Salesforce, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jan 2026, Agentforce Service was 24% and Agentforce Sales was 22% of revenue; Agentforce 360 Platform, Slack and Other rose from 19% in the fiscal year to Jan 2024.

In the fiscal year to Jan 2026, Americas was 65% and Europe was 24% of revenue.

Quarters: Salesforce, Inc.'s SEC filings, named by the month they end. Fiscal years: Salesforce, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $18.0 ends up as net income. Net margin rose from 0.7% to 18.0% over the past 3 years.

Circled: Jul 2026 (net 31.1%, operating 20.5%). Net margin is usually about 3 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Salesforce, Inc.'s annual reports to the SEC; quarters: SEC filings.

Growth and margins together

Rule of 40 score 45.3 (growth 10.8% + FCF margin 34.5%): strong, clears the 40 line. Stock pay is 8.3% of revenue; counted as a cost, it brings the FCF margin down to 26.2%.

Salesforce trades at 4.8× revenue on 10.8% growth. SNOW grows fastest of its peers, 35.1%, and costs 19.4×.

Growth: revenue in the quarter ended Jul 2026 against the quarter ended Jul 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Jul 2026. From SEC filings.

Customers and suppliers

3 companies name Salesforce in their latest annual reports.

Named in other companies’ filings

Cognizant Technology Solutions CTSHcalls it a partner · Enterprise platform servicesIBM IBMcalls it a partner · Strategic partnership delivering client solutionsZoom Communications ZMcalls it a partner · Software integrations with Zoom

Named in other companies' filings: those whose own latest annual report or an 8-K since names Salesforce. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 4.8x, below the peer median of 7.0x.

EV/revenue below the peer median of 7.0x: cheaper than its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $287, 32% above the current price; 73% of 56 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 41 analysts (73%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $324.21 to $275.70 (−15%), while CRM went from $240.43 to $217.57 (−10%). In the past three months targets were raised 35 times and never cut. 2 upgrades and 2 downgrades over the year; the latest: B of A Securities moved it to Buy from Underperform on Oct 12, 2026.

The day after each of these reports the stock moved +5.4% (Oct 2025, beat); +7.6% (Jan 2026, beat); −1.6% (Apr 2026, beat); +22.5% (Jul 2026, beat).

For the quarter ending Oct 2026 (Salesforce reports on Dec 2, 2026), analysts expect adjusted earnings of $3.45 a share, 6% more than the $3.25 of a year earlier, and revenue of $11.5B, up 12% on a year earlier. For the fiscal year ending Jan 2027, they expect adjusted earnings of $16.75 a share, and revenue of $46.3B, up 11% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $15.2B in free cash flow over the year and returned more than it generated: $36.6B went back to shareholders (dividends plus buybacks), so $21.4B came from cash on hand or borrowing.

Salesforce had 821M diluted shares in the quarter ended Jul 2026, 14.7% fewer than a year earlier, and 1.7% fewer each year on average since Apr 2020. It spent $35.1B on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 0.8, short-term debt coverage is tight; debt-to-equity 0.2, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 members of Congress and 6 funds whose copy leaves CRM out (on the exchange, not in the app yet): Nancy Pelosi, ValueAct Holdings, James Comer, Fisher Asset Management, Swiss National Bank, Rob Bresnahan and 3 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 12 held CRM at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 5 cut, 4 sold all and 1 held the same. The largest of them is Harris Associates L P, 16.15M shares worth $2.5B at Jun 30, 2026, 8.3% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CRM at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $27.5M and sold $33.7M of CRM on the open market in the 12 months to Nov 11, 2026. 94% of the sales were made under 10b5-1 plans, set up in advance. The largest was Parker Harris (Co-Founder and CTO, Slack; director), who sold $31.6M in 5 sales.

From the Form 4s filed with the SEC about Salesforce, Inc. (99 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 157 other transactions (grants, option exercises, shares withheld for tax and gifts).

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