.04 1.87
Long-Term Debt to Equity 0.81 0.87 0.93 0.94 0.87 0.87 0.56 0.35 0.23
Long-Term Debt to Total Capital 42.99 % 45.45 % 46.98 % 43.76 % 45.45 % 43.74 % 32.33 % 24.10 % 18.36 %
Short-Term Debt to Total Capital 4.01 % 2.52 % 2.35 % 9.49 % 2.52 % 5.82 % 10.29 % 6.49 % 1.78 %
  SOLVENCY RATIOS
Altman Z-Score 4.25 3.74 3.67 3.26 4.07 3.33 3.35 3.60 3.95
Debt to EBITDA 1.55 1.63 1.76 2.12 1.63 2.23 1.66 1.44 0.69
Debt to NOPAT 4.20 4.79 5.10 6.75 4.79 3.48 2.56 2.95 1.03
Long-Term Debt to EBITDA 1.41 1.55 1.68 1.74 1.55 1.97 1.26 1.14 0.62
Long-Term Debt to NOPAT 3.85 4.54 4.86 5.55 4.54 3.07 1.94 2.32 0.94
Net Debt to EBITDA -1.25 -1.27 -1.32 -1.37 -1.27 -1.37 -2.18 -3.00 -2.35
Net Debt to NOPAT -3.40 -3.73 -3.83 -4.35 -3.73 -2.13 -3.36 -6.13 -3.53
  COVERAGE RATIOS
EBIT Less CapEx to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Free Cash Flow to Firm to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
  PROFITABILITY RATIOS
Augmented Payout Ratio 131.84 % 141.33 % 143.38 % 149.45 % 141.33 % 92.72 % 131.34 % 199.50 % 73.37 %
Cash Return on Invested Capital (CROIC) 90.52 % 94.46 % 67.94 % 67.17 % 94.46 % -45.64 % 603.51 % 182.80 % 176.38 %
Cost of Revenue to Revenue 34.06 % 32.38 % 34.56 % 38.26 % 34.75 % 35.48 % 35.96 % 35.30 % 31.18 %
Dividend Payout Ratio 68.63 % 76.63 % 79.17 % 88.67 % 76.63 % 46.47 % 53.59 % 81.05 % 40.22 %
EBIT Margin 35.14 % 35.50 % 32.22 % 31.71 % 33.05 % 30.96 % 28.13 % 19.78 % 32.04 %
EBITDA Margin 44.90 % 43.86 % 42.32 % 40.48 % 42.35 % 40.05 % 35.39 % 26.14 % 38.04 %
Effective Tax Rate 13.67 % 16.92 % 14.08 % 168.73 % 54.57 % 14.76 % 19.89 % 34.12 % 20.65 %
Gross Margin 65.94 % 67.62 % 65.44 % 61.74 % 65.25 % 64.52 % 64.04 % 64.70 % 68.82 %
Interest Burden Percent 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 %
NOPAT Margin 29.55 % 28.66 % 26.56 % -20.63 % 14.43 % 25.62 % 22.92 % 12.79 % 25.37 %
Noncontrolling Interest Sharing Ratio 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Normalized NOPAT Margin 29.55 % 28.66 % 26.56 % 21.01 % 22.24 % 25.89 % 23.89 % 19.83 % 25.48 %
Operating Cash Flow to CapEx 379.15 % 286.88 % 414.14 % 304.52 % 377.27 % 486.00 % 399.44 % 499.13 % 592.56 %
Operating Expenses to Revenue 31.71 % 33.12 % 34.52 % 31.73 % 33.48 % 34.47 % 35.43 % 45.29 % 36.85 %
Operating Margin 34.23 % 34.50 % 30.92 % 30.01 % 31.77 % 30.06 % 28.61 % 19.41 % 31.97 %
Operating Return on Assets (OROA) 15.94 % 15.39 % 14.50 % 13.49 % 14.33 % 13.48 % 13.94 % 10.67 % 17.67 %
Pre Tax Income Margin 35.14 % 35.50 % 32.22 % 31.71 % 33.05 % 30.96 % 28.13 % 19.78 % 32.04 %
Profit (Net Income) Margin 30.34 % 29.49 % 27.68 % -21.79 % 15.02 % 26.39 % 22.53 % 13.03 % 25.42 %
R&D to Revenue 13.67 % 13.07 % 13.85 % 12.12 % 13.34 % 13.50 % 13.15 % 12.87 % 13.11 %
ROIC Less NNEP Spread (ROIC-NNEP) 121.78 % 108.20 % 134.51 % -97.56 % 53.56 % 133.67 % 487.28 % 126.18 % 234.24 %
Return on Assets (ROA) 13.76 % 12.79 % 12.46 % -9.27 % 6.51 % 11.49 % 11.16 % 7.03 % 14.02 %
Return on Common Equity (ROCE) 38.93 % 37.41 % 38.16 % -29.13 % 19.45 % 31.92 % 27.01 % 14.36 % 26.17 %
Return on Equity (ROE) 38.93 % 37.41 % 38.16 % -29.13 % 19.45 % 31.92 % 27.01 % 14.36 % 26.17 %
Return on Invested Capital (ROIC) 122.16 % 108.64 % 135.07 % -98.21 % 54.71 % 134.88 % 486.79 % 126.49 % 234.30 %
Return on Net Nonoperating Assets (RNNOA) -83.23 % -71.23 % -96.91 % 69.08 % -35.26 % -102.96 % -459.78 % -112.13 % -208.14 %
SG&A Expenses to Revenue 3.95 % 4.22 % 4.50 % 3.84 % 4.31 % 4.64 % 5.01 % 4.93 % 5.39 %
Tax Burden Percent 86.33 % 83.08 % 85.92 % -68.73 % 45.43 % 85.24 % 80.11 % 65.88 % 79.35 %
  CAPITAL STRUCTURE RATIOS
Common Equity to Total Capital 53.00 % 52.04 % 50.67 % 46.75 % 52.04 % 50.44 % 57.39 % 69.41 % 79.86 %
Noncontrolling Interests to Total Capital 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Preferred Equity to Total Capital 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
  VALUATION RATIOS
Book Value per Share $11.07 $10.61 $10.17 $10.16 $10.61 $11.20 $8.98 $9.70 $10.69
Dividend Yield 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 2.82 % 3.50 % 2.97 % 3.46 %
Earnings Yield 2.14 % 2.18 % 2.25 % 2.14 % 2.18 % 4.85 % 5.28 % 3.62 % 7.00 %
Enterprise Value (EV) $818.93B $699.69B $641.62B $588.05B $699.69B $472.38B $319.03B $263.29B $237.50B
Enterprise Value to EBIT (EV/EBIT) 21.16 19.18 19.01 18.26 19.18 15.80 12.44 14.23 8.54
Enterprise Value to EBITDA (EV/EBITDA) 16.61 14.97 14.64 13.99 14.97 12.21 9.89 10.76 7.19
Enterprise Value to Free Cash Flow (EV/FCFF) 32.55 25.44 45.35 40.75 25.44 0.00 12.32 15.23 14.32
Enterprise Value to Invested Capital (EV/IC) 33.72 29.99 30.11 28.16 29.99 13.53 178.53 38.74 19.59
Enterprise Value to NOPAT (EV/NOPAT) 45.16 43.93 42.44 44.47 43.93 19.09 15.27 22.00 10.78
Enterprise Value to Operating Cash Flow (EV/OCF) 18.16 15.94 14.76 14.01 15.94 11.96 9.57 8.87 7.31
Enterprise Value to Revenue (EV/Rev) 7.13 6.34 6.06 5.75 6.34 4.89 3.50 2.81 2.74
Market Capitalization $880.62B $759.08B $699.55B $645.53B $759.08B $525.19B $389.24B $336.58B $315.16B
Price to Book Value (P/BV) 10.24 9.18 8.83 8.24 9.18 5.99 5.41 4.20 3.51
Price to Earnings (P/E) 46.79 45.81 44.37 46.68 45.81 20.60 18.95 27.60 14.28
Price to Revenue (P/Rev) 7.66 6.88 6.61 6.31 6.88 5.44 4.27 3.60 3.63
Price to Tangible Book Value (P/TBV) 20.70 19.47 19.92 19.00 19.47 12.36 7.72 5.77 5.03
Tangible Book Value per Share $5.48 $5.00 $4.51 $4.41 $5.00 $5.42 $6.29 $7.06 $7.46
  GROWTH RATIOS
EBIT Growth 28.02 % 34.20 % 21.81 % 14.30 % 21.98 % 16.62 % 38.54 % -33.48 % 2.84 %
EBIT Q/Q Growth -4.30 % 23.60 % -5.76 % 14.84 % 8.06 % -4.10 % 75.03 % -31.05 % 1.58 %
EBITDA Growth 24.56 % 28.10 % 18.90 % 14.89 % 20.83 % 19.89 % 31.87 % -25.94 % 7.22 %
EBITDA Q/Q Growth -1.05 % 16.25 % -3.02 % 11.66 % 6.60 % -2.14 % 54.71 % -25.97 % 3.74 %
EPS Growth 35.71 % 12.62 % 35.71 % -202.50 % -34.46 % 26.95 % 72.97 % -43.73 % 1.94 %
EPS Q/Q Growth -1.72 % 22.11 % 215.85 % -197.62 % 6.50 % 5.52 % 93.94 % -38.59 % -0.75 %
Free Cash Flow Firm Growth 157.18 % 179.75 % 156.95 % 46.27 % 428.49 % -132.32 % 49.78 % 4.29 % -18.89 %
Free Cash Flow Firm Q/Q Growth -22.66 % 228.17 % 229.34 % 82.58 % 94.39 % -210.02 % 23.46 % 41.32 % -19.97 %
Invested Capital Growth -22.44 % -33.16 % 4.77 % -5.46 % -33.16 % 1853.05 % -73.71 % -43.94 % 81.54 %
Invested Capital Q/Q Growth 4.09 % 9.48 % 2.05 % -33.31 % 9.48 % 71.60 % -58.76 % -53.27 % 76.05 %
NOPAT Growth 35.37 % 10.70 % 37.03 % -196.59 % -35.63 % 18.44 % 74.60 % -45.68 % 1.83 %
NOPAT Q/Q Growth -0.33 % 21.04 % 219.43 % -193.96 % 5.36 % 4.78 % 94.01 % -39.85 % -1.65 %
Net Income Growth 34.18 % 9.96 % 35.33 % -200.56 % -34.99 % 24.10 % 68.45 % -44.76 % 0.97 %
Net Income Q/Q Growth -0.55 % 19.52 % 217.80 % -195.83 % 5.10 % 4.97 % 95.96 % -39.03 % -1.57 %
Operating Cash Flow Growth 9.78 % 3.75 % 13.99 % 25.14 % 11.08 % 18.55 % 12.33 % -8.72 % 12.72 %
Operating Cash Flow Q/Q Growth 19.61 % -6.03 % 54.30 % -36.70 % 0.95 % 6.87 % 5.09 % -9.01 % 13.56 %
Revenue Growth 18.53 % 17.50 % 15.54 % 11.97 % 14.28 % 5.94 % -2.59 % 7.77 % 11.54 %
Revenue Q/Q Growth -3.33 % 12.18 % -7.26 % 17.85 % 4.23 % -0.87 % 4.91 % -1.27 % 4.18 %
  METRICS
Capital Expenditures (CapEx) $3.60B $3.98B $2.93B $2.59B $11.63B $8.13B $8.34B $5.94B $5.49B
Debt-free Net Working Capital (DFNWC) $114.42B $115.17B $114.20B $125.45B $115.17B $117.07B $93.21B $80.63B $70.62B
Debt-free, Cash-free Net Working Capital (DFCFNWC) $-21.46B $-18.60B $-18.07B $-17.33B $-18.60B $-15.91B $-20.03B $-15.89B $-15.09B
Earnings before Interest and Taxes (EBIT) $10.22B $10.68B $8.64B $9.17B $36.47B $29.90B $25.64B $18.51B $27.82B
Free Cash Flow to Firm (FCFF) $15.62B $20.20B $6.15B $-4.76B $27.50B $-8.37B $25.90B $17.29B $16.58B
Increase / (Decrease) in Invested Capital $-7.03B $-11.57B $970.00M $-1.21B $-11.57B $33.11B $-5.01B $-5.33B $5.45B
Invested Capital $24.28B $23.33B $21.31B $20.88B $23.33B $34.90B $1.79B $6.80B $12.12B
Net Debt $-61.68B $-59.39B $-57.93B $-57.48B $-59.39B $-52.81B $-70.21B $-73.29B $-77.66B
Net Nonoperating Expense (NNE) $-229.64M $-250.07M $-299.85M $336.78M $-643.32M $-746.74M $351.68M $-227.96M $-48.40M
Net Nonoperating Expense Percent (NNEP) 0.38 % 0.45 % 0.56 % -0.65 % 1.15 % 1.21 % -0.49 % 0.30 % 0.06 %
Net Operating Profit after Tax (NOPAT) $8.59B $8.62B $7.12B $-5.97B $15.93B $24.74B $20.89B $11.97B $22.03B
Net Working Capital (NWC) $107.92B $111.17B $110.53B $109.53B $111.17B $106.95B $80.30B $73.15B $68.62B
Normalized Net Operating Profit after Tax (NOPAT) $8.59B $8.62B $7.12B $6.08B $24.54B $25.00B $21.78B $18.56B $22.13B
Total Capital $162.20B $158.96B $156.40B $167.62B $158.96B $173.91B $125.46B $115.38B $112.43B
Total Debt $76.23B $76.24B $77.16B $89.26B $76.24B $86.19B $53.46B $35.29B $22.64B
Total Depreciation and Amortization (D&A) $2.84B $2.52B $2.71B $2.54B $10.26B $8.78B $6.62B $5.96B $5.21B
Total Long-Term Debt $69.73B $72.24B $73.48B $73.35B $72.24B $76.07B $40.56B $27.81B $20.64B
Adjusted Basic & Diluted Earnings per Share $1.15 $1.16 $0.96 $0.00 $2.15 $3.29 $2.59 $1.49 $2.66
Adjusted Basic Earnings per Share $1.15 $1.16 $0.96 $0.00 $2.15 $3.29 $2.59 $1.49 $2.66
Adjusted Diluted Earnings per Share $1.14 $1.16 $0.95 $0.00 $2.13 $3.25 $2.56 $1.48 $2.63
Adjusted Weighted Average Basic & Diluted Shares Outstanding 7.67B 7.71B 7.73B 7.69B 7.71B 7.75B 7.93B 8.18B 8.30B
Adjusted Weighted Average Basic Shares Outstanding 7.67B 7.70B 7.70B 7.71B 7.70B 7.75B 7.92B 8.18B 8.30B
Adjusted Weighted Average Diluted Shares Outstanding 7.77B 7.79B 7.79B 7.71B 7.79B 7.83B 8.01B 8.25B 8.40B
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) $13.06B $13.20B $11.35B $11.71B $46.73B $38.68B $32.26B $24.46B $33.03B
Net Nonoperating Obligations (NNO) $-61.68B $-59.39B $-57.93B $-57.48B $-59.39B $-52.81B $-70.21B $-73.29B $-77.66B