Microsoft: Looking Through Legacy Business Noise; Short-Lived Assets Require Elevated Capex
Microsoft is focusing on its Azure growth and the need for elevated capital expenditures due to short-lived assets. The company's forward non-GAAP P/E ratio appears attractive at 24x. Analysts are optimistic about Microsoft's free cash flow resilience for FY2026.
- ▪Microsoft is expected to invest $190 billion in capital expenditures.
- ▪The company's Azure growth is a significant focus for future development.
- ▪Microsoft's current non-GAAP P/E ratio is considered cheap at 24x.
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