# CRM – Relative valuation (2026-11-11)

**Analyst:** Relative Valuation Analyst  
**Company:** Salesforce  
**Price used:** $213.48 at Nov 10, 2026, 4:00 PM EST close (not pre-market)  
**Shares:** 823.0M basic shares outstanding (S&P GMI via stockanalysis; not a fully diluted count)  
**Net cash (debt):** $-30.97B  
**Computed EV:** $206.66B (= price × shares − net cash; may differ slightly from the rounded published EV)

## Method
- Multiples are computed from the same source financials for the ticker and every peer (not the vendor's black-box "Forward PE / Forward PS", which is not always consistent with consensus FY1/FY2 EPS and sales).
- **NTM P/E** and **NTM EV/Sales** use day-weighted NTM = w×FY1 + (1−w)×FY2, with w = days remaining to FY1 period end from 2026-11-11 ÷ 365.25. If FY2 is missing, FY1 is used and labeled as such.
- **EV/EBITDA** is trailing-twelve-month; forward EBITDA consensus is not on the free source.
- **P/FCF** uses consensus FY1 FCF (FY2 FCF is gated). Dropped when FY1 FCF is ≤ 0 or the implied P/FCF exceeds 150x (FCF too small to capitalize).
- **P/E** is dropped when NTM/FY1 EPS is ≤ 0.05 or the multiple exceeds 150x.
- Low / mid / high = peer 25th percentile / median / 75th percentile (linear interpolation, inclusive), applied to the ticker's own NTM EPS, NTM sales, TTM EBITDA, or FY1 FCF. EV multiples are converted to equity as (implied EV + net cash) / basic shares.
- A multiple enters the blended range only if at least three peers have a usable figure and the ticker's own denominator is meaningful.
- 5-year average and range of the ticker's own multiples are **not available** from the provided free source (the stockanalysis "Financial Ratio History" section is present as a heading with no figures in the scrape).

## Peer set
Large-cap enterprise application / platform software: CRM, NOW and ADBE are the closest product and go-to-market comps; MSFT, ORCL, SAP, INTU, ADSK and WDAY anchor the broader large-cap software multiple set (scale, recurring revenue, and operating leverage).

| Peer | NTM P/E | NTM EV/Sales | EV/EBITDA (TTM) | FY1 P/FCF |
|---|---|---|---|---|
| **CRM (subject)** | 13.2x | 4.2x | 16.0x | 11.7x |
| NOW | 21.3x | 5.6x | 32.4x | 18.0x |
| ADBE | 8.7x | 3.2x | 9.4x | 8.8x |
| MSFT | 24.7x | 9.5x | 19.6x | 121.1x |
| ORCL | 12.5x | 4.6x | 14.5x | n/a |
| INTU | 13.8x | 3.8x | 13.5x | 10.4x |
| ADSK | 18.8x | 5.9x | 23.5x | 19.8x |
| WDAY | 14.8x | 4.0x | 28.9x | 14.5x |
| SAP | 28.1x | 6.0x | 19.3x | 26.6x |

FY1 ends Jan 31, 2027 (w on FY1 = 0.222). Consensus FY1/FY2 non-GAAP EPS 16.75 / 16.02; NTM EPS 16.182. NTM sales $49.79B (FY1 $46.30B, FY2 $50.78B). TTM EBITDA $12.90B. Consensus FY1 FCF $15.00B.

Peer cells marked n/a (and why):
- ORCL FY1 P/FCF: FY1 P/FCF n/a (consensus FY1 FCF is negative or zero)

## Implied per-share value
| Multiple | CRM now | Peer 25th / median / 75th (n) | Implied $/share low / mid / high |
|---|---|---|---|
| NTM P/E | 13.2x | 13.5x / 16.8x / 22.1x (8) | $217.79 / $271.72 / $358.20 |
| NTM EV/Sales | 4.2x | 3.9x / 5.1x / 6.0x (8) | $200.97 / $269.69 / $322.97 |
| EV/EBITDA (TTM) | 16.0x | 14.3x / 19.4x / 24.8x (8) | $185.89 / $267.03 / $351.21 |
| FY1 P/FCF | 11.7x | 12.5x / 18.0x / 23.2x (7) | $227.51 / $327.23 / $422.69 |

## Current multiples vs own history
5-year average and range: **n/a**. The provided stockanalysis statistics scrape includes a “Financial Ratio History” heading with no figures (likely gated). No 5-year P/E, EV/EBITDA, EV/Sales or P/FCF average was invented or taken from another unpaid-login source in time for this run.

## Blended range
Weights: equal-weight average of 4 usable multiples (NTM P/E, NTM EV/Sales, EV/EBITDA (TTM), FY1 P/FCF).

**Low / mid / high: $208.04 / $283.92 / $363.77**  
Vs close $213.48: mid implies +33.0% upside.

## Adjustments and judgment
- CRM screens cheap vs large-cap software on FY1 P/FCF and is below the peer median on NTM P/E, NTM EV/Sales and TTM EV/EBITDA.
- ADBE is a low-end outlier in this set (all of its multiples sit well below the group) and pulls the 25th percentile down; MSFT sits at the high end on EV/Sales. Both are left in the set because they are named large-cap software comps, but the IQR already compresses their influence relative to a min/max range.
- MSFT’s FY1 P/FCF is elevated because FY1 FCF is depressed by growth capex ($32.7B vs TTM FCF $60.0B). It remains under the 150x cutoff and is kept, which lifts the P/FCF 75th percentile. The blended high should be read with that in mind.
- Consensus FY2 EPS ($16.02) is slightly below FY1 ($16.75), so NTM P/E is a bit higher than a simple FY1 P/E. No multiple was dropped for CRM itself.

## Data sources and as-of dates
- Prices: regular-session close Nov 10, 2026, 4:00 PM EST close (not pre-market), from stockanalysis.com pages (S&P Global Market Intelligence), cross-checked in the coordinator input files vs the Yahoo Finance chart API.
- Fundamentals and consensus: stockanalysis.com statistics (stats last updated on the pages on Nov 11, 2026) and forecast (this ticker's forecast page last updated Nov 10, 2026) for CRM and each peer. Forecast update dates differ by ticker.
- Raw files: `/workspace/fair-value/coordinator/2026-11-11/raw/` (fetched 2026-11-11 05:23 MST (America/Phoenix)). Official collector folder `data/2026-11-11/` did not yet have ticker files when this run started; coordinator fallback input files were used.
- 5-year multiple history: n/a (not in the free scrape).
- Public web was used only to attempt WMT/COST for AMZN (stockanalysis Cloudflare 403; Yahoo quoteSummary unauthorized). No paid logins.
- Peer forecast update dates:
  - CRM: stats Nov 11, 2026, forecast Nov 10, 2026
  - NOW: stats Nov 11, 2026, forecast Oct 30, 2026
  - ADBE: stats Nov 11, 2026, forecast Nov 4, 2026
  - MSFT: stats Nov 11, 2026, forecast Nov 6, 2026
  - ORCL: stats Nov 11, 2026, forecast Nov 10, 2026
  - INTU: stats Nov 11, 2026, forecast Nov 9, 2026
  - ADSK: stats Nov 11, 2026, forecast Nov 10, 2026
  - WDAY: stats Nov 11, 2026, forecast Oct 16, 2026
  - SAP: stats Nov 11, 2026, forecast Oct 30, 2026