Salesforce (CRM) — owner-earnings valuation, FY2026 basis

Salesforce Inc. (CRM)
By@anthropopithecus
Assumptions as of 2026-07-19
USD
Updated Jul 19, 2026
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Salesforce (CRM) — owner-earnings valuation, FY2026 basis

as of 2026-07-19

Fair value per share
$94.12
Upside vs market
-44.9%
Justified multiple of owner earnings
9.64
Owner earnings ($M)
11,159
Implied 7-yr revenue CAGR
5.2%
15.0%
10.0%
8.0%
34.7%
77.2%
30,345$M
$170.77
41,500$M
7.8%
820M
18.00
45.00

Owner-earnings bridge ($M)

FY2026
Revenue41,500
x Reported FCF margin34.7%
- SBC charged in full3,245
= Owner earnings11,159
x Justified multiple9.64
= Enterprise value107,527
- Net debt30,345
= Equity value77,182
Market EV for comparison170,376
Market multiple of owner earnings15.27

Sources

  1. — storage.googleapis.com
  2. — storage.googleapis.com

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