BID TerminalOpen complete report
Research library Software & Internet

One Pager

Salesforce, Inc. CRM

Three-pass checkedFresh as companies report

At $209.17 Salesforce trades on an 8.6% free cash flow yield, and last year it returned 99% of that cash flow to shareholders while retiring 1.8% of the shares.

The whole question is whether 9.6% revenue growth is the floor for a maturing franchise or the first step down toward something lower, and the next data point lands on 2026-08-26.

Key data

ItemValue
Price, 2026-08-21 close$209.17
Market capitalization$171.3B
Enterprise value$204.3B
FY2026 revenue$41.5B, up 9.6%
Debt to equity1.22x
Gross margin, FY202677.6%
Free cash flow yield8.6%
Capital returned, FY2026$14.2B, 99% of free cash flow

CRM · price with moving averages

Daily · 6MWeekly · 3Y
$135$196$257$318$379 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

Salesforce sells the software that a company's sales, service, and marketing departments run on. A representative logs a call, a manager watches a pipeline, a marketing team fires a campaign, and all of it lands in one customer database. Buyers are large enterprises paying per seat per month on multi-year contracts, which is where the switching costs and the $14.4B of free cash flow come from.

Over two decades the company bought its way into adjacent categories: Tableau for analytics, Slack for messaging, MuleSoft for integration, and most recently Informatica for data management, $9.3B of it closing in fiscal 2026 alone. What changed is the engine. Operating income went from $1.0B to $8.9B in three years on revenue up 32%, an activist-driven cost reset that is now largely finished, so growth has to come from revenue.

Inside the complete One Pager

  1. 01The business
  2. 02Things you might not know
  3. 03Fundamentals
  4. 04Valuation
  5. 05Management
  6. 06Compensation
  7. 07The linchpins
  8. 08Last word

Continue with CRM

Get the complete One Pager free.

Choose this as your free complete report. No card required.

Read the complete report

More company research

View all research
Salesforce, Inc. CRMSalesforce borrowed roughly $25B in March and spent $27.4B buying its own stock in a single quarter, cutting book equity from $59.1B to $34.2B. Back of Napkin Atlassian Corporation TEAMYou are paying about $49B, roughly 7.5x revenue and 37x free cash flow, for a collaboration-software franchise that finally printed a GAAP-profitable quarter after four years of losses. Back of Napkin Fortinet, Inc. FTNTYou are paying $154 for a $2.88 EPS security compounder trading at 54x trailing and 36x free cash flow, with Q2 growth just reaccelerated from 14% to 26% on a FortiGate refresh cycle everyone can see. Back of Napkin Verisk Analytics, Inc. VRSKYou are paying about $188 a share, or 29 times trailing earnings and 17 times EBITDA, for the closed data monopoly that sits between every US property and casualty insurer and the rate they charge you. Back of Napkin