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Salesforce, Inc. CRM

TechnologySoftware - ApplicationNYSE📅 Scored March 24, 2026
Price at analysis: $181.96
Crucible Score
63.5
B-
Quality × Value Composite
KQI — Quality
71.4
B
Fundamental Quality Index
KVI — Value
53.0
C-
Valuation Attractiveness Index
Crucible Verdict — CRM

Salesforce shows solid fundamentals with a B- rating, driven by strong growth prospects (81) and resilience (79), though management effectiveness lags at 58. CRM trades at a meaningful discount to fair value with 34% upside potential to $243, creating an attractive entry point despite the quality-value gap. Marc Benioff's founder leadership and consistent earnings execution support the recovery thesis.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality
70.8
Growth Profile
81.1
Moat Durability
75.2
Management Effectiveness
58.4
Diversification & Resilience
79.2
Market Position
64.0
Weakest dimension: Management Effectiveness (58.4)

◆ KVI Value Dimensions

DCF Margin of Safety
53.0
FCF Yield & Cash Returns
83.1
Relative Valuation
11.6
Growth-Adjusted Value
95.0
Historical Valuation
13.5
Macro Context
19.9

◆ DCF Valuation Scenarios

Bear Case
$168.42
Base Case
$243.18
Bull Case
$348.75
Price at Analysis
$181.96
ScenarioFair ValueRev CAGR (5yr)Terminal MarginWACC
🔴 Bear$168.427.0%25.0%11.3%
🟢 Base$243.1810.0%30.0%10.6%
🟢 Bull$348.7513.0%35.0%10.0%
Key Assumptions: WACC derived using CAPM with 4.39% risk-free rate, 1.31 beta, and 5.5% ERP (base ~10.6%). Revenue growth decelerates from recent ~10% toward mid-single digits by year 10 in base case, reflecting maturing enterprise software market with AI-driven upsell opportunities. Operating margins expand from current ~21.5% toward 30% in base case as Salesforce continues its profitability pivot, with D&A declining as a percentage of revenue and capex remaining light at ~1.6% of revenue. Bear case assumes competitive pressure from Microsoft and macro headwinds compress margins and slow growth; bull case assumes successful Agentforce/AI monetization drives re-acceleration and margin expansion to 35%.

◆ Financial Snapshot

Profitability

Gross Margin77.7%
Operating Margin21.5%
Net Margin18.0%
ROIC8.6%
ROE5.8%

Balance Sheet

Balance SheetCR: 0.76
Cash ConversionFCF/EPS: 1.93x
Capital IntensityCapex/Rev: 1.4%
Altman Z-Score2.89 (Grey)
Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR11.9% CAGR
Earnings CAGR50.7% CAGR
Growth ConsistencyCV: 0.38
Segment Breadth5/6 growing (83%)
Quarterly TrendRev↑, WC↓, Exp↓
Earnings CredibilityConsistent Beater

◆ Revenue Breakdown — FY2026

By Segment

Service Cloud23.6%
Sales Cloud21.7%
Salesforce Platform and Other21.4%
Integration And Analytics15.0%
Marketing and Commerce Cloud13.1%
Professional Services and Other5.1%

By Geography

Americas65.5%
Europe24.1%
Asia Pacific10.4%
Total Revenue
$41.5B
Fiscal Year 2026

◆ Analyst Consensus & Leadership

Analyst Price Targets

Avg Target (Last Quarter)$277.20
Analysts Covering (Quarter)5
Avg Target (Last Year)$307.50
Analysts (Year)14

Leadership & Governance

CEOMarc Benioff(Founder) · 27 years
CEO Ownership3.0%
Compensation81% performance-based
Insider ActivityStrong Buying
Capital AllocationROIC 8.6% vs WACC 11.7%
Earnings Beat Rate86% (18/22)

◆ Company Profile

Salesforce, Inc. provides customer relationship management technology that brings companies and customers together worldwide.

CEO
Marc R. Benioff
Employees
76453
Headquarters
San Francisco, CA, US
IPO Date
June 23, 2004
Exchange
NYSE

◆ Related Companies in Our Universe

Other Technology companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+
MethodologyAll ScoresCrucible BriefsPerformance@KaladinCI

Analysis conducted March 24, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.

© 2026 Kaladin Capital Intelligence — Conviction Through Scrutiny