Salesforce, Inc.
$217.84
+0.27 (+0.12%) · delayed · Nov 13, 2026
Five-year price
52w $146.32 to $269.11
- Market cap
- $179.3B
- Enterprise value
- $186.4B
- P/E
- 27.9×
- 35.6× on 3y avg EPS
- EV / EBIT
- 22.4×
- FCF yield
- 8.0%
- ROIC
- 9.8%
- Debt / equity
- 0.24
- Piotroski F
- 7/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC 5.7%
- ○ROE > 15% (5y avg)5y avg ROE 6.5%
- ○Stable operating marginsMargin volatility 7.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 805% (5y avg)
- ●Growing revenueRevenue CAGR 5y 14.3%
- ○Shrinking share countDiluted shares 2.8% over 5y
Value
20
- ○P/E below 15P/E 27.9
- ○EV/EBIT below 12EV/EBIT 22.4
- ●FCF yield above 6%FCF yield 8.0%
- ○Price below Graham NumberGraham Number $112.30
- ○P/B below 3P/B 3.0
Safety
80
- ●Debt / equity below 0.5D/E 0.24
- ●Debt payable in < 4 yrs of earningsNet debt $7.1B
- ●Interest coverage > 8xCoverage 30.2x
- ○Current ratio > 1.5Current ratio 0.76
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $41.5B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.76
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 671%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 35.6
- ○P/E × P/B ≤ 22.5Product 107.9
Valuation lab
What do you have to believe?
At $217.84, the market is pricing in about −0.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $7.1B · 823M shares · 5y revenue CAGR 14.3%
Intrinsic value
$649.31
Price
$217.84
Margin of safety
66%
What the price implies
The market is paying for −0.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
66% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8,437 | 10,540 | 13,282 | 17,098 | 21,252 | 26,492 | 31,352 | 34,857 | 37,895 | 41,525 |
| Gross profit | 6,203 | 7,767 | 9,831 | 12,863 | 15,814 | 19,466 | 22,992 | 26,316 | 29,252 | 32,255 |
| Operating income | 218 | 454 | 535 | 297 | 455 | 548 | 1,030 | 5,011 | 7,205 | 8,331 |
| Operating margin | 2.6% | 4.3% | 4.0% | 1.7% | 2.1% | 2.1% | 3.3% | 14.4% | 19.0% | 20.1% |
| Pre-tax income | 179 | 420 | 983 | 706 | 2,561 | 1,532 | 660 | 4,950 | 7,438 | 9,520 |
| Income tax | (144) | 60 | (127) | 580 | (1,511) | 88 | 452 | 814 | 1,241 | 2,063 |
| Net income | 323 | 360 | 1,110 | 126 | 4,072 | 1,444 | 208 | 4,136 | 6,197 | 7,457 |
| EPS (diluted) | 0.46 | 0.49 | 1.43 | 0.15 | 4.38 | 1.48 | 0.21 | 4.20 | 6.36 | 7.80 |
| Diluted shares | 700 | 735 | 775 | 850 | 930 | 974 | 997 | 984 | 974 | 956 |
Who owns it