Information Technology · Application Software · US stock · price as of 16 Oct 2026
Key indicators
Price
$240.70
52-week range
$146.06 – $267.80
Market cap
$197.6B
P/E (trailing)
22.4×
EV / EBITDA
22.1×
Free-cash-flow yield
7.7%
Dividend yield
0.7%
Revenue (last 12 months)
$43.9B
Revenue growth (3y a year)
9.8%
Operating margin
19.9%
Return on invested capital
9.9%
Net debt / EBITDA
3.0×
Fair value
Blended fair value$153.31 range $145 – $162
Versus priceOvervalued−36% to fair value
Peer multiples
$181.15
Fundamentals-adjusted multiple
$129.95
10-year DCF (market-scaled)
$148.84
Earnings power value (floor, not blended)
$11.80
Model uncertainty
High
X-Ray Score
49/ 100 · High confidence · ahead of 45% of sector peers
Valuation57
Growth69
Profitability40
Financial health33
Dividends48
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Salesforce provides cloud software for managing customer relationships, including sales, service, marketing, commerce and analytics products, as well as the Slack workplace tool and the Tableau data platform. Businesses pay recurring subscription fees to use these applications, and the company also earns revenue from professional services. It has been adding artificial intelligence agents to its products, and acquisitions have been a regular part of its growth.
Over the latest twelve months the company reported revenue of $43.9 billion, with growth of 9.8% a year across three years. It reports an operating margin of 19.9%, with return on invested capital of 10%. Leverage, measured as net debt to EBITDA, is 3.0 times. A dividend is paid, with a yield of 0.7%. These figures describe past results and the present financial position only.
StocksXray gives Salesforce, Inc. an X-Ray Score of 49 out of 100 (high confidence), ahead of 45% of the S&P 500 stocks in its sector. Its strongest lens is growth (69) and its weakest is financial health (33).
Our fair value blend is $153.31 (range $145.36 to $162.23). At $240.70 the stock trades 57% above that blend, so the label is "Overvalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Salesforce, Inc. (CRM)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$228.27
$164.82
$275.82
$337.17
$210.84
$240.70
Market cap
$222.3B
$164.3B
$271.4B
$328.4B
$201.6B
$197.6B
P/E
154.2×
784.9×
65.7×
53.0×
27.0×
22.4×
EV / revenue
8.4×
5.2×
7.6×
8.5×
5.0×
5.1×
EV / EBITDA
181.4×
84.0×
43.6×
39.3×
21.7×
22.1×
Price / free cash flow
42.1×
26.0×
28.6×
26.4×
14.0×
13.0×
Free-cash-flow yield
2.4%
3.8%
3.5%
3.8%
7.1%
7.7%
Price / book
3.8×
2.8×
4.6×
5.4×
3.4×
5.1×
Dividend yield
–
–
–
–
–
0.72%
Fundamentals checklist ● 5 Good · ● 6 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.6%Average
Free-cash-flow yield7.7%Good
Risk models
Altman Z score1.7×Bad
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)233.7%Good
Free-cash-flow growth (3y)31.6%Good
Revenue growth (3y)9.8%Average
Growth consistency100%Good
Balance sheet
Current ratio0.8×Bad
Net debt / EBITDA3.0×Bad
Interest cover8.9×Bad
Valuation
Fair value vs price0.6×Average
EBIT / EV yield3.8%Average
Profitability
Return on invested capital9.9%Bad
Operating margin19.9%Average
Gross profitability31.0%Average
XStocksXray
Salesforce, Inc. (CRM)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
26,492
31,352
34,857
37,895
41,525
43,938
Gross profit
19,466
22,992
26,316
29,252
32,255
33,956
Operating income
548
1,030
5,011
7,205
8,331
8,735
Net income
1,444
208
4,136
6,197
7,457
9,662
Diluted EPS ($)
1.48
0.21
4.20
6.36
7.80
10.74
Free cash flow
5,283
6,313
9,498
12,434
14,402
15,154
Gross margin
73.5%
73.3%
75.5%
77.2%
77.7%
77.3%
Operating margin
2.1%
3.3%
14.4%
19.0%
20.1%
19.9%
Net margin
5.5%
0.7%
11.9%
16.4%
18.0%
22.0%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
95,209
98,849
99,823
102,928
112,305
109,620
Cash
5,464
7,016
8,472
8,848
7,327
8,310
Total debt
10,596
10,601
9,426
8,433
14,439
39,288
Equity
58,131
58,359
59,646
61,173
59,142
38,378
Dividend per share ($)
–
–
–
–
–
1.71
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.