CRM Analysis — TradeApes

Salesforce, Inc. (CRM)

Technology

$170.78 close · Apr 09, 2026

↑ Mild Premium (33/100)

Health Score

Out of 100

Healthy

Pillar Scores

Financial Strength 70

Operating Trend 55

Valuation 65

Capital Allocation 40

Risk 70

Positives

↑ High FCF yield — above 7%, strong cash return relative to price paid +3.8

↑ Low leverage — net debt/EBITDA below 1× +2.5

↑ Strong interest coverage — EBIT covers interest 10×+ +2.5

Concerns

↓ Weak liquidity — current assets below current liabilities -2.5

↓ High stock comp burden — SBC 8–15% of revenue, material dilution cost -1.5

↓ Altman Z-Score in grey zone — uncertain financial stability -1.0

Signal contribution: +12.6 from strengths -5.0 from concerns

Health Score Trend 8 snapshots

Financials

TTM Financials

Revenue ?Total sales generated from the company's primary business activities over the trailing twelve months.	41.53B
Gross Profit ?Revenue minus cost of goods sold. What remains before operating expenses — reflects pricing power and production efficiency.	32.26B
Operating Income ?Profit from core business operations after all operating expenses (EBIT). Excludes interest and taxes.	8.33B
Net Income ?Bottom-line profit after all expenses, interest, and taxes are deducted from revenue.	7.46B
Free Cash Flow ?Operating cash flow minus capital expenditures. The actual cash the business generates after maintaining its assets — the truest measure of profitability.	14.40B
EBITDA ?Earnings before interest, taxes, depreciation & amortization. A proxy for operating cash earnings that strips out accounting and financing differences.	9.53B
Total Debt ?Combined short-term and long-term interest-bearing debt obligations. Compare against cash and earnings to gauge leverage risk.	14.44B
Cash & Equivalents ?Highly liquid assets on hand — cash, money market funds, and short-term securities. The company's immediate financial cushion.	7.33B

Valuation

Market Cap	163.26B
Enterprise Value	170.37B
EV / Revenue	4.1x
EV / EBITDA	17.9x
P/E (TTM)	21.9x
Forward P/E (extrapolated)	10.2x
PEG	0.5x
P/FCF	11.3x
FCF Yield	8.8%

Relative Valuation

Using relative multiples

EV / Revenue

4.1x

Book Value / Share

$61.86

Price / Book

2.8x

P/E (TTM)

21.9x

Price / Sales

3.9x

Key Metrics

Gross Margin ?Gross profit as a % of revenue. Measures how efficiently the company produces its goods or services — higher is better.	77.7%
EBITDA Margin ?EBITDA as a % of revenue. Shows core operating profitability before accounting adjustments — useful for comparing across industries.	23.0%
Net Margin ?Net income as a % of revenue. The ultimate measure of overall profitability after every expense, interest payment, and tax is accounted for.	18.0%
FCF Margin ?Free cash flow as a % of revenue. Shows how much of each dollar of revenue converts into real, spendable cash.	34.7%
Revenue Growth (YoY) ?Year-over-year change in total revenue. Measures business momentum — sustained growth above 15% is typically considered strong.	9.6%
Net Income Growth (YoY) ?Year-over-year change in net income. Shows whether profits are growing faster or slower than revenue — a key indicator of improving or deteriorating quality.	20.3%
Piotroski F-Score ?Score from 0–9 measuring financial strength across profitability, leverage, and efficiency signals. 8–9 = strong, 0–2 = distressed.	7 / 9
Altman Z-Score ?Bankruptcy risk model. Above 2.99 = safe zone, 1.81–2.99 = grey zone, below 1.81 = distress signal. Most useful for manufacturing companies.	1.92

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Quarterly Financials

Metric	Q4 '25	Q3 '26	Q2 '26	Q1 '26	Q4 '25	Q3 '26	Q2 '26	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Revenue ?Total quarterly sales from primary business operations.	11.20B	10.26B	10.24B	9.83B	9.99B	9.44B	9.33B	9.13B	9.29B	8.72B	8.60B	8.25B
Gross Profit ?Quarterly revenue minus cost of goods sold.	8.69B	8.00B	7.99B	7.56B	7.78B	7.34B	7.17B	6.97B	7.14B	6.57B	6.49B	6.12B
Operating Income ?Quarterly profit from core operations before interest and taxes (EBIT).	1.87B	2.19B	2.33B	1.94B	1.82B	1.89B	1.78B	1.71B	1.62B	1.50B	1.48B	412.0M
Net Income ?Quarterly bottom-line profit after all expenses and taxes.	1.94B	2.09B	1.89B	1.54B	1.71B	1.53B	1.43B	1.53B	1.45B	1.22B	1.27B	199.0M
FCF ?Quarterly free cash flow: operating cash minus capital expenditures.	5.32B	2.18B	605.0M	6.30B	3.82B	1.78B	755.0M	6.08B	3.26B	1.37B	628.0M	4.25B

Revenue & Free Cash Flow

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Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Scores and valuations are derived from SEC filings and publicly available data. Always do your own research before making investment decisions.