MSFT Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	3.97T EUR	2.77T EUR	2.75T EUR	3.59T EUR
Enterprise Value	3.93T EUR	2.81T EUR	2.77T EUR	3.63T EUR
Valuation Multiples
Trailing P/E	29.81x	20.72x	21.96x	38.45x
Forward P/E	22.6x	--	--	--
Price to Sales	11.97x	8.35x	8.64x	15.26x
Price to Book	8.98x	6.26x	6.64x	9.19x
EV/Revenue	11.85x	8.46x	8.72x	15.4x
EV/EBITDA	20.25x	13.58x	14x	24.28x
Price to FCF (P/FCF)	240.14x	41.37x	37.71x	62.91x
EV/FCF	237.69x	41.9x	38.06x	63.49x
FCF Yield	0.42%	2.42%	2.65%	1.59%