MS is riding the success of its enterprise software which in turn is drafting on the growing market dominance of x86 servers. It is also extracting ever higher economic rent from its Office franchise. The "exciting" stuff MS does (mobile, consumer etc) is a money pit.
If you think MS is a healthy successful company then invest. IMO its financial underpinnings are suspect. Every year Linux takes a greater and greater share of the x86 server market and every year more and more institutions and individuals are finding alternatives to Office and its increasingly expensive SOAS rental model MS is trying ever harder to push.