MICROSOFT CORP
MSFT · Services-Prepackaged Software · 7.43B shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $12.6B (gross $22.2B, SBC $9.6B)
Reference price $402.84 · est. market cap ~$3.0T — last insider sale, 2026-06-10 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A95Best-in-class software/cloud franchise: elite margins, huge free cash flow, strong growth, and a fortress balance sheet.
Strengths
- Elite margins and returns — operating margin 45.6% (99th), net margin 36.1% (95th), ROA 16.5% (92nd)
- Enormous free cash flow — FCF $71.61B (100th), OCF margin 48.3% (99th)
- Strong growth, low leverage — revenue +14.9%, D/E 0.12
Risks
- Heavy AI/data-center capex could pressure near-term free cash flow — qualitative (per 10-K)
- Intense competition across cloud/productivity/AI per risk factors — qualitative (per 10-K)
- Regulatory/antitrust scrutiny — qualitative (per 10-K)
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~21% of revenue from one customer/distributor — 38 PART II Item 7 SEGMENT RESULTS OF OPERATIONS (In millions, except percentages) 2025 2024 Percentage Change Productivity and Business Processes Revenue $ 120,810 $
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $110.0B cash & investments
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
- Notable holderHeld by 9 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +6 more (as of 2026-03-31)
- Insider sellingInsider selling — 5 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$16M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
68.8%
Operating margin
45.6%
Net margin
36.1%
Return on equity
29.6%
Return on assets
16.5%
ROIC
26.5%
Revenue growth (QoQ)
2.0%
Net-income growth
15.5%
Debt / equity
0.1×
Current ratio
1.4×
Free cash flow
$71.6B
Tangible book value
$201.4B
Cash & investments
$110.0B
Stock comp / revenue
4.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Coleman Amy | Tax withheld | 36 | $390.74 |
| 2026-06-15 | Jolla Alice L. | Grant | 5.0K | — |
| 2026-06-10 | Numoto Takeshi | Sell | 4.5K | $402.84 |
| 2026-06-08 | Numoto Takeshi | Sell | 2.5K | $412.45 |
| 2026-06-05 | List Teri | Grant | 149 | — |
| 2026-06-05 | SCHARF CHARLES W | Grant | 149 | — |
| 2026-06-05 | STANTON JOHN W | Grant | 149 | — |
| 2026-06-05 | Di Sibio Carmine | Grant | 15 | — |
| 2026-06-01 | Althoff Judson | Sell | 16K | $460.99 |
| 2026-06-01 | Jolla Alice L. | Tax withheld | 413 | $450.24 |
| 2026-06-01 | Coleman Amy | Tax withheld | 434 | $450.24 |
| 2026-05-15 | Coleman Amy | Tax withheld | 89 | $409.43 |
| 2026-05-14 | Coleman Amy | Sell | 1.3K | $411.34 |
| 2026-04-15 | Coleman Amy | Tax withheld | 1.4K | $393.11 |
| 2026-03-16 | Coleman Amy | Tax withheld | 31 | $395.55 |
| 2026-03-06 | Hogan Kathleen T | Sell | 12K | $409.52 |
| 2026-03-02 | Numoto Takeshi | Tax withheld | 1.4K | $392.74 |
| 2026-03-02 | Hood Amy | Tax withheld | 4.8K | $392.74 |
| 2026-03-02 | Jolla Alice L. | Tax withheld | 424 | $392.74 |
| 2026-03-02 | SMITH BRADFORD L | Tax withheld | 3.6K | $392.74 |
| 2026-03-02 | Hogan Kathleen T | Tax withheld | 978 | $392.74 |
| 2026-03-02 | Althoff Judson | Tax withheld | 3.4K | $392.74 |
| 2026-03-02 | Coleman Amy | Tax withheld | 639 | $392.74 |
| 2026-02-18 | STANTON JOHN W | Buy | 5.0K | $397.35 |
| 2026-02-17 | Coleman Amy | Tax withheld | 85 | $401.32 |
| 2026-01-30 | STANTON JOHN W | Grant | 145 | — |
| 2026-01-30 | SCHARF CHARLES W | Grant | 145 | — |
| 2026-01-30 | Mason Mark | Grant | 145 | — |
| 2026-01-30 | List Teri | Grant | 145 | — |
| 2026-01-15 | Coleman Amy | Tax withheld | 33 | $459.38 |
| 2025-12-15 | Jolla Alice L. | Tax withheld | 618 | $478.53 |
| 2025-12-15 | Coleman Amy | Tax withheld | 335 | $478.53 |
| 2025-12-10 | Hogan Kathleen T | Gift | 150 | — |
| 2025-12-04 | List Teri | Grant | 130 | — |
| 2025-12-04 | Mason Mark | Grant | 130 | — |
| 2025-12-04 | Numoto Takeshi | Sell | 2.9K | $478.72 |
| 2025-12-04 | STANTON JOHN W | Grant | 130 | — |
| 2025-12-04 | SCHARF CHARLES W | Grant | 130 | — |
| 2025-12-02 | Althoff Judson | Sell | 13K | $491.52 |
| 2025-12-01 | Jolla Alice L. | Tax withheld | 413 | $492.01 |
| 2025-12-01 | Coleman Amy | Tax withheld | 462 | $492.01 |
| 2025-11-20 | Althoff Judson | Gift | 3.5K | — |
| 2025-11-17 | Coleman Amy | Tax withheld | 89 | $510.18 |
| 2025-11-10 | Nadella Satya | Gift | 4.0K | — |
| 2025-11-06 | SMITH BRADFORD L | Gift | 10K | — |
| 2025-11-03 | SMITH BRADFORD L | Sell | 8.1K | $519.21 |
| 2025-11-03 | SMITH BRADFORD L | Sell | 30K | $518.49 |
| 2025-10-15 | Coleman Amy | Tax withheld | 32 | $513.57 |
| 2025-09-15 | Coleman Amy | Tax withheld | 77 | $509.90 |
| 2025-09-15 | Althoff Judson | Grant | 26K | — |
| 2025-09-15 | Coleman Amy | Grant | 4.0K | — |
| 2025-09-15 | Hogan Kathleen T | Grant | 6.5K | — |
| 2025-09-15 | Coleman Amy | Grant | 4.4K | — |
| 2025-09-15 | SMITH BRADFORD L | Grant | 26K | — |
| 2025-09-15 | Numoto Takeshi | Grant | 12K | — |
| 2025-09-15 | Hood Amy | Grant | 26K | — |
| 2025-09-10 | SCHARF CHARLES W | Grant | 125 | — |
| 2025-09-10 | STANTON JOHN W | Grant | 125 | — |
| 2025-09-10 | Mason Mark | Grant | 125 | — |
| 2025-09-10 | List Teri | Grant | 125 | — |
| 2025-09-03 | Nadella Satya | Sell | 26K | $503.91 |
| 2025-09-03 | Nadella Satya | Sell | 48K | $504.95 |
| 2025-09-03 | Nadella Satya | Sell | 39K | $505.86 |
| 2025-09-03 | Nadella Satya | Sell | 9.0K | $506.62 |
| 2025-09-03 | Nadella Satya | Sell | 500 | $507.56 |
| 2025-09-03 | Nadella Satya | Sell | 26K | $503.00 |
| 2025-09-02 | Coleman Amy | Tax withheld | 475 | $506.69 |
| 2025-09-02 | Althoff Judson | Tax withheld | 24K | $506.69 |
| 2025-09-02 | Nadella Satya | Grant | 309K | — |
| 2025-09-02 | Nadella Satya | Tax withheld | 122K | $506.69 |
| 2025-09-02 | Hogan Kathleen T | Tax withheld | 10K | $506.69 |
| 2025-09-02 | Althoff Judson | Grant | 45K | — |
| 2025-09-02 | STANTON JOHN W | Other | 3.6K | — |
| 2025-09-02 | SMITH BRADFORD L | Grant | 48K | — |
| 2025-09-02 | SMITH BRADFORD L | Tax withheld | 25K | $506.69 |
| 2025-09-02 | Numoto Takeshi | Grant | 17K | — |
| 2025-09-02 | Numoto Takeshi | Tax withheld | 9.3K | $506.69 |
| 2025-09-02 | Jolla Alice L. | Tax withheld | 515 | $506.69 |
| 2025-09-02 | Hood Amy | Grant | 54K | — |
| 2025-09-02 | Hood Amy | Tax withheld | 28K | $506.69 |
| 2025-09-02 | Hogan Kathleen T | Grant | 20K | — |
| 2025-08-31 | Jolla Alice L. | Grant | 3.8K | — |
| 2025-08-15 | Coleman Amy | Tax withheld | 89 | $522.48 |
| 2025-08-12 | Numoto Takeshi | Sell | 2.0K | $525.55 |
| 2025-08-12 | Numoto Takeshi | Sell | 2.9K | $528.56 |
| 2025-08-11 | SMITH BRADFORD L | Gift | 20K | — |
| 2025-07-15 | Coleman Amy | Tax withheld | 32 | $503.02 |
| 2025-06-16 | Coleman Amy | Tax withheld | 77 | $474.96 |
| 2025-06-10 | Mason Mark | Grant | 132 | — |
| 2025-06-10 | List Teri | Grant | 132 | — |
| 2025-06-10 | STANTON JOHN W | Grant | 132 | — |
| 2025-06-10 | SCHARF CHARLES W | Grant | 132 | — |
| 2025-06-03 | Numoto Takeshi | Sell | 3.0K | $463.00 |
| 2025-06-02 | Numoto Takeshi | Tax withheld | 159 | $460.36 |
| 2025-06-02 | Coleman Amy | Tax withheld | 454 | $460.36 |
| 2025-06-02 | Jolla Alice L. | Tax withheld | 431 | $460.36 |
| 2025-05-30 | Numoto Takeshi | Sell | 1.0K | $460.01 |
| 2025-05-21 | Hogan Kathleen T | Sell | 22K | $453.77 |
| 2025-05-19 | Althoff Judson | Sell | 9.3K | $457.97 |
| 2025-05-19 | Althoff Judson | Sell | 6.7K | $458.46 |
| 2025-05-15 | Coleman Amy | Tax withheld | 78 | $452.94 |
| 2025-05-15 | Coleman Amy | Sell | 13K | $452.01 |
| 2025-05-05 | SMITH BRADFORD L | Sell | 6.0K | $433.17 |
| 2025-05-05 | SMITH BRADFORD L | Sell | 3.8K | $438.82 |
| 2025-05-02 | SMITH BRADFORD L | Sell | 18K | $435.31 |
| 2025-05-02 | SMITH BRADFORD L | Sell | 57K | $436.29 |
| 2025-04-30 | SMITH BRADFORD L | Sell | 30 | $390.57 |
| 2025-04-23 | SMITH BRADFORD L | Buy | 3.8K | $377.46 |
| 2025-04-15 | Coleman Amy | Tax withheld | 28 | $387.81 |
| 2025-04-15 | Coleman Amy | Grant | 10K | — |
| 2025-02-28 | SMITH BRADFORD L | Tax withheld | 3.7K | $392.53 |
| 2025-02-28 | Numoto Takeshi | Tax withheld | 1.3K | $392.53 |
| 2025-02-28 | Jolla Alice L. | Tax withheld | 444 | $392.53 |
| 2025-02-28 | Hood Amy | Tax withheld | 4.4K | $392.53 |
| 2025-02-28 | Hogan Kathleen T | Tax withheld | 1.7K | $392.53 |
| 2025-02-28 | Althoff Judson | Tax withheld | 3.3K | $392.53 |
| 2025-01-31 | SCHARF CHARLES W | Grant | 151 | — |
| 2025-01-31 | Mason Mark | Grant | 151 | — |
| 2025-01-31 | STANTON JOHN W | Grant | 151 | — |
| 2025-01-31 | List Teri | Grant | 151 | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (13)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-05 | Exec/director change | filing ↗ |
| 2026-05-14 | Exec/director changeExhibits | filing ↗ |
| 2026-04-29 | ResultsExhibits | filing ↗ |
| 2026-01-28 | ResultsExhibits | filing ↗ |
| 2025-12-08 | Exec/director changeShareholder vote | filing ↗ |
| 2025-10-29 | ResultsReg FDExhibits | filing ↗ |
| 2025-09-30 | Exec/director change | filing ↗ |
| 2025-07-30 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-05 | 2026-06-02 | 0001193125-26-258667 ↗ |
| 8-K | 2026-05-14 | 2026-05-13 | 0001193125-26-224155 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0001193125-26-191507 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001193125-26-191457 ↗ |
| 10-Q | 2026-01-28 | 2025-12-31 | 0001193125-26-027207 ↗ |
| 8-K | 2026-01-28 | 2026-01-28 | 0001193125-26-027198 ↗ |
| 8-K | 2025-12-08 | 2025-12-05 | 0001193125-25-311196 ↗ |
| 10-Q | 2025-10-29 | 2025-09-30 | 0001193125-25-256321 ↗ |
| 8-K | 2025-10-29 | 2025-10-28 | 0001193125-25-256310 ↗ |
| 8-K | 2025-09-30 | 2025-09-24 | 0001193125-25-225125 ↗ |
| 8-K | 2025-07-30 | 2025-07-30 | 0000950170-25-100226 ↗ |
| 10-K | 2025-07-30 | 2025-06-30 | 0000950170-25-100235 ↗ |