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The largest cloud CRM software provider, also selling Slack, data tools and AI agents (Agentforce) to businesses.
The largest cloud CRM software provider, also selling Slack, data tools and AI agents (Agentforce) to businesses.
Sells annual subscriptions priced per user, so growth means adding seats and selling more products to existing customers, with its Sales and Service clouds carrying the business. It grew by acquisition: MuleSoft in 2018, Tableau in 2019 and Slack in 2021. Its AI agent products add usage-based charges.
Moat: narrow (switching costs, installed base, brand). CRM data and workflows are deeply embedded; migrating years of customer data is costly.
Headquarters: San Francisco, California, US · Founded: 1999 · Employees: 83,334
Size Salesforce (CRM) is a United States Information Technology company (Packaged Software) with a market value of $176B, the 71st largest of 3,117 United States companies the cockpit tracks. Shares closed at $213.65 on 6 Nov 2026.
Performance Over six months the shares gained 17.8%, against +7.0% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 18 in its peer set.
Growth Revenue grew 11.2% over the last twelve months (peer median +21.8%); the operating margin is 21.5% (peer median 23.4%).
Valuation It trades at 14.6× forward earnings against a peer median of 22.4× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points above its cost of capital (10.0% WACC).
Backlog Backlog (remaining performance obligations) was $66.3B at 31 Jul 2026, up 11% on a year earlier — 1.5 years of trailing revenue. Backlog detail →
Credit Salesforce has 14 bonds outstanding ($33.5B), rated A by the agencies and trading like BBB at a weighted spread of 100 bp.
Short interest Short interest is 3.4% of the free float (15 Oct 2026).
Next results Next results expected around 8 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $43.9B | $41.5B | $37.9B | $34.9B | $31.4B |
| Revenue growth | — | +10% | +9% | +11% | — |
| Gross profit | $32.8B | $31.3B | $28.4B | $25.4B | $22.1B |
| EBITDA | $13.4B | $12.5B | $11.1B | $9.96B | $5.64B |
| Net income | $9.66B | $7.46B | $6.20B | $4.14B | $208M |
| Free cash flow | $15.2B | $14.4B | $12.4B | $9.50B | $6.31B |
| Capital expenditure | $596M | $594M | $658M | $736M | $798M |
| Total debt | $42.4B | $17.7B | $12.1B | $13.6B | $14.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Salesforce CRM | $176B | +18% | +11% | 22% | 14.6× | 13.7% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| Sap SAP.DE | $276B | +49% | +8% | 29% | 29.8× | 14.9% |
| Oracle ORCL | $351B | -41% | +22% | 34% | 13.6× | n/a |
| HubSpot HUBS | $10.0B | +2% | +21% | 4% | 12.5× | 25.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CRM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.2% | -8.3% | 9th highest of 18 |
| 6-month return | +17.8% | +7.0% | 7th highest of 18 |
| Distance from 52-week high | -20.4% | -27.4% | 6th highest of 18 |
| Revenue growth (TTM) | +11.2% | +21.8% | 3rd lowest of 18 |
| Operating margin | 21.5% | 23.4% | 9th lowest of 18 |
| Forward P/E | 14.6× | 22.4× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 13.7% | 28.9% | 5th least demanding of 15 |
| Growth delivered (Del g) | +14.3% | +16.0% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | -0.7 pp | +4.9 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +0.8 pp | -0.8 pp | 8th highest of 17 |
| EV / EBITDA | 15.5× | 19.6× | 4th cheapest of 12 |
| Net debt / EBITDA | 2.3× | 0.1× | 4th most indebted of 17 |
| Bond spread | 100 bp | 91 bp | 5th widest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Salesforce CRM | United States | $176B | +18% | +11% | 22% | 14.6× | 13.7% | +14.3% |
| CrowdStrike CRWD | United States | $222B | +64% | +24% | -1% | 153.6× | 52.4% | +40.6% |
| AppLovin APP | United States | $131B | -16% | +29% | 78% | 20.0× | 28.2% | +30.4% |
| Palo Alto Networks PANW | United States | $257B | +51% | +24% | 5% | 75.0× | n/a | n/a |
| Sap SAP.DE | Germany | $276B | +49% | +8% | 29% | 29.8× | 14.9% | +6.1% |
| ServiceNow NOW | United States | $106B | +12% | +22% | 13% | 22.4× | 29.5% | +24.1% |
| SNOW SNOW | United States | $97.3B | +81% | +32% | -22% | 108.4× | 41.3% | +51.2% |
| Adobe ADBE | United States | $93.1B | -5% | +12% | 36% | 8.9× | 0.9% | +13.1% |
| Intuit INTU | United States | $91.3B | -14% | +14% | 29% | 14.8× | 3.1% | +17.4% |
| Oracle ORCL | United States | $351B | -41% | +22% | 34% | 13.6× | n/a | n/a |
| Cadence Design Systems CDNS | United States | $87.8B | -12% | +18% | 30% | 34.0× | 29.9% | +14.6% |
| Synopsys SNPS | United States | $86.3B | -13% | +46% | 12% | 25.6× | 39.2% | +13.9% |
| Prosus PRX.AS | Netherlands | $83.9B | -3% | +45% | 3% | 10.1× | 55.8% | +13.8% |
| Palantir Technologies PLTR | United States | $386B | +16% | +87% | 46% | 69.8× | 56.6% | +32.6% |
| Datadog DDOG | United States | $64.3B | -11% | +33% | 2% | 61.0× | n/a | n/a |
| Autodesk ADSK | United States | $54.7B | +7% | +19% | 23% | 20.1× | 18.1% | +13.7% |
| Constellation Software CSU.TO | Canada | $53.3B | +37% | +17% | 16% | 19.7× | 11.2% | +25.0% |
| Roper Technologies ROP | United States | $47.2B | +39% | +9% | 28% | 19.7× | 12.7% | +10.2% |
Salesforce has 14 bonds outstanding with $33.5B face value. The agencies rate it A; its bonds trade like BBB. Weighted yield 5.75%, a spread of 100 bp over government bonds.
Salesforce reported $66.3B of remaining performance obligations at 31 Jul 2026, up 11% from a year earlier and down 2% from the previous quarter. That is 1.5 years of trailing revenue already under contract. Book-to-bill last quarter: 0.86.