Microsoft now lags S&P 500 by earnings multiple

For years, investors valued Microsoft more richly than the broad U.S. large stock index. That changed in the first quarter of 2026.

The line chart shows Microsoft's EPS vs. the S&P 500 from Q1 2023 through Q1 2026.

(Please use a modern browser to see the interactive version of this visualization)

Note: Based on earnings per share for the last 12 months

Source: Capital IQ