As of Q2'26 (2025-12-31), Microsoft's latest Price-to-Book (P/B) Ratio stands at 9.19, reflecting a decrease from the previous quarter's value of 11.09. This marks the lowest P/B Ratio observed in the provided time series, which covers the period from Q3'23 to Q2'26. Over the analyzed period, the P/B Ratio for Microsoft exhibited moderate volatility, peaking at 12.74 in Q2'24 before trending downward. After reaching this high, the ratio generally declined, with occasional rebounds such as in Q4'25 (11.11), but ultimately settled at a lower level by Q2'26. This suggests a contraction in market valuation relative to book value over the last several quarters.