CRM
Salesforce
Recurring SaaS
★ Quality 58/100Price today
$259.23
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See what it is worthcharlieapp.co
What this business is made of
The business
The customer database no company dares to walk away from.
Salesforce rents software to manage customers (CRM) by subscription: companies pay per user per year. It bills $41.5B with a 78% gross margin and turns $14.4B into free cash. It collects rain or shine, month after month.
The cost of switching is its real wall: sales data, processes, and the workflows of thousands of employees live inside. Pulling them out is expensive, risky surgery, so almost no one does it. It's not a monopoly, but it's hard to divorce.
Revenue history
From $26.5B to $41.5B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $41.5B · FY2026
Of every $100 in sales, $82 goes to costs and operations; $18 is left as net profit (18% margin).
Catalysts and risks
Agentforce (its AI assistants) already adds up to $800M in recurring revenue, +169%, with 29,000 contracts closed.
Target of $63B in revenue for fiscal year 2030.
$14.4B in annual free cash allow buying back shares and reducing dilution.
AI could redesign the CRM from scratch and make the product less sticky.
The Informatica integration adds complexity and execution risk.
Structural stock-based pay (SBC) that dilutes shareholders year after year.
Charlie's note
“The market pays about 11x free cash for a business growing double digits with a 78% margin — that doesn't usually stay still for long. The honest catch: no deep moat and AI lurking, so the price is reasonable, not marked down for no reason.”
Analysis · July 2026
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