# Salesforce, Inc. (CRM) — Stock CV

Salesforce, Inc. is a $188B technology company. Revenue grew 11.2% over the last year, it keeps 22¢ of every dollar of sales as profit, and its net debt equals ~0.5 years of free cash flow. It trades at 19.5× earnings — near the lowest of its own history.

> Salesforce provides enterprise cloud computing solutions. The company offers customer relationship management technology that brings companies and customers together.

## Identity

- **Ticker**: CRM
- **Sector**: Technology
- **Industry**: Software—Application
- **Headquarters**: SAN FRANCISCO, CA
- **Employees**: 83 334
- **Website**: https://www.salesforce.com
- **Market cap**: $188B
- **Last price**: $228.83
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $43.9B
- **Net income**: $9.66B
- **Free cash flow**: $15.2B
- **Net debt**: $8.15B
- **P/E**: 19.5
- **Revenue growth (YoY)**: 11.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 82 |
| Growth | 90 |
| Profitability | 77 |
| Health | 51 |
| Quality | 92 |
| Moat | 55 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +11.2% YoY
- [x] Profitable — $9.66B TTM
- [x] Profit growing — +234.4% YoY
- [x] Generates cash — $15.2B TTM
- [x] Debt under control — ~0.5y of cash flow to repay
- [x] Established company — $188B market cap
- [x] Not printing shares — -0.1% shares over ~5y
- [x] Proven track record — 10/11 profitable years
- [ ] Financially stable — health score 31/100
- [x] Pays a dividend — yield 0.80%
- [x] Valuation not extreme — P/E 19.5

## Experience (career milestones)

- **FY2026** — Best year on record: $7.46B net income
- **2025** — Salesforce announced plans to acquire data management platform Informatica for approximately $8 billion
- **2024** — Salesforce acquired data management firm Own for $1.9 billion
- **FY2023** — Became debt-free: cash now exceeds total debt
- **Jul 21, 2021** — Acquired Slack: $27.7B for the office-messaging layer
- **2020** — Salesforce announced its acquisition of Slack for $27.7 billion, the largest in company history
- **2019** — Acquired Tableau: $15.7B into analytics
- **2018** — Salesforce acquired several companies, including MuleSoft, a cloud service company, for $6.5 billion
- **FY2018** — Revenue crossed $10B: $10.5B for the year
- **FY2017** — Turned profitable: $180M net income after a loss year
- **2016** — Launched at Dreamforce in 2016, Salesforce Einstein was the company's first artificial intelligence product
- **FY2016** — Revenue already above $1B: $6.67B in first reported year
- **2013** — Salesforce acquired ExactTarget, an email marketer, for $2.5 billion
- **Jun 23, 2004** — IPO on NYSE: went public at $11 per share
- **1999** — Founded in a Telegraph Hill apartment: Marc Benioff leaves Oracle; "No Software" mantra
- **1999** — The first prototype of Salesforce was launched in November 1999

## Strengths

- High gross margin (77.3%)
- Strongly profitable — 22.0% net margin
- Revenue growing 11.2% year over year
- Strong cash conversion — FCF is 34.5% of revenue
- Interest covered 19.9× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $26.5B | $1.44B | $5.28B |
| FY2023 | $31.4B | $208M | $6.31B |
| FY2024 | $34.9B | $4.14B | $9.50B |
| FY2025 | $37.9B | $6.20B | $12.4B |
| FY2026 | $41.5B | $7.46B | $14.4B |

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Source: https://stockcv.com/CRM — derived from company filings; may be delayed or incomplete. Information, not investment advice.