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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
CRM — frequently asked questions
Is Salesforce, Inc. overvalued?
In our latest published analysis dated 2026-09-21, CRM screens modestly overvalued. The price recorded at analysis is 238 USD versus our fair value of 221 USD; the high endpoint is presented separately as potential value of 254 USD. That implies roughly 7.0% downside to fair value at that date.
Our latest published report, analyzed 2026-09-21, gives CRM a fair value of 221 USD and a potential value of 254 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Salesforce, Inc.'s archetype; it is a dated research output, not a live price.
Should I buy CRM now?
Our latest published rating for CRM, analyzed 2026-09-21, is Hold. Salesforce, Inc. screens modestly overvalued at the analysis-date price of 238 USD versus fair value of 221 USD; potential value is 254 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for CRM?
The dedicated bear-case section in our report analyzed 2026-09-21 documents Salesforce, Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is CRM's rating?
Our latest published rating for CRM, analyzed 2026-09-21, is Hold, with a published moat assessment of 9/10 (Wide). It reflects our fair value of 221 USD, the potential value of 254 USD, and the price recorded at analysis (238 USD).
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§1 RésuméEN
Réponse en 30 secondesHold
Prix par rapport à la valeur
Cours
$237.50
Juste valeur
$220.82
Valeur potentielle
$254.06
Au
2026-09-21
Pourquoi le scénario peut fonctionner
Accelerated enterprise adoption of Agentforce autonomous agents and Flex Credit refills, which doubled quarterly bookings, driving operating margins toward 34.3% and expanding valuation toward Potential value of $254.06 per share.
Ce qui changerait notre avis
Subscription revenue growth decelerating below 5.0% YoY for two consecutive quarters.
We rate Salesforce a Hold: at the report-date price of $237.50 on September 21, 2026, shares trade at a 7.55% premium to our Fair value of $220.82,.3
A Hold rating means that current investors should maintain existing holdings rather than committing new money to the stock. While Salesforce is a dominant enterprise franchise with high customer renewal rates, the September 21, 2026 price does not provide an adequate margin of safety.
The stock traded at $237.50 on September 21, 2026. This price sits 7.55% above our Fair value of $220.82, leaving -7.02% upside to the central estimate. If enterprise artificial intelligence adoption accelerates, the business can reach our Potential value of $254.06, offering 6.97% upside from the report-date price.
The principal risk to our view is corporate enterprise software budget tightening and seat-based licensing scrutiny. If customer organizations freeze hiring or rationalize seats, annual subscription growth could decelerate below 5.0%. At the same time, onboarding 1,200 new sales representatives would increase overhead before bringing in revenue. Readers would see this unfold as slowing subscription growth in quarterly reports and GAAP operating margins dropping below 18.0%.4,6,7
The primary opportunity for value creation is the rapid enterprise deployment of Agentforce autonomous agents. When customers deploy these agents, they buy extra usage credits on top of standard software subscriptions, which doubled quarterly bookings in recent results. Because software distribution costs very little capital once built, higher usage lifts operating margins toward 34.3% and converts directly into expanding free cash flow per share,.4,5
High-Margin Recurring Subscription Base
Subscription and support revenue delivers $39.39B annually (94.9% of revenue) with customer attrition near historic lows, providing predictable cash flow,.4,7
Agentforce AI Monetization Acceleration
Quarterly bookings doubled year-over-year with 50% driven by customer Flex Credit refills, establishing an incremental consumption revenue stream.4
We rate Salesforce a Hold because the shares trade at a modest premium to Fair value, balancing strong enterprise software lock-in against near-term distribution hiring overhead,.3
Présentation de l’entreprise
Its service offerings are designed to be flexible, scalable and easy to use. They can generally be configured easily, deployed rapidly and integrated with other platforms and enterprise applications. Salesforce, Inc. sells to businesses worldwide, primarily on a subscription basis, through its direct sales efforts and also indirectly through partners. Salesforce, Inc. offers Starter Suite, an all-in-one, easy-to-use solution for small and medium-size businesses that brings sales, service, marketing and commerce together. Starter Suite helps businesses launch Salesforce quickly and easily, so they can save time, boost productivity, and manage relationships with all of their customer operations in one centralized location.
Starter Suite allows businesses to build a trusted foundation of customer data for advanced AI technology to support efficient business growth.
§2 Cas baissierEN
A stress test combining enterprise IT spending cuts with delayed quota productivity for 1,200 newly hired account executives compresses GAAP operating margins below 18.0%. In this event, free cash flow falls toward the cash-flow floor of $195.94 per share established by owner earnings.
The downside scenario envisions enterprise software spending rationalization and scrutiny of seat-based licensing, which slows multi-cloud additions and extends deal closing cycles. Fixed sales onboarding overhead suppresses operating margins while competition from specialized workflow software pressures pricing power. The trajectory would be signaled by an uptick in customer attrition or deceleration in remaining performance obligations within the next two quarters.
Comment cette thèse peut échouer
Enterprise IT budget tightening and seat rationalization slow subscription growth
Corporate software spending cuts and seat rationalization curtail user expansions across Sales ($9.03B) and Service ($9.82B) clouds,, dragging subscription revenue growth below 5.0% YoY and reducing free cash flow compounding.7
FV impact
-2.4%
Revenue and EPS growth 5 points lower for five years
Trigger
Within 12 months
Signaux d'alerte précoce à surveiller
Les cinq évolutions qui affaibliraient notre thèse d’investissement.
Confirms enterprise seat rationalization and reduced multi-cloud expansion.
Actuel :94.9% of total revenue ($39.39B in FY2025)
Alerte siDeceleration below 5.0% for two consecutive quarters
02
§3 Avantage concurrentielEN
Wide
Salesforce possesses a wide economic moat rooted in enterprise switching costs and platform ecosystem gravity. Once an enterprise embeds customer records, sales pipelines, and customer support operations into Salesforce, migrating to an alternative platform entails severe business disruption and implementation costs.
Subscription revenue represents $39.39B or 94.9% of total revenue, providing highly visible recurring cash flow that shields the company against point-solution competitors.
01High enterprise customer switching costs — Subscription contracts accounted for 94.9% ($39.39B) of FY2025 revenue, with customer attrition near historical lows.Wide
02Platform network effects and ecosystem integration — Ecosystem integration with foundational model partners and doubled quarterly bookings reinforce multi-cloud data gravity.Wide
Menaces connues pour l'avantage
Menace
Gravité
Calendrier
Atténuation
Enterprise IT budget tightening and seat rationalization
medium
12 to 24 months
Offering flexible consumption billing and usage credit refills.4
Point-solution competition from specialized workflow software
The highlighted cell is Fair value when every assumption sits at its base level ($220.82). Each row and column shows what Fair value becomes when one assumption moves.
The modal path assumes Salesforce compounds subscription revenue at a steady pace while expanding operating margins toward long-term targets. This requires stable multi-cloud renewals, disciplined overhead management, and sustained low customer attrition across Sales and Service clouds. The path is confirmed by ongoing contract length stability, while deceleration in constant-currency subscription expansion would disconfirm the thesis by the end of the fiscal year.4,7
ActuelManagement guided third-quarter revenue to expand year-over-year with positive constant-currency growth.
Pourquoi c'est important
Recurring subscriptions represent almost all company revenue, so sustained growth confirms customer lock-in while deceleration reveals seat rationalization.7
Management returned $12.60B via share repurchases and paid $1.59B in dividends in FY2025, backed by $9.57B in total cash and marketable securities against $14.44B in total debt.
Dernier chiffre d’affaires41,5 Md $USTCAC du chiffre d’affaires +19,4 %
Marge opérationnelle20,1 %10 périodes fiscales
Dernier flux de trésorerie disponible14,4 Md $USFY2026
Dette nette4,9 Md $USFY2026
Décomposition du compte de résultatComment la taille de l’activité se traduit en bénéfice publié.
StockMarketAgent.AI
Chiffre d'affaires41,5 Md $USCoût des ventes−9,3 Md $USMarge brute32,3 Md $USCharges d’exploitation−23,9 Md $USRésultat d'exploitation8,3 Md $USÉléments hors exploitation et impôts−874 M $USRésultat net7,5 Md $US
Données de l’historique financier
Chiffre d'affaires
41 525 000 000 $US
Coût des ventes
9 270 000 000 $US
Marge brute
32 255 000 000 $US
Charges d’exploitation
23 924 000 000 $US
Résultat d'exploitation
8 331 000 000 $US
Éléments hors exploitation et impôts
-874 000 000 $US
Résultat net
7 457 000 000 $US
Aperçu du bilanComment les actifs publiés sont détenus et financés pour la période sélectionnée.
StockMarketAgent.AI
Composition des actifsFinancé par
Total de l’actif112,3 Md $USTrésorerie7,3 Md $USActifs courants28,2 Md $USTotal du passif53,2 Md $USPassifs courants37,1 Md $USCapitaux propres59,1 Md $US
Données de ventilation du bilan
Total de l’actif
112 305 000 000 $US
Trésorerie
7 327 000 000 $US
Actifs courants
28 222 000 000 $US
Total du passif
53 163 000 000 $US
Passifs courants
37 118 000 000 $US
Capitaux propres
59 142 000 000 $US
Passerelle des flux de trésorerieComment le flux de trésorerie d’exploitation est devenu du flux de trésorerie disponible en FY2026.
StockMarketAgent.AI
Rapprochement des flux d’exploitation
Résultat net7,5 Md $USDotations aux amortissements+1,2 Md $USRémunération en actions+3,5 Md $USAutres ajustements opérationnels+2,8 Md $USFlux de trésorerie d'exploitation15 Md $US
Rapprochement de la trésorerie d’ouverture à la clôture
Trésorerie d’ouverture8,8 Md $USFlux de trésorerie d'exploitation+15 Md $USFlux d’investissement−8,6 Md $USFlux de financement−8,1 Md $USEffet de change+152 M $USTrésorerie de clôture7,3 Md $US
15 Md $US − 594 M $USFlux de trésorerie disponible 14,4 Md $US
Données de la passerelle des flux de trésorerie
Résultat net
7 457 000 000 $US
Entrées d’exploitation
14 996 000 000 $US
Dotations aux amortissements
1 200 000 000 $US
Rémunération en actions
3 509 000 000 $US
Autres ajustements opérationnels
2 830 000 000 $US
Flux de trésorerie d'exploitation
14 996 000 000 $US
Trésorerie disponible
23 996 000 000 $US
Trésorerie d’ouverture
8 848 000 000 $US
Effet de change
152 000 000 $US
Sorties d’investissement
8 590 000 000 $US
Capex
594 000 000 $US
Autres activités d’investissement
7 996 000 000 $US
Sorties de financement
8 079 000 000 $US
Trésorerie de clôture
7 327 000 000 $US
Flux d’investissement
-8 590 000 000 $US
Flux de financement
-8 079 000 000 $US
Chiffre d’affaires par zone géographiquePart du chiffre d’affaires total pour 2026-01-31.
41,5 Md $USChiffre d’affaires total
Chiffre d’affaires par zone géographiquePart
Americas27,2 Md $US65,5 %+8,2 % sur un an
Europe10 Md $US24,1 %+12,7 % sur un an
Asia Pacific4,3 Md $US10,4 %+11,8 % sur un an
Source: SEC EDGAR · Déposé le 2026-03-02 · SEC EDGAR
Données de répartition du chiffre d’affaires: Chiffre d’affaires par zone géographique
Chiffre d’affaires par zone géographique
Chiffre d'affaires
Part
sur un an
Americas
27,2 Md $US
65,5 %
8,2 %
Europe
10 Md $US
24,1 %
12,7 %
Asia Pacific
4,3 Md $US
10,4 %
11,8 %
Chiffre d’affaires et résultatsComment la taille de l’activité se traduit en bénéfice publié.
Trésorerie et detteLiquidités disponibles face à l’endettement total.
Génération de trésorerieFlux de trésorerie d’exploitation comparé au flux de trésorerie disponible.
RentabilitéÉvolution des marges brute, opérationnelle et nette.
Données financières ponctuelles utilisées dans l’analyse du 2026-09-21.
Salesforce Inc. (CRM) trades at 14.3x forward earnings against a peer median of 13.7x. Its EV/EBITDA of 17.6x compares with a peer median of 16.3x. The comparison uses 4 peers: Uber Technologies Inc., ServiceNow Inc., Adobe Inc. and Intuit Inc., as of 2026-09-21.
§10 Secteur et cycleEN
Phase du cycle
Expansion
The software industry exhibits high capital intensity with capex-to-depreciation of 2.45x and capex-to-revenue of 17.8%. Salesforce maintains an asset-light model with FY2025 capex of $594M on $41.53B revenue (1.43% of sales),.6
Cycle haussier
Enterprise migration toward autonomous AI agents accelerates consumption billing, where credit refills compound on top of contracted subscription revenues.
Cycle baissier
Corporate IT spending freezes lead enterprise customers to curtail user seats and delay multi-cloud expansions, slowing top-line revenue growth toward mid-single digits.
Adoption of flexible outcome and credit-based pricing alongside core seat licenses.
Positionnement
With $39.39B in recurring subscription revenue and core scale across Sales ($9.03B) and Service ($9.82B) clouds,, Salesforce maintains market leadership against specialized peers.2,7
§11 Gestion de positionEN
Taille de position
2-3%
A measured position sizing of 2-3% reflects Salesforce's mature compounder status and wide economic moat, balanced against fair valuation where the share price of $237.50 sits slightly above Fair value of $220.82.3
Risque
Risk management centers on monitoring customer renewal attrition and sales representative productivity. Because the stock trades at $237.50, which represents a 7.55% premium to Fair value of $220.82, new capital allocation should remain patient until price aligns with the fair value range.
Tranches d'entrée
Niveau
Action
Pourquoi
$220.82
Initial entry
Aligns with house Fair value, offering balanced risk-adjusted return potential.
Aggressive accumulation
Corresponds to the lower bound of the committee fair value range and cash-flow-grounded owner earnings floor of $195.94.
Salesforce possesses a wide economic moat with 94.9% recurring subscription revenue ($39.39B in FY2025), but shares trade at $237.50, which is a 7.55% premium to Fair value of $220.82. Long-term investors should hold existing positions and wait for a pullback toward Fair value before deploying new capital.3,7
Quality & Growth Investor
Hold
Agentforce bookings doubled year-over-year with 50% from customer Flex Credit refills, confirming artificial intelligence monetization potential. However, hiring 1,200 additional account executives toward 15,000 adds near-term operating expense overhead, justifying a Hold until quota productivity materializes.4
Income & Capital Preservation
Hold
With $14.40B in annual free cash flow and $1.76 per share in dividends, balance sheet liquidity is exceptional. Yet without a valuation discount, capital preservation requires patience rather than chasing current market prices.5
§14 Recommandation finaleEN
Action
Conserver
We recommend holding Salesforce Inc. at the report-date price of $237.50 on September 21, 2026. The stock trades at a 7.55% premium to our central Fair value of $220.82, leaving insufficient margin of safety for new capital allocation despite the company's wide economic moat.3
Salesforce benefits from deep enterprise workflow lock-in across $39.39B in subscription revenue and early monetization from Agentforce autonomous agents. However, operational expansion overhead from adding 1,200 account executives and ongoing equity dilution of $3.51B warrant disciplined position sizing.
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Sources
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Salesforce exit multiple compresses to mature enterprise peer levels
Valuation multiples compress from 20.0x toward mature enterprise peer levels of 16.0x as top-line revenue growth moderates, lowering the multiple investors pay for future earnings.
FV impact
-8.7%
Terminal multiple 20% lower
Trigger
Within 24 months
Sales capacity expansion overhead leads to operating margin contraction
Hiring 1,200 additional account executives to hit 15,000 elevates sales overhead ahead of revenue conversion, suppressing GAAP operating margin below the FY2026 baseline of 20.06%.4,6
The optimistic outcome requires rapid customer adoption of autonomous agents, driving consumption credit refills on top of the established seat base. Operating margins surpass guided levels as new account executives achieve rapid quota productivity without proportionate cost inflation. The catalyst is validated if second-half bookings sustain triple-digit expansion, whereas a stagnation in usage credit consumption would disconfirm the acceleration by the upcoming annual report.4
02
Métrique:
Agentforce Adoption and Credit Consumption
ActuelBookings doubled year-over-year in the latest reported quarter with substantial contribution from usage credit refills.
Pourquoi c'est important
Customer refills of usage credits create an incremental revenue stream beyond seat licenses, accelerating overall platform monetization.4
03
Métrique:
Account Executive Distribution Expansion
ActuelManagement is actively hiring additional account executives to expand global enterprise distribution capacity.
Pourquoi c'est important
Adding sales capacity expands pipeline reach, but onboarding overhead can suppress margins until new representatives reach quota productivity.4
