# Salesforce, Inc. (CRM)

> Source: Nexqual · https://nexqual.com/CRM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Salesforce, Inc. (CRM), nexqual.com/CRM" · informational, not investment advice.

**Price:** USD 250.29 (+3.52% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 241.78 · day 242.7–252.42 · 52w 146.32–269.11 · market cap $206B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $43.9B, net income $9.66B (22.0% margin), free cash flow $15.2B (SEC filings).
- Valuation: P/E 21.3x (avg 49.3x at the last 3 fiscal year-ends), EV/EBITDA 22.9x, net debt $27.9B.
- 10 of 80 tracked superinvestors hold CRM (13F, Q2 2026): 1 new, 3 added, 3 reduced, 3 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $1.2M; 1 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $999K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.21 on a 1–5 scale) (56 analysts), mean target USD 286.14 (range 165–475).
- Total return with dividends: 1Y -1.0% vs S&P 500 +14.9%; 5Y -12.8% vs S&P 500 +80.3%.
- Next earnings: 2026-12-02, EPS estimate USD 3.45, revenue estimate $11.5B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $26.5B | $31.4B | $34.9B | $37.9B | $41.5B | $43.9B |
| Gross profit | $19.5B | $23.0B | $26.3B | $29.3B | $32.3B | — |
| Operating income | $548M | $1.03B | $5.01B | $7.21B | $8.33B | $8.73B |
| Net income | $1.44B | $208M | $4.14B | $6.20B | $7.46B | $9.66B |
| EPS (diluted) | $1.48 | $0.21 | $4.20 | $6.36 | $7.80 | — |
| Free cash flow | $5.28B | $6.31B | $9.50B | $12.4B | $14.4B | $15.2B |
| Gross margin | 73.5% | 73.3% | 75.5% | 77.2% | 77.7% | — |
| 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% |
| Revenue growth | +24.7% | +18.3% | +11.2% | +8.7% | +9.6% | — |
| Cash + short-term investments | $10.5B | $12.5B | $14.2B | $14.0B | $9.56B | — |
| Total debt | $10.6B | $10.6B | $9.43B | $8.43B | $14.4B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 21.3x · P/S 4.7x · EV/EBITDA 22.9x · EV/Sales 5.3x · P/FCF 13.6x · P/B 5.4x · FCF yield 7.36% · Earnings yield 4.69% · Dividend yield (paid, TTM) 0.74% · Buyback yield (TTM) 17.03% · Net debt $27.9B · EV $234B
P/E at fiscal year-ends: Jan 2026 27.2x, Jan 2025 53.7x, Jan 2024 66.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
10 of 80 tracked investors hold CRM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| ValueAct Capital |  | 8.33% | $469M | Unchanged |
| Bill Nygren | Oakmark Funds | 3.37% | $2.53B | Added +8.3% |
| Chuck Akre | Akre Capital Management | 2.20% | $112M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 1.91% | $1.14B | Added +19.1% |
| Hillman Capital | Hillman Capital Management | 1.55% | $2.1M | Added +24.7% |
| Vulcan Value Partners |  | 0.78% | $25.7M | Reduced -16.7% |
| Robert Vinall | RV Capital GmbH | 0.63% | $2.4M | Unchanged |
| Wallace Weitz | Weitz Investment Management | 0.53% | $7.7M | Reduced -39.5% |
| Richard Pzena | Pzena Investment Management | <0.01% | $235K | New position |
| Mairs & Power | Mairs & Power Funds | <0.01% | $416K | Reduced -94.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Conway Craig | Director | 4,500 | $1.2M | 45.3% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $999K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-18 | Kirk David Blair | Director | 4,176 | $999K | 239.33 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.21 on a 1–5 scale), 56 analysts; mean target USD 286.14 (low 165, high 475).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | DA Davidson | Target raised | Neutral | $225 → $250 |
| 2026-10-21 | Cantor Fitzgerald | Reiterated | Overweight | $300 |
| 2026-10-12 | B of A Securities | Upgrade | Underperform → Buy | $160 → $285 |
| 2026-09-18 | Citizens | Reiterated | Market Outperform | $315 |
| 2026-09-18 | Stephens & Co. | Reiterated | Equal-Weight | $289 |
| 2026-09-18 | Wells Fargo | Target raised | Equal-Weight | $230 → $250 |
| 2026-09-17 | Freedom Broker | Target raised | Buy | $230 → $295 |
| 2026-09-17 | Stifel | Target raised | Buy | $275 → $300 |
| 2026-09-17 | Citigroup | Target raised | Neutral | $233 → $263 |
| 2026-09-17 | RBC Capital | Reiterated | Sector Perform | $250 |
| 2026-09-17 | BMO Capital | Target raised | Outperform | $260 → $285 |
| 2026-09-17 | Guggenheim | Target raised | Buy | $270 → $300 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -1.0% | -12.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -1.0% | -2.7% |
| Volatility (annualized) | 46.3% | 38.5% |
| Max drawdown | -43.3% (Dec 2025→Jun 2026) | -58.3% (Nov 2021→Dec 2022) |

## Peers (Software - Application)
SHOP (Shopify Inc.) USD 168.81 -3.14% · NOW (ServiceNow, Inc.) USD 157 +2.53% · SAP (SAP  SE) USD 240.59 +3.38% · UBER (Uber Technologies, Inc.) USD 69.07 +2.14% · ADP (Automatic Data Processing, Inc.) USD 307.94 +4.56% · SNOW (Snowflake Inc.) USD 313.96 -2.72%

## More
Full page: https://nexqual.com/CRM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CRM's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Informatica | "Informatica extends our data connectivity beyond native integrations, enabling customers to bring enterprise data from complex, distributed systems into Salesforce and Data 360 while autonomously maintaining governance, …" |

Other companies that name CRM in their own reports (relationship from CRM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | EGAIN Corp (EGAN) | 10-K 2026-09-10 | "In addition, we occasionally compete with some of our platform partners where some of our product capabilities overlap, including Five9, Genesys, Microsoft, Salesforce, and ServiceNow." |
| supplier | Atlassian Corp (TEAM) | 10-K 2026-08-14 | "•Open and Extensible with a Vast Ecosystem - We are dedicated to making our apps open and interoperable with a wide range of other platforms and applications that customers use, such as Microsoft, Zoo…" |
| supplier | OPEN TEXT CORP (OTEX) | 10-K 2026-08-06 | "•Salesforce, Inc. (Salesforce): The company-to-company partnership between OpenText and Salesforce is focused on growing a full portfolio of data management solutions to complement the Salesforce ecos…" |
| supplier | SIFY TECHNOLOGIES LTD (SIFY) | 20-F 2026-06-26 | " Customer Relationship Management (CRM) Systems: Platforms like Salesforce and HubSpot help organizations manage customer interactions effectively." |
| competitor | ORACLE CORP (ORCL) | 10-K 2026-06-22 | "Our enterprise cloud, software and hardware offerings compete directly with certain offerings from some of the largest and most competitive companies in the world, including Adobe Systems Incorporated…" |
| supplier | Infosys Ltd (INFY) | 20-F 2026-06-15 | "Our services span across Agentforce Sales, Agentforce Service, Marketing Cloud Next, Commerce Cloud, Experience Cloud, Salesforce Platform, Data 360, Agentforce AI, Industry Clouds, and a broad set of…" |
| partner | WIPRO LTD (WIT) | 20-F 2026-06-02 | "Enterprise Applications ("EA"): Our EA team guides enterprises on their journey towards application modernization and experience transformation by providing innovative AI, cloud solutions, and archite…" |
| partner | ICON PLC (ICLR) | 20-F 2026-05-27 | "These include Veeva (SOP document management), Cornerstone (training delivery), ServiceNow (workflow and automation), SailPoint (identity governance), PEGA (safety reporting), Oracle ARGUS (pharmacovi…" |
| supplier | 8X8 INC /DE/ (EGHT) | 10-K 2026-05-22 | "Modern Go-To-Market Approach: We reach customers through a hybrid approach that includes direct sales, digital channels, value-added resellers, and strategic integrations with large platforms like Mic…" |
| partner | FORMULA SYSTEMS (1985) LTD (FORTY) | 20-F 2026-05-13 | "its existing strategic partnerships that include partnerships with Oracle, JD Edwards, SAP, Salesforce.com, Microsoft, AWS, GCP, IBM and" |
| partner | Nvni Group Ltd (NVNI) | 20-F 2026-04-30 | "commercial relationships with enterprise technology partners, including Microsoft, Oracle, AWS, Salesforce, Snowflake, NVIDIA, ServiceNow," |
| supplier | COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP (SBS) | 20-F 2026-04-29 | "the modernization of our customer relationship management (CRM) systems through the gradual implementation of the Salesforce platform," |
| supplier | ENERGY CO OF MINAS GERAIS (CIG) | 20-F 2026-04-17 | "To be able to address this future demand, CEMIG has started in March 2023 a project called ‘Projeto Varejista' to adjust our CRM Salesforce, who has debuted the first e-commerce, from lead to contract…" |
| competitor | Huckleberry.ai, Inc. (HUCK) | 10-K 2026-04-16 | "•Large enterprise software and cloud platform vendors, including suppliers of traditional business intelligence and cloud services that provide one or more capabilities competitive with our products, …" |
| supplier | Banzai International, Inc. (PARA) | 10-K 2026-03-31 | "Our customers include Amazon, Dell, Salesforce, Aflac, Thermo Fisher Scientific, RBC Wealth Management, Fitch Group, and many other globally recognized brands." |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription and support | $10.82B | 95.4% | +11.7% |
| — Agentforce Apps (part of Subscription and support) | $7.19B | 63.4% | +7.6% |
| — Data 360, Headless Platform, and Other (part of Subscription and support) | $3.62B | 31.9% | +20.3% |
| Professional services and other | $525.0M | 4.6% | -3.8% |
| Total revenue | $11.35B | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $7.40B | 65.3% | +9.9% |
| Europe | $2.76B | 24.4% | +13.8% |
| Asia Pacific | $1.17B | 10.3% | +9.1% |
| Total revenue | $11.35B | 100% | — |

## Company outlook (8-K filed 2026-08-26)

- "Salesforce raises full year FY27 revenue guidance to $46.1 billion to $46.4 billion, up 11% - 12% Y/Y and 11% Y/Y in CC."
- "The Company now expects both transactions to close independently in the coming weeks, during the third quarter of Salesforce's fiscal year 2027."
- "With the U.S. dollar strengthening in Q2, Salesforce now expects a reduced currency tailwind for the business relative to prior guidance."
- "The following tables summarize Salesforce's guidance for the third quarter fiscal 2027 and full-year fiscal 2027: Q3 FY27 Guida"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $3.45 | $3.36 | +2.5% | $11.46B | 42 |
| Next quarter (ends 2027-01-31) | $3.56 | $3.64 | -2.2% | $12.34B | 41 |
| Current fiscal year (ends 2027-01-31) | $16.75 | $14.13 | +18.5% | $46.30B | 52 |
| Next fiscal year (ends 2028-01-31) | $16.02 | $15.51 | +3.2% | $50.79B | 53 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-04 (includes earnings 2026-12-02): ±13.0%; earnings reaction alone ±6.0%; last 8 reports averaged ±7.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 49.8% | ±5.9% |
| 2026-11-06 | 14 | 46.2% | ±7.5% |
| 2026-11-13 | 21 | 44.5% | ±8.7% |
| 2026-11-20 | 28 | 42.9% | ±9.7% |
| 2026-11-27 | 35 | 42.8% | ±10.7% |
| 2026-12-04 | 42 | 47.6% | ±13.0% |
| 2026-12-18 | 56 | 47.3% | ±14.9% |
| 2027-01-15 | 84 | 44.8% | ±17.2% |