Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Salesforce (CRM)

Price updated 06 Nov 2026 14:41; TTM through 31 Jul 2026; TTM financials updated 06 Nov 2026 12:56.

Starts from TTM through 31 Jul 2026 financials in USD and a share price of USD 217.06. Growth begins at 9.9% a year (the valuation's blended assumption) and fades to 3.3% by year 10. Margins held at EBITDA 38.2%, net 22.0%, free cash flow 34.5% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

Margins drift toward their 5-year average over 5 years (EBITDA, net), because today's margin is far above the company's own average.
Year 1 uses analyst consensus revenue growth (9.7%); year 2 is halfway back to the model's own path.
USD 266.82Model fair value (Free-cash-flow DCF); range USD 194.42 to USD 387.48
23%Fair value vs today's price
LowModel confidence
25%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF disagrees strongly; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value.

4.7%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
USD 83.05BRevenue in year 10 (base)
USD 13.47BNet income in year 10 (base)
USD 28.64BFree cash flow in year 10 (base)
USD 2.57Dividend per share in year 10 (base)
USD 320.04Implied share price in year 10 (base), today USD 217.06
16.1%Year-10 free cash flow per share vs today's price

Free cash flow over time

USD 0 USD 9.88B USD 19.76B USD 29.64B USD 39.51B FY2022 FY2024 FY2026 TTM through 31 Jul 2026 +1 +3 +5 +7 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Free cash flow in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear 3.7% USD 20.50B 3.1%
Base 9.7% USD 28.64B 6.6%
Bull 15.7% USD 39.51B 10.1%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 31 Jul 2026– USD 43.94BUSD 16.77BUSD 9.66BUSD 15.15B 11.7718.461.8546.75217.06
Year 19.7% USD 48.20BUSD 17.26BUSD 10.04BUSD 16.62B 12.2320.251.9257.06228.19
Year 29.4% USD 52.75BUSD 17.64BUSD 10.38BUSD 18.19B 12.6522.161.9867.72238.59
Year 38.5% USD 57.21BUSD 17.78BUSD 10.60BUSD 19.73B 12.9124.032.0278.61246.33
Year 47.7% USD 61.62BUSD 17.70BUSD 10.71BUSD 21.25B 13.0425.882.0489.61251.57
Year 57.0% USD 65.91BUSD 17.38BUSD 10.69BUSD 22.73B 13.0227.692.04100.59253.99
Year 66.2% USD 70.01BUSD 18.46BUSD 11.36BUSD 24.15B 13.8429.412.17112.25269.80
Year 75.5% USD 73.85BUSD 19.48BUSD 11.98BUSD 25.47B 14.5931.022.29124.56284.59
Year 84.7% USD 77.35BUSD 20.40BUSD 12.55BUSD 26.68B 15.2832.492.40137.45298.06
Year 94.0% USD 80.43BUSD 21.21BUSD 13.05BUSD 27.74B 15.8933.792.49150.85309.97
Year 103.3% USD 83.05BUSD 21.90BUSD 13.47BUSD 28.64B 16.4134.892.57164.69320.04

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.