Salesforce Inc
CRM—
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Salesforce Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 52.5B is 87% of equity (60B) - acquisition-heavy model creates material impairment risk if growth slows[Goodwill]
- EPS 3Y CAGR of 125% vs 16% industry median signals margin expansion inflection, not just revenue growth[EPS Growth 3Y]
- Negative working capital (-347M TTM) means customers prepay - CRM finances operations with float[Working Capital]
Watch Triggers
- Operating Margin TTM: Falls below 20% — Margin expansion thesis invalidated; signals pricing pressure or cost discipline breakdown
- Free Cash Flow TTM: FCF margin drops below 28% — Cash generation is core bull case; decline signals working capital or capex issues
- Goodwill: Any impairment charge announced — 52.5B goodwill is 87% of equity; impairment destroys book value and signals overpayment
Bull Case
32% FCF margin (12.9B TTM) with sub-2% capex intensity funds 3.8B buybacks + 1.6B dividends while maintaining 0.19 debt/equity
Free Cash Flow TTMCapital Expenditure TTMDebt to Equity
Operating margin 22% TTM vs industry median near 0% - 220x profitability advantage from platform scale
Operating Margin TTMNet Margin TTM
Bear Case
Tangible book value only 4.1B vs 247B market cap - paying 60x for intangibles that could impair in downturn
Tangible Book ValueP/B RatioGoodwill
P/E 33.5x vs 29.6x median with P/S 6.1x vs 3.9x median - premium pricing requires flawless AI execution
P/E RatioP/S Ratio
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
60%
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Forward Thesis
FCF margin expansion to 35%+ as AI features drive pricing power without proportional cost increases
1-3ymed
- R&D 5.8B TTM already embedded; incremental AI revenue high-margin
- Operating margin 22% TTM up from historical teens
- Capex under 2% of revenue enables FCF conversion
FCF 12.9B TTM on 40.3B revenue = 32% marginOperating cash flow 13.5B TTM vs capex 607M3.8B buybacks TTM at 0.19 debt/equity
Valuation Context
Caveats
Public Strategies Rankings
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CRM Fundamentals
Information → Software Publishers
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$174.69B | — | ||
$184.54B | — | ||
24 | — | ||
$41.52B | +9.6% | — | |
$7.80 | +8.6% | — | |
21.5% | +1.2% | — | |
18.0% | +1.6% | — | |
$14.4B | +15.8% | — | |
12.4% | +2.1% | — | |
Beta 5Y (Monthly) | unknown | — |
CRM Dividend History
9 dividends
2026
$0.440004/09/26$0.4400
2025
$1.664012/18/25$0.4160
09/17/25$0.4160
06/18/25$0.4160
04/10/25$0.4160
2024
$1.600012/18/24$0.4000
09/18/24$0.4000
07/09/24$0.4000
03/13/24$0.4000
CRM Stock Splits
1 stock split
04/18/130.25:1 split
CRM SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/02/26 | 01/31/26 | 10-K | |
12/04/25 | 10/31/25 | 10-Q | |
09/04/25 | 07/31/25 | 10-Q | |
05/29/25 | 04/30/25 | 10-Q | |
03/05/25 | 01/31/25 | Unknown | |
12/04/24 | 10/31/24 | 10-Q | |
08/29/24 | 07/31/24 | 10-Q | |
05/30/24 | 04/30/24 | 10-Q | |
03/06/24 | 01/31/24 | 10-K | |
11/30/23 | 10/31/23 | 10-Q | |
08/31/23 | 07/31/23 | 10-Q | |
06/01/23 | 04/30/23 | 10-Q | |
03/08/23 | 01/31/23 | 10-K | |
12/01/22 | 10/31/22 | 10-Q | |
08/25/22 | 07/31/22 | 10-Q | |
06/01/22 | 04/30/22 | 10-Q | |
03/11/22 | 01/31/22 | 10-K | |
12/02/21 | 10/31/21 | 10-Q | |
08/27/21 | 07/31/21 | 10-Q | |
06/02/21 | 04/30/21 | 10-Q | |
03/17/21 | 01/31/21 | 10-K | |
12/04/20 | 10/31/20 | 10-Q | |
08/28/20 | 07/31/20 | 10-Q | |
06/01/20 | 04/30/20 | 10-Q | |
03/05/20 | 01/31/20 | 10-K | |
12/04/19 | 10/31/19 | 10-Q | |
08/23/19 | 07/31/19 | 10-Q | |
06/05/19 | 04/30/19 | 10-Q | |
03/08/19 | 01/31/19 | 10-K | |
11/28/18 | 10/31/18 | 10-Q | |
08/31/18 | 07/31/18 | 10-Q | |
05/31/18 | 04/30/18 | 10-Q | |
03/09/18 | 01/31/18 | 10-K | |
11/22/17 | 10/31/17 | 10-Q | |
08/25/17 | 07/31/17 | 10-Q | |
05/22/17 | 04/30/17 | 10-Q | |
03/06/17 | 01/31/17 | 10-K | |
11/21/16 | 10/31/16 | 10-Q | |
09/01/16 | 07/31/16 | 10-Q | |
05/20/16 | 04/30/16 | 10-Q | |
03/07/16 | 01/31/16 | 10-K | |
11/20/15 | 10/31/15 | 10-Q | |
08/25/15 | 07/31/15 | 10-Q | |
05/22/15 | 04/30/15 | 10-Q | |
03/06/15 | 01/31/15 | 10-K | |
11/26/14 | 10/31/14 | 10-Q | |
08/26/14 | 07/31/14 | 10-Q | |
05/30/14 | 04/30/14 | 10-Q | |
03/05/14 | 01/31/14 | 10-K | |
11/25/13 | 10/31/13 | 10-Q | |
08/30/13 | 07/31/13 | 10-Q | |
05/24/13 | 04/30/13 | 10-Q | |
03/08/13 | 01/31/13 | 10-K | |
11/28/12 | 10/31/12 | 10-Q | |
08/31/12 | 07/31/12 | 10-Q | |
05/25/12 | 04/30/12 | 10-Q | |
03/09/12 | 01/31/12 | 10-K | |
11/29/11 | 10/31/11 | 10-Q | |
09/06/11 | 07/31/11 | 10-Q | |
05/26/11 | 04/30/11 | 10-Q | |
03/23/11 | 01/31/11 | 10-K | |
11/24/10 | 10/31/10 | 10-Q | |
09/09/10 | 07/31/10 | 10-Q | |
05/28/10 | 04/30/10 | 10-Q | |
03/11/10 | 01/31/10 | 10-K | |
11/25/09 | 10/30/09 | 10-Q | |
08/25/09 | 07/31/09 | 10-Q | |
05/27/09 | 04/30/09 | 10-Q | |
03/09/09 | 01/28/09 | 10-K | |
11/25/08 | 10/30/08 | Unknown | -- |
08/22/08 | 07/31/08 | 10-Q | |
05/23/08 | 04/30/08 | 4 | |
02/29/08 | 01/31/08 | 4 | |
11/19/07 | 10/31/07 | 4 | |
08/17/07 | 07/31/07 | 4 | |
05/18/07 | 04/30/07 | 4 | |
03/09/07 | 01/28/07 | Unknown | -- |
11/17/06 | 10/31/06 | 4 | |
08/18/06 | 07/31/06 | 10-Q | |
05/19/06 | 04/30/06 | 10-Q | |
03/15/06 | 01/28/06 | Unknown | -- |
11/18/05 | 10/30/05 | Unknown | -- |
08/19/05 | 07/31/05 | 10-Q | |
05/20/05 | 04/30/05 | 10-Q | |
03/25/05 | 01/28/05 | Unknown | -- |
11/22/04 | 10/30/04 | Unknown | -- |
08/25/04 | 07/31/04 | 10-Q | |
04/30/04 | 04/30/04 | Unknown | -- |
01/31/04 | 01/29/04 | Unknown | -- |
10/31/03 | 10/30/03 | Unknown | -- |
07/31/03 | 07/31/03 | Unknown | -- |
04/30/03 | 04/30/03 | Unknown | -- |