CRMSalesforce, Inc.
Services-Prepackaged Software
- Revenue
- $41.5B
- 9.6% YoY
- Operating margin
- 20.1%
- 5.5% YoY
- EBITDA
- $9.5B
- 16% YoY
- Market cap
- $212.9B
- Employees
- 83,334
- $498K revenue each
- Net debt / EBITDA
- 3.3×
- $31.0B net debt
- AI in 10-K
- 18.5
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 4 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$49M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo201% of net incomeCash flow under 80% of net income
- Dilutive SBCNo8% of revenueOver 10% of revenue
- Payouts exceed cash flowNo95% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes54% of assetsOver 40% of assets
- Shareholder dissentYes77% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$498K · 57th pctBottom quartile of its SIC industry
- Quiet on AINo18.5 per 10K words · 98th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$212.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $26.5B | $31.4B | $34.9B | $37.9B | $41.5B | 9.6% |
| Operating income | $548M | $1.0B | $5.0B | $7.2B | $8.3B | 16% |
| Net income | $1.4B | $208M | $4.1B | $6.2B | $7.5B | 20% |
| Operating cash flow | $6.0B | $7.1B | $10.2B | $13.1B | $15.0B | 15% |
| Capex | $717M | $798M | $736M | $658M | $594M | 9.7% |
| Stock-based comp | $2.8B | $3.3B | $2.8B | $3.2B | $3.5B | 10% |
| Buybacks | $0 | $4.0B | $7.6B | $7.8B | $12.6B | 61% |
| Dividends | — | $0 | $0 | $1.5B | $1.6B | 3.3% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $28M · 6
- Open-market sells, 12 mo
- $34M · 13
- Net
- −$6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $49M | −$49M | 94 | 257 |
| FY2025 | — | — | 151 | 198 |
| FY2024 | — | — | 125 | 151 |
| FY2023 | — | — | 74 | 97 |
| FY2022 | — | — | 103 | 125 |