NYSE · Technology

Salesforce, Inc.

CRM · Software - Application

$186.09

▲ 2.27 (1.24%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Salesforce, Inc. at $186.09.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 77.7%

Operating Margin 21.5%

Net Income Margin 18.0%

Fin. Health D

Years to Pay Off Debt 2.3 yrs

Working Capital vs Long-Term Debt -$19.3B

Working Capital -$8.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.57x

Cash Flow A

Free Cash Flow $14.4B

CapEx % of Net Income 8.0%

Owner Earnings $11.7B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $152.2B

Enterprise Value $177.8B

P/E (TTM) 23.89

Dividend Yield 0.91%

Exchange NYSE

Key Margins

Gross Profit 77.7%

Operating Margin 21.5%

Net Margin 18.0%

Company Info

Sector Technology

Industry Software - Application

Employees 83334

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Salesforce, Inc. at $186.09.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $186.09, the stock trades at a 65% premium to its Graham Number of $112.64. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Salesforce, Inc.

Salesforce, Inc. provides customer relationship management technology services that connect companies and customers together in the United States, Europe, and the Asia Pacific. The company offers Agentforce, which enables customers to build, deploy, and manage enterprise-grade, autonomous AI agents at scale, enabling humans and agents to work together; Agentforce Sales, an integrated platform that brings together the power of humans with AI agents to help sales teams for selling, managing, and automating entire sales processes; Agentforce Service, which enables companies in every industry to bring all of their customer, employee, IT, and field service needs onto one integrated AI-powered platform; Data 360, a data engine that gives AI agents their context and serves as the foundation for how customers unify service offerings, making their data actionable for both humans and agents; Informatica, an AI-powered data management platform that enables customers to discover, integrate, govern, and deliver trusted data at scale across hybrid and multi-cloud environments; and Slack, a conversational interface for the agentic enterprise where people and agents work together, connecting knowledge, actions, and data in real time. It also provides marketing platforms; commerce services, which empower shopping experiences across various customer touchpoints; integration and analytics solutions; Salesforce Starter, a suite for small and medium-sized businesses that brings sales, service, marketing, and commerce together; and a field service solution that enables companies to connect service agents, dispatchers, and mobile employees through one centralized platform to schedule and dispatch work, as well as track and manage jobs. It serves financial services, healthcare and life sciences, manufacturing, automotive, and government sectors. Salesforce, Inc. was incorporated in 1999 and is headquartered in San Francisco, California.

Showing Key Metrics

Income Highlights

Metric	2026	2025	2024	2023	2022
Gross Profit %	77.7% ▲	77.2%	75.5%	73.3%	N/A
Operating Margin %	21.5% ▲	20.2%	17.2%	5.9%	N/A
Net Income %	18.0% ▲	16.4%	11.9%	0.7%	N/A
Diluted EPS	7.80 ▲	6.36	4.20	0.21	N/A

Balance Sheet Highlights

Metric	2026	2025	2024	2023	2022
Total Assets	$112.3B	$102.9B	$99.8B	$98.8B	N/A
Total Debt	$17.2B ↑	$11.4B	$12.6B	$14.1B	N/A
Working Capital	-$8.9B ▼	$1.7B	$2.4B	$504M	N/A
Years to Pay Debt	2.30	1.84	3.04	67.73	N/A

Cash Flow Highlights

Metric	2026	2025	2024	2023	2022
Free Cash Flow	$14.4B ▲	$12.4B	$9.5B	$6.3B	N/A
Owner Earnings	$11.7B	$10.3B	$8.8B	$4.8B	N/A
CapEx % of Net Income	8.0%	10.6%	17.8%	383.7%	N/A

Income Statement

	2026	2025	2024	2023	2022
Tax Effect Of Unusual Items	92,665	-97,194	-207,460	-224,070
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	12,117,000	11,725,000	11,223,000	6,711,000
Total Unusual Items	431,000	-582,000	-1,265,000	-1,067,000
Total Unusual Items Excluding Goodwill	431,000	-582,000	-1,265,000	-1,067,000
Net Income From Continuing Operation Net Minority Interest	7,457,000	6,197,000	4,136,000	208,000
Reconciled Depreciation	3,631,000	3,477,000	3,959,000	3,786,000
Reconciled Cost Of Revenue	6,634,000	6,067,000	5,473,000	8,360,000
EBITDA	12,548,000	11,143,000	9,958,000	5,644,000
EBIT	8,917,000	7,666,000	5,999,000	1,858,000
Normalized Income	7,118,665	6,681,806	5,193,540	1,050,930
Net Income From Continuing And Discontinued Operation	7,457,000	6,197,000	4,136,000	208,000
Total Expenses	32,608,000	30,229,000	28,858,000	29,494,000
Total Operating Income As Reported	8,331,000	7,205,000	5,011,000	1,030,000
Diluted Average Shares	956,000	974,000	984,000	997,000
Basic Average Shares	950,000	962,000	974,000	992,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	7,457,000	6,197,000	4,136,000	208,000
Net Income Common Stockholders	7,457,000	6,197,000	4,136,000	208,000
Net Income	7,457,000	6,197,000	4,136,000	208,000
Net Income Including Noncontrolling Interests	7,457,000	6,197,000	4,136,000	208,000
Net Income Continuous Operations	7,457,000	6,197,000	4,136,000	208,000
Tax Provision	2,063,000	1,241,000	814,000	452,000
Pretax Income	9,520,000	7,438,000	4,950,000	660,000
Other Income Expense	603,000	-228,000	-1,049,000	-1,198,000
Other Non Operating Income Expenses	172,000	354,000	216,000	-131,000
Special Income Charges	-1,082,000	-1,043,000	-1,454,000	-1,319,000
Write Off	496,000	582,000	466,000	491,000
Restructuring And Mergern Acquisition	586,000	461,000	988,000	828,000
Gain On Sale Of Security	1,513,000	461,000	189,000	252,000
Operating Income	8,917,000	7,666,000	5,999,000	1,858,000
Operating Expense	23,338,000	21,586,000	20,317,000	21,134,000
Depreciation Amortization Depletion Income Statement	995,000	901,000	891,000	916,000
Depreciation And Amortization In Income Statement	995,000	901,000	891,000	916,000
Amortization	995,000	901,000	891,000	916,000
Amortization Of Intangibles Income Statement	995,000	901,000	891,000	916,000
Research And Development	5,993,000	5,493,000	4,906,000	5,055,000
Selling General And Administration	16,350,000	15,192,000	14,520,000	16,079,000
Selling And Marketing Expense	13,350,000	12,356,000	11,986,000	13,526,000
General And Administrative Expense	3,000,000	2,836,000	2,534,000	2,553,000
Other Gand A	3,000,000	2,836,000	2,534,000	2,553,000
Salaries And Wages			1,062,000	1,256,000	1,104,000
Gross Profit	32,255,000	29,252,000	26,316,000	22,992,000
Cost Of Revenue	9,270,000	8,643,000	8,541,000	8,360,000
Total Revenue	41,525,000	37,895,000	34,857,000	31,352,000
Operating Revenue	41,525,000	37,895,000	34,857,000	31,352,000

Balance Sheet

	2026	2025	2024	2023	2022
Treasury Shares Number	144,000	94,000	64,000	28,000
Ordinary Shares Number	929,000	962,000	971,000	981,000
Share Issued	1,073,000	1,056,000	1,035,000	1,009,000
Net Debt	7,112,000		954,000	3,585,000	5,132,000
Total Debt	17,176,000	11,392,000	12,588,000	14,088,000
Tangible Book Value	-5,614,000	5,462,000	5,748,000	2,666,000
Invested Capital	73,581,000	69,606,000	69,072,000	68,960,000
Working Capital	-8,896,000	1,747,000	2,443,000	504,000
Net Tangible Assets	-5,614,000	5,462,000	5,748,000	2,666,000
Capital Lease Obligations	2,737,000	2,959,000	3,162,000	3,487,000
Common Stock Equity	59,142,000	61,173,000	59,646,000	58,359,000
Total Capitalization	69,581,000	69,606,000	68,073,000	67,778,000
Total Equity Gross Minority Interest	59,142,000	61,173,000	59,646,000	58,359,000
Stockholders Equity	59,142,000	61,173,000	59,646,000	58,359,000
Gains Losses Not Affecting Retained Earnings	313,000	-266,000	-225,000	-274,000
Other Equity Adjustments	313,000	-266,000	-225,000	-274,000
Treasury Stock	32,228,000	19,507,000	11,692,000	4,000,000
Retained Earnings	22,221,000	16,369,000	11,721,000	7,585,000
Additional Paid In Capital	68,835,000	64,576,000	59,841,000	55,047,000
Capital Stock	1,000	1,000	1,000	1,000
Common Stock	1,000	1,000	1,000	1,000
Total Liabilities Net Minority Interest	53,163,000	41,755,000	40,177,000	40,490,000
Total Non Current Liabilities Net Minority Interest	16,045,000	13,775,000	13,546,000	14,599,000
Other Non Current Liabilities	3,417,000	2,962,000	2,475,000	2,283,000
Long Term Debt And Capital Lease Obligation	12,628,000	10,813,000	11,071,000	12,316,000
Long Term Capital Lease Obligation	2,189,000	2,380,000	2,644,000	2,897,000
Long Term Debt	10,439,000	8,433,000	8,427,000	9,419,000
Current Liabilities	37,118,000	27,980,000	26,631,000	25,891,000
Current Deferred Liabilities	24,317,000	20,743,000	19,003,000	17,376,000
Current Deferred Revenue	24,317,000	20,743,000	19,003,000	17,376,000
Current Debt And Capital Lease Obligation	4,548,000	579,000	1,517,000	1,772,000
Current Capital Lease Obligation	548,000	579,000	518,000	590,000
Current Debt	4,000,000		999,000	1,182,000	4,000
Other Current Borrowings			999,000	1,182,000	4,000
Line Of Credit	4,000,000	0
Payables And Accrued Expenses	8,253,000	6,658,000	6,111,000	6,743,000
Total Assets	112,305,000	102,928,000	99,823,000	98,849,000
Total Non Current Assets	84,083,000	73,201,000	70,749,000	72,454,000
Other Non Current Assets	3,628,000	4,770,000	3,433,000	2,800,000
Non Current Deferred Assets	2,985,000	2,475,000	2,515,000	2,697,000
Non Current Deferred Taxes Assets		4,770,000	3,433,000	2,800,000	2,623,000
Investments And Advances	7,591,000	4,852,000	4,848,000	4,672,000
Other Investments	44,000	41,000	81,000	69,000
Investmentin Financial Assets	7,547,000	4,811,000	4,848,000	4,603,000
Held To Maturity Securities		41,000	81,000	69,000	88,000
Available For Sale Securities	7,547,000	4,811,000	4,767,000	4,603,000
Goodwill And Other Intangible Assets	64,756,000	55,711,000	53,898,000	55,693,000
Other Intangible Assets	6,815,000	4,428,000	5,278,000	7,125,000
Goodwill	57,941,000	51,283,000	48,620,000	48,568,000
Net PPE	5,123,000	5,393,000	6,055,000	6,592,000
Accumulated Depreciation	-3,703,000	-3,682,000	-3,152,000	-2,702,000
Gross PPE	8,826,000	9,075,000	9,207,000	9,294,000
Leases	1,617,000	1,556,000	1,604,000	1,807,000
Other Properties	2,003,000	2,157,000	2,366,000	2,890,000
Machinery Furniture Equipment	4,349,000	4,577,000	4,454,000	3,815,000
Buildings And Improvements	500,000	492,000	490,000	489,000
Land And Improvements	357,000	293,000	293,000	293,000
Current Assets	28,222,000	29,727,000	29,074,000	26,395,000
Other Current Assets	2,243,000	1,779,000	1,561,000	1,356,000
Current Deferred Assets	2,075,000	1,971,000	1,905,000	1,776,000
Prepaid Assets					1,120,000
Receivables	14,339,000	11,945,000	11,414,000	10,755,000
Accounts Receivable	14,339,000	11,945,000	11,414,000	10,755,000
Cash Cash Equivalents And Short Term Investments	9,565,000	14,032,000	14,194,000	12,508,000
Other Short Term Investments	2,238,000	5,184,000	5,722,000	5,492,000
Cash And Cash Equivalents	7,327,000	8,848,000	8,472,000	7,016,000

Cash Flow

	2026	2025	2024	2023
Free Cash Flow	14,402,000	12,434,000	9,498,000	6,313,000
Repurchase Of Capital Stock	-12,596,000	-7,829,000	-7,620,000	-4,000,000
Repayment Of Debt	-584,000	-1,603,000	-1,811,000	-423,000
Issuance Of Debt	6,000,000	0	0	0
Capital Expenditure	-594,000	-658,000	-736,000	-798,000
Interest Paid Supplemental Data	276,000	233,000	254,000	275,000
Income Tax Paid Supplemental Data	1,282,000	2,061,000	1,027,000	510,000
End Cash Position	7,327,000	8,848,000	8,472,000	7,016,000
Beginning Cash Position	8,848,000	8,472,000	7,016,000	5,464,000
Effect Of Exchange Rate Changes	152,000	-124,000	26,000	-8,000
Changes In Cash	-1,673,000	500,000	1,430,000	1,560,000
Financing Cash Flow	-8,079,000	-9,429,000	-7,477,000	-3,562,000
Cash Flow From Continuing Financing Activities	-8,079,000	-9,429,000	-7,477,000	-3,562,000
Net Other Financing Charges	-351,000
Proceeds From Stock Option Exercised	1,039,000	1,540,000	1,954,000	861,000
Cash Dividends Paid	-1,587,000	-1,537,000	0	0
Common Stock Dividend Paid	-1,587,000	-1,537,000	0	0
Net Common Stock Issuance	-12,596,000	-7,829,000	-7,620,000	-4,000,000
Common Stock Payments	-12,596,000	-7,829,000	-7,620,000	-4,000,000
Net Issuance Payments Of Debt	5,416,000	-1,603,000	-1,811,000	-423,000
Net Long Term Debt Issuance	5,416,000	-1,603,000	-1,811,000	-423,000
Long Term Debt Payments	-584,000	-1,603,000	-1,811,000	-423,000
Long Term Debt Issuance	6,000,000	0	0	0
Investing Cash Flow	-8,590,000	-3,163,000	-1,327,000	-1,989,000
Cash Flow From Continuing Investing Activities	-8,590,000	-3,163,000	-1,327,000	-1,989,000
Net Investment Purchase And Sale	1,272,000	229,000	-509,000	-752,000
Sale Of Investment	6,993,000	7,647,000	3,748,000	4,575,000
Purchase Of Investment	-5,721,000	-7,418,000	-4,257,000	-5,327,000
Net Business Purchase And Sale	-9,268,000	-2,734,000	-82,000	-439,000
Purchase Of Business	-9,268,000	-2,734,000	-82,000	-439,000
Capital Expenditure Reported	-594,000	-658,000	-736,000	-798,000
Operating Cash Flow	14,996,000	13,092,000	10,234,000	7,111,000
Cash Flow From Continuing Operating Activities	14,996,000	13,092,000	10,234,000	7,111,000
Change In Working Capital	-781,000	-1,981,000	-2,850,000	-2,069,000
Change In Other Working Capital	113,000	-537,000	-249,000	-601,000
Change In Other Current Liabilities	-567,000	-548,000	-621,000	-699,000
Change In Payables And Accrued Expense	1,014,000	1,089,000	-478,000	528,000
Change In Payable	1,014,000	1,089,000	-478,000	528,000
Change In Account Payable	1,014,000	1,089,000	-478,000	528,000
Change In Prepaid Assets	819,000	-1,495,000	-843,000	-302,000
Change In Receivables	-2,160,000	-490,000	-659,000	-995,000
Changes In Account Receivables	-2,160,000	-490,000	-659,000	-995,000
Other Non Cash Items	2,197,000	2,095,000	1,925,000	1,668,000
Stock Based Compensation	3,509,000	3,183,000	2,787,000	3,279,000
Depreciation Amortization Depletion	3,631,000	3,477,000	3,959,000	3,786,000
Depreciation And Amortization	3,631,000	3,477,000	3,959,000	3,786,000
Operating Gains Losses	-1,017,000	121,000	277,000	239,000
Gain Loss On Investment Securities	-1,017,000	121,000	277,000	239,000
Net Income From Continuing Operations	7,457,000	6,197,000	4,136,000	208,000

These metrics estimate what Salesforce, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$112.64

Margin of Safety

Market Cap ÷ Company Value

1.18

P/B Ratio

2.57

Warren's Owner Earnings

$11.7B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$41.5B

vs > $1.5B revenue

❌ Strong Financial Condition

0.76x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.91%

vs Uninterrupted dividends

✅ Earnings Growth

+3614.3% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

23.9x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.57x P/B (P/E×P/B: 61.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-30.49

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$121.11

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2026	2025	2024	2023	2022
Capital Expenditure % of Net Income	8.0%	10.6%	17.8%	383.7%	N/A
Repurchase of Capital Stock	-$12.6B	-$7.8B	-$7.6B	-$4.0B	N/A
Free Cash Flow	$14.4B ▲	$12.4B ▲	$9.5B ▲	$6.3B •	N/A •
Warren's Owner Earnings	$11.7B	$10.3B	$8.8B	$4.8B	N/A

Peers & Industry

No auto-detected peers for Software - Application. You can manually compare CRM against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

3.02%

Moderate — some alignment with shareholders

Return on Equity (ROE)

12.6%

Adequate — returns are moderate

Return on Assets (ROA)

6.6%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$12.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+50.8% YoY

Debt is growing — management is leveraging up

Leadership Team

Marc Benioff

Co-Founder, Chairman & CEO

Age 60

Pay: $11,370,795

0.152% of net income

Miguel Milano

President & Chief Revenue Officer

Age 56

Pay: $4,340,416

0.058% of net income

Srinivas Tallapragada

President, Chief Engineering & Customer Success Officer

Age 55

Pay: $3,139,934

0.042% of net income

David Schmaier

President and Chief Strategy Officer

Age 61

Pay: $2,297,750

0.031% of net income

Parker Harris

Co-Founder, CTO of Slack & Director

Age 58

Pay: $2,291,250

0.031% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.98%	89,843,166
Blackrock Inc.	9.86%	80,685,764
State Street Corporation	6.12%	50,080,230
Capital International Investors	2.78%	22,721,010
Geode Capital Management, LLC	2.66%	21,782,556
Capital World Investors	2.40%	19,672,684
Morgan Stanley	2.32%	19,009,146
NORGES BANK	1.47%	12,015,218

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.14

Moderate volatility — moves slightly more than market

Short Interest

10.5% of float

Moderate short interest

Debt-to-Equity

0.30x

Conservative balance sheet — low financial risk

Current Ratio