Salesforce, Inc. (CRM) Stock

Salesforce, Inc. (CRM) is a Technology stock trading at $170.82 (as of 2026-07-17), with a market capitalization of $139.90B and a trailing P/E of 18.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Salesforce, Inc. provides customer relationship management and related cloud services, including tools for sales, service, marketing, and commerce. Its platform supports business applications and also includes offerings such as learning and Slack, serving organizations that use these capabilities to manage customer interactions and workflows.

Understand Salesforce, Inc.: how it makes money

Salesforce provides customer relationship management (CRM) technology, covering Sales and Service workloads on its Customer 360 platform, and it makes money primarily through subscription and support services.

Salesforce's profit model is structurally tied to its subscription delivery pace, captured by how billed amounts flow into Salesforce Unearned Revenue and then get recognized as subscription and support revenue over time.

Revenue by segment (latest quarter)
Sub&Support	$10.6B
ProServ&Other	$0.5B

Business quality (Solid): High profitability (gross margin 76.9%, operating margin 21.1%) supports the model, but investor focus tends to follow how subscription and support revenue converts from unearned revenue, which can rise or fall with customer buying patterns.

Valuation: Trades at 19× trailing earnings · $136B market cap.

Bull case

Strong monetization of subscription services: Subscription and support revenue is a large share of the business (Salesforce Subscription and support revenue: 10.6B), consistent with a recurring software model.
Profitability is meaningful: Gross margin is 76.9% and operating margin is 21.1%, indicating substantial operating leverage from the core platform business.
Salesforce Unearned Revenue provides visibility into future revenue recognition: Salesforce Unearned Revenue is 16.06B, reflecting deferred recognition tied to prior customer collections.

Bear case

Revenue recognition depends on the subscription conversion cycle: Because investors track Salesforce Unearned Revenue alongside subscription and support revenue, a change in the flow from unearned to recognized revenue can affect near-term results.
Less revenue diversity than the product portfolio headline suggests: While Salesforce offers Sales and Service capabilities, the provided revenue-level breakup shows smaller line items such as Service Cloud revenue (1.76B) and Slack revenue (0.38B) versus subscription and support overall.
Non-core revenue categories are smaller: Professional services and other revenue is relatively small (0.53B in the candidates provided), which can limit how much it can offset changes in subscription and support.

Valuation — source: SEC EDGAR (first-party)
Price	$170.82
Market Cap	$139.90B
P/E Ratio	18.4
EV / EBITDA	13.8
Price / Book	4.09
Price / Sales	3.37
FCF Yield	11.2%
DCF Value (model)	$91.31
DCF Upside vs Price	-46.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$41.52B
Net Margin	18.0%
Revenue Growth (YoY)	9.6%
EPS Growth (YoY)	21.9%
FCF Growth (YoY)	15.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.58 (grey)
Piotroski F-Score	7/9 (strong)

Valuation vs Sector & Industry
Stock P/E	18.4
Sector P/E (Technology)	34.7
Industry P/E (Business Services)	30.7
vs Sector	-47.1%
vs Industry	-40.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Insider Buys (12mo)	2
Insider Sells (12mo)	19
Top Institutional Holder	VANGUARD GROUP INC ($23.80B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Technology
Industry	Business Services
CEO	Marc R. Benioff
Employees	76,453
Country	US
IPO Date	2004-06-23

Related Companies (Business model: SaaS / Subscription Software (Enterprise); 8 closest by market cap; US-domiciled)

Data as of 2026-07-17.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.