CRM
Salesforce, Inc.
Technology • CIK: 0001108524
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Market Cap
$248.88B
P/E (TTM)
34.4x
Rev Growth (TTM)
—
Net Margin (TTM)
17.9%
FCF Yield (TTM)
5.2%
FCF Margin (TTM)
32.0%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$12.9B
Q '25
$2.2B+260%
Q '26
$605M-90%
FCF Margin
TTM32.0%
Q '2521.2%+259%
Sector: 14.5%Top 25%
OCF Margin33.5%
OCF/NI1.87x
CapEx Coverage22.2x
FCF Yield5.2%
FCF Growth (2Y)–
Cash Conversion Cycle
61 days
DSO: 61+DIO: 0−DPO: 0
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM4.1%
Div Yield0.6%
+Buyback (TTM)3.5%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.6%
FCF Payout Ratio12.2%
Free Cash Flow (TTM)$12.9B
Stock Repurchases (TTM)$8.7B
Capital Return / FCF80.0%
Est. Dividends Paid (TTM)$1.6B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
12.4%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
16.7%
Asset Turnover
0.41x
Leverage (1+D/E)
1.14x
D/E: 0.14x
DuPont: 7.8% ≈ 12.4% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
12.60x
8Q:–
Invested Cap Turn
0.74x
8Q:–
CapEx Intensity
1.1%
8Q:–
CapEx/Depreciation
0.18x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q 2025 | Q 2026 | Q 2026 | Q4 2025 | Q 2025 | Q 2025 | Q 2025 | Q4 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $40.3B | $10.3B↑0.2% | $10.2B↑4.1% | $9.8B↓1.6% | $10.0B↑5.8% | $9.4B↑1.3% | $9.3B↑2.1% | $9.1B↓1.7% | $9.3B |
Operating Income | $8.3B | $2.2B↓6.2% | $2.3B↑20.1% | $1.9B↑6.7% | $1.8B↓3.9% | $1.9B↑6.2% | $1.8B↑4.3% | $1.7B↑5.4% | $1.6B |
Net Income | $7.2B | $2.1B↑10.5% | $1.9B↑22.5% | $1.5B↓9.8% | $1.7B↑11.9% | $1.5B↑6.9% | $1.4B↓6.8% | $1.5B↑6.0% | $1.4B |
Operating Cash Flow | $13.5B | $2.3B↑213.0% | $740.0M↓88.6% | $6.5B↑63.1% | $4.0B↑100.2% | $2.0B↑122.3% | $892.0M↓85.7% | $6.2B↑83.6% | $3.4B |
Free Cash Flow | $12.9B | $2.2B↑259.8% | $605.0M↓90.4% | $6.3B↑65.0% | $3.8B↑114.5% | $1.8B↑135.6% | $755.0M↓87.6% | $6.1B↑86.9% | $3.3B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
34.4x
Valuation Lenses
Earnings
34.4x
vs – sector
Cash Flow
5.9x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
2.8P/E per %ROIC
ROIC: 12.4%
Shareholder Returns
Dividend
0.6%
Buyback
3.5%
Total Yield
4.1%
Market Cap$248.88B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
78/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
11.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
12.4%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 16.7%
Asset Turnover: 0.41x
Earnings Quality
Cash Conversion
1.87x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin77.7%
Capital Efficiency
Invested Capital Turnover0.74x
Working Capital
Cash Conversion Cycle61 days
Growth Quality & Momentum
Growth Rates
Revenue Growth YoY
N/A
OpInc Growth YoY
15.6%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
77.7%
Operating
20.5%
Above Avg in sector
Net
17.9%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+14.1 pts
FCF: 32.0% | Net: 17.9%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $2.88B
Interest Coverage
–
+Net cash position: $2.88B
Leverage Metrics
Debt-to-Equity
0.14x
Balance sheet risk & solvency analysis