CRM Salesforce
too hard · 67
Owner-earnings value$274.89
Price$242.43
Margin of safety
+13.4%
Quality gate · 67/100
⚠ sub-hurdle returns (median roic 8% < 9%)
Median ROIC7.7%
Gross margin77.3%
Net debt / EBITDA0.6x
FCF conversion237%
Share count / yr-1.8%
Profitable years4/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 12.99B |
| Owner-earnings yield | 6.5% |
| Free-cash-flow yield | 7.6% |
| Growth used (normalized) | 9.8% |
| Market-implied growth (reverse DCF) | 6.7% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 10.8% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 14.26B | 9.8% | 12.88B |
| 2 | 15.56B | 9.1% | 12.68B |
| 3 | 16.85B | 8.3% | 12.40B |
| 4 | 18.12B | 7.5% | 12.04B |
| 5 | 19.35B | 6.8% | 11.60B |
| 6 | 20.52B | 6.0% | 11.11B |
| 7 | 21.60B | 5.3% | 10.56B |
| 8 | 22.57B | 4.5% | 9.96B |
| 9 | 23.42B | 3.8% | 9.33B |
| 10 | 24.12B | 3.0% | 8.68B |
⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~7%/yr owner-earnings growth over 10y (reverse DCF); model credits 10%.