Apple
AAPL · Technology Hardware, Storage & Peripherals
$347.73
0.1%Microsoft
MSFT · Systems Software
$524.51
0.7%The short version
- Apple is the larger business, with $416.2B of revenue in fiscal 2025 against $331.8B for Microsoft.
- Microsoft grew revenue faster (17.8%, against 6.4%).
- Microsoft kept more of each dollar of sales as operating profit (46.8% operating margin, against 32.0% operating margin).
- Apple turned more of its sales into free cash flow (23.7% FCF margin, against 20.2% FCF margin).
- Apple earned a higher return on the capital invested in it (102.9%, against 30.9%).
- Investors pay more for each dollar of Apple’s earnings: a P/E of 39.9x against 29.2x for Microsoft.
| Latest fiscal year | AAPL · FY25 | MSFT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.12T | $3.91T |
| Revenue | $416.2B | $331.8B |
| Free cash flow | $98.8B | $67.0B |
| Net income | $112.0B | $133.7B |
| Growth | ||
| Revenue growth | 6.4% | 17.8% |
| 5-year growth | 8.7% | 14.6% |
| Share count change | −2.6% | −0.2% |
| Profitability | ||
| Gross margin | 46.9% | 67.9% |
| Operating margin | 32.0% | 46.8% |
| Net margin | 26.9% | 40.3% |
| FCF margin | 23.7% | 20.2% |
| Return on capital | 102.9% | 30.9% |
| Return on equity | 171.4% | 34.0% |
| Balance sheet | ||
| Net debt | $45.2B | $30.0B |
| Net debt / EBITDA | 0.3x | 0.2x |
| Dividends and buybacks | $106.1B | $48.7B |
| Valuation & quality | ||
| P/E | 39.9x | 29.2x |
| Piotroski F-score | 8 | 6 |
FY17
AAPL $229.2B
MSFT $96.6B
FY18
AAPL $265.6B
MSFT $110.4B
FY19
AAPL $260.2B
MSFT $125.8B
FY20
AAPL $274.5B
MSFT $143.0B
FY21
AAPL $365.8B
MSFT $168.1B
FY22
AAPL $394.3B
MSFT $198.3B
FY23
AAPL $383.3B
MSFT $211.9B
FY24
AAPL $391.0B
MSFT $245.1B
FY25
AAPL $416.2B
MSFT $281.7B
FY26
AAPL —
MSFT $331.8B
AAPL
MSFT
FY17
AAPL 26.8%
MSFT 30.1%
FY18
AAPL 26.7%
MSFT 31.8%
FY19
AAPL 24.6%
MSFT 34.1%
FY20
AAPL 24.2%
MSFT 37.0%
FY21
AAPL 29.8%
MSFT 41.6%
FY22
AAPL 30.3%
MSFT 42.1%
FY23
AAPL 29.8%
MSFT 41.8%
FY24
AAPL 31.5%
MSFT 44.6%
FY25
AAPL 32.0%
MSFT 45.6%
FY26
AAPL —
MSFT 46.8%
AAPL
MSFT
FY17
AAPL $51.8B
MSFT $31.4B
FY18
AAPL $64.1B
MSFT $32.3B
FY19
AAPL $58.9B
MSFT $38.3B
FY20
AAPL $73.4B
MSFT $45.2B
FY21
AAPL $93.0B
MSFT $56.1B
FY22
AAPL $111.4B
MSFT $65.1B
FY23
AAPL $99.6B
MSFT $59.5B
FY24
AAPL $108.8B
MSFT $74.1B
FY25
AAPL $98.8B
MSFT $71.6B
FY26
AAPL —
MSFT $67.0B
AAPL
MSFT
FY17
AAPL 21.8%
MSFT 74.1%
FY18
AAPL 30.1%
MSFT 48.1%
FY19
AAPL 42.4%
MSFT 100.6%
FY20
AAPL 61.2%
MSFT 86.8%
FY21
AAPL 88.5%
MSFT 88.0%
FY22
AAPL 80.3%
MSFT 69.4%
FY23
AAPL 82.6%
MSFT 50.2%
FY24
AAPL 88.2%
MSFT 41.5%
FY25
AAPL 102.9%
MSFT 34.7%
FY26
AAPL —
MSFT 30.9%
AAPL
MSFT
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.