<p><strong>微软</strong>(MSFT -0.97%) 一直以来都是科技股中收入的首选，而 <strong>Meta Platforms</strong>(META -1.35%) 则是在去年才开始支付股息。但微软悠久而出色的股息记录并不自动使其在两者比较中成为更好的股息股票。</p>
<p>从表面上看，软件巨头微软的股息收益率约为 0.6%，远高于社交媒体专家 Meta 的约 0.3% 的收益率。但在这一表面股息指标之下，比较并不那么简单。最终，尽管如此，在将两者作为股息股票进行比较时，确实有一只股票表现更佳。那么，究竟是哪一只呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgzNzEvbXNmdC1tZXRhLXN0b2NrLWRpdmlkZW5kLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="325" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgzNzEvbXNmdC1tZXRhLXN0b2NrLWRpdmlkZW5kLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>微软：可靠的股息增长股票</h2>
<p>强调微软的股息增长记录，其每股季度派息为 0.83 美元，年派息为 3.32 美元，较去年增长了 10%。此外，这一股息标志着公司连续第 20 年增加派息。</p>
<p>尽管微软的股息收益率仅为 0.6%，但公司的派息得益于科技行业中最具韧性的商业模式之一。此外，派息对公司来说也很容易支付。它仅占公司年收益的 24% 和年自由现金流的三分之一。</p>
<p>展望未来，微软不仅能够维持这一派息，还能够实现增长。最近的业务表现显示出公司健康且快速增长。在截至 6 月 30 日的 2025 财年，微软的收入达到 2817 亿美元，同比增长 15%。营业收入增长 17%，达到 1285 亿美元。在如此强劲的业绩推动下，这家软件公司通过股息和回购向股东返还了超过 370 亿美元。</p>
<h2>Meta：早期阶段，潜力巨大</h2>
<p>Meta Platforms 的股息在华尔街仍然是新的。去年推出的这家公司是 Facebook、Instagram、WhatsApp、Messenger 和 Threads 的母公司，已经增加了一次派息。今年 2 月，公司表示将股息提高 5%，至每股 52.5 美分，年派息为 2.10 美元。</p>
<p>尽管公司的股息收益率为 0.3% 且最近的股息增加幅度较小，但投资者不应低估 Meta 作为股息股票的潜力。毕竟，其股息仅占收益的约 7% 和自由现金流的约 10%——这些都是极为保守的指标。此外，公司的近期业务势头非常强劲。Meta 第二季度的收入同比飙升 22%，每股收益增长 38%。这一业务实力得益于其社交媒体应用家庭的日活跃用户同比增长 6%，广告展示次数同比增长 11%，每个广告的价格上涨 9%。</p>
<p>与微软一样，Meta 以多种方式回馈现金。实际上，这也解释了为什么它的股息如此温和；管理层更倾向于大规模回购股票。在最近的一个季度，管理层回购了近 100 亿美元的股票，而支付的股息仅为 13.3 亿美元。</p>
<p>尽管如此，Meta 的整个商业模式相对较新，潜在风险较大。公司的现实实验室部门仍在消耗现金，因为 Meta 在人工智能（AI）方面进行了大量投资。强调 Meta 的业务可能随着时间的推移变得更加资本密集，今年公司的资本支出预计将在 660 亿到 720 亿美元之间。这意味着资本支出将同比增长约 77%。</p>
<p>当然，股息有巨大的上行潜力，如果 Meta 今天的激进投资帮助公司在未来几年继续快速增长，公司的股票回购计划也将受益。</p>
<h2>明确的赢家</h2>
<p>那么，哪家科技巨头是更好的股息股票？微软今天无疑是明确的赢家。但未来这一局面可能会改变。</p>
<p>支持微软的理由是，其收益率更高，股息更为稳固，并且长期以来持续增长和强劲的自由现金流生成支持这一派息。投资者可以指望微软年年提高股息，即使它继续在人工智能和云计算方面进行大量投资。</p>
<p>另一方面，Meta 仍然是一个新来者。其股息可能会随着时间的推移大幅增长，但尚无证明的历史。而且，尽管管理层的资本配置越来越有利于股东，但公司快速上升的资本支出和仍处于初期阶段的股息政策使其成为收入导向投资者的风险选择。当然，该股票的市盈率为 28 倍，相比之下微软约为 39 倍。但考虑到 Meta 对广告的依赖，这一较低的估值是合理的，因为广告是一种比微软多元化业务更为波动和不可预测的收入来源。</p>
<p>从长远来看，Meta 很可能会成为两者中更好的股息股票。但今天更安全的选择是微软。对于寻求股息稳定性和上行潜力的投资者来说，这家软件巨头是更具吸引力的选择。</p>

微软

2 倍做多 MSFT ETF - GraniteShares

MSFO

微软每日 1 倍做空 ETF - Direxion

微软每日 2 倍做多 ETF - Direxion

MSFX

MSFY

<p>微软和 Meta Platforms 被比较为股息股票。微软拥有长期的股息增长历史，股息收益率为 0.6%，季度派息增加了 10%，达到每股 0.83 美元。相比之下，Meta 去年开始支付股息，股息收益率为 0.3%，最近将年派息提高至 2.10 美元。虽然由于其成熟的业绩记录和强劲的现金流，微软被视为更安全的选择，但 Meta 具有增长潜力，但由于其较新的股息政策和不断上升的资本支出，风险更大。总体而言，微软目前是更好的股息股票</p>

<p><strong>Microsoft</strong>(MSFT -0.97%) has long been a go‑to for income among tech stocks, while <strong>Meta Platforms</strong>(META -1.35%) only began paying dividends last year. But Microsoft's long and impressive dividend track record doesn't automatically make it the better dividend stock when comparing the two.</p>
<div class="lb-trans"><p><strong>微软</strong>(MSFT -0.97%) 一直以来都是科技股中收入的首选，而 <strong>Meta Platforms</strong>(META -1.35%) 则是在去年才开始支付股息。但微软悠久而出色的股息记录并不自动使其在两者比较中成为更好的股息股票。</p>
</div><p>On the surface, software giant Microsoft's dividend yield of about 0.6% comfortably exceeds social media specialist Meta's yield of roughly 0.3%. But beneath this headline dividend metric, the comparison isn't so straightforward. Ultimately, though, one of the two stocks does come out ahead when comparing them as dividend stocks. So, which is it?</p>
<div class="lb-trans"><p>从表面上看，软件巨头微软的股息收益率约为 0.6%，远高于社交媒体专家 Meta 的约 0.3% 的收益率。但在这一表面股息指标之下，比较并不那么简单。最终，尽管如此，在将两者作为股息股票进行比较时，确实有一只股票表现更佳。那么，究竟是哪一只呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgzNzEvbXNmdC1tZXRhLXN0b2NrLWRpdmlkZW5kLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828371%2Fmsft-meta-stock-dividend.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Microsoft: a reliable dividend growth stock</h2>
<div class="lb-trans"><h2>微软：可靠的股息增长股票</h2>
</div><p>Highlighting Microsoft's track record of dividend growth, its quarterly payout of $0.83 per share, or $3.32 annually, represents a 10% boost over its dividend last year. Furthermore, the dividend marks the company's 20th consecutive year of increases.</p>
<div class="lb-trans"><p>强调微软的股息增长记录，其每股季度派息为 0.83 美元，年派息为 3.32 美元，较去年增长了 10%。此外，这一股息标志着公司连续第 20 年增加派息。</p>
</div><p>Despite Microsoft's modest dividend yield of just 0.6%, the company's payout is backed by one of the most durable business models in tech. In addition, the dividend is easy for the company to pay out. It taps into only 24% of the company's annual earnings and a third of its annual free cash flow.</p>
<div class="lb-trans"><p>尽管微软的股息收益率仅为 0.6%，但公司的派息得益于科技行业中最具韧性的商业模式之一。此外，派息对公司来说也很容易支付。它仅占公司年收益的 24% 和年自由现金流的三分之一。</p>
</div><p>Looking ahead, Microsoft should be able to not only sustain but also grow this payout. Recent business performance shows a healthy, fast-growing company. In fiscal 2025, which ended June 30, Microsoft generated $281.7 billion in revenue, up 15% year over year. Operating income rose 17% to $128.5 billion. On the heels of such strong performance, the software company returned over $37 billion to shareholders through dividends and buybacks.</p>
<div class="lb-trans"><p>展望未来，微软不仅能够维持这一派息，还能够实现增长。最近的业务表现显示出公司健康且快速增长。在截至 6 月 30 日的 2025 财年，微软的收入达到 2817 亿美元，同比增长 15%。营业收入增长 17%，达到 1285 亿美元。在如此强劲的业绩推动下，这家软件公司通过股息和回购向股东返还了超过 370 亿美元。</p>
</div><h2>Meta: early days with upside potential</h2>
<div class="lb-trans"><h2>Meta：早期阶段，潜力巨大</h2>
</div><p>Meta Platforms' dividend is still new to Wall Street. Introduced last year, the company, which is the parent of Facebook, Instagram, WhatsApp, Messenger, and Threads, has already increased the payout once. In February, the company said it would boost its dividend by 5% to 52 and a half cents per share, translating to $2.10 annually.</p>
<div class="lb-trans"><p>Meta Platforms 的股息在华尔街仍然是新的。去年推出的这家公司是 Facebook、Instagram、WhatsApp、Messenger 和 Threads 的母公司，已经增加了一次派息。今年 2 月，公司表示将股息提高 5%，至每股 52.5 美分，年派息为 2.10 美元。</p>
</div><p>Although the company's dividend yield of 0.3% and recent dividend increase are small, investors shouldn't count Meta out as a dividend stock. After all, its dividend consumes only about 7% of earnings and roughly 10% of free cash flow -- extremely conservative metrics. Further, the company's recent business momentum is extraordinary. Meta's second-quarter revenue soared 22% year over year, and its earnings per share jumped 38%. This business strength was helped by 6% year-over-year growth in daily active users across its family of social media apps, an 11% year-over-year increase in ad impressions, and a 9% jump in price per ad.</p>
<div class="lb-trans"><p>尽管公司的股息收益率为 0.3% 且最近的股息增加幅度较小，但投资者不应低估 Meta 作为股息股票的潜力。毕竟，其股息仅占收益的约 7% 和自由现金流的约 10%——这些都是极为保守的指标。此外，公司的近期业务势头非常强劲。Meta 第二季度的收入同比飙升 22%，每股收益增长 38%。这一业务实力得益于其社交媒体应用家庭的日活跃用户同比增长 6%，广告展示次数同比增长 11%，每个广告的价格上涨 9%。</p>
</div><p>As with Microsoft, Meta is returning cash in more ways than one. Indeed, this explains why it has been so modest with its dividend; management favors share repurchases by a wide margin. In its most recent quarter, management repurchased nearly $10 billion worth of its stock while paying out just $1.33 billion in dividends.</p>
<div class="lb-trans"><p>与微软一样，Meta 以多种方式回馈现金。实际上，这也解释了为什么它的股息如此温和；管理层更倾向于大规模回购股票。在最近的一个季度，管理层回购了近 100 亿美元的股票，而支付的股息仅为 13.3 亿美元。</p>
</div><p>All that said, Meta's entire business model is comparatively new and potentially riskier. The company's reality labs segment continues to burn cash as Meta invests heavily in artificial intelligence (AI). Highlighting how Meta's business is showing signs of potentially becoming more capital-intensive over time, the company's capital expenditures this year are expected to be between $66 and $72 billion. This means capital expenditures will rise about 77% year over year.</p>
<div class="lb-trans"><p>尽管如此，Meta 的整个商业模式相对较新，潜在风险较大。公司的现实实验室部门仍在消耗现金，因为 Meta 在人工智能（AI）方面进行了大量投资。强调 Meta 的业务可能随着时间的推移变得更加资本密集，今年公司的资本支出预计将在 660 亿到 720 亿美元之间。这意味着资本支出将同比增长约 77%。</p>
</div><p>Of course, there's massive upside potential to the dividend, and the company's share repurchase program, if Meta's aggressive investments today help the company keep growing rapidly for years to come.</p>
<div class="lb-trans"><p>当然，股息有巨大的上行潜力，如果 Meta 今天的激进投资帮助公司在未来几年继续快速增长，公司的股票回购计划也将受益。</p>
</div><h2>There's a clear winner</h2>
<div class="lb-trans"><h2>明确的赢家</h2>
</div><p>So, which tech giant is the better dividend stock? Microsoft is arguably the clear winner today. But that could change in the future.</p>
<div class="lb-trans"><p>那么，哪家科技巨头是更好的股息股票？微软今天无疑是明确的赢家。但未来这一局面可能会改变。</p>
</div><p>Making the case for Microsoft, its yield is higher, its dividend is more established, and a long track record of consistent growth and strong free cash flow generation supports the payout. Investors can count on Microsoft to keep raising its dividend year after year, even as it continues to invest heavily in AI and cloud computing.</p>
<div class="lb-trans"><p>支持微软的理由是，其收益率更高，股息更为稳固，并且长期以来持续增长和强劲的自由现金流生成支持这一派息。投资者可以指望微软年年提高股息，即使它继续在人工智能和云计算方面进行大量投资。</p>
</div><p>Meta, on the other hand, is still a newcomer. Its dividend may grow substantially over time, but there's no proven history yet. And while management's capital allocation has been increasingly shareholder-friendly, the company's rapidly rising capital expenditures and still-nascent dividend policy make it a riskier choice for income-focused investors. Sure, the stock trades at a more conservative valuation of 28 times earnings, compared with Microsoft at about 39 times earnings. But this lower valuation makes sense given Meta's dependence on advertising, a much more volatile and unpredictable source of revenue than Microsoft's diversified business.</p>
<div class="lb-trans"><p>另一方面，Meta 仍然是一个新来者。其股息可能会随着时间的推移大幅增长，但尚无证明的历史。而且，尽管管理层的资本配置越来越有利于股东，但公司快速上升的资本支出和仍处于初期阶段的股息政策使其成为收入导向投资者的风险选择。当然，该股票的市盈率为 28 倍，相比之下微软约为 39 倍。但考虑到 Meta 对广告的依赖，这一较低的估值是合理的，因为广告是一种比微软多元化业务更为波动和不可预测的收入来源。</p>
</div><p>Long term, Meta could very well become the better dividend stock of the two. But the safer bet today is Microsoft. For investors seeking dividend dependability with upside, the software giant is the more compelling choice.</p>
<div class="lb-trans"><p>从长远来看，Meta 很可能会成为两者中更好的股息股票。但今天更安全的选择是微软。对于寻求股息稳定性和上行潜力的投资者来说，这家软件巨头是更具吸引力的选择。</p>
</div>

Battle of Dividend Stocks: Microsoft vs. Meta Platforms

- 微软的股息收益率为 0.6%，而 Meta 为 0.3%。  
- 微软的季度股息为每股 0.83 美元，已连续 20 年增长。  
- Meta 的股息政策仍在初期，未来潜力大但风险较高。  

股息股票之争：微软与 Meta 平台