Image from Pixabay Microsoft (MSFT) has returned about 33% over the past three months, though it is down 3.1% over the past twelve months. Near $500 a share, the stock carries a trailing price-to-earnings ratio of about 26.7 times adjusted earnings. Whether that multiple looks elevated or not, it is the wrong number to make the decision on, because the earnings analysts already expect are not in it. Why Microsoft Looks Expensive Today That multiple is on adjusted earnings: normalized net income with stock-based compensation added back, meant to line up with the basis analysts forecast on. The two definitions are not identical, so the trailing and forward multiples are not a like-for-like series. The price is high because the growth is real.
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