Salesforce, Inc. (CRM) 10-Year Financial Performance & Capital Metrics

CRM • • Industrial / General

TechnologyApplication SoftwareMarketing & Customer EngagementMarketing Automation

AboutSalesforce, Inc. provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale. Its service offerings also comprise flexible platform that enables companies of various sizes, locations, and industries to build business apps to bring them closer to their customers with drag-and-drop tools; online learning platform that allows anyone to learn in-demand Salesforce skills; and Slack, a system of engagement. In addition, the company's service offerings include Marketing offering that enables companies to plan, personalize, and optimize one-to-one customer marketing journeys; and Commerce offering, which empowers brands to unify the customer experience across mobile, web, social, and store commerce points. Further, its service offerings comprise Tableau, an end-to-end analytics solution serving various enterprise use cases; and MuleSoft, an integration offering that allows its customers to unlock data across their enterprise. The company provides its service offering for customers in financial services, healthcare and life sciences, manufacturing, and other industries. It also offers professional services; and in-person and online courses to certify its customers and partners on architecting, administering, deploying, and developing its service offerings. The company provides its services through direct sales; and consulting firms, systems integrators, and other partners. Salesforce, Inc. was incorporated in 1999 and is headquartered in San Francisco, California.Show more

Revenue $37.9B +8.7%
EBITDA $10.68B +29.7%
Net Income $6.2B +49.8%
EPS (Diluted) 6.36 +51.4%
Gross Margin 77.19% +2.2%
EBITDA Margin 28.19% +19.3%
Operating Margin 19.01% +32.3%
Net Margin 16.35% +37.8%
ROE 10.26% +46.3%
ROIC 8.48% +45.7%
Debt/Equity 0.19 -11.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 118.0%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 32.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 17.3%
✓Healthy 5Y average net margin of 10.7%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.57%

5Y17.25%

3Y12.67%

TTM8.41%

Profit (Net Income) CAGR

10Y-

5Y117.95%

3Y62.51%

TTM21.68%

EPS CAGR

10Y-

5Y111.58%

3Y62.58%

TTM23.03%

ROCE

10Y Avg3.26%

5Y Avg3.98%

3Y Avg6%

Latest9.73%

Peer Comparison

Marketing Automation

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HUBSHubSpot, Inc.	18.8B	358.89	4018.93	21.07%	-0.12%	-0.19%	2.98%	0.39
SHOPShopify Inc.	204.71B	167.44	108.03	25.78%	16.65%	14.25%	0.78%	0.10
CRMSalesforce, Inc.	225.87B	241.06	37.90	8.72%	17.91%	12.03%	5.5%	0.19
SAGTSAGTEC GLOBAL Ltd	23.46M	1.84	3.35	77.59%	13.32%	50.19%	3.71%	0.20
BNZIBanzai International, Inc.	15.91M	1.51	-0.22	-0.73%	-547.65%	-108.58%
SOPASociety Pass Incorporated	18.41M	2.42	-0.70	-13.05%	-77.41%	-40.8%	13.28%
BMBLBumble Inc.	408.12M	3.62	-0.79	1.88%	-19.82%	-19.17%	23.69%	0.47
PHUNPhunware, Inc.	39.57M	1.96	-2.09	-34%	-5.05%	-12.11%		0.01

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	6.67B	8.39B	10.48B	13.28B	17.1B	21.25B	26.49B	31.35B	34.86B	37.9B
Revenue Growth %	0.24%	0.26%	0.25%	0.27%	0.29%	0.24%	0.25%	0.18%	0.11%	0.09%
Cost of Goods Sold+	1.65B	2.23B	2.77B	3.45B	4.24B	5.44B	7.03B	8.36B	8.54B	8.64B
COGS % of Revenue	0.25%	0.27%	0.26%	0.26%	0.25%	0.26%	0.27%	0.27%	0.25%	0.23%
Gross Profit+	5.01B	6.2B	7.77B	9.83B	12.86B	15.81B	19.47B	22.99B	26.32B	29.25B
Gross Margin %	0.75%	0.74%	0.74%	0.74%	0.75%	0.74%	0.73%	0.73%	0.75%	0.77%
Gross Profit Growth %	0.23%	0.24%	0.25%	0.27%	0.31%	0.23%	0.23%	0.18%	0.14%	0.11%
Operating Expenses+	4.9B	5.99B	7.31B	9.3B	12.57B	15.36B	18.92B	21.96B	21.3B	22.05B
OpEx % of Revenue	0.73%	0.71%	0.7%	0.7%	0.73%	0.72%	0.71%	0.7%	0.61%	0.58%
Selling, General & Admin	3.95B	4.78B	5.76B	7.41B	9.63B	11.76B	14.45B	16.08B	15.41B	16.09B
SG&A % of Revenue	0.59%	0.57%	0.55%	0.56%	0.56%	0.55%	0.55%	0.51%	0.44%	0.42%
Research & Development	946.3M	1.21B	1.55B	1.89B	2.77B	3.6B	4.46B	5.05B	4.91B	5.49B
R&D % of Revenue	0.14%	0.14%	0.15%	0.14%	0.16%	0.17%	0.17%	0.16%	0.14%	0.14%
Other Operating Expenses	0	0	0	0	166M	0	0	828M	988M	461M
Operating Income+	114.92M	218M	454M	535M	297M	455M	548M	1.03B	5.01B	7.21B
Operating Margin %	0.02%	0.03%	0.04%	0.04%	0.02%	0.02%	0.02%	0.03%	0.14%	0.19%
Operating Income Growth %	1.79%	0.9%	1.08%	0.18%	-0.44%	0.53%	0.2%	0.88%	3.87%	0.44%
EBITDA+	640.67M	850M	1.24B	1.52B	2.43B	3.3B	3.85B	4.82B	8.23B	10.68B
EBITDA Margin %	0.1%	0.1%	0.12%	0.11%	0.14%	0.16%	0.15%	0.15%	0.24%	0.28%
EBITDA Growth %	1.12%	0.33%	0.46%	0.23%	0.6%	0.36%	0.17%	0.25%	0.71%	0.3%
D&A (Non-Cash Add-back)	525.75M	632M	784M	982M	2.13B	2.85B	3.3B	3.79B	3.22B	3.48B
EBIT	136.76M	268M	454M	535M	463M	455M	548M	1.86B	6B	7.67B
Net Interest Income+	-58.34M	-67M	-50.46M	-93M	0	0	0	0	0	0
Interest Income	14.15M	22M	36.48M	61M	0	0	0	0	0	0
Interest Expense	72.48M	89M	86.94M	154M	0	0	0	0	0	0
Other Income/Expense	-50.64M	-39M	-34M	448M	409M	2.11B	984M	-370M	-61M	233M
Pretax Income+	64.28M	179M	420M	983M	706M	2.56B	1.53B	660M	4.95B	7.44B
Pretax Margin %	0.01%	0.02%	0.04%	0.07%	0.04%	0.12%	0.06%	0.02%	0.14%	0.2%
Income Tax+	111.7M	-144M	60M	-127M	580M	-1.51B	88M	452M	814M	1.24B
Effective Tax Rate %	-0.74%	1.8%	0.86%	1.13%	0.18%	1.59%	0.94%	0.32%	0.84%	0.83%
Net Income+	-47.43M	323M	360M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B
Net Margin %	-0.01%	0.04%	0.03%	0.08%	0.01%	0.19%	0.05%	0.01%	0.12%	0.16%
Net Income Growth %	0.82%	7.81%	0.11%	2.08%	-0.89%	31.32%	-0.65%	-0.86%	18.88%	0.5%
Net Income (Continuing)	-47.43M	323M	360M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.07	0.26	0.17	1.43	0.15	4.38	1.48	0.21	4.20	6.36
EPS Growth %	0.83%	4.71%	-0.35%	7.41%	-0.9%	28.2%	-0.66%	-0.86%	19%	0.51%
EPS (Basic)	-0.07	0.26	0.18	1.48	0.15	4.48	1.51	0.21	4.25	6.44
Diluted Shares Outstanding	661.65M	700.22M	734.6M	775M	850M	930M	974M	997M	984M	974M
Basic Shares Outstanding	661.65M	687.8M	714.92M	751M	829M	908M	955M	992M	974M	962M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	0.25%

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	5.73B	6B	9.58B	10.68B	15.96B	21.89B	22.85B	26.39B	29.07B	29.73B
Cash & Short-Term Investments	2.73B	2.21B	4.52B	4.34B	7.95B	11.97B	10.54B	12.51B	14.19B	14.03B
Cash Only	1.16B	1.61B	2.54B	2.67B	4.14B	6.2B	5.46B	7.02B	8.47B	8.85B
Short-Term Investments	1.57B	602.34M	1.98B	1.67B	3.8B	5.77B	5.07B	5.49B	5.72B	5.18B
Accounts Receivable	2.52B	3.23B	3.92B	4.92B	6.17B	7.79B	9.74B	10.76B	11.41B	11.95B
Days Sales Outstanding	138.15	140.52	136.56	135.32	131.8	133.72	134.18	125.21	119.52	115.05
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	259.19M	311.77M	671M	788M	926M	1.15B	1.45B	1.78B	1.91B	1.97B
Total Non-Current Assets+	7.03B	11.59B	12.4B	20.05B	39.16B	44.41B	72.36B	72.45B	70.75B	73.2B
Property, Plant & Equipment	1.72B	1.79B	1.95B	2.05B	5.42B	5.66B	5.7B	6.59B	6.05B	5.39B
Fixed Asset Turnover	3.89x	4.69x	5.38x	6.48x	3.16x	3.75x	4.65x	4.76x	5.76x	7.03x
Goodwill	3.85B	7.26B	7.31B	12.85B	25.13B	26.32B	47.94B	48.57B	48.62B	51.28B
Intangible Assets	653.4M	1.29B	973M	2.62B	4.72B	4.11B	8.98B	7.13B	5.28B	4.43B
Long-Term Investments	520.72M	566.95M	677M	1.3B	1.96B	3.91B	4.78B	4.67B	4.85B	4.85B
Other Non-Current Assets	275.72M	646.57M	1.45B	1.23B	1.35B	1.72B	2.34B	2.7B	2.52B	2.48B
Total Assets+	12.76B	17.58B	21.98B	30.74B	55.13B	66.3B	95.21B	98.85B	99.82B	102.93B
Asset Turnover	0.52x	0.48x	0.48x	0.43x	0.31x	0.32x	0.28x	0.32x	0.35x	0.37x
Asset Growth %	0.2%	0.38%	0.25%	0.4%	0.79%	0.2%	0.44%	0.04%	0.01%	0.03%
Total Current Liabilities+	5.62B	7.3B	10.07B	11.26B	14.85B	17.73B	21.79B	25.89B	26.63B	27.98B
Accounts Payable	71.48M	115.26M	76M	2.69B	3.43B	4.36B	0	0	0	0
Days Payables Outstanding	15.77	18.83	10	284.62	295.88	292.31	-	-	-	-
Short-Term Debt	0	0	1.02B	3M	0	0	4M	1.18B	999M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	554.5M	716.23M	898.46M	954M	0	0	5.47B	6.74B	6.11B	6.66B
Current Ratio	1.02x	0.82x	0.95x	0.95x	1.08x	1.23x	1.05x	1.02x	1.09x	1.06x
Quick Ratio	1.02x	0.82x	0.95x	0.95x	1.08x	1.23x	1.05x	1.02x	1.09x	1.06x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	2.14B	2.79B	1.54B	3.88B	6.4B	7.08B	15.29B	14.6B	13.55B	13.78B
Long-Term Debt	1.29B	2.01B	695M	3.17B	2.67B	2.67B	10.59B	9.42B	8.43B	8.43B
Capital Lease Obligations	747.07M	681.56M	677.42M	193M	2.44B	2.84B	2.7B	2.9B	2.64B	2.38B
Deferred Tax Liabilities	86M	99.38M	115.72M	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	-37.11M	52.86M	704M	1.28B	1.56B	2B	2.28B	2.48B	2.96B
Total Liabilities	7.76B	10.08B	11.61B	15.13B	21.24B	24.81B	37.08B	40.49B	40.18B	41.76B
Total Debt+	2.05B	2.79B	2.5B	3.58B	5.87B	6.28B	13.98B	14.09B	12.59B	11.39B
Net Debt	890.2M	1.19B	-43.04M	507M	1.72B	86M	8.52B	7.07B	4.12B	2.54B
Debt / Equity	0.41x	0.37x	0.24x	0.23x	0.17x	0.15x	0.24x	0.24x	0.21x	0.19x
Debt / EBITDA	3.20x	3.28x	2.02x	2.36x	2.41x	1.90x	3.64x	2.93x	1.53x	1.07x
Net Debt / EBITDA	1.39x	1.39x	-0.03x	0.33x	0.71x	0.03x	2.22x	1.47x	0.50x	0.24x
Interest Coverage	1.59x	2.45x	5.22x	3.47x	-	-	-	-	-	-
Total Equity+	5B	7.5B	10.38B	15.61B	33.88B	41.49B	58.13B	58.36B	59.65B	61.17B
Equity Growth %	0.26%	0.5%	0.38%	0.5%	1.17%	0.22%	0.4%	0%	0.02%	0.03%
Book Value per Share	7.56	10.71	14.12	20.14	39.86	44.62	59.68	58.53	60.62	62.81
Total Shareholders' Equity	5B	7.5B	10.38B	15.61B	33.88B	41.49B	58.13B	58.36B	59.65B	61.17B
Common Stock	671K	708K	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	-653.27M	-464.91M	635M	1.74B	1.86B	5.93B	7.38B	7.58B	11.72B	16.37B
Treasury Stock	0	0	0	0	0	0	0	-4B	-11.69B	-19.51B
Accumulated OCI	-49.92M	-75.84M	-12M	-58M	-93M	-42M	-166M	-274M	-225M	-266M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	1.67B	2.16B	2.74B	3.4B	4.33B	4.8B	6B	7.11B	10.23B	13.09B
Operating CF Margin %	0.25%	0.26%	0.26%	0.26%	0.25%	0.23%	0.23%	0.23%	0.29%	0.35%
Operating CF Growth %	0.42%	0.29%	0.27%	0.24%	0.27%	0.11%	0.25%	0.19%	0.44%	0.28%
Net Income	-47.43M	179.63M	127.48M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B
Depreciation & Amortization	525.75M	632.25M	752.6M	962M	2.13B	2.85B	3.3B	3.79B	3.96B	3.48B
Stock-Based Compensation	593.63M	820.37M	997.01M	1.28B	1.78B	2.19B	2.78B	3.28B	2.79B	3.18B
Deferred Taxes	-58.41M	-13.7M	0	-542M	-261M	-2B	0	0	0	0
Other Non-Cash Items	346.54M	402.08M	495.93M	757M	876M	-1.11B	137M	1.91B	2.2B	2.22B
Working Capital Changes	312M	141.57M	364.94M	-172M	-330M	-1.19B	-1.66B	-2.07B	-2.85B	-1.98B
Change in Receivables	-582.42M	-628.48M	-720.02M	-923M	-1B	-1.56B	-1.82B	-995M	-659M	-490M
Change in Inventory	50.77M	-28.85M	24.14M	155M	120M	-963M	0	0	0	0
Change in Payables	253.99M	49.95M	308.23M	74M	15M	1.1B	507M	528M	-478M	1.09B
Cash from Investing+	-1.49B	-2.68B	-2.01B	-5.31B	-2.98B	-3.97B	-14.54B	-1.99B	-1.33B	-3.16B
Capital Expenditures	-709.85M	-463.96M	-534.03M	-595M	-643M	-710M	-717M	-798M	-736M	-658M
CapEx % of Revenue	0.11%	0.06%	0.05%	0.04%	0.04%	0.03%	0.03%	0.03%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-36.11M	0	0	0	0	0	0	0	0	0
Cash from Financing+	73.15M	997.7M	221M	2.01B	164M	1.19B	7.84B	-3.56B	-7.48B	-9.43B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	-1.54B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	455.48M	400.7M	650M	704M	840M	1.3B	1.29B	861M	1.95B	1.54B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	962.23M	1.7B	2.2B	2.8B	3.69B	4.09B	5.28B	6.31B	9.5B	12.43B
FCF Margin %	0.14%	0.2%	0.21%	0.21%	0.22%	0.19%	0.2%	0.2%	0.27%	0.33%
FCF Growth %	0.27%	0.76%	0.3%	0.27%	0.32%	0.11%	0.29%	0.19%	0.5%	0.31%
FCF per Share	1.45	2.43	3.00	3.62	4.34	4.40	5.42	6.33	9.65	12.77
FCF Conversion (FCF/Net Income)	-35.26x	6.69x	7.61x	3.06x	34.37x	1.18x	4.16x	34.19x	2.47x	2.11x
Interest Paid	37.95M	55M	40M	94M	106M	96M	187M	275M	254M	233M
Taxes Paid	31.46M	36M	53M	83M	129M	216M	196M	510M	1.03B	2.06B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-1.06%	5.17%	4.03%	8.54%	0.51%	10.8%	2.9%	0.36%	7.01%	10.26%
Return on Invested Capital (ROIC)	1.54%	2.24%	3.58%	2.99%	0.85%	0.88%	0.76%	1.17%	5.82%	8.48%
Gross Margin	75.18%	73.92%	74.11%	74.02%	75.23%	74.41%	73.48%	73.33%	75.5%	77.19%
Net Margin	-0.71%	3.85%	3.44%	8.36%	0.74%	19.16%	5.45%	0.66%	11.87%	16.35%
Debt / Equity	0.41x	0.37x	0.24x	0.23x	0.17x	0.15x	0.24x	0.24x	0.21x	0.19x
Interest Coverage	1.59x	2.45x	5.22x	3.47x	-	-	-	-	-	-
FCF Conversion	-35.26x	6.69x	7.61x	3.06x	34.37x	1.18x	4.16x	34.19x	2.47x	2.11x
Revenue Growth	24.07%	25.87%	24.88%	26.74%	28.73%	24.3%	24.66%	18.35%	11.18%	8.72%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Service Cloud	-	-	-	3.62B	4.47B	5.38B	6.47B	7.37B	8.24B	9.05B
Service Cloud Growth	-	-	-	-	23.34%	20.40%	20.40%	13.82%	11.89%	9.81%
Sales Cloud	-	-	-	4.04B	4.6B	5.19B	5.99B	6.83B	7.58B	8.32B
Sales Cloud Growth	-	-	-	-	13.81%	12.90%	15.37%	14.06%	10.96%	9.79%
Salesforce Platform and Other	-	-	-	2.85B	4.47B	6.28B	4.51B	5.97B	6.61B	7.25B
Salesforce Platform and Other Growth	-	-	-	-	56.73%	40.29%	-28.14%	32.34%	10.79%	9.62%
Integration And Analytics	-	-	-	-	-	-	3.78B	4.34B	5.19B	5.78B
Integration And Analytics Growth	-	-	-	-	-	-	-	14.67%	19.62%	11.29%
Marketing and Commerce Cloud	-	-	-	1.9B	2.51B	3.13B	3.9B	4.52B	4.91B	5.28B
Marketing and Commerce Cloud Growth	-	-	-	-	32.03%	25.02%	24.55%	15.74%	8.77%	7.51%
Professional Services and Other	635.8M	769.5M	869M	869M	1.05B	1.28B	1.83B	2.33B	2.32B	2.22B
Professional Services and Other Growth	-	21.03%	12.93%	0.00%	21.40%	20.95%	43.81%	27.03%	-0.47%	-4.48%
Software License	3.06B	3.55B	4.04B	-	-	-	-	-	-	-
Software License Growth	-	16.13%	13.67%	-	-	-	-	-	-	-
Service	2.32B	2.88B	3.62B	-	-	-	-	-	-	-
Service Growth	-	23.98%	25.86%	-	-	-	-	-	-	-
Platform and Other	1.44B	1.93B	2.85B	-	-	-	-	-	-	-
Platform and Other Growth	-	33.82%	47.94%	-	-	-	-	-	-	-
Marketing and Commerce	933.3M	1.35B	1.9B	-	-	-	-	-	-	-
Marketing and Commerce Growth	-	44.64%	40.60%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Americas	4.91B	303.16M	377.8M	9.45B	12.05B	14.74B	17.98B	21.25B	23.29B	25.14B
Americas Growth	-	-93.83%	24.62%	2400.00%	27.59%	22.28%	22.03%	18.17%	9.60%	7.96%
Europe	1.16B	1.9B	2.55B	2.55B	3.43B	4.5B	6.02B	7.16B	8.13B	8.89B
Europe Growth	-	63.70%	34.12%	0.00%	34.35%	31.22%	33.66%	19.07%	13.47%	9.39%
Asia Pacific	593.66M	997.37M	1.28B	1.28B	1.62B	2.02B	2.49B	2.94B	3.44B	3.86B
Asia Pacific Growth	-	68.00%	28.74%	0.00%	25.93%	24.61%	23.72%	17.89%	17.05%	12.24%
United States	-	7.28B	9.07B	-	-	-	-	-	-	-
United States Growth	-	-	24.62%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Salesforce, Inc. (CRM) has a price-to-earnings (P/E) ratio of 37.9x. This suggests investors expect higher future growth.

Growth & Financials

Salesforce, Inc. (CRM) reported $40.32B in revenue for fiscal year 2025. This represents a 1679% increase from $2.27B in 2012.

Salesforce, Inc. (CRM) grew revenue by 8.7% over the past year. This is steady growth.

Yes, Salesforce, Inc. (CRM) is profitable, generating $7.22B in net income for fiscal year 2025 (16.4% net margin).

Dividend & Returns

Yes, Salesforce, Inc. (CRM) pays a dividend with a yield of 0.65%. This makes it attractive for income-focused investors.

Salesforce, Inc. (CRM) has a return on equity (ROE) of 10.3%. This is reasonable for most industries.

Salesforce, Inc. (CRM) generated $12.89B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Salesforce, Inc. (CRM) 10-Year Financial Performance & Capital Metrics

CRM • • Industrial / General

TechnologyApplication SoftwareMarketing & Customer EngagementMarketing Automation

Revenue $37.9B +8.7%
EBITDA $10.68B +29.7%
Net Income $6.2B +49.8%
EPS (Diluted) 6.36 +51.4%
Gross Margin 77.19% +2.2%
EBITDA Margin 28.19% +19.3%
Operating Margin 19.01% +32.3%
Net Margin 16.35% +37.8%
ROE 10.26% +46.3%
ROIC 8.48% +45.7%
Debt/Equity 0.19 -11.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 118.0%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 32.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 17.3%
✓Healthy 5Y average net margin of 10.7%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y21.57%

5Y17.25%

3Y12.67%

TTM8.41%

Profit (Net Income) CAGR

10Y-

5Y117.95%

3Y62.51%

TTM21.68%

EPS CAGR

10Y-

5Y111.58%

3Y62.58%

TTM23.03%

ROCE

10Y Avg3.26%

5Y Avg3.98%

3Y Avg6%

Latest9.73%

Peer Comparison

Marketing Automation

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HUBSHubSpot, Inc.	18.8B	358.89	4018.93	21.07%	-0.12%	-0.19%	2.98%	0.39
SHOPShopify Inc.	204.71B	167.44	108.03	25.78%	16.65%	14.25%	0.78%	0.10
CRMSalesforce, Inc.	225.87B	241.06	37.90	8.72%	17.91%	12.03%	5.5%	0.19
SAGTSAGTEC GLOBAL Ltd	23.46M	1.84	3.35	77.59%	13.32%	50.19%	3.71%	0.20
BNZIBanzai International, Inc.	15.91M	1.51	-0.22	-0.73%	-547.65%	-108.58%
SOPASociety Pass Incorporated	18.41M	2.42	-0.70	-13.05%	-77.41%	-40.8%	13.28%
BMBLBumble Inc.	408.12M	3.62	-0.79	1.88%	-19.82%	-19.17%	23.69%	0.47
PHUNPhunware, Inc.	39.57M	1.96	-2.09	-34%	-5.05%	-12.11%		0.01

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	6.67B	8.39B	10.48B	13.28B	17.1B	21.25B	26.49B	31.35B	34.86B	37.9B
Revenue Growth %	0.24%	0.26%	0.25%	0.27%	0.29%	0.24%	0.25%	0.18%	0.11%	0.09%
Cost of Goods Sold+	1.65B	2.23B	2.77B	3.45B	4.24B	5.44B	7.03B	8.36B	8.54B	8.64B
COGS % of Revenue	0.25%	0.27%	0.26%	0.26%	0.25%	0.26%	0.27%	0.27%	0.25%	0.23%
Gross Profit+	5.01B	6.2B	7.77B	9.83B	12.86B	15.81B	19.47B	22.99B	26.32B	29.25B
Gross Margin %	0.75%	0.74%	0.74%	0.74%	0.75%	0.74%	0.73%	0.73%	0.75%	0.77%
Gross Profit Growth %	0.23%	0.24%	0.25%	0.27%	0.31%	0.23%	0.23%	0.18%	0.14%	0.11%
Operating Expenses+	4.9B	5.99B	7.31B	9.3B	12.57B	15.36B	18.92B	21.96B	21.3B	22.05B
OpEx % of Revenue	0.73%	0.71%	0.7%	0.7%	0.73%	0.72%	0.71%	0.7%	0.61%	0.58%
Selling, General & Admin	3.95B	4.78B	5.76B	7.41B	9.63B	11.76B	14.45B	16.08B	15.41B	16.09B
SG&A % of Revenue	0.59%	0.57%	0.55%	0.56%	0.56%	0.55%	0.55%	0.51%	0.44%	0.42%
Research & Development	946.3M	1.21B	1.55B	1.89B	2.77B	3.6B	4.46B	5.05B	4.91B	5.49B
R&D % of Revenue	0.14%	0.14%	0.15%	0.14%	0.16%	0.17%	0.17%	0.16%	0.14%	0.14%
Other Operating Expenses	0	0	0	0	166M	0	0	828M	988M	461M
Operating Income+	114.92M	218M	454M	535M	297M	455M	548M	1.03B	5.01B	7.21B
Operating Margin %	0.02%	0.03%	0.04%	0.04%	0.02%	0.02%	0.02%	0.03%	0.14%	0.19%
Operating Income Growth %	1.79%	0.9%	1.08%	0.18%	-0.44%	0.53%	0.2%	0.88%	3.87%	0.44%
EBITDA+	640.67M	850M	1.24B	1.52B	2.43B	3.3B	3.85B	4.82B	8.23B	10.68B
EBITDA Margin %	0.1%	0.1%	0.12%	0.11%	0.14%	0.16%	0.15%	0.15%	0.24%	0.28%
EBITDA Growth %	1.12%	0.33%	0.46%	0.23%	0.6%	0.36%	0.17%	0.25%	0.71%	0.3%
D&A (Non-Cash Add-back)	525.75M	632M	784M	982M	2.13B	2.85B	3.3B	3.79B	3.22B	3.48B
EBIT	136.76M	268M	454M	535M	463M	455M	548M	1.86B	6B	7.67B
Net Interest Income+	-58.34M	-67M	-50.46M	-93M	0	0	0	0	0	0
Interest Income	14.15M	22M	36.48M	61M	0	0	0	0	0	0
Interest Expense	72.48M	89M	86.94M	154M	0	0	0	0	0	0
Other Income/Expense	-50.64M	-39M	-34M	448M	409M	2.11B	984M	-370M	-61M	233M
Pretax Income+	64.28M	179M	420M	983M	706M	2.56B	1.53B	660M	4.95B	7.44B
Pretax Margin %	0.01%	0.02%	0.04%	0.07%	0.04%	0.12%	0.06%	0.02%	0.14%	0.2%
Income Tax+	111.7M	-144M	60M	-127M	580M	-1.51B	88M	452M	814M	1.24B
Effective Tax Rate %	-0.74%	1.8%	0.86%	1.13%	0.18%	1.59%	0.94%	0.32%	0.84%	0.83%
Net Income+	-47.43M	323M	360M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B
Net Margin %	-0.01%	0.04%	0.03%	0.08%	0.01%	0.19%	0.05%	0.01%	0.12%	0.16%
Net Income Growth %	0.82%	7.81%	0.11%	2.08%	-0.89%	31.32%	-0.65%	-0.86%	18.88%	0.5%
Net Income (Continuing)	-47.43M	323M	360M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.07	0.26	0.17	1.43	0.15	4.38	1.48	0.21	4.20	6.36
EPS Growth %	0.83%	4.71%	-0.35%	7.41%	-0.9%	28.2%	-0.66%	-0.86%	19%	0.51%
EPS (Basic)	-0.07	0.26	0.18	1.48	0.15	4.48	1.51	0.21	4.25	6.44
Diluted Shares Outstanding	661.65M	700.22M	734.6M	775M	850M	930M	974M	997M	984M	974M
Basic Shares Outstanding	661.65M	687.8M	714.92M	751M	829M	908M	955M	992M	974M	962M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	0.25%

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	5.73B	6B	9.58B	10.68B	15.96B	21.89B	22.85B	26.39B	29.07B	29.73B
Cash & Short-Term Investments	2.73B	2.21B	4.52B	4.34B	7.95B	11.97B	10.54B	12.51B	14.19B	14.03B
Cash Only	1.16B	1.61B	2.54B	2.67B	4.14B	6.2B	5.46B	7.02B	8.47B	8.85B
Short-Term Investments	1.57B	602.34M	1.98B	1.67B	3.8B	5.77B	5.07B	5.49B	5.72B	5.18B
Accounts Receivable	2.52B	3.23B	3.92B	4.92B	6.17B	7.79B	9.74B	10.76B	11.41B	11.95B
Days Sales Outstanding	138.15	140.52	136.56	135.32	131.8	133.72	134.18	125.21	119.52	115.05
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	259.19M	311.77M	671M	788M	926M	1.15B	1.45B	1.78B	1.91B	1.97B
Total Non-Current Assets+	7.03B	11.59B	12.4B	20.05B	39.16B	44.41B	72.36B	72.45B	70.75B	73.2B
Property, Plant & Equipment	1.72B	1.79B	1.95B	2.05B	5.42B	5.66B	5.7B	6.59B	6.05B	5.39B
Fixed Asset Turnover	3.89x	4.69x	5.38x	6.48x	3.16x	3.75x	4.65x	4.76x	5.76x	7.03x
Goodwill	3.85B	7.26B	7.31B	12.85B	25.13B	26.32B	47.94B	48.57B	48.62B	51.28B
Intangible Assets	653.4M	1.29B	973M	2.62B	4.72B	4.11B	8.98B	7.13B	5.28B	4.43B
Long-Term Investments	520.72M	566.95M	677M	1.3B	1.96B	3.91B	4.78B	4.67B	4.85B	4.85B
Other Non-Current Assets	275.72M	646.57M	1.45B	1.23B	1.35B	1.72B	2.34B	2.7B	2.52B	2.48B
Total Assets+	12.76B	17.58B	21.98B	30.74B	55.13B	66.3B	95.21B	98.85B	99.82B	102.93B
Asset Turnover	0.52x	0.48x	0.48x	0.43x	0.31x	0.32x	0.28x	0.32x	0.35x	0.37x
Asset Growth %	0.2%	0.38%	0.25%	0.4%	0.79%	0.2%	0.44%	0.04%	0.01%	0.03%
Total Current Liabilities+	5.62B	7.3B	10.07B	11.26B	14.85B	17.73B	21.79B	25.89B	26.63B	27.98B
Accounts Payable	71.48M	115.26M	76M	2.69B	3.43B	4.36B	0	0	0	0
Days Payables Outstanding	15.77	18.83	10	284.62	295.88	292.31	-	-	-	-
Short-Term Debt	0	0	1.02B	3M	0	0	4M	1.18B	999M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	554.5M	716.23M	898.46M	954M	0	0	5.47B	6.74B	6.11B	6.66B
Current Ratio	1.02x	0.82x	0.95x	0.95x	1.08x	1.23x	1.05x	1.02x	1.09x	1.06x
Quick Ratio	1.02x	0.82x	0.95x	0.95x	1.08x	1.23x	1.05x	1.02x	1.09x	1.06x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	2.14B	2.79B	1.54B	3.88B	6.4B	7.08B	15.29B	14.6B	13.55B	13.78B
Long-Term Debt	1.29B	2.01B	695M	3.17B	2.67B	2.67B	10.59B	9.42B	8.43B	8.43B
Capital Lease Obligations	747.07M	681.56M	677.42M	193M	2.44B	2.84B	2.7B	2.9B	2.64B	2.38B
Deferred Tax Liabilities	86M	99.38M	115.72M	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	-37.11M	52.86M	704M	1.28B	1.56B	2B	2.28B	2.48B	2.96B
Total Liabilities	7.76B	10.08B	11.61B	15.13B	21.24B	24.81B	37.08B	40.49B	40.18B	41.76B
Total Debt+	2.05B	2.79B	2.5B	3.58B	5.87B	6.28B	13.98B	14.09B	12.59B	11.39B
Net Debt	890.2M	1.19B	-43.04M	507M	1.72B	86M	8.52B	7.07B	4.12B	2.54B
Debt / Equity	0.41x	0.37x	0.24x	0.23x	0.17x	0.15x	0.24x	0.24x	0.21x	0.19x
Debt / EBITDA	3.20x	3.28x	2.02x	2.36x	2.41x	1.90x	3.64x	2.93x	1.53x	1.07x
Net Debt / EBITDA	1.39x	1.39x	-0.03x	0.33x	0.71x	0.03x	2.22x	1.47x	0.50x	0.24x
Interest Coverage	1.59x	2.45x	5.22x	3.47x	-	-	-	-	-	-
Total Equity+	5B	7.5B	10.38B	15.61B	33.88B	41.49B	58.13B	58.36B	59.65B	61.17B
Equity Growth %	0.26%	0.5%	0.38%	0.5%	1.17%	0.22%	0.4%	0%	0.02%	0.03%
Book Value per Share	7.56	10.71	14.12	20.14	39.86	44.62	59.68	58.53	60.62	62.81
Total Shareholders' Equity	5B	7.5B	10.38B	15.61B	33.88B	41.49B	58.13B	58.36B	59.65B	61.17B
Common Stock	671K	708K	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	-653.27M	-464.91M	635M	1.74B	1.86B	5.93B	7.38B	7.58B	11.72B	16.37B
Treasury Stock	0	0	0	0	0	0	0	-4B	-11.69B	-19.51B
Accumulated OCI	-49.92M	-75.84M	-12M	-58M	-93M	-42M	-166M	-274M	-225M	-266M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	1.67B	2.16B	2.74B	3.4B	4.33B	4.8B	6B	7.11B	10.23B	13.09B
Operating CF Margin %	0.25%	0.26%	0.26%	0.26%	0.25%	0.23%	0.23%	0.23%	0.29%	0.35%
Operating CF Growth %	0.42%	0.29%	0.27%	0.24%	0.27%	0.11%	0.25%	0.19%	0.44%	0.28%
Net Income	-47.43M	179.63M	127.48M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B
Depreciation & Amortization	525.75M	632.25M	752.6M	962M	2.13B	2.85B	3.3B	3.79B	3.96B	3.48B
Stock-Based Compensation	593.63M	820.37M	997.01M	1.28B	1.78B	2.19B	2.78B	3.28B	2.79B	3.18B
Deferred Taxes	-58.41M	-13.7M	0	-542M	-261M	-2B	0	0	0	0
Other Non-Cash Items	346.54M	402.08M	495.93M	757M	876M	-1.11B	137M	1.91B	2.2B	2.22B
Working Capital Changes	312M	141.57M	364.94M	-172M	-330M	-1.19B	-1.66B	-2.07B	-2.85B	-1.98B
Change in Receivables	-582.42M	-628.48M	-720.02M	-923M	-1B	-1.56B	-1.82B	-995M	-659M	-490M
Change in Inventory	50.77M	-28.85M	24.14M	155M	120M	-963M	0	0	0	0
Change in Payables	253.99M	49.95M	308.23M	74M	15M	1.1B	507M	528M	-478M	1.09B
Cash from Investing+	-1.49B	-2.68B	-2.01B	-5.31B	-2.98B	-3.97B	-14.54B	-1.99B	-1.33B	-3.16B
Capital Expenditures	-709.85M	-463.96M	-534.03M	-595M	-643M	-710M	-717M	-798M	-736M	-658M
CapEx % of Revenue	0.11%	0.06%	0.05%	0.04%	0.04%	0.03%	0.03%	0.03%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-36.11M	0	0	0	0	0	0	0	0	0
Cash from Financing+	73.15M	997.7M	221M	2.01B	164M	1.19B	7.84B	-3.56B	-7.48B	-9.43B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	-1.54B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	455.48M	400.7M	650M	704M	840M	1.3B	1.29B	861M	1.95B	1.54B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	962.23M	1.7B	2.2B	2.8B	3.69B	4.09B	5.28B	6.31B	9.5B	12.43B
FCF Margin %	0.14%	0.2%	0.21%	0.21%	0.22%	0.19%	0.2%	0.2%	0.27%	0.33%
FCF Growth %	0.27%	0.76%	0.3%	0.27%	0.32%	0.11%	0.29%	0.19%	0.5%	0.31%
FCF per Share	1.45	2.43	3.00	3.62	4.34	4.40	5.42	6.33	9.65	12.77
FCF Conversion (FCF/Net Income)	-35.26x	6.69x	7.61x	3.06x	34.37x	1.18x	4.16x	34.19x	2.47x	2.11x
Interest Paid	37.95M	55M	40M	94M	106M	96M	187M	275M	254M	233M
Taxes Paid	31.46M	36M	53M	83M	129M	216M	196M	510M	1.03B	2.06B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-1.06%	5.17%	4.03%	8.54%	0.51%	10.8%	2.9%	0.36%	7.01%	10.26%
Return on Invested Capital (ROIC)	1.54%	2.24%	3.58%	2.99%	0.85%	0.88%	0.76%	1.17%	5.82%	8.48%
Gross Margin	75.18%	73.92%	74.11%	74.02%	75.23%	74.41%	73.48%	73.33%	75.5%	77.19%
Net Margin	-0.71%	3.85%	3.44%	8.36%	0.74%	19.16%	5.45%	0.66%	11.87%	16.35%
Debt / Equity	0.41x	0.37x	0.24x	0.23x	0.17x	0.15x	0.24x	0.24x	0.21x	0.19x
Interest Coverage	1.59x	2.45x	5.22x	3.47x	-	-	-	-	-	-
FCF Conversion	-35.26x	6.69x	7.61x	3.06x	34.37x	1.18x	4.16x	34.19x	2.47x	2.11x
Revenue Growth	24.07%	25.87%	24.88%	26.74%	28.73%	24.3%	24.66%	18.35%	11.18%	8.72%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Service Cloud	-	-	-	3.62B	4.47B	5.38B	6.47B	7.37B	8.24B	9.05B
Service Cloud Growth	-	-	-	-	23.34%	20.40%	20.40%	13.82%	11.89%	9.81%
Sales Cloud	-	-	-	4.04B	4.6B	5.19B	5.99B	6.83B	7.58B	8.32B
Sales Cloud Growth	-	-	-	-	13.81%	12.90%	15.37%	14.06%	10.96%	9.79%
Salesforce Platform and Other	-	-	-	2.85B	4.47B	6.28B	4.51B	5.97B	6.61B	7.25B
Salesforce Platform and Other Growth	-	-	-	-	56.73%	40.29%	-28.14%	32.34%	10.79%	9.62%
Integration And Analytics	-	-	-	-	-	-	3.78B	4.34B	5.19B	5.78B
Integration And Analytics Growth	-	-	-	-	-	-	-	14.67%	19.62%	11.29%
Marketing and Commerce Cloud	-	-	-	1.9B	2.51B	3.13B	3.9B	4.52B	4.91B	5.28B
Marketing and Commerce Cloud Growth	-	-	-	-	32.03%	25.02%	24.55%	15.74%	8.77%	7.51%
Professional Services and Other	635.8M	769.5M	869M	869M	1.05B	1.28B	1.83B	2.33B	2.32B	2.22B
Professional Services and Other Growth	-	21.03%	12.93%	0.00%	21.40%	20.95%	43.81%	27.03%	-0.47%	-4.48%
Software License	3.06B	3.55B	4.04B	-	-	-	-	-	-	-
Software License Growth	-	16.13%	13.67%	-	-	-	-	-	-	-
Service	2.32B	2.88B	3.62B	-	-	-	-	-	-	-
Service Growth	-	23.98%	25.86%	-	-	-	-	-	-	-
Platform and Other	1.44B	1.93B	2.85B	-	-	-	-	-	-	-
Platform and Other Growth	-	33.82%	47.94%	-	-	-	-	-	-	-
Marketing and Commerce	933.3M	1.35B	1.9B	-	-	-	-	-	-	-
Marketing and Commerce Growth	-	44.64%	40.60%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Americas	4.91B	303.16M	377.8M	9.45B	12.05B	14.74B	17.98B	21.25B	23.29B	25.14B
Americas Growth	-	-93.83%	24.62%	2400.00%	27.59%	22.28%	22.03%	18.17%	9.60%	7.96%
Europe	1.16B	1.9B	2.55B	2.55B	3.43B	4.5B	6.02B	7.16B	8.13B	8.89B
Europe Growth	-	63.70%	34.12%	0.00%	34.35%	31.22%	33.66%	19.07%	13.47%	9.39%
Asia Pacific	593.66M	997.37M	1.28B	1.28B	1.62B	2.02B	2.49B	2.94B	3.44B	3.86B
Asia Pacific Growth	-	68.00%	28.74%	0.00%	25.93%	24.61%	23.72%	17.89%	17.05%	12.24%
United States	-	7.28B	9.07B	-	-	-	-	-	-	-
United States Growth	-	-	24.62%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Salesforce, Inc. (CRM) has a price-to-earnings (P/E) ratio of 37.9x. This suggests investors expect higher future growth.

Growth & Financials

Salesforce, Inc. (CRM) reported $40.32B in revenue for fiscal year 2025. This represents a 1679% increase from $2.27B in 2012.

Salesforce, Inc. (CRM) grew revenue by 8.7% over the past year. This is steady growth.

Yes, Salesforce, Inc. (CRM) is profitable, generating $7.22B in net income for fiscal year 2025 (16.4% net margin).

Dividend & Returns

Yes, Salesforce, Inc. (CRM) pays a dividend with a yield of 0.65%. This makes it attractive for income-focused investors.

Salesforce, Inc. (CRM) has a return on equity (ROE) of 10.3%. This is reasonable for most industries.

Salesforce, Inc. (CRM) generated $12.89B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.