MSFT
Microsoft Corporation
MSFT has the edge over WAY overall, supported by stronger modeled upside and stronger valuation.
WAY
Waystar Holding Corp.
WAY's outlook is improving, though it still trails on the overall score.
MSFT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
MSFT's revenue, profitability, cash flow and balance sheet are all currently healthy.
WAY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Under pressure |
WAY's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
MSFT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 25x | $523 | — |
| Cheap | 27x | $525 | +0.4% |
| Current | 27x | $523 | — |
| Fair | 34x | $652 | +25% |
| Expensive | 37x | $711 | +36% |
Historical ranges are pointers, not guarantees.
MSFT has the edge over WAY in the historical PE scenario, which offers more potential upside but is not a forecast.
WAY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $28.14 | — |
| Cheap | 34x | $23.39 | -17% |
| Current | 41x | $28.14 | — |
| Fair | 42x | $29.15 | +3.6% |
| Expensive | 81x | $55.94 | +99% |
Historical ranges are pointers, not guarantees.
WAY's PE is in its fair range at 41x. If earnings grow as analysts expect, today's price would be 16x next year's earnings, in its cheap range.
MSFT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Moderate | |
| High |
Analysts expect strong earnings and revenue growth for MSFT, with profitability holding steady.
WAY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for WAY, with profitability holding steady.
MSFT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $20.79 | +8.6% |
| Q3 2026 | $19.15 | +36% |
| Q2 2026 | $17.95 | +32% |
| Q1 2026 | $16.80 | +30% |
| Q4 2025 | $15.99 | +29% |
| Q3 2025 | $14.06 | +16% |
| Q2 2025 | $13.64 | +16% |
| Q1 2025 | $12.93 | +12% |
| Q4 2024 | $12.41 | +12% |
MSFT's earnings per share have climbed steadily: $19.15 over the past year, up 36% from the year before, and higher year over year for 14 quarters in a row.
WAY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.79 | +160% |
| Q3 2026 | $0.69 | +11% |
| Q2 2026 | $0.70 | +46% |
| Q1 2026 | $0.67 | +644% |
| Q4 2025 | $0.61 | +$0.78 |
| Q3 2025 | $0.62 | +$0.98 |
| Q2 2025 | $0.48 | +$0.96 |
| Q1 2025 | $0.09 | +$0.43 |
| Q4 2024 | -$0.17 | +$0.14 |
WAY's earnings per share have climbed steadily: $0.69 over the past year, up 11% from the year before, and higher year over year for eight quarters in a row.
MSFT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $92.3B | +19% |
| Q2 2026 | $90B | +18% |
| Q1 2026 | $82.9B | +18% |
| Q4 2025 | $81.3B | +17% |
| Q3 2025 | $77.7B | +18% |
| Q2 2025 | $76.4B | +18% |
| Q1 2025 | $70.1B | +13% |
| Q4 2024 | $69.6B | +12% |
MSFT's revenue has grown year over year every quarter since late 2020: $92.3B last quarter, up 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 50% | +0.9 points |
| Q2 2026 | 45% | +0.2 points |
| Q1 2026 | 46% | +0.7 points |
| Q4 2025 | 47% | +1.6 points |
| Q3 2025 | 49% | +2.3 points |
| Q2 2025 | 45% | +1.8 points |
| Q1 2025 | 46% | +1.1 points |
| Q4 2024 | 45% | +1.9 points |
MSFT has the edge over WAY on profitability, with a higher operating margin.
WAY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $325.6M | +21% |
| Q2 2026 | $319.7M | +18% |
| Q1 2026 | $313.9M | +22% |
| Q4 2025 | $303.5M | +24% |
| Q3 2025 | $268.7M | +12% |
| Q2 2025 | $270.7M | +15% |
| Q1 2025 | $256.4M | +14% |
| Q4 2024 | $244.1M | +18% |
WAY has the edge over MSFT on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | -3.6 points |
| Q2 2026 | 24% | -0.2 points |
| Q1 2026 | 26% | +0.2 points |
| Q4 2025 | 19% | -2.3 points |
| Q3 2025 | 22% | +11 points |
| Q2 2025 | 24% | +20 points |
| Q1 2025 | 25% | +9.8 points |
| Q4 2024 | 22% | +3.5 points |
WAY's operating margin was 19% last quarter, down 3.6 points from the same quarter a year ago.
MSFT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $18.6B | -27% |
| Q2 2026 | $19.6B | -23% |
| Q1 2026 | $15.8B | -22% |
| Q4 2025 | $5.9B | -9.3% |
| Q3 2025 | $25.7B | +33% |
| Q2 2025 | $25.6B | +9.6% |
| Q1 2025 | $20.3B | -3.2% |
| Q4 2024 | $6.5B | -29% |
MSFT's free cash flow has been positive every quarter for seven years: $60B over the past year, down 23% from the year before.
WAY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $93.9M | +23% |
| Q2 2026 | $43.3M | -52% |
| Q1 2026 | $69.6M | +18% |
| Q4 2025 | $57.2M | -2.3% |
| Q3 2025 | $76.2M | +8.5% |
| Q1 2025 | $58.8M | +1038% |
| Q4 2024 | $58.5M | +933% |
| Q3 2024 | $70.2M | +$86.9M |
WAY generated $264M in free cash flow over the past year, down 7.2% from the year before.
MSFT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -7M shares |
| 1 year | -0.3% | -20M shares |
| 3 years | -0.2% | -16M shares |
| 5 years | -1.6% | -121M shares |
| Available history | -3.2% | -245M shares |
MSFT has the edge over WAY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.4B |
| Q2 2026 | $4.6B |
| Q1 2026 | $4.6B |
| Q4 2025 | $7.4B |
| Q3 2025 | $5.7B |
| Q2 2025 | $4.5B |
| Q1 2025 | $4.8B |
| Q4 2024 | $5B |
MSFT spent $21B buying back its own shares over the past year, up 5.2% from the year before.
WAY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +1.4M shares |
| 1 year | +8.1% | +14.7M shares |
| 3 years | +18% | +29.3M shares |
| 5 years | +18% | +29.3M shares |
WAY has 196M diluted shares, up 8.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $20.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q1 2024 | $225,000 |
| Q4 2023 | — |
| Q3 2023 | $1,000 |
MSFT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | 0.1x | Very low |
MSFT has the edge over WAY on leverage, with a lower net debt burden relative to earnings.
WAY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 3.6x | Elevated |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 2.5x | Moderate |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 3.4x | Elevated |
WAY's net debt is about 3.2 years of its operating earnings (EBITDA), up from 2.1 years a year ago.
MSFT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.1 | Neutral |
| Stochastic | 68.0 | Neutral |
MSFT's weekly RSI is 62 (neutral) and its Stochastic is 68 (neutral).
WAY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.0 | Neutral |
| Stochastic | 78.5 | Neutral |
WAY's weekly RSI is 59 (neutral) and its Stochastic is 78 (neutral).
MSFT PE vs Technology Sector
| Metric | MSFT | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 28x | 2% below |
| PE % | 16 | 35 | 19 pts below |
MSFT has the edge over WAY on valuation relative to its sector.
WAY PE vs Technology Sector
| Metric | WAY | Sector median | Relative |
|---|---|---|---|
| PE | 41x | 28x | 46% above |
| PE % | 41 | 19 | 22 pts above |
WAY is trading at 41x earnings, a 46% premium to the Technology sector's median of 28x.
MSFT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $524.7 | 0.3% below |
| 20 week MA | $484.8 | 7.9% above |
| 50 week MA | $446.9 | 17% above |
| 100 week MA | $453.8 | 15% above |
| 200 week MA | $411.5 | 27% above |
MSFT has stronger trend alignment. MSFT is above 4 of 5 weekly averages versus WAY above 3 of 4.
WAY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $27.1 | 3.8% above |
| 20 week MA | $25.2 | 12% above |
| 50 week MA | $25.1 | 12% above |
| 100 week MA | $31.6 | 11% below |
WAY has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 11% below its 100-week average.
MSFT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $159.0 | $222.8 | +40% |
| 2021 | $222.8 | $334.7 | +50% |
| 2022 | $334.7 | $238.7 | -29% |
| 2023 | $238.7 | $376.0 | +58% |
| 2024 | $376.0 | $430.5 | +14% |
| 2025 | $430.5 | $487.7 | +13% |
| 2026 YTD | $487.7 | $523.0 | +7.2% |
MSFT has the edge over WAY on returns for 2026, with the stronger performance.
WAY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $20.7 | $37.9 | +83% |
| 2025 | $37.9 | $33.0 | -13% |
| 2026 YTD | $33.0 | $28.1 | -15% |
WAY has finished lower in one of the last two years. It's down 15% so far in 2026.