Salesforce (CRM)
Market Price (11/14/2025): $240.56 | Market Cap: $230.0 BilSector: Information Technology | Industry: Application Software
Salesforce (CRM)
Market Price (11/14/2025): $240.56Market Cap: $230.0 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 13 Bil, FCF LTM is 12 Bil | Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -11% | |
| Attractive yieldFCF Yield is 5.4% | ||
| Low stock price volatilityVol 12M is 33% | ||
| Megatrend and thematic driversMegatrends include Cloud Computing, Artificial Intelligence, E-commerce & Digital Retail, and Digital Advertising. Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 13 Bil, FCF LTM is 12 Bil |
| Attractive yieldFCF Yield is 5.4% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Artificial Intelligence, E-commerce & Digital Retail, and Digital Advertising. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -11% |
Market Valuation & Key Metrics
CRM Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Salesforce (CRM) experienced an approximate stock decline of -6.8% between July 31, 2025, and November 14, 2025, driven by several key factors:
1. Multiple Analyst Downgrades and Lowered Price Targets
During this period, several financial analysts revised their ratings and price targets for Salesforce. UBS Group, for instance, decreased its price objective from $300 to $260 and issued a "neutral" rating on August 18, 2025. Oppenheimer followed by lowering its target price from $370 to $315 on August 26, 2025. Additionally, Sanford C. Bernstein dropped its price objective from $255 to $221 and assigned an "underperform" rating on September 4, 2025, with Stifel Nicolaus also reducing its price target from $325 to $300 on October 9, 2025. DA Davidson maintained a "Hold" rating with a $225 price target on October 16, 2025. These actions likely signaled reduced confidence to investors, contributing to the stock's downturn.
2. Investor Caution Regarding Near-Term Growth and Shifting Tech Sector Sentiment
Investor sentiment indicated caution about Salesforce's near-term growth prospects, alongside a broader shift in the tech sector's outlook. This wait-and-see approach among investors suggested apprehension, which can lead to selling pressure on the stock.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRM Return | 37% | 14% | -48% | 98% | 28% | -28% | 49% |
| Peers Return | 33% | 38% | -20% | 50% | 18% | 15% | 195% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 15% | 109% |
Monthly Win Rates [3] | |||||||
| CRM Win Rate | 58% | 58% | 33% | 50% | 67% | 40% | |
| Peers Win Rate | 65% | 65% | 33% | 63% | 52% | 48% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| CRM Max Drawdown | -24% | -8% | -50% | 0% | -17% | -30% | |
| Peers Max Drawdown | -21% | -7% | -34% | -5% | -9% | -16% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSFT, ORCL, IBM, INTU, ADBE. See CRM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/13/2025 (YTD)
How Low Can It Go
| Event | CRM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -58.6% | -25.4% |
| % Gain to Breakeven | 141.6% | 34.1% |
| Time to Breakeven | 441 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -35.7% | -33.9% |
| % Gain to Breakeven | 55.6% | 51.3% |
| Time to Breakeven | 112 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.8% | -19.8% |
| % Gain to Breakeven | 32.9% | 24.7% |
| Time to Breakeven | 84 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -70.5% | -56.8% |
| % Gain to Breakeven | 238.9% | 131.3% |
| Time to Breakeven | 405 days | 1480 days |
Compare to MSFT, ORCL, IBM, INTU, ADBE
In The Past
Salesforce's stock fell -58.6% during the 2022 Inflation Shock from a high on 11/8/2021. A -58.6% loss requires a 141.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Latest Trefis Analyses
| Title | Topic | Date | |
|---|---|---|---|
| DASHBOARDS | |||
| Salesforce Earnings Notes | |||
| High Margins, Lower Price: Is CRM a Buy? | Actionable | ||
| Should You Buy Salesforce Stock? | Buy or Fear | ||
| Adobe or Salesforce: Which Stock Has More Upside? | Counter-Intuitive Comparisons | ||
| Salesforce Stock Near Crucial Support - Buy Signal? | Actionable | ||
| CRM Dominance at a Discount - Investment Opportunity? | Actionable | ||
| How Low Can Salesforce Stock Really Go? | Return | ||
| CRM Is Producing Cash, What Is Holding You Back? | Actionable | ||
| How Does CRM Stack Up Against Its Peers? | |||
| Better Bet Than CRM Stock: Pay Less Than Salesforce To Get More From POWL | |||
| ARTICLES | |||
| Buy or Sell Salesforce Stock? | November 7th, 2025 | ||
| Adobe or Salesforce: Which Stock Has More Upside? | November 7th, 2025 | ||
| Salesforce Stock Lost 5.3%, Buy Or Wait? | November 7th, 2025 | ||
| Why ORCL, CRM Could Outperform Synopsys Stock | November 4th, 2025 | ||
| Salesforce Stock Testing Price Floor – Buy Now? | October 31st, 2025 |
Trade Ideas
Select past ideas related to CRM. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | ZBRA | Zebra Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.0% | -5.0% | -5.2% |
| 10312025 | ACN | Accenture | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -1.4% | -1.4% | -3.5% |
| 10312025 | ADBE | Adobe | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -1.0% | -1.0% | -3.9% |
| 10312025 | TXN | Texas Instruments | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.0% | 1.0% | -1.3% |
| 10242025 | MRVL | Marvell Technology | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 6.2% | 6.2% | 0.0% |
| 10172025 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.2% | 1.2% | -1.6% |
| 10312022 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 21.6% | 23.5% | -21.1% |
| 04302022 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -7.3% | 12.7% | -27.1% |
| 09302019 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.9% | 66.7% | -16.3% |
| 12312016 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 26.5% | 49.3% | 0.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | ZBRA | Zebra Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.0% | -5.0% | -5.2% |
| 10312025 | ACN | Accenture | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -1.4% | -1.4% | -3.5% |
| 10312025 | ADBE | Adobe | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -1.0% | -1.0% | -3.9% |
| 10312025 | TXN | Texas Instruments | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.0% | 1.0% | -1.3% |
| 10242025 | MRVL | Marvell Technology | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 6.2% | 6.2% | 0.0% |
| 10172025 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.2% | 1.2% | -1.6% |
| 10312022 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 21.6% | 23.5% | -21.1% |
| 04302022 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -7.3% | 12.7% | -27.1% |
| 09302019 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.9% | 66.7% | -16.3% |
| 12312016 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 26.5% | 49.3% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Salesforce
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 319.23 |
| Mkt Cap | 257.3 |
| Rev LTM | 49,260 |
| Op Inc LTM | 9,973 |
| FCF LTM | 10,726 |
| FCF 3Y Avg | 9,216 |
| CFO LTM | 13,326 |
| CFO 3Y Avg | 12,356 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 10.5% |
| Rev Chg Q | 11.4% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Mgn LTM | 28.9% |
| Op Mgn 3Y Avg | 27.1% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 34.9% |
| CFO/Rev 3Y Avg | 34.2% |
| FCF/Rev LTM | 29.1% |
| FCF/Rev 3Y Avg | 28.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 257.3 |
| P/S | 7.9 |
| P/EBIT | 28.1 |
| P/E | 35.8 |
| P/CFO | 23.3 |
| Total Yield | 3.4% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.9% |
| 3M Rtn | -4.0% |
| 6M Rtn | 4.9% |
| 12M Rtn | 4.3% |
| 3Y Rtn | 90.1% |
| 1M Excs Rtn | -0.7% |
| 3M Excs Rtn | -9.1% |
| 6M Excs Rtn | -8.9% |
| 12M Excs Rtn | -7.3% |
| 3Y Excs Rtn | 23.4% |
Comparison Analyses
Segment Financials
Revenue by Segment
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Service | 8,245 | 7,369 | 6,474 | 5,377 | 4,466 |
| Sales | 7,580 | 6,831 | 5,989 | 5,191 | 4,598 |
| Platform and Other | 6,611 | 5,967 | 4,509 | 3,324 | 4,473 |
| Integration and Analytics | 5,189 | 4,338 | 3,783 | 2,951 | |
| Marketing and Commerce | 4,912 | 4,516 | 3,902 | 3,133 | 2,506 |
| Professional services and other | 2,320 | 2,331 | 1,835 | 1,276 | 1,055 |
| Total | 34,857 | 31,352 | 26,492 | 21,252 | 17,098 |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/3/2025 | -4.9% | -5.2% | -6.7% |
| 5/28/2025 | -3.3% | -4.7% | -0.8% |
| 2/26/2025 | -4.0% | -5.0% | -9.6% |
| 12/3/2024 | 11.0% | 5.2% | 0.6% |
| 8/28/2024 | -0.7% | -4.9% | 7.0% |
| 5/29/2024 | -19.7% | -12.9% | -5.3% |
| 2/28/2024 | 3.0% | 1.3% | 0.6% |
| 11/29/2023 | 9.4% | 8.2% | 14.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 12 |
| # Negative | 14 | 15 | 12 |
| Median Positive | 7.4% | 5.2% | 5.0% |
| Median Negative | -4.4% | -6.3% | -8.7% |
| Max Positive | 26.0% | 30.2% | 17.5% |
| Max Negative | -19.7% | -18.6% | -18.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 7312025 | 9042025 | 10-Q 7/31/2025 |
| 4302025 | 5292025 | 10-Q 4/30/2025 |
| 1312025 | 3052025 | 10-K 1/31/2025 |
| 10312024 | 12042024 | 10-Q 10/31/2024 |
| 7312024 | 8292024 | 10-Q 7/31/2024 |
| 4302024 | 5302024 | 10-Q 4/30/2024 |
| 1312024 | 3062024 | 10-K 1/31/2024 |
| 10312023 | 11302023 | 10-Q 10/31/2023 |
| 7312023 | 8312023 | 10-Q 7/31/2023 |
| 4302023 | 6012023 | 10-Q 4/30/2023 |
| 1312023 | 3082023 | 10-K 1/31/2023 |
| 10312022 | 12012022 | 10-Q 10/31/2022 |
| 7312022 | 8252022 | 10-Q 7/31/2022 |
| 4302022 | 6012022 | 10-Q 4/30/2022 |
| 1312022 | 3112022 | 10-K 1/31/2022 |
| 10312021 | 12022021 | 10-Q 10/31/2021 |
External Quote Links
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| CNBC | Etrade |
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| YCharts | Perplexity Finance |
| FinViz |