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

CRM •

TechnologyApplication SoftwareCRM and customer engagement software

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 $41.52B +9.6%
EBITDA $8.92B -16.5%
Net Income $7.46B +20.3%
EPS (Diluted) 7.80 +22.6%
Gross Margin 77.68% +0.6%
EBITDA Margin 21.47% -23.8%
Operating Margin 21.47% +12.9%
Net Margin 17.96% +9.8%
ROE 12.4% +20.8%
ROIC 10.94% +29.0%
Debt/Equity 0.11 -38.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 34.7% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.3%
✓Healthy 5Y average net margin of 10.5%

✗Weaknesses

✗Weak momentum: RS Rating 19 (bottom 19%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y20.07%

5Y14.34%

3Y9.82%

TTM9.58%

Profit (Net Income) CAGR

10Y-

5Y12.86%

3Y229.74%

TTM20.33%

EPS CAGR

10Y-

5Y12.23%

3Y233.65%

TTM22.64%

ROCE

10Y Avg4.28%

5Y Avg6.15%

3Y Avg9.49%

Latest11.88%

Peer Comparison

CRM and customer engagement software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HUBSHubSpot, Inc.	13.81B	264.51	307.57	19.17%	-0.12%	-0.19%	5.12%	0.13
CRMSalesforce, Inc.	187.39B	194.79	24.97	9.58%	17.96%	12.61%	7.69%	0.11
PEGAPegasystems Inc.	7.46B	43.73	20.53	16.61%	16.05%	46.57%	6.77%	0.08
CXMSprinklr, Inc.	1.43B	5.82	13.23	8.74%	13.42%	20.18%	5.02%	0.08
IFBDInfobird Co., Ltd	5.19M	0.95	-0.91	413.52%	-32.73%	-2.46%		0.01
HTCRHeartCore Enterprises, Inc.	6.26M	0.27	-3.80	39.19%	-73.2%	-282.58%		1.09
BRZEBraze, Inc.	188.91M	18.99	-18.62	25.78%	-16.83%	-19.37%	12.41%	0.18
FRSHFreshworks Inc.	2.37B	7.82	-24.44	20.79%	21.9%	17.79%	6.15%	0.03

Profit & Loss

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Sales/Revenue+	8.39B	10.48B	13.28B	17.1B	21.25B	26.49B	31.35B	34.86B	37.9B	41.52B
Revenue Growth %	25.87%	24.88%	26.74%	28.73%	24.3%	24.66%	18.35%	11.18%	8.72%	9.58%
Cost of Goods Sold+	2.23B	2.77B	3.45B	4.24B	5.44B	7.03B	8.36B	8.54B	8.64B	9.27B
COGS % of Revenue	26.62%	26.46%	25.98%	24.77%	25.59%	26.52%	26.66%	24.5%	22.81%	22.32%
Gross Profit+	6.2B	7.77B	9.83B	12.86B	15.81B	19.47B	22.99B	26.32B	29.25B	32.26B
Gross Margin %	73.92%	74.11%	74.02%	75.23%	74.41%	73.48%	73.33%	75.5%	77.19%	77.68%
Gross Profit Growth %	23.75%	25.21%	26.57%	30.84%	22.94%	23.09%	18.11%	14.46%	11.16%	10.27%
Operating Expenses+	5.99B	7.31B	9.3B	12.57B	15.36B	18.92B	21.96B	21.3B	22.05B	23.34B
OpEx % of Revenue	71.32%	69.78%	69.99%	73.49%	72.27%	71.41%	70.05%	61.12%	58.18%	56.2%
Selling, General & Admin	4.78B	5.76B	7.41B	9.63B	11.76B	14.45B	16.08B	15.41B	16.09B	17.34B
SG&A % of Revenue	56.92%	54.96%	55.79%	56.35%	55.34%	54.56%	51.29%	44.21%	42.47%	41.77%
Research & Development	1.21B	1.55B	1.89B	2.77B	3.6B	4.46B	5.05B	4.91B	5.49B	5.99B
R&D % of Revenue	14.39%	14.82%	14.2%	16.18%	16.93%	16.85%	16.12%	14.07%	14.5%	14.43%
Other Operating Expenses	0	0	0	166M	0	0	828M	988M	461M	0
Operating Income+	218M	454M	535M	297M	455M	548M	1.03B	5.01B	7.21B	8.92B
Operating Margin %	2.6%	4.33%	4.03%	1.74%	2.14%	2.07%	3.29%	14.38%	19.01%	21.47%
Operating Income Growth %	89.69%	108.26%	17.84%	-44.49%	53.2%	20.44%	87.96%	386.5%	43.78%	23.76%
EBITDA+	850M	1.24B	1.52B	2.43B	3.3B	3.85B	4.82B	8.23B	10.68B	8.92B
EBITDA Margin %	10.13%	11.81%	11.42%	14.22%	15.53%	14.52%	15.36%	23.62%	28.19%	21.47%
EBITDA Growth %	32.67%	45.65%	22.54%	60.32%	35.73%	16.51%	25.22%	70.95%	29.75%	-16.52%
D&A (Non-Cash Add-back)	632M	784M	982M	2.13B	2.85B	3.3B	3.79B	3.22B	3.48B	0
EBIT	268M	454M	535M	463M	455M	548M	1.86B	6B	7.67B	8.92B
Net Interest Income+	-67.09M	-50M	-93M	-14M	-126M	-220M	-287M	0	-272M	0
Interest Income	21.9M	37M	61M	117M	0	0	0	0	0	0
Interest Expense	88.99M	87M	154M	131M	126M	220M	287M	0	272M	0
Other Income/Expense	-39M	-34M	448M	409M	2.11B	984M	-370M	-61M	233M	603M
Pretax Income+	179M	420M	983M	706M	2.56B	1.53B	660M	4.95B	7.44B	9.52B
Pretax Margin %	2.13%	4.01%	7.4%	4.13%	12.05%	5.78%	2.11%	14.2%	19.63%	22.93%
Income Tax+	-144M	60M	-127M	580M	-1.51B	88M	452M	814M	1.24B	2.06B
Effective Tax Rate %	180.45%	85.71%	112.92%	17.85%	159%	94.26%	31.52%	83.56%	83.32%	78.33%
Net Income+	323M	360M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B	7.46B
Net Margin %	3.85%	3.44%	8.36%	0.74%	19.16%	5.45%	0.66%	11.87%	16.35%	17.96%
Net Income Growth %	781.06%	11.46%	208.33%	-88.65%	3131.75%	-64.54%	-85.6%	1888.46%	49.83%	20.33%
Net Income (Continuing)	323M	360M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B	7.46B
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)+	0.26	0.17	1.43	0.15	4.38	1.48	0.21	4.20	6.36	7.80
EPS Growth %	471.43%	-34.62%	741.18%	-89.51%	2820%	-66.21%	-85.81%	1900%	51.43%	22.64%
EPS (Basic)	0.26	0.18	1.48	0.15	4.48	1.51	0.21	4.25	6.44	7.85
Diluted Shares Outstanding	700.22M	734.6M	775M	850M	930M	974M	997M	984M	974M	956M
Basic Shares Outstanding	687.8M	714.92M	751M	829M	908M	955M	992M	974M	962M	950M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	24.8%	21.28%

Balance Sheet

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Total Current Assets+	6B	9.58B	10.68B	15.96B	21.89B	22.85B	26.39B	29.07B	29.73B	28.22B
Cash & Short-Term Investments	2.21B	4.52B	4.34B	7.95B	11.97B	10.54B	12.51B	14.19B	14.03B	9.56B
Cash Only	1.61B	2.54B	2.67B	4.14B	6.2B	5.46B	7.02B	8.47B	8.85B	7.33B
Short-Term Investments	602.34M	1.98B	1.67B	3.8B	5.77B	5.07B	5.49B	5.72B	5.18B	2.24B
Accounts Receivable	3.23B	3.92B	4.92B	6.17B	7.79B	9.74B	10.76B	11.41B	11.95B	14.34B
Days Sales Outstanding	140.52	136.56	135.32	131.8	133.72	134.18	125.21	119.52	115.05	126.04
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	311.77M	671M	788M	926M	1.15B	1.45B	1.78B	1.91B	1.97B	4.32B
Total Non-Current Assets+	11.59B	12.4B	20.05B	39.16B	44.41B	72.36B	72.45B	70.75B	73.2B	84.08B
Property, Plant & Equipment	1.79B	1.95B	2.05B	5.42B	5.66B	5.7B	6.59B	6.05B	5.39B	5.12B
Fixed Asset Turnover	4.69x	5.38x	6.48x	3.16x	3.75x	4.65x	4.76x	5.76x	7.03x	8.11x
Goodwill	7.26B	7.31B	12.85B	25.13B	26.32B	47.94B	48.57B	48.62B	51.28B	57.94B
Intangible Assets	1.29B	973M	2.62B	4.72B	4.11B	8.98B	7.13B	5.28B	4.43B	6.82B
Long-Term Investments	566.95M	677M	1.3B	1.96B	3.91B	4.78B	4.67B	4.85B	4.85B	7.59B
Other Non-Current Assets	646.57M	1.45B	1.23B	1.35B	1.72B	2.34B	2.7B	2.52B	2.48B	2.98B
Total Assets+	17.58B	21.98B	30.74B	55.13B	66.3B	95.21B	98.85B	99.82B	102.93B	112.31B
Asset Turnover	0.48x	0.48x	0.43x	0.31x	0.32x	0.28x	0.32x	0.35x	0.37x	0.37x
Asset Growth %	37.78%	25.02%	39.82%	79.35%	20.27%	43.6%	3.82%	0.99%	3.11%	9.11%
Total Current Liabilities+	7.3B	10.07B	11.26B	14.85B	17.73B	21.79B	25.89B	26.63B	27.98B	37.12B
Accounts Payable	115.26M	76M	2.69B	3.43B	4.36B	0	0	0	0	0
Days Payables Outstanding	18.83	10	284.62	295.88	292.31	-	-	-	-	-
Short-Term Debt	0	1.02B	3M	0	0	4M	1.18B	999M	0	4.55B
Deferred Revenue (Current)	5.54B	7B	8.56B	10.66B	12.61B	15.63B	17.38B	19B	20.74B	24.32B
Other Current Liabilities	716.23M	898.46M	954M	0	0	5.47B	6.74B	6.11B	6.66B	8.25B
Current Ratio	0.82x	0.95x	0.95x	1.08x	1.23x	1.05x	1.02x	1.09x	1.06x	0.76x
Quick Ratio	0.82x	0.95x	0.95x	1.08x	1.23x	1.05x	1.02x	1.09x	1.06x	0.76x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	2.79B	1.54B	3.88B	6.4B	7.08B	15.29B	14.6B	13.55B	13.78B	16.05B
Long-Term Debt	2.01B	695M	3.17B	2.67B	2.67B	10.59B	9.42B	8.43B	8.43B	2.19B
Capital Lease Obligations	681.56M	677.42M	193M	2.44B	2.84B	2.7B	2.9B	2.64B	2.38B	0
Deferred Tax Liabilities	99.38M	115.72M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	-37.11M	52.86M	704M	1.28B	1.56B	2B	2.28B	2.48B	2.96B	13.86B
Total Liabilities	10.08B	11.61B	15.13B	21.24B	24.81B	37.08B	40.49B	40.18B	41.76B	53.16B
Total Debt+	2.79B	2.5B	3.58B	5.87B	6.28B	13.98B	14.09B	12.59B	11.39B	6.74B
Net Debt	1.19B	-43.04M	507M	1.72B	86M	8.52B	7.07B	4.12B	2.54B	-590M
Debt / Equity	0.37x	0.24x	0.23x	0.17x	0.15x	0.24x	0.24x	0.21x	0.19x	0.11x
Debt / EBITDA	3.28x	2.02x	2.36x	2.41x	1.90x	3.64x	2.93x	1.53x	1.07x	0.76x
Net Debt / EBITDA	1.39x	-0.03x	0.33x	0.71x	0.03x	2.22x	1.47x	0.50x	0.24x	-0.07x
Interest Coverage	2.45x	5.22x	3.47x	2.27x	3.61x	2.49x	3.59x	-	26.49x	-
Total Equity+	7.5B	10.38B	15.61B	33.88B	41.49B	58.13B	58.36B	59.65B	61.17B	59.14B
Equity Growth %	49.92%	38.34%	50.4%	117.14%	22.45%	40.1%	0.39%	2.21%	2.56%	-3.32%
Book Value per Share	10.71	14.12	20.14	39.86	44.62	59.68	58.53	60.62	62.81	61.86
Total Shareholders' Equity	7.5B	10.38B	15.61B	33.88B	41.49B	58.13B	58.36B	59.65B	61.17B	59.14B
Common Stock	708K	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	-464.91M	635M	1.74B	1.86B	5.93B	7.38B	7.58B	11.72B	16.37B	22.22B
Treasury Stock	0	0	0	0	0	0	-4B	-11.69B	-19.51B	0
Accumulated OCI	-75.84M	-12M	-58M	-93M	-42M	-166M	-274M	-225M	-266M	313M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Cash from Operations+	2.16B	2.74B	3.4B	4.33B	4.8B	6B	7.11B	10.23B	13.09B	15B
Operating CF Margin %	25.77%	26.13%	25.58%	25.33%	22.59%	22.65%	22.68%	29.36%	34.55%	36.11%
Operating CF Growth %	29.31%	26.63%	24.11%	27.46%	10.85%	24.97%	18.52%	43.92%	27.93%	14.54%
Net Income	179.63M	127.48M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B	7.46B
Depreciation & Amortization	632.25M	752.6M	962M	2.13B	2.85B	3.3B	3.79B	3.96B	3.48B	3.63B
Stock-Based Compensation	820.37M	997.01M	1.28B	1.78B	2.19B	2.78B	3.28B	2.79B	3.18B	3.51B
Deferred Taxes	-13.7M	0	-542M	-261M	-2B	0	0	0	0	0
Other Non-Cash Items	402.08M	495.93M	757M	876M	-1.11B	137M	1.91B	2.2B	2.22B	902M
Working Capital Changes	141.57M	364.94M	-172M	-330M	-1.19B	-1.66B	-2.07B	-2.85B	-1.98B	-503M
Change in Receivables	-628.48M	-720.02M	-923M	-1B	-1.56B	-1.82B	-995M	-659M	-490M	-2.16B
Change in Inventory	-28.85M	24.14M	155M	120M	-963M	0	0	0	0	0
Change in Payables	49.95M	308.23M	74M	15M	1.1B	507M	528M	-478M	1.09B	1.01B
Cash from Investing+	-2.68B	-2.01B	-5.31B	-2.98B	-3.97B	-14.54B	-1.99B	-1.33B	-3.16B	-8.59B
Capital Expenditures	-463.96M	-534.03M	-595M	-643M	-710M	-717M	-798M	-736M	-658M	-594M
CapEx % of Revenue	5.53%	5.1%	4.48%	3.76%	3.34%	2.71%	2.55%	2.11%	1.74%	1.43%
Acquisitions	-3.19B	-25.39M	-5.12B	-369M	-1.28B	-14.88B	-439M	-82M	-2.73B	-9.27B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	997.7M	221M	2.01B	164M	1.19B	7.84B	-3.56B	-7.48B	-9.43B	-8.08B
Debt Issued (Net)	597M	-429M	1.31B	-676M	-107M	6.55B	-423M	-1.81B	-1.6B	0
Equity Issued (Net)	0	0	0	0	0	0	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	-1.54B	-1.59B
Share Repurchases	0	0	0	0	0	0	-4B	-7.62B	-7.83B	-12.6B
Other Financing	400.7M	650M	704M	840M	1.3B	1.29B	861M	1.95B	1.54B	6.1B
Net Change in Cash	448.19M	936.93M	126M	1.48B	2.05B	-731M	1.55B	1.46B	376M	-1.52B
Free Cash Flow+	1.7B	2.2B	2.8B	3.69B	4.09B	5.28B	6.31B	9.5B	12.43B	14.4B
FCF Margin %	20.24%	21.03%	21.1%	21.57%	19.25%	19.94%	20.14%	27.25%	32.81%	34.68%
FCF Growth %	76.49%	29.78%	27.18%	31.57%	10.93%	29.14%	19.5%	50.45%	30.91%	15.83%
FCF per Share	2.43	3.00	3.62	4.34	4.40	5.42	6.33	9.65	12.77	15.06
FCF Conversion (FCF/Net Income)	6.69x	7.61x	3.06x	34.37x	1.18x	4.16x	34.19x	2.47x	2.11x	2.01x
Interest Paid	55M	40M	94M	106M	96M	187M	275M	254M	233M	0
Taxes Paid	36M	53M	83M	129M	216M	196M	510M	1.03B	2.06B	0

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Return on Equity (ROE)	5.17%	4.03%	8.54%	0.51%	10.8%	2.9%	0.36%	7.01%	10.26%	12.4%
Return on Invested Capital (ROIC)	2.24%	3.58%	2.99%	0.85%	0.88%	0.76%	1.17%	5.82%	8.48%	10.94%
Gross Margin	73.92%	74.11%	74.02%	75.23%	74.41%	73.48%	73.33%	75.5%	77.19%	77.68%
Net Margin	3.85%	3.44%	8.36%	0.74%	19.16%	5.45%	0.66%	11.87%	16.35%	17.96%
Debt / Equity	0.37x	0.24x	0.23x	0.17x	0.15x	0.24x	0.24x	0.21x	0.19x	0.11x
Interest Coverage	2.45x	5.22x	3.47x	2.27x	3.61x	2.49x	3.59x	-	26.49x	-
FCF Conversion	6.69x	7.61x	3.06x	34.37x	1.18x	4.16x	34.19x	2.47x	2.11x	2.01x
Revenue Growth	25.87%	24.88%	26.74%	28.73%	24.3%	24.66%	18.35%	11.18%	8.72%	9.58%

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

CRM •

TechnologyApplication SoftwareCRM and customer engagement software

Revenue $41.52B +9.6%
EBITDA $8.92B -16.5%
Net Income $7.46B +20.3%
EPS (Diluted) 7.80 +22.6%
Gross Margin 77.68% +0.6%
EBITDA Margin 21.47% -23.8%
Operating Margin 21.47% +12.9%
Net Margin 17.96% +9.8%
ROE 12.4% +20.8%
ROIC 10.94% +29.0%
Debt/Equity 0.11 -38.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 34.7% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.3%
✓Healthy 5Y average net margin of 10.5%

✗Weaknesses

✗Weak momentum: RS Rating 19 (bottom 19%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y20.07%

5Y14.34%

3Y9.82%

TTM9.58%

Profit (Net Income) CAGR

10Y-

5Y12.86%

3Y229.74%

TTM20.33%

EPS CAGR

10Y-

5Y12.23%

3Y233.65%

TTM22.64%

ROCE

10Y Avg4.28%

5Y Avg6.15%

3Y Avg9.49%

Latest11.88%

Peer Comparison

CRM and customer engagement software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HUBSHubSpot, Inc.	13.81B	264.51	307.57	19.17%	-0.12%	-0.19%	5.12%	0.13
CRMSalesforce, Inc.	187.39B	194.79	24.97	9.58%	17.96%	12.61%	7.69%	0.11
PEGAPegasystems Inc.	7.46B	43.73	20.53	16.61%	16.05%	46.57%	6.77%	0.08
CXMSprinklr, Inc.	1.43B	5.82	13.23	8.74%	13.42%	20.18%	5.02%	0.08
IFBDInfobird Co., Ltd	5.19M	0.95	-0.91	413.52%	-32.73%	-2.46%		0.01
HTCRHeartCore Enterprises, Inc.	6.26M	0.27	-3.80	39.19%	-73.2%	-282.58%		1.09
BRZEBraze, Inc.	188.91M	18.99	-18.62	25.78%	-16.83%	-19.37%	12.41%	0.18
FRSHFreshworks Inc.	2.37B	7.82	-24.44	20.79%	21.9%	17.79%	6.15%	0.03

Profit & Loss

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Sales/Revenue+	8.39B	10.48B	13.28B	17.1B	21.25B	26.49B	31.35B	34.86B	37.9B	41.52B
Revenue Growth %	25.87%	24.88%	26.74%	28.73%	24.3%	24.66%	18.35%	11.18%	8.72%	9.58%
Cost of Goods Sold+	2.23B	2.77B	3.45B	4.24B	5.44B	7.03B	8.36B	8.54B	8.64B	9.27B
COGS % of Revenue	26.62%	26.46%	25.98%	24.77%	25.59%	26.52%	26.66%	24.5%	22.81%	22.32%
Gross Profit+	6.2B	7.77B	9.83B	12.86B	15.81B	19.47B	22.99B	26.32B	29.25B	32.26B
Gross Margin %	73.92%	74.11%	74.02%	75.23%	74.41%	73.48%	73.33%	75.5%	77.19%	77.68%
Gross Profit Growth %	23.75%	25.21%	26.57%	30.84%	22.94%	23.09%	18.11%	14.46%	11.16%	10.27%
Operating Expenses+	5.99B	7.31B	9.3B	12.57B	15.36B	18.92B	21.96B	21.3B	22.05B	23.34B
OpEx % of Revenue	71.32%	69.78%	69.99%	73.49%	72.27%	71.41%	70.05%	61.12%	58.18%	56.2%
Selling, General & Admin	4.78B	5.76B	7.41B	9.63B	11.76B	14.45B	16.08B	15.41B	16.09B	17.34B
SG&A % of Revenue	56.92%	54.96%	55.79%	56.35%	55.34%	54.56%	51.29%	44.21%	42.47%	41.77%
Research & Development	1.21B	1.55B	1.89B	2.77B	3.6B	4.46B	5.05B	4.91B	5.49B	5.99B
R&D % of Revenue	14.39%	14.82%	14.2%	16.18%	16.93%	16.85%	16.12%	14.07%	14.5%	14.43%
Other Operating Expenses	0	0	0	166M	0	0	828M	988M	461M	0
Operating Income+	218M	454M	535M	297M	455M	548M	1.03B	5.01B	7.21B	8.92B
Operating Margin %	2.6%	4.33%	4.03%	1.74%	2.14%	2.07%	3.29%	14.38%	19.01%	21.47%
Operating Income Growth %	89.69%	108.26%	17.84%	-44.49%	53.2%	20.44%	87.96%	386.5%	43.78%	23.76%
EBITDA+	850M	1.24B	1.52B	2.43B	3.3B	3.85B	4.82B	8.23B	10.68B	8.92B
EBITDA Margin %	10.13%	11.81%	11.42%	14.22%	15.53%	14.52%	15.36%	23.62%	28.19%	21.47%
EBITDA Growth %	32.67%	45.65%	22.54%	60.32%	35.73%	16.51%	25.22%	70.95%	29.75%	-16.52%
D&A (Non-Cash Add-back)	632M	784M	982M	2.13B	2.85B	3.3B	3.79B	3.22B	3.48B	0
EBIT	268M	454M	535M	463M	455M	548M	1.86B	6B	7.67B	8.92B
Net Interest Income+	-67.09M	-50M	-93M	-14M	-126M	-220M	-287M	0	-272M	0
Interest Income	21.9M	37M	61M	117M	0	0	0	0	0	0
Interest Expense	88.99M	87M	154M	131M	126M	220M	287M	0	272M	0
Other Income/Expense	-39M	-34M	448M	409M	2.11B	984M	-370M	-61M	233M	603M
Pretax Income+	179M	420M	983M	706M	2.56B	1.53B	660M	4.95B	7.44B	9.52B
Pretax Margin %	2.13%	4.01%	7.4%	4.13%	12.05%	5.78%	2.11%	14.2%	19.63%	22.93%
Income Tax+	-144M	60M	-127M	580M	-1.51B	88M	452M	814M	1.24B	2.06B
Effective Tax Rate %	180.45%	85.71%	112.92%	17.85%	159%	94.26%	31.52%	83.56%	83.32%	78.33%
Net Income+	323M	360M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B	7.46B
Net Margin %	3.85%	3.44%	8.36%	0.74%	19.16%	5.45%	0.66%	11.87%	16.35%	17.96%
Net Income Growth %	781.06%	11.46%	208.33%	-88.65%	3131.75%	-64.54%	-85.6%	1888.46%	49.83%	20.33%
Net Income (Continuing)	323M	360M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B	7.46B
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)+	0.26	0.17	1.43	0.15	4.38	1.48	0.21	4.20	6.36	7.80
EPS Growth %	471.43%	-34.62%	741.18%	-89.51%	2820%	-66.21%	-85.81%	1900%	51.43%	22.64%
EPS (Basic)	0.26	0.18	1.48	0.15	4.48	1.51	0.21	4.25	6.44	7.85
Diluted Shares Outstanding	700.22M	734.6M	775M	850M	930M	974M	997M	984M	974M	956M
Basic Shares Outstanding	687.8M	714.92M	751M	829M	908M	955M	992M	974M	962M	950M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	24.8%	21.28%

Balance Sheet

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Total Current Assets+	6B	9.58B	10.68B	15.96B	21.89B	22.85B	26.39B	29.07B	29.73B	28.22B
Cash & Short-Term Investments	2.21B	4.52B	4.34B	7.95B	11.97B	10.54B	12.51B	14.19B	14.03B	9.56B
Cash Only	1.61B	2.54B	2.67B	4.14B	6.2B	5.46B	7.02B	8.47B	8.85B	7.33B
Short-Term Investments	602.34M	1.98B	1.67B	3.8B	5.77B	5.07B	5.49B	5.72B	5.18B	2.24B
Accounts Receivable	3.23B	3.92B	4.92B	6.17B	7.79B	9.74B	10.76B	11.41B	11.95B	14.34B
Days Sales Outstanding	140.52	136.56	135.32	131.8	133.72	134.18	125.21	119.52	115.05	126.04
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	311.77M	671M	788M	926M	1.15B	1.45B	1.78B	1.91B	1.97B	4.32B
Total Non-Current Assets+	11.59B	12.4B	20.05B	39.16B	44.41B	72.36B	72.45B	70.75B	73.2B	84.08B
Property, Plant & Equipment	1.79B	1.95B	2.05B	5.42B	5.66B	5.7B	6.59B	6.05B	5.39B	5.12B
Fixed Asset Turnover	4.69x	5.38x	6.48x	3.16x	3.75x	4.65x	4.76x	5.76x	7.03x	8.11x
Goodwill	7.26B	7.31B	12.85B	25.13B	26.32B	47.94B	48.57B	48.62B	51.28B	57.94B
Intangible Assets	1.29B	973M	2.62B	4.72B	4.11B	8.98B	7.13B	5.28B	4.43B	6.82B
Long-Term Investments	566.95M	677M	1.3B	1.96B	3.91B	4.78B	4.67B	4.85B	4.85B	7.59B
Other Non-Current Assets	646.57M	1.45B	1.23B	1.35B	1.72B	2.34B	2.7B	2.52B	2.48B	2.98B
Total Assets+	17.58B	21.98B	30.74B	55.13B	66.3B	95.21B	98.85B	99.82B	102.93B	112.31B
Asset Turnover	0.48x	0.48x	0.43x	0.31x	0.32x	0.28x	0.32x	0.35x	0.37x	0.37x
Asset Growth %	37.78%	25.02%	39.82%	79.35%	20.27%	43.6%	3.82%	0.99%	3.11%	9.11%
Total Current Liabilities+	7.3B	10.07B	11.26B	14.85B	17.73B	21.79B	25.89B	26.63B	27.98B	37.12B
Accounts Payable	115.26M	76M	2.69B	3.43B	4.36B	0	0	0	0	0
Days Payables Outstanding	18.83	10	284.62	295.88	292.31	-	-	-	-	-
Short-Term Debt	0	1.02B	3M	0	0	4M	1.18B	999M	0	4.55B
Deferred Revenue (Current)	5.54B	7B	8.56B	10.66B	12.61B	15.63B	17.38B	19B	20.74B	24.32B
Other Current Liabilities	716.23M	898.46M	954M	0	0	5.47B	6.74B	6.11B	6.66B	8.25B
Current Ratio	0.82x	0.95x	0.95x	1.08x	1.23x	1.05x	1.02x	1.09x	1.06x	0.76x
Quick Ratio	0.82x	0.95x	0.95x	1.08x	1.23x	1.05x	1.02x	1.09x	1.06x	0.76x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	2.79B	1.54B	3.88B	6.4B	7.08B	15.29B	14.6B	13.55B	13.78B	16.05B
Long-Term Debt	2.01B	695M	3.17B	2.67B	2.67B	10.59B	9.42B	8.43B	8.43B	2.19B
Capital Lease Obligations	681.56M	677.42M	193M	2.44B	2.84B	2.7B	2.9B	2.64B	2.38B	0
Deferred Tax Liabilities	99.38M	115.72M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	-37.11M	52.86M	704M	1.28B	1.56B	2B	2.28B	2.48B	2.96B	13.86B
Total Liabilities	10.08B	11.61B	15.13B	21.24B	24.81B	37.08B	40.49B	40.18B	41.76B	53.16B
Total Debt+	2.79B	2.5B	3.58B	5.87B	6.28B	13.98B	14.09B	12.59B	11.39B	6.74B
Net Debt	1.19B	-43.04M	507M	1.72B	86M	8.52B	7.07B	4.12B	2.54B	-590M
Debt / Equity	0.37x	0.24x	0.23x	0.17x	0.15x	0.24x	0.24x	0.21x	0.19x	0.11x
Debt / EBITDA	3.28x	2.02x	2.36x	2.41x	1.90x	3.64x	2.93x	1.53x	1.07x	0.76x
Net Debt / EBITDA	1.39x	-0.03x	0.33x	0.71x	0.03x	2.22x	1.47x	0.50x	0.24x	-0.07x
Interest Coverage	2.45x	5.22x	3.47x	2.27x	3.61x	2.49x	3.59x	-	26.49x	-
Total Equity+	7.5B	10.38B	15.61B	33.88B	41.49B	58.13B	58.36B	59.65B	61.17B	59.14B
Equity Growth %	49.92%	38.34%	50.4%	117.14%	22.45%	40.1%	0.39%	2.21%	2.56%	-3.32%
Book Value per Share	10.71	14.12	20.14	39.86	44.62	59.68	58.53	60.62	62.81	61.86
Total Shareholders' Equity	7.5B	10.38B	15.61B	33.88B	41.49B	58.13B	58.36B	59.65B	61.17B	59.14B
Common Stock	708K	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	-464.91M	635M	1.74B	1.86B	5.93B	7.38B	7.58B	11.72B	16.37B	22.22B
Treasury Stock	0	0	0	0	0	0	-4B	-11.69B	-19.51B	0
Accumulated OCI	-75.84M	-12M	-58M	-93M	-42M	-166M	-274M	-225M	-266M	313M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025	Jan 2026
Cash from Operations+	2.16B	2.74B	3.4B	4.33B	4.8B	6B	7.11B	10.23B	13.09B	15B
Operating CF Margin %	25.77%	26.13%	25.58%	25.33%	22.59%	22.65%	22.68%	29.36%	34.55%	36.11%
Operating CF Growth %	29.31%	26.63%	24.11%	27.46%	10.85%	24.97%	18.52%	43.92%	27.93%	14.54%
Net Income	179.63M	127.48M	1.11B	126M	4.07B	1.44B	208M	4.14B	6.2B	7.46B
Depreciation & Amortization	632.25M	752.6M	962M	2.13B	2.85B	3.3B	3.79B	3.96B	3.48B	3.63B
Stock-Based Compensation	820.37M	997.01M	1.28B	1.78B	2.19B	2.78B	3.28B	2.79B	3.18B	3.51B
Deferred Taxes	-13.7M	0	-542M	-261M	-2B	0	0	0	0	0
Other Non-Cash Items	402.08M	495.93M	757M	876M	-1.11B	137M	1.91B	2.2B	2.22B	902M
Working Capital Changes	141.57M	364.94M	-172M	-330M	-1.19B	-1.66B	-2.07B	-2.85B	-1.98B	-503M
Change in Receivables	-628.48M	-720.02M	-923M	-1B	-1.56B	-1.82B	-995M	-659M	-490M	-2.16B
Change in Inventory	-28.85M	24.14M	155M	120M	-963M	0	0	0	0	0
Change in Payables	49.95M	308.23M	74M	15M	1.1B	507M	528M	-478M	1.09B	1.01B
Cash from Investing+	-2.68B	-2.01B	-5.31B	-2.98B	-3.97B	-14.54B	-1.99B	-1.33B	-3.16B	-8.59B
Capital Expenditures	-463.96M	-534.03M	-595M	-643M	-710M	-717M	-798M	-736M	-658M	-594M
CapEx % of Revenue	5.53%	5.1%	4.48%	3.76%	3.34%	2.71%	2.55%	2.11%	1.74%	1.43%
Acquisitions	-3.19B	-25.39M	-5.12B	-369M	-1.28B	-14.88B	-439M	-82M	-2.73B	-9.27B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	997.7M	221M	2.01B	164M	1.19B	7.84B	-3.56B	-7.48B	-9.43B	-8.08B
Debt Issued (Net)	597M	-429M	1.31B	-676M	-107M	6.55B	-423M	-1.81B	-1.6B	0
Equity Issued (Net)	0	0	0	0	0	0	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	-1.54B	-1.59B
Share Repurchases	0	0	0	0	0	0	-4B	-7.62B	-7.83B	-12.6B
Other Financing	400.7M	650M	704M	840M	1.3B	1.29B	861M	1.95B	1.54B	6.1B
Net Change in Cash	448.19M	936.93M	126M	1.48B	2.05B	-731M	1.55B	1.46B	376M	-1.52B
Free Cash Flow+	1.7B	2.2B	2.8B	3.69B	4.09B	5.28B	6.31B	9.5B	12.43B	14.4B
FCF Margin %	20.24%	21.03%	21.1%	21.57%	19.25%	19.94%	20.14%	27.25%	32.81%	34.68%
FCF Growth %	76.49%	29.78%	27.18%	31.57%	10.93%	29.14%	19.5%	50.45%	30.91%	15.83%
FCF per Share	2.43	3.00	3.62	4.34	4.40	5.42	6.33	9.65	12.77	15.06
FCF Conversion (FCF/Net Income)	6.69x	7.61x	3.06x	34.37x	1.18x	4.16x	34.19x	2.47x	2.11x	2.01x
Interest Paid	55M	40M	94M	106M	96M	187M	275M	254M	233M	0
Taxes Paid	36M	53M	83M	129M	216M	196M	510M	1.03B	2.06B	0

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Return on Equity (ROE)	5.17%	4.03%	8.54%	0.51%	10.8%	2.9%	0.36%	7.01%	10.26%	12.4%
Return on Invested Capital (ROIC)	2.24%	3.58%	2.99%	0.85%	0.88%	0.76%	1.17%	5.82%	8.48%	10.94%
Gross Margin	73.92%	74.11%	74.02%	75.23%	74.41%	73.48%	73.33%	75.5%	77.19%	77.68%
Net Margin	3.85%	3.44%	8.36%	0.74%	19.16%	5.45%	0.66%	11.87%	16.35%	17.96%
Debt / Equity	0.37x	0.24x	0.23x	0.17x	0.15x	0.24x	0.24x	0.21x	0.19x	0.11x
Interest Coverage	2.45x	5.22x	3.47x	2.27x	3.61x	2.49x	3.59x	-	26.49x	-
FCF Conversion	6.69x	7.61x	3.06x	34.37x	1.18x	4.16x	34.19x	2.47x	2.11x	2.01x
Revenue Growth	25.87%	24.88%	26.74%	28.73%	24.3%	24.66%	18.35%	11.18%	8.72%	9.58%

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CRM vs Peers

vs HUBS

vs PEGA

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CRM vs Peers

vs HUBS

vs PEGA

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios