olivLaw · US equity research
Salesforce, Inc. CRM
Services-Prepackaged Software · SIC 7372 · Vertical: Services-Prepackaged Software (SIC 7372)
Salesforce is a global leader in customer relationship management technology that is steering its platform toward autonomous AI agents working alongside people. Revenue reached 41.5 billion USD in fiscal 2026 and nearly 22.5 billion USD in the first six months of fiscal 2027, showing how central the AI push has become to the company.
At the close of 04 Nov 2026, Salesforce, Inc. (CRM) stock was 227.11 USD (+2.21% on the day), with market capitalisation 186.9 bn USD, P/E 20.7 on diluted EPS of 10.97 USD over the last 12 months, dividend yield 0.75%, beta 0.88, 52-week range 150.12–266.23 USD. Latest reported quarter (Q2 2027): revenue of 11.3 bn USD (+10.8% YoY), net income of 3.5 bn USD (+86.9% YoY), diluted EPS 4.29 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 220.80 – 253.60
- in the lower half of the band · %B 0.19 · band width 13.8%
- SMA 50 / 200
- 239.93 / 198.28
- mixed trend
- MACD (12, 26, 9)
- -1.62 / 0.79
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.2% | −1.1% | −0.1 pp | — |
| 3 months | +17.7% | −0.5% | +18.1 pp | — |
| 6 months | +25.3% | +4.4% | +21.0 pp | — |
| Year to date | −14.3% | +12.3% | −26.6 pp | — |
| 1 year | −10.7% | +13.5% | −24.3 pp | −1.2% |
| 3 years | +9.5% | +76.4% | −66.9 pp | +23.7% |
| 5 years | −26.1% | +63.7% | −89.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.4 bn | 10.0 bn | 9.8 bn | 10.2 bn | 10.3 bn | 11.2 bn | 11.1 bn | 11.3 bn |
| Cost of revenue | 2.1 bn | 2.2 bn | 2.3 bn | 2.2 bn | 2.3 bn | 2.5 bn | 2.6 bn | 2.6 bn |
| Gross profit | 7.3 bn | 7.8 bn | 7.6 bn | 8.0 bn | 8.0 bn | 8.7 bn | 8.6 bn | 8.7 bn |
| Research & development | 1.4 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.4 bn | 1.6 bn | 1.6 bn | 1.7 bn |
| Operating income | 1.9 bn | 1.8 bn | 1.9 bn | 2.3 bn | 2.2 bn | 1.9 bn | 2.3 bn | 2.3 bn |
| Depreciation & amortisation | 814.0 m | -1.6 bn | 843.0 m | 817.0 m | 851.0 m | -1.3 bn | 985.0 m | 966.0 m |
| Interest expense | 67.0 m | 68.0 m | 68.0 m | 67.0 m | 67.0 m | 122.0 m | 317.0 m | 473.0 m |
| Pre-tax income | 1.7 bn | 2.0 bn | 2.0 bn | 2.4 bn | 2.5 bn | 2.6 bn | 2.7 bn | 4.6 bn |
| Income tax | 219.0 m | 280.0 m | 433.0 m | 519.0 m | 426.0 m | 685.0 m | 614.0 m | 1.0 bn |
| Net income | 1.5 bn | 1.7 bn | 1.5 bn | 1.9 bn | 2.1 bn | 1.9 bn | 2.1 bn | 3.5 bn |
| Diluted EPS | 1.58 | 1.76 ≈ | 1.59 | 1.96 | 2.19 | 2.07 ≈ | 2.42 | 4.29 |
| Operating cash flow | 2.0 bn | 4.0 bn | 6.5 bn | 740.0 m | 2.3 bn | 5.5 bn | 6.7 bn | 1.3 bn |
| Capex | 204.0 m | 154.0 m | 179.0 m | 135.0 m | 139.0 m | 141.0 m | 145.0 m | 171.0 m |
| Dividends paid | 382.0 m | 383.0 m | 402.0 m | 399.0 m | 395.0 m | 391.0 m | 365.0 m | 364.0 m |
| Share repurchases | 1.3 bn | 76.0 m | 2.6 bn | 2.2 bn | 3.8 bn | 3.9 bn | 27.2 bn | 84.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 5 percentile of its own 39-quarter history (min 16.8, median 108.9, max 911.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.3 bn | 17.1 bn | 21.3 bn | 26.5 bn | 31.4 bn | 34.9 bn | 37.9 bn | 41.5 bn |
| Revenue YoY | +26.0% | +28.7% | +24.3% | +24.7% | +18.3% | +11.2% | +8.7% | +9.6% |
| Net income | 1.1 bn | 126.0 m | 4.1 bn | 1.4 bn | 208.0 m | 4.1 bn | 6.2 bn | 7.5 bn |
| Net income YoY | +208.3% | −88.6% | +3,131.7% | −64.5% | −85.6% | +1,888.5% | +49.8% | +20.3% |
| Diluted EPS | 1.43 | 0.15 | 4.38 | 1.48 | 0.21 | 4.20 | 6.36 | 7.80 |
| Diluted EPS YoY | +191.8% | −89.5% | +2,820.0% | −66.2% | −85.8% | +1,900.0% | +51.4% | +22.6% |
| net % | 8.4% | 0.7% | 19.2% | 5.5% | 0.7% | 11.9% | 16.4% | 18.0% |
| Free cash flow | 2.8 bn | 3.7 bn | 4.1 bn | 5.3 bn | 6.3 bn | 9.5 bn | 12.4 bn | 14.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 7.3 bn USD
- Financial debt
- 14.4 bn USD
- Net debt
- 7.1 bn USD
- Equity
- 59.1 bn USD
- Total assets
- 112.3 bn USD
- Debt / equity
- 0.24x
- Current ratio
- 0.76x
- ROE
- 12.4%
- ROA
- 6.9%
- FCF margin
- 34.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 21.3 bn | 26.5 bn | 31.4 bn | 34.9 bn | 37.9 bn | 41.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 5.4 bn | 7.0 bn | 8.4 bn | 8.5 bn | 8.6 bn | 9.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 15.8 bn | 19.5 bn | 23.0 bn | 26.3 bn | 29.3 bn | 32.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Research & development | 3.6 bn | 4.5 bn | 5.1 bn | 4.9 bn | 5.5 bn | 6.0 bn | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | 455.0 m | 548.0 m | 1.0 bn | 5.0 bn | 7.2 bn | 8.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 579.0 m | 678.0 m | 903.0 m | 1.1 bn | 1.0 bn | 1.2 bn | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | 1.0 bn ≈ | 1.2 bn ≈ | 1.9 bn ≈ | 6.1 bn ≈ | 8.2 bn ≈ | 9.5 bn ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 110.0 m | 216.0 m | 300.0 m | 283.0 m | 272.0 m | 324.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | 2.6 bn | 1.5 bn | 660.0 m | 5.0 bn | 7.4 bn | 9.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | -1.5 bn | 88.0 m | 452.0 m | 814.0 m | 1.2 bn | 2.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Net income | 4.1 bn | 1.4 bn | 208.0 m | 4.1 bn | 6.2 bn | 7.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | 4.38 | 1.48 | 0.21 | 4.20 | 6.36 | 7.80 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 930.0 m | 974.0 m | 997.0 m | 984.0 m | 974.0 m | 956.0 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.2 bn | 5.5 bn | 7.0 bn | 8.5 bn | 8.8 bn | 7.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 7.8 bn | 9.7 bn | 10.8 bn | 11.4 bn | 11.9 bn | 14.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 21.9 bn | 22.9 bn | 26.4 bn | 29.1 bn | 29.7 bn | 28.2 bn | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 2.5 bn | — | — | — | — | — | SEC (XBRL)· 17 Mar 2021verified |
| Goodwill | 26.3 bn | 47.9 bn | 48.6 bn | 48.6 bn | 51.3 bn | 57.9 bn | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 4.1 bn | 9.0 bn | 7.1 bn | 5.3 bn | 4.4 bn | 6.8 bn | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 66.3 bn | 95.2 bn | 98.8 bn | 99.8 bn | 102.9 bn | 112.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 4.0 m | 4.0 m | 1.2 bn | 999.0 m | 0 | 4.0 bn | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 2.7 bn | 10.6 bn | 9.4 bn | 8.4 bn | 8.4 bn | 10.4 bn | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 17.7 bn | 21.8 bn | 25.9 bn | 26.6 bn | 28.0 bn | 37.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 24.8 bn | 37.1 bn | 40.5 bn | 40.2 bn | 41.8 bn | 53.2 bn | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 41.5 bn † | 58.1 bn † | 58.4 bn † | 59.6 bn † | 61.2 bn † | 59.1 bn † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.8 bn | 6.0 bn | 7.1 bn | 10.2 bn | 13.1 bn | 15.0 bn | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 710.0 m | 717.0 m | 798.0 m | 736.0 m | 658.0 m | 594.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | 4.1 bn ≈ | 5.3 bn ≈ | 6.3 bn ≈ | 9.5 bn ≈ | 12.4 bn ≈ | 14.4 bn ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -4.0 bn | -14.5 bn | -2.0 bn | -1.3 bn | -3.2 bn | -8.6 bn | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 1.2 bn | 7.8 bn | -3.6 bn | -7.5 bn | -9.4 bn | -8.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Dividends paid | — | — | 0 | 0 | 1.5 bn | 1.6 bn | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 0 | 0 | 4.0 bn | 7.6 bn | 7.8 bn | 12.6 bn | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 186.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation89
- Returns100
- Quality83
- Balance sheet8
- Growth26
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 178.21 – 474.31 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)278.75 – 474.31 (Mid 352.21)WACC 8.5% · starting FCFF 15.9 bn USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -6.8%
- Peers: EV/Sales249.88 – 351.53 (Mid 282.26)8 companies used · median multiple 6.0x · quartiles 5.4x – 7.3xADBE, ADSK, INTU, NOW, RBLX, SNPS, TTWO, TWLO
- Peers: EV/EBITDA178.21 – 343.29 (Mid 271.85)3 companies used · median multiple 24.9x · quartiles 17.4x – 30.7xADBE, ADSK, SNPS
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 77.3% | 93 (on a fixed band) | 11% |
| EBIT margin · Quality | 19.9% | 53 (vs peers) | 9% |
| FCF margin · Quality | 34.5% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 9.8% | 39 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 9.6% | 0 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 3.0x | 14 (vs peers) | 6% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 6% |
| EV/Sales · Valuation | 5.0x | 80 (vs peers) | 17% |
| FCF yield · Valuation | 8.1% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 19.6% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet8/100 · 2/2 factors with a value
- Growth26/100 · 2/2 factors with a value
- Quality83/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation89/100 · 2/2 factors with a value
Memo
Salesforce, Inc. (CRM). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 41.5 bn USD in 2026; YoY growth 9.6%; net margin 22.0%; ROE 19.4%; net debt/EBITDA 3.0x.
The estimated value range is 249.88–351.53 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 282.26 USD, the price of 227.11 USD leaves a potential of 24.3% (value / price − 1) and a margin of safety of 19.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 77.3%
- FCF margin: 34.5%
- EV/Sales: 5.0x
- FCF yield: 8.1%
- Shareholder yield (distributions): 19.6%
- The price is below the estimated value range
What contradicts it
- Revenue growth (YoY): 9.6%
- Net debt / EBITDA: 3.0x
- Current ratio: 0.8x
Versus the vertical median
Services-Prepackaged Software (SIC 7372) · same industry (4-digit SIC) · compared with 15 companies
Only companies with a capitalisation between 25.7 bn and 1,647.9 bn (within 8× of the company's); 206 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PLTRPalantir Technologies Inc. | 413.7 bn | 120.4 | 41.2% | 50.3% | +56.2% | +2% / +756% |
| ORCLOracle Corporation | 374.1 bn | 19.3 | 41.6% | 26.4% | +17.3% | −39% / +6% |
| CRWDCrowdStrike Holdings, Inc. | 246.8 bn | 1,120.4 | 1.3% | 1.1% | +21.7% | +89% / +307% |
| CRMSalesforce, Inc. | 186.9 bn | 20.7 | 19.4% | 22.0% | +9.6% | −11% / +9% |
| NOWServicenow, Inc. | 112.9 bn | 78.1 | 11.8% | 9.4% | +20.9% | −33% / −21% |
| SNOWSnowflake Inc. | 102.5 bn | — | -48.2% | -20.1% | +29.2% | +16% / +55% |
| ADBEAdobe Inc. | 96.7 bn | 13.9 | 61.9% | 28.0% | +10.5% | −22% / −59% |
| INTUIntuit Inc. | 95.3 bn | 21.7 | 23.6% | 21.3% | +13.9% | −44% / −38% |
| CDNSCadence Design Systems, Inc. | 90.4 bn | 65.5 | 22.9% | 22.5% | +14.1% | +6% / +21% |
| SNPSSynopsys Inc | 88.7 bn | 81.8 | 3.7% | 11.4% | +15.1% | +11% / −15% |
| ADSKAutodesk, Inc. | 56.4 bn | 35.0 | 53.9% | 21.1% | +17.5% | −11% / +24% |
| VEEVVeeva Systems Inc. | 50.3 bn | 50.8 | 14.4% | 29.3% | +16.3% | +29% / +78% |
| TTWOTake-Two Interactive Software, Inc. | 39.1 bn | — | -9.0% | -4.8% | +18.2% | −15% / +32% |
| RBLXRoblox Corporation | 35.3 bn | — | -478.2% | -16.5% | +35.8% | −48% / +25% |
| TWLOTwilio Inc. | 33.0 bn | 26.8 | 14.9% | 21.8% | +13.7% | +65% / +230% |
| MDBMongodb, Inc. | 26.5 bn | 449.1 | 2.0% | 2.1% | +22.8% | −1% / −21% |
1- and 3-year price returns: for CRM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 151.33 Total return -33% · Per year -33% | 266.89 Total return 18% · Per year 18% | 401.13 Total return 78% · Per year 78% |
| 3 years | 163.00 Total return -26% · Per year -10% | 321.89 Total return 45% · Per year 13% | 528.83 Total return 137% · Per year 33% |
| 5 years | 175.56 Total return -19% · Per year -4% | 388.21 Total return 76% · Per year 12% | 697.19 Total return 214% · Per year 26% |
- Exit P/E± 80.47
- Net margin± 56.33
- Annual revenue growth± 44.00
- Annual dilution± 4.73
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Salesforce is a global leader in customer relationship management technology that is steering its platform toward autonomous AI agents working alongside people. Revenue reached 41.5 billion USD in fiscal 2026 1 and nearly 22.5 billion USD in the first six months of fiscal 2027 2, showing how central the AI push has become to the company.
SWOT
Strengths
- A unified platform with a large enterprise customer base and a subscription-based recurring revenue model that provides financial predictability 1.
- A diversified portfolio of AI, data and collaboration products that has supported demand resilience during uncertain periods 2.
- Solid operating cash generation and an active share repurchase programme 12.
Weaknesses
- Reliance on acquisitions to accelerate the agentic agenda brings integration risks and high transaction costs 1.
- Exposure to currency fluctuations can reduce reported revenue, especially when the dollar strengthens 3.
- Sales cycles for large customers are long and costly, and pricing can be pressured by powerful buyers 1.
Opportunities
- Monetising AI agents and premium products for Agentforce and Slack could open new revenue streams 3.
- Expansion into vertical industries and international markets offers further growth potential 1.
- Integrating acquired data capabilities could strengthen the company's position as a trust layer for enterprises adopting AI 1.
Risks
- Data securityhigh
A breach in the company's or its vendors' systems could lead to unauthorised access to sensitive data, loss of customers and legal penalties 1.
- Acquisition integrationmedium
Difficulty integrating acquired businesses could delay the expected financial and technological benefits 1.
- AI regulationmedium
The legal framework for artificial intelligence and cross-border data is changing, and new rules could limit how products are developed and sold 1.
- Currency riskmedium
Exchange rate movements can affect revenue and margins, especially if the dollar remains strong against local currencies 13.
- Customer retentionlow
If customer attrition rises, sustaining subscription revenue growth could become harder 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- If competition in AI agents intensifies, pricing pressure could limit margin and revenue growth from new products 1.
- If acquisition integration runs late or costs more than estimated, the announced benefits could be postponed 1.
- If the dollar stays strong, reported results could be hurt, reducing the currency tailwind the company had expected 3.
What to watch
- Closing of the Contentful and Fin acquisitions and their effect on guidanceQ3 2027
- Third-quarter revenue guidance outcome and cRPO growthQ3 2027
- Final settlement of the 25 billion USD accelerated share repurchase programmeOctober 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Salesforce aims to turn every organization into an 'agentic enterprise' by uniting data, applications and AI agents on one trusted platform covering sales, service, marketing, commerce, collaboration and analytics 1. The business model rests mainly on subscriptions: about 95% of fiscal 2026 revenue came from subscription and support 1. The company sells directly and through partners and offers a marketplace for third-party applications on its platform 1.
The company operates as one reportable segment, so performance is presented on a consolidated basis rather than by product line 1. Margin is tracked as an efficiency gauge: operating margin rose to about 20% in fiscal 2026 1, and the fiscal 2027 target for non-GAAP operating margin is 34.3% 3.
Segments
Subscription and support
Recurring revenue from cloud services, term licences and support, generally recognised ratably over the contract term 1. It represents about 95% of total revenue 1 and is the main source of financial predictability.
Professional services and other
Covers implementation, configuration and consulting for customers, plus other revenue not included in subscriptions 1. Its share of total revenue is small, and its trend depends on how quickly new products are adopted.
Market context
Trends
- Cost efficiency drivemixed
The company is reducing operating expenses and streamlining its structure, including through restructuring and reductions in office space and data centres 1. This could improve margins over the long term, but it brings short-term restructuring costs.
Competitive position
The company operates in a highly competitive market in which CRM, cloud, data and analytics vendors compete for the same enterprise budgets 1. The risk covers both traditional competitors and new AI agent providers, which could change pricing and customer expectations.
Competition intensifies as data, analytics and integration platform providers extend their offerings toward AI agents 1. The company's stated advantage lies in its unified platform and its ecosystem of partners and developers 1.
- MicrosoftMSFT
Offers CRM, productivity and integrated AI agent solutions, a direct competitor in enterprise software, noted in the competitive context of the company's sources.
- OracleORCL
Enterprise software, database and cloud application provider whose offerings overlap with the company's data and application segments.
- SAP
European enterprise software provider with sales, service and data modules competing for the same large contracts.
- ServiceNowNOW
Workflow automation and IT service platform whose offering overlaps with the AI agent space for operations.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- One Open-Source Repo to Replace Adobe, Microsoft, and SalesforceIt's FOSS · 03 Nov 2026 · EN
- Here’s who is falling in line for Trump’s “Super Intelligence” loyalty testMIT Technology Review · 03 Nov 2026 · EN
- Building AI for Lawyers - Jacob Lauritzen, CTO of LegoraLatent Space Newsletter · 02 Nov 2026 · EN
- Salesforce to buy defense tech firm Rune in military business pushCNA (Channel NewsAsia) · 29 Oct 2026 · EN
- Salesforce, afectată de vânzările masive de acțiuni din sectorul software pentru companii: CRM rămâne sub presiune - Traders UnionSurge — Google News · 29 Oct 2026 · RO
- De la modernizarea serviciilor bancare de bază la ecosistemul digital: tehnologia internațională trebuie să meargă mână în mână cu capacitățile locale. - Vietnam.vnSurge — Google News · 27 Oct 2026 · RO
- Chain-reaction chaos threatens to unleash new on the worldAxios · 25 Oct 2026 · EN
- Wall Street prepares for AI's "day after"Axios · 23 Oct 2026 · EN
- Vendors asking forward deployed engineers to make good on trillion-dollar AI betThe Register · 22 Oct 2026 · EN
- Salesforce goes back to the M&A well to fortify a weaker business. Why it's a smart moveCNBC — Top News · 21 Oct 2026 · EN
- Legora’s valuation leaps to $8.8BN as raises $550MTech.eu · 21 Oct 2026 · EN
- Sfatul lui Steve Jobs către Tim Cook înainte de a părăsi conducerea Apple - www.goldring.roSurge — Google News · 21 Oct 2026 · RO
- AI for the Fortune 2000: How Tenex Builds an AI-Native SDLC — Alex Lieberman & CJ HessLatent Space Newsletter · 21 Oct 2026 · EN
- AI for the Fortune 2000: How Tenex Builds an AI-Native SDLC — Alex Lieberman & CJ HessLatent Space Newsletter · 21 Oct 2026 · EN
- Acțiunile Seagate și Western Digital urcă după ce un analist vede un avans de 80% - InvezzSurge — Google News · 20 Oct 2026 · RO
- Salesforce gets a chilly investor response to a $6 billion deal at a 58% premiumMarketWatch — Top Stories · 20 Oct 2026 · EN
- Salesforce announces $5.66 billion deal for Braze, sending BRZE stock soaring 50%CNBC — Top News · 20 Oct 2026 · EN
- Salesforce to acquire Braze in a $5.66 billion dealCNBC — Top News · 20 Oct 2026 · EN
- Salesforce to acquire Braze in a $5.66 billion dealCNA (Channel NewsAsia) · 20 Oct 2026 · EN
- Salesforce deepens AI bets with $5.66 billion Braze dealCNA (Channel NewsAsia) · 20 Oct 2026 · EN
SEC filings
- Current report20 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report17 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report04 Sept 2026Departure or appointment of officers
- Quarterly report27 Aug 2026
- Current report26 Aug 2026Results of operations · Financial statements and exhibits
- Current report05 Aug 2026Departure or appointment of officers
- Current report02 Jun 2026Departure or appointment of officers
- Current report01 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report28 May 2026
- Current report27 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Salesforce, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Salesforce, Inc. · 27 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Salesforce, Inc. · 26 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.