| Microsoft (Nasdaq: MSFT), the tech giant known for its Windows operating system, Office suite, and Azure cloud platform, has been a dominant force in the software industry for decades. Looking at its stock chart, we can see Microsoft shares have been on a strong upward trajectory over the past two years, roughly doubling in value. Despite some volatility, including a sharp pullback in late 2022 and a more recent dip in mid-2023, the stock has consistently found support and climbed to new highs. This impressive performance has left many investors wondering whether there's still value to be found at current levels. Let's run the stock through The Value Meter to find out. First, let's look at Microsoft's enterprise value-to-net asset value (EV/NAV) ratio, which tells us how much investors are willing to pay for the company's assets. Microsoft's EV/NAV sits at 11.74, slightly above the average of 10.95 for companies with positive net assets. This suggests the market is placing a modest premium on Microsoft's assets compared with its peers'. But valuation isn't just about asset prices. We also need to consider Microsoft's ability to generate cash. Over the past four quarters, the company's free cash flow averaged 7.78% of its net assets. That's extremely close to the 7.88% average among firms with similarly consistent cash flow generation. So what does this mean for investors? Is this household name trading at a reasonable price... or has the market gone too far? Here's my take... | 
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