Salesforce.com (CRM)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $190.9B, Salesforce.com's free cash flow of $14.4B (fiscal 2026) would need to grow about -0% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Salesforce.com's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from CRM's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Salesforce.com's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $26.5B | $31.4B | $34.9B | $37.9B | $41.5B |
| Net income | $1.4B | $208M | $4.1B | $6.2B | $7.5B |
| Free cash flow | $5.3B | $6.3B | $9.5B | $12.4B | $14.4B |
| EPS (diluted) | $1.48 | $0.21 | $4.20 | $6.36 | $7.80 |
| Operating margin | 2.1% | 3.3% | 14.4% | 19.0% | 20.1% |
Where the revenue comes from
Revenue by products, fiscal 2026.
Superinvestors who own CRM
From each investor's latest 13F filing (what a 13F shows). 13 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Bill Nygren Harris Associates LP |
Added | $2.5B | 3.4% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Added | $1.1B | 1.9% | Q2 2026 |
| Mason Morfit ValueAct Holdings L.P. |
Held | $469M | 8.3% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Trimmed | $220M | 1.8% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $131M | 0.05% | Q2 2026 |
| Chuck Akre Akre Capital Management |
Held | $128M | 2.5% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Held | $41M | 0.02% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $38M | 0.09% | Q2 2026 |
| C.T. Fitzpatrick Vulcan Value Partners |
Trimmed | $26M | 0.78% | Q2 2026 |
| Wallace Weitz Weitz Investment Management |
Trimmed | $8M | 0.54% | Q2 2026 |
| Mark Boyar Boyar Asset Management |
Added | $2M | 0.93% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $283,241 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Salesforce.com's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Sep 18, 2026 | David Blair Kirk Director |
4,176 | $239.33 | $999,451 |
| Mar 30, 2026 | Ro Khanna |
0 | $185.02 | — |
| Mar 30, 2026 | Ro Khanna |
0 | $185.02 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $195.12 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $195.12 | — |
| Mar 19, 2026 | Laura Alber |
2,571 | $194.58 | $500,265 |
| Mar 18, 2026 | David Blair Kirk |
2,570 | $194.62 | $500,173 |
| Mar 10, 2026 | Ro Khanna |
0 | $194.78 | — |
| Mar 10, 2026 | Ro Khanna |
0 | $194.78 | — |
| Feb 17, 2026 | Tony Wied |
0 | $184.21 | — |
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In the full deep dive
Questions
What growth does Salesforce.com's stock price imply?
At a market value of $190.9B, Salesforce.com would need its free cash flow to grow about -0% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 27% a year.
Are Salesforce.com insiders buying the stock?
10 open-market insider purchases of CRM in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Salesforce.com?
13 of the superinvestors Investingly tracks hold CRM in their latest 13F, including Bill Nygren, Jean-Marie Eveillard, Mason Morfit.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.