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Jun 7, 2026 16 min

Valuation Tools Webcast #5: Capitalizing RandD

from Aswath Damodaran Hosted by Aswath Damodaran

R&D is really capital expenditures (for technology and pharmaceutical companies) but accountants treat it as operating expenses. In this webcast, I look at the process of capitalizing R&D and how it affects earnings and reinvestment rates. I use Microsoft to illustrate the process.Microsoft 10K (2012): http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/R&D/Microsoft10K.docxMicrosoft 10K (2011): http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/R&D/Microsoftlastyear10K.docxSpreadsheet: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/webcasts/R&D/MicrosoftR&D.xls

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Valuation Tools Webcast #5: Capitalizing RandD

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