— Know what they know.
/
Not Investment Advice

CRM

NYSE · USD
Salesforce, Inc.
Technology · Software - Application
CEO Marc R. Benioff Employees 83,334 R&D / revenue 14.4%
Last price
$240.70−2.45%last session
Market cap
$198.1B
P/E (TTM)
21.9x
From 52w high
−10.6%
From 52w low
+64.5%
1-year return
−2.0%
RSI 14 · vs SMA200
55.8 · +21.0%
IS score
72.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CRM   SPY   XLK (sector ETF) · weekly closes
6080100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116CRM 98

Score DNA

Each bar is a 0-100 score within the scored universe
77
Profitability
66
Growth
57
Value
92
Momentum
50
Risk (safety)
78
Quality
58
Balance sheet
74
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for CRM (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Network EffectsPiotroski 6 / 9Altman Z 2.4Beta 1.203 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$1.00M bought
Form 144 notices (12m): 4, $34.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
8
Last disclosed purchase 2026-08-14
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−193
183 new holders, 341 closed
2,482 filers hold 86.2% · 823 added, 1,286 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+299
1,648 funds adding shares
1,349 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
55.6%
20-day avg 51.2%, 50-day avg 53.1%
Latest 4.4 pp over its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$41.5B
Revenue growth YoY+9.6%
Gross margin77.7%
Operating income$8.9B
Operating margin21.5%
Net income$7.5B
Net margin18.0%
EPS (diluted)$7.80
Cash flow
Operating cash flow$15.0B
Capital expenditure$594.0M
Free cash flow$14.4B
FCF conversion (FCF / OCF)96.0%
Stock-based compensation$3.5B
FCF less SBC$10.9B
Buybacks$12.6B
Dividends$1.6B
Balance sheet & returns
Cash & short-term investments$9.6B
Total debt$14.4B
Net debt$4.9B
Shareholders' equity$59.1B
Goodwill & intangibles$64.8B
Debt / equity1.09
ROE (TTM)20.2%
ROIC (TTM)8.7%
Operating margin by fiscal year
2.1%FY20223.3%FY202314.4%FY202419.0%FY202521.5%FY2026
Revenue $26.5B (FY2022) to $41.5B (FY2026), a 11.9% CAGR.

Valuation

P/E (TTM)21.9x
EV / EBITDA13.8x
Price / sales4.51x
Price / FCF13.1x
FCF yield7.65%
Buyback yield6.36%
SBC / revenue8.3%
Price / book5.14x
Forward P/E FY202714.4x
Forward P/E FY202815.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $259.22 across 9 analysts last quarter is theirs, not ours.

CRM vs industry median

831 companies in Software - Application
Gross margin 77.3% 59.6% Operating margin 21.4% -6.6% Net margin 22.0% -9.7% ROIC 8.7% 3.5%
CRM (TTM)Industry median Asset turnover 0.40 vs industry 0.57 · financial leverage 2.86

Earnings delivery

Next report 2026-12-02 · consensus EPS $3.43
92%
beat rate, 11 of 12 quarters
+5.6%
median EPS surprise
7
longest beat streak
+2+1+3+9-1+7+1+5+14+25+24+80
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-29 to 2026-08-26. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CRM Salesforce, Inc. $198.1B21.9x20.2%22.0%+9.6% −2.0%
SHOP Shopify Inc. $220.0B113.8x15.5%41.9%+32.5% +8.3%
NOW ServiceNow, Inc. $146.8B88.2x14.2%7.5%+22.2% −20.6%
UBER Uber Technologies, Inc. $143.7B15.2x38.4%16.9%+16.7% −24.0%
ADP Automatic Data Processing, I $114.5B26.3x72.2%17.9%+6.7% +3.8%
SNOW Snowflake Inc. $108.3Bn/m-48.2%-12.4%+32.0% —
ADBE Adobe Inc. $95.4B13.7x61.9%27.0%+12.0% —
APP AppLovin Corporation $89.4B20.4x203.7%65.8%+37.9% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-09-17Regulation FD; Exhibits
2026-09-04Officer/Director Change
2026-08-26Earnings Release; Exhibits
2026-08-05Officer/Director Change
2026-06-02Officer/Director Change
2026-06-01Officer/Director Change; Exhibits

Context

Shares outstanding822,999,981
Free float96.8%
Institutional ownership86.2%
Beta1.20
Dividend yield0.72%
Last dividend$0.44 on 2026-09-17
50 / 200-day average$229.04 / $199.18
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CRM sits among 137 scored companies in Software - Application (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCRMIndustry medianIndustry percentileSector median
P/E (TTM) 20.5x 30.6x
33rd		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 0.22 1.20
9th		 1.36
Price / sales 4.5x 4.5x
50th		 3.9x
Price / book 5.2x 4.7x
54th		 4.4x
Price / tangible book —
Price / free cash flow 13.1x 17.2x
29th		 20.3x
Price / operating cash flow 12.6x 16.1x
33rd		 17.9x
Enterprise value $228.4B $3.8B
100th		 $5.5B
EV / sales 5.2x 4.2x
63rd		 4.1x
EV / EBITDA 13.6x 19.1x
34th		 18.9x
EV / EBIT 17.8x 27.7x
33rd		 26.7x
EV / free cash flow 15.1x 18.6x
42nd		 21.9x
Earnings yield 4.9% 1.4%
80th		 2.0%
FCF yield 7.6% 4.8%
76th		 3.3%
Operating cash flow yield 8.0% 5.1%
71st		 4.4%
Graham number (per share) $111.26 $20.79
96th		 $28.08

Profitability (TTM)

MeasureCRMIndustry medianIndustry percentileSector median
Gross margin 77.3% 71.1%
66th		 55.7%
EBITDA margin 38.2% 13.6%
85th		 13.7%
Operating margin 21.4% 7.3%
80th		 8.2%
EBIT margin 29.2% 7.1%
84th		 8.6%
Net margin 22.0% 4.7%
85th		 5.7%
NOPAT margin 16.6% 5.9%
76th		 7.0%
FCF margin 34.5% 20.3%
85th		 15.0%
Operating cash flow margin 35.8% 22.5%
83rd		 18.4%
R&D / revenue 14.5% 18.2%
39th		 12.9%
SG&A / revenue 41.3% 38.6%
55th		 25.6%
Stock comp / revenue 8.3% 7.8%
55th		 4.4%
Effective tax rate 22.2% 21.0%
72nd		 21.0%

Returns on capital

MeasureCRMIndustry medianIndustry percentileSector median
ROE (on average equity) 19.4% 7.9%
74th		 9.4%
ROA 9.3% 3.0%
75th		 4.1%
ROIC 10.6% 6.6%
57th		 9.0%
ROCE 15.4% 5.7%
75th		 8.6%
Return on tangible assets 12.4% 4.6%
81st		 5.9%
Cash ROIC (OCF / invested capital) 22.9% 29.6%
40th		 20.7%
Gross profitability (GP / assets) 31.0% 37.6%
36th		 30.0%
ROIC, 3-yr average 8.7% 4.8%
58th		 7.4%
ROIC, 5-yr average 6.8% -1.1%
63rd		 7.9%
ROE, 5-yr average 9.9% -2.6%
73rd		 6.9%
Incremental ROIC 28.2% 13.7%
58th		 15.3%

Growth

MeasureCRMIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 11.2% 15.1%
36th		 14.3%
Revenue growth (QoQ) 1.9% 4.6%
24th		 6.6%
Revenue CAGR, 3 yr 9.9% 13.7%
32nd		 9.6%
Revenue CAGR, 5 yr 13.3% 16.6%
32nd		 11.5%
Gross profit CAGR, 3 yr 11.3% 14.9%
33rd		 10.9%
Operating income CAGR, 3 yr 51.5% 20.6%
83rd		 11.3%
Net income growth (TTM YoY) 45.0% 27.2%
56th		 21.6%
Net income CAGR, 3 yr 82.9% 20.3%
92nd		 9.9%
EPS growth (TTM YoY) 69.9% 30.6%
65th		 22.3%
EPS CAGR, 3 yr 94.5% 20.2%
92nd		 11.2%
EPS CAGR, 5 yr 36.6% 15.4%
82nd		 12.0%
FCF growth (TTM YoY) 21.3% 28.9%
39th		 24.6%
FCF CAGR, 3 yr 26.1% 31.3%
43rd		 19.3%
Operating cash flow CAGR, 3 yr 23.3% 28.0%
43rd		 17.9%
Book value CAGR, 3 yr -7.4% 4.5%
16th		 6.8%
Dividend CAGR, 3 yr 5.1% 4.5%
71st		 3.1%
Sustainable growth rate 16.3% 15.5%
54th		 14.2%

Margin history & stability

MeasureCRMIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 77.1% 71.3%
68th		 53.2%
Operating margin, 3-yr average 19.9% 4.7%
81st		 6.6%
Net margin, 3-yr average 18.1% 5.1%
78th		 5.2%
FCF margin, 3-yr average 32.5% 19.8%
87th		 12.7%
Revenue stability (0-1) 0.99 0.97
79th		 0.87
Earnings stability (0-1) 0.81 0.56
77th		 0.45
Margin stability (0-1) 0.98 0.97
72nd		 0.95

Liquidity (latest quarter)

MeasureCRMIndustry medianIndustry percentileSector median
Cash & short-term investments $11.4B $434.8M
100th		 $494.1M
Net cash (− = net debt) −$30.3B $57.2M
0th		 $49.8M
Working capital −$4.3B $247.5M
1st		 $391.0M
Current ratio 0.84 1.74
13th		 1.92
Quick ratio 0.84 1.72
15th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.43 1.13
29th		 0.95
Defensive interval (days) 263 days 370 days
35th		 521 days

Leverage & solvency (latest quarter)

MeasureCRMIndustry medianIndustry percentileSector median
Total debt $41.7B $237.5M
100th		 $349.3M
Debt / equity 1.09 0.30
80th		 0.29
Net debt / equity 0.79 −0.22
90th		 −0.13
Debt / assets 38.1% 15.2%
82nd		 16.9%
Debt / capital 52.1% 23.1%
80th		 22.3%
Debt / EBITDA 2.49 2.26
56th		 1.78
Net debt / EBITDA 1.81 −0.32
77th		 −0.18
Interest coverage (EBIT / interest) 15.0x 5.3x
74th		 5.8x
Cash interest coverage 18.4x 15.8x
54th		 12.8x
Debt payback (years of OCF) 2.7 yrs 1.0 yrs
71st		 1.6 yrs
Liabilities / assets 65.0% 50.2%
71st		 48.7%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 225
45th		 175

Efficiency

MeasureCRMIndustry medianIndustry percentileSector median
Asset turnover 0.42 0.59
30th		 0.62
Fixed asset turnover 9.10 12.05
37th		 9.25
Inventory turnover —
Receivables turnover 7.4 6.5
58th		 6.2
Days sales outstanding 49 days 55 days
43rd		 59 days
Days inventory outstanding —
Days payables outstanding 128 days 31 days
89th		 46 days
Cash conversion cycle (days) −79 days 22 days
9th		 50 days
Capex / revenue 1.4% 1.3%
51st		 2.3%
Capex / depreciation 0.15 0.41
21st		 0.56
Operating expense ratio 56.1% 62.8%
42nd		 44.3%

Cash flow & earnings quality

MeasureCRMIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.63 1.89
40th		 1.61
FCF / net income 1.57 1.70
45th		 1.33
FCF / operating cash flow 96.2% 94.0%
57th		 88.0%
Capex / operating cash flow 3.8% 6.0%
43rd		 12.0%
Accruals ratio -5.9% -10.9%
69th		 -6.3%
Sloan accruals ratio -10.6% -4.7%
28th		 -1.8%
Earnings quality score (0-1) 0.75 0.75
11th		 0.75

Dividends & buybacks

MeasureCRMIndustry medianIndustry percentileSector median
Dividend yield 0.7% 0.0%
91st		 0.0%
Dividend per share (TTM) $1.74 $0.00
97th		 $0.00
Payout ratio (dividends / net income) 15.7% 0.0%
85th		 0.0%
Dividends / FCF 10.0% 0.0%
88th		 0.0%
Dividend growth (YoY) 13.4% 11.3%
71st		 4.1%
Buyback yield 17.7% 2.7%
97th		 1.2%
Shareholder yield (dividends + buybacks) 18.5% 3.1%
96th		 1.7%
Share count change (YoY) -14.7% -1.9%
4th		 0.1%
Buybacks, last 5 years $55.7B $309.1M
100th		 $215.3M

Scores & forensic checks

MeasureCRMIndustry medianIndustry percentileSector median
IS score 72 56
79th		 56
IS profitability 77 37
87th		 40
IS growth 66 66
51st		 65
IS value 57 38
82nd		 39
IS momentum 92 80
78th		 78
IS risk (safety) 50 80
37th		 100
IS quality 78 63
74th		 67
IS balance sheet 58 69
39th		 72
IS earnings quality 74 52
87th		 61
IS cash flow 85 72
81st		 66
Piotroski F-score (0-9) 6 6
38th		 6
Altman Z-score 2.4 3.0
43rd		 4.0
Beneish M-score −2.54 −2.74
70th		 −2.58
Ohlson O-score −8.31 −7.88
43rd		 −8.00
IS credit score 62 62
47th		 69

Per share

MeasureCRMIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $11.77 $0.32
95th		 $0.84
Book value per share $46.75 $6.15
93rd		 $9.77
Tangible book per share −$32.94 $1.97
2nd		 $3.22
Revenue per share $53.52 $7.54
90th		 $13.00
FCF per share $18.46 $1.56
95th		 $1.78
Operating cash flow per share $19.18 $1.77
96th		 $2.40
Cash per share $13.89 $3.77
85th		 $4.50

Size (TTM)

MeasureCRMIndustry medianIndustry percentileSector median
Market cap $198.1B $3.9B
99th		 $4.7B
Revenue $43.9B $872.9M
99th		 $1.2B
EBITDA $16.8B $101.2M
100th		 $185.8M
Net income $9.7B $34.8M
100th		 $84.9M
Free cash flow $15.2B $198.7M
100th		 $170.6M
Total assets $109.6B $1.8B
100th		 $2.4B
Shareholders' equity $38.4B $907.0M
96th		 $1.1B
Employees 83,334 1,988
100th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-22Milano Miguel
President and COO
 Option exercise 1,015——33,234
2026-09-22Milano Miguel
President and COO
 Tax withholding 400$233.28$93,31232,834
2026-09-22Milano Miguel
President and COO
 Option exercise 1,526——34,360
2026-09-22Milano Miguel
President and COO
 Tax withholding 601$233.28$140,20133,759
2026-09-22Milano Miguel
President and COO
 Option exercise 1,015——6,093
2026-09-22Milano Miguel
President and COO
 Option exercise 1,526——15,259
2026-09-22Washington Robin L
Director, President and COFO
 Option exercise 1,831——50,658
2026-09-22Washington Robin L
Director, President and COFO
 Tax withholding 908$233.28$211,81849,750
2026-09-22Washington Robin L
Director, President and COFO
 Option exercise 1,831——18,310
2026-09-22Niles Sabastian
President and CLO
 Option exercise 1,015——19,179
2026-09-22Niles Sabastian
President and CLO
 Tax withholding 562$233.28$131,10318,617
2026-09-22Niles Sabastian
President and CLO
 Option exercise 1,017——19,634

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired263,878—
GiftDisposed116,000—
Open-market buyAcquired14,176$999,451
Open-market saleDisposed24,500$1.2M
Option exerciseDisposed4343,425—
Option exerciseAcquired4343,425—
Tax withholdingDisposed3182,660$16.6M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 4 notices · 148,305 shares · $34.9M
FiledFilerShares proposedEst. proceeds
2026-09-04Craig Conway4,500$1.2M
2026-08-27Sundeep Reddy5,250$1.2M
2026-01-14Neelie Kroes3,893$929,276
2025-12-02Parker Harris134,662$31.6M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 31 trades (17 purchases) · Senate 10 (4 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-24Maria Elvira SalazarHouseSale$1,001 - $15,0002026-10-08
2026-08-14Tony WiedHousePurchase$15,001 - $50,0002026-09-07
2026-08-10Ro KhannaHousePurchase$1,001 - $15,0002026-09-07
2026-07-14Tony WiedHouseSale$15,001 - $50,0002026-08-19
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-16
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-15
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.72,748,909$11.4B8.84%
VANGUARD CAPITAL MANAGEMENT LLC52,065,228$8.2B6.33%
STATE STREET CORP44,869,478$7.1B5.45%
GEODE CAPITAL MANAGEMENT, LLC19,814,297$3.1B2.41%
MORGAN STANLEY16,598,239$2.6B2.02%
VANGUARD PORTFOLIO MANAGEMENT LLC16,104,722$2.5B1.96%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP13,278,612$2.1B1.61%
BANK OF AMERICA CORP /DE/12,218,090$1.9B1.48%
Capital Research Global Investors11,742,835$1.8B1.43%
Sanders Capital, LLC9,615,354$1.5B1.17%
PRICE T ROWE ASSOCIATES INC /MD/9,424,442$1.5B1.15%
FMR LLC9,381,826$1.5B1.14%
NORGES BANK8,844,418$1.4B1.07%
Capital World Investors8,687,365$1.4B1.06%
Capital International Investors8,152,033$1.3B0.99%

Institutional ownership by quarter

2023-092026-0686.2%
% of shares held by 13F filers
2023-092026-062,482
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,48286.2%1838231,286341
2026-03-312,67590.0%2421,0711,165447
2025-12-312,93498.7%4151,0781,220195
2025-09-302,78693.2%2011,1521,205294
2025-06-302,93694.0%2381,3931,034185
2025-03-312,92995.5%2001,481981294
2024-12-313,08294.5%5941,1871,01888
2024-09-302,62993.1%2171,1291,000162
2024-06-302,60594.3%1811,236953283
2024-03-312,74795.6%3121,1131,01899
2023-12-312,57795.3%44498090094
2023-09-302,26693.0%153938867127

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.4%68,562,595
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.24%$5.7B
VTI0.24%$5.7B
VTSAX0.24%$5.7B
VSMPX0.24%$5.7B
VOO0.29%$4.9B
VFINX0.29%$4.9B

Share structure

Shares outstanding822,999,981
Float797,048,341
Free float96.8%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$26.5B$31.4B$34.9B$37.9B$41.5B
Cost of revenue$7.0B$8.4B$8.5B$8.6B$9.3B
Gross profit$19.5B$23.0B$26.3B$29.3B$32.3B
R&D$4.5B$5.1B$4.9B$5.5B$6.0B
SG&A$14.5B$16.1B$15.4B$16.1B$17.3B
Operating income$548.0M$1.0B$5.0B$7.2B$8.9B
EBITDA$3.8B$5.6B$9.2B$11.1B$13.2B
Pretax income$1.5B$660.0M$5.0B$7.4B$9.5B
Income tax$88.0M$452.0M$814.0M$1.2B$2.1B
Net income$1.4B$208.0M$4.1B$6.2B$7.5B
EPS, diluted$1.48$0.21$4.20$6.36$7.80
Diluted shares974.0M997.0M984.0M974.0M956.0M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$10.5B$12.5B$14.2B$14.0B$9.6B
Receivables$9.7B$10.8B$11.4B$11.9B$14.3B
Inventory$0$0$0$0$0
Total current assets$22.9B$26.4B$29.1B$29.7B$28.2B
PP&E, net$5.7B$6.6B$6.1B$5.4B$5.1B
Goodwill & intangibles$56.9B$55.7B$53.9B$55.7B$64.8B
Total assets$95.2B$98.8B$99.8B$102.9B$112.3B
Accounts payable$0$0$0$0$0
Total current liabilities$21.8B$25.9B$26.6B$28.0B$37.1B
Long-term debt$10.6B$9.4B$8.4B$8.4B$10.4B
Total liabilities$37.1B$40.5B$40.2B$41.8B$53.2B
Shareholders' equity$58.1B$58.4B$59.6B$61.2B$59.1B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$1.4B$208.0M$4.1B$6.2B$7.5B
Depreciation & amortization$3.3B$3.8B$4.0B$3.5B$3.6B
Stock-based compensation$2.8B$3.3B$2.8B$3.2B$3.5B
Change in working capital−$1.7B−$2.1B−$2.9B−$2.0B−$503.0M
Operating cash flow$6.0B$7.1B$10.2B$13.1B$15.0B
Capital expenditure−$717.0M−$798.0M−$736.0M−$658.0M−$594.0M
Free cash flow$5.3B$6.3B$9.5B$12.4B$14.4B
Investing cash flow−$14.5B−$2.0B−$1.3B−$3.2B−$8.6B
Net debt issued / repaid$6.5B−$423.0M−$1.8B−$1.6B$5.4B
Buybacks$0−$4.0B−$7.6B−$7.8B−$12.6B
Dividends paid$0$0$0−$1.5B−$1.6B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin73.5%73.3%75.5%77.2%77.7%
Operating margin2.1%3.3%14.4%19.0%21.5%
Net margin5.5%0.7%11.9%16.4%18.0%
FCF margin19.9%20.1%27.2%32.8%34.7%
ROE2.9%0.4%7.0%10.3%12.4%
ROIC0.8%0.5%7.2%10.3%10.5%
ROA1.8%0.2%4.2%6.1%6.9%
Debt / equity0.240.240.210.190.29
Interest coverage——42.9x37.8x45.0x
Current ratio1.051.021.091.060.76
Revenue growth+24.7%+18.3%+11.2%+8.7%+9.6%
EPS growth−66.2%−85.6%+1,890.5%+51.2%+24.7%
P/E at year end156.9x785.1x66.0x53.4x26.8x
EV / EBITDA at year end59.8x29.2x27.2x29.4x16.3x
FCF yield at year end2.33%3.87%3.48%3.76%7.22%
Dividend payout0.0%0.0%0.0%24.8%21.3%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Service Cloud$6.5B$7.4B$8.2B$9.1B$9.8B
Sales Cloud$6.0B$6.8B$7.6B$8.3B$9.0B
Salesforce Platform and Other$4.5B$6.0B$6.6B$7.2B$8.9B
Integration And Analytics$3.8B$4.3B$5.2B$5.8B$6.2B
Marketing and Commerce Cloud$3.9B$4.5B$4.9B$5.3B$5.4B
Professional Services and Other$1.8B$2.3B$2.3B$2.2B$2.1B

Revenue by region · FY2026

Americas$27.2B · 65%
Europe$10.0B · 24%
Asia Pacific$4.3B · 10%

Street estimates by fiscal year

Next report 2026-12-02 · consensus EPS $3.43 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$41.5B$41.3B – $41.6B$11.78$11.77 – $11.813520.4x
2027$46.3B$46.1B – $46.5B$16.75$16.71 – $17.053214.4x
2028$50.9B$50.1B – $51.9B$16.07$15.00 – $17.873215.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-26$3.27$5.90+80.4%$11.3B$11.3B+0.1%
2026-05-27$3.13$3.88+24.0%$11.1B$11.1B+0.7%
2026-02-25$3.05$3.81+24.9%$11.2B$11.2B+0.1%
2025-12-03$2.86$3.25+13.6%$10.3B$10.3B−0.1%
2025-09-03$2.78$2.91+4.7%$10.1B$10.2B+0.9%
2025-05-28$2.55$2.58+1.2%$9.8B$9.8B+0.7%
2025-02-26$2.61$2.78+6.5%$10.0B$10.0B−0.5%
2024-12-03$2.44$2.41−1.2%$9.4B$9.4B+0.8%
2024-08-28$2.35$2.56+8.9%$9.2B$9.3B+1.1%
2024-05-29$2.37$2.44+3.0%$9.2B$9.1B−0.2%
2024-02-28$2.27$2.29+0.9%$9.2B$9.3B+0.7%
2023-11-29$2.06$2.11+2.4%$8.7B$8.7B+0.1%
2023-08-30$1.90$2.12+11.6%$8.5B$8.6B+0.9%
2023-05-31$1.61$1.69+5.0%$8.2B$8.2B+0.8%
2023-03-01$1.35$1.68+24.4%$8.0B$8.4B+4.9%
2022-11-30$1.21$1.40+15.7%$7.8B$7.8B+0.1%
2022-08-24$1.02$1.19+16.7%$7.7B$7.7B+0.3%
2022-05-31$0.93$0.98+5.4%$7.4B$7.4B+0.4%
2022-03-01$0.73$0.84+15.1%$7.2B$7.3B+1.1%
2021-11-30$0.92$1.27+38.0%$7.2B$6.9B−5.2%
2021-08-25$0.91$1.48+62.6%$5.4B$6.3B+16.7%
2021-05-27$0.88$1.21+37.5%$5.9B$6.0B+1.3%
2021-02-25$0.75$1.04+38.7%$5.7B$5.8B+2.5%
2020-12-01$0.74$1.74+135.1%$4.3B$5.4B+26.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
2.206-152.106-221.606-292.007-062.307-132.407-203.107-272.308-032.208-102.808-176.708-244.408-31
Week ofNotionalSharesTrades
2026-08-31$4.4B17,043,474242,790
2026-08-24$6.7B27,877,473336,631
2026-08-17$2.8B14,019,702194,964
2026-08-10$2.2B11,055,258160,606
2026-08-03$2.3B12,338,831177,076
2026-07-27$3.1B17,098,709231,228

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1555.6%
DateShort shareShort volumeTotal volume
2026-10-1555.6%2,229,9334,008,287
2026-10-1451.9%1,271,2722,447,404
2026-10-1362.2%2,178,0603,501,422
2026-10-1258.2%1,790,0803,074,841
2026-10-0937.5%664,9711,773,598
2026-10-0838.5%982,7882,551,458
2026-10-0768.0%1,219,3931,794,204
2026-10-0664.4%1,732,5382,691,068
2026-10-0555.5%1,262,0962,274,417
2026-10-0250.5%1,114,9822,205,929
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.6Jan+1.9Feb-0.2Mar+2.5Apr+0.8May-0.4Jun+0.9Jul+5.9Aug-0.1Sep+3.1Oct+2.4Nov+1.2Dec
MonthAvg returnUp yearsYears
Jan+1.6%60%20
Feb+1.9%55%20
Mar−0.2%33%21
Apr+2.5%60%20
May+0.8%55%20
Jun−0.4%50%20
Jul+0.9%55%20
Aug+5.9%65%20
Sep−0.1%45%20
Oct+3.1%75%20
Nov+2.4%65%20
Dec+1.2%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1455.8
MFI52.6
ADX17.8
Stochastic %K / %D75.9 / 73.1
Williams %R-33.8
CCI122
TSI / signal5.7 / 5.1
Chaikin money flow-0.19
ATR$9.01
Bollinger width9.8%
Volume vs 20-day avg0.77x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$233.23 (+3.2%)
SMA 50$230.03 (+4.6%)
SMA 200$198.98 (+21.0%)
EMA 21$234.89 (+2.5%)
EMA 50$226.03 (+6.5%)
EMA 200$211.62 (+13.7%)
Bollinger upper$244.64 (−1.6%)
Bollinger lower$221.83 (+8.5%)
Parabolic SAR$224.09 (+7.4%)
Open the live chart, 110+ indicators

About Salesforce, Inc.

Salesforce, Inc. is a leading provider of customer relationship management (CRM) solutions, dedicated to connecting businesses and their clientele on a global scale. At its core, the Customer 360 platform empowers organizations to create seamless, integrated experiences for their customers. The company's extensive suite of services encompasses a wide array of functionalities: Sales: Tools designed to manage sales pipelines, track leads, forecast opportunities, extract data-driven insights through analytics, and streamline the creation of quotes, contracts, and invoices. Service: Capabilities enabling companies to deliver highly personalized, trustworthy, and scalable customer support. Platform: A versatile development environment, featuring intuitive drag-and-drop tools, that allows businesses of diverse sizes, locations, and industries to build tailored applications, thereby strengthening customer relationships. Learning: An online educational platform providing accessible training to acquire sought-after Salesforce skills. Slack: A comprehensive system for team collaboration and engagement. Marketing: Solutions for strategizing, personalizing, and optimizing individual customer marketing journeys. Commerce: Offerings that unify customer interactions across various channels, including mobile, web, social media, and physical retail stores. Tableau: A complete analytics solution addressing a broad spectrum of enterprise data analysis needs. MuleSoft: An integration platform designed to unlock and connect data residing across an organization's various systems. Salesforce's offerings cater to numerous sectors, such as financial services, healthcare, life sciences, and manufacturing, among others. Beyond its core products, the company also provides professional services and conducts both in-person and online courses to certify customers and partners in the architecture, administration, deployment, and development of its services. Its solutions are distributed through direct sales channels, as well as a network of consulting firms, systems integrators, and other strategic partners. Established in 1999, Salesforce, Inc. maintains its headquarters in San Francisco, California.

https://www.salesforce.com

Key executives

NameTitlePayBorn
Robin L. WashingtonPresident, Chief Operating & Financial Officer and Director$11.7M1963
Marc R. BenioffCo-Founder, Chairman & Chief Executive Officer$11.4M1965
Alexa VignonePresident & Chief Revenue Officer$4.3M—
Miguel MilanoPresident & COO$4.3M1969
Sabastian V. NilesPresident, Chief Legal Officer & Corporate Secretary$3.9M1980
Srinivas TallapragadaSpecial Advisor to the Chief Executive Officer$3.1M1970
David SchmaierPresident and Chief Strategy Officer$2.3M1964
Parker HarrisCo-Founder, Advisor to the CEO & Director$2.3M1967

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Marc Benioff Chair of the Board and CEO2026$1.6M$27.3M$3.6M$49.4M
Robin Washington President and Chief Operating and Financial Officer2026$1.1M$14.1M$2.0M$28.4M
Srinivas Tallapragada President and Chief Engineering and Customer Success Officer2026$1.1M$14.8M$2.0M$20.6M
Miguel Milano President and Chief Revenue Officer2026$1.0M$12.1M$1.5M$18.7M
David Schmaier President and Chief Strategy Officer2026$1.0M$11.0M$1.3M$15.2M
Parker Harris Co-Founder and Chief Technology Officer, Slack2026$1.0M$10.4M$1.3M$14.5M

Employees

35k201949k202057k202174k202279k202373k202476k202583k2026

Dividends

Ex-dateAmountPaid
2026-09-17$0.442026-10-08
2026-06-11$0.442026-07-02
2026-04-09$0.442026-04-23
2025-12-18$0.4162026-01-08
2025-09-17$0.4162025-10-09
2025-06-18$0.4162025-07-10
2025-04-10$0.4162025-04-24
2024-12-18$0.42025-01-09

Moat model

Narrow · Network Effects · 2026-07-31
Cost advantage54
Intangibles51
Switching costs53
Network effect80
Efficient scale80
Our component scores (0-100) and overall 60.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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