I talked about this in another forum post. A bad year doesn’t matter for big companies because they can afford risks that smaller companies can’t. For example, Tesla is having a worse year compared to last year but I don’t believe that people are too worried. Tesla is diversifying their products and trying to meet a high demand. That demand isn’t going any time soon. The ratios may be temporarily bad as companies try to meet demand and have to raise funds and allocate resources to ensure their product gets out. That or they may need it to create new products. In your example, Microsoft has had bad years, but it’s enough of a tech giant that no one is bothered by it because they know that it will bounce back due to its diverse portfolio and its hold on the market.