Question 1

What is Salesforce's P/FCF ratio?

Accepted Answer

Salesforce (CRM) P/FCF ratio is 9.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Salesforce?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Salesforce specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is Salesforce's P/FCF ratio high or low?

Accepted Answer

Salesforce's P/FCF ratio of 9.7× is below its own 5-year average of 27.1× and below the sector median of 21.8×. That places the current reading at the 1th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Salesforce's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Salesforce (CRM) P/FCF ratio has ranged from a low of 8.9× in 2026 to a high of 316.7× in 2011. The 5-year average is 27.1× and the 5-year median is 26.3×.

Question 7

What was Salesforce's P/FCF ratio in 2026?

Accepted Answer

Salesforce (CRM) P/FCF ratio at the end of 2026 was 13.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Salesforce's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2026	$198B	$14.4B	13.8×	-12.6×	Jan 31, 2026
2025	$328B	$12.4B	26.4×	-2.4×	Jan 31, 2025
2024	$273B	$9.5B	28.7×	+2.5×	Jan 31, 2024
2023	$165B	$6.31B	26.2×	-17.2×	Jan 31, 2023
2022	$229B	$5.28B	43.4×	-7.8×	Jan 31, 2022
2021	$209B	$4.09B	51.2×	+7.2×	Jan 31, 2021
2020	$162B	$3.69B	43.9×	+2.4×	Jan 31, 2020
2019	$116B	$2.8B	41.5×	+4.1×	Jan 31, 2019
2018	$82.5B	$2.2B	37.4×	+4.8×	Jan 31, 2018
2017	$55.4B	$1.7B	32.7×	-16.1×	Jan 31, 2017
2016	$44B	$903M	48.8×	+1.2×	Jan 31, 2016
2015	$36B	$757M	47.5×	-14.4×	Jan 31, 2015
2014	$35.7B	$576M	61.9×	+17.1×	Jan 31, 2014
2013	$25B	$557M	44.8×	+7.2×	Jan 31, 2013
2012	$15.8B	$420M	37.6×	-133.5×	Jan 31, 2012
2011	$16.8B	$98.3M	171.1×	+133.7×	Jan 31, 2011
2010	$8.11B	$217M	37.4×	+18.3×	Jan 31, 2010
2009	$3.22B	$168M	19.1×	-18.6×	Jan 31, 2009
2008	$6.07B	$161M	37.7×	-17.6×	Jan 31, 2008
2007	$4.93B	$89.1M	55.3×	-5.5×	Jan 31, 2007
2006	$4.4B	$72.5M	60.8×	+40.7×	Jan 31, 2006
2005	$1.03B	$51.6M	20.0×	—	Jan 31, 2005
2004	$509M	—	—	—	Jan 31, 2004


First Solar (FSLR)	12.7×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for Salesforce (CRM) 2005-2026

P/FCF Ratio daily chart for Salesforce (CRM)

Historical P/FCF Ratio for Salesforce (CRM) from 2004 to 2026

About P/FCF Ratio at Salesforce (CRM)

Salesforce P/FCF Ratio by Year

Salesforce P/FCF Ratio 2026: 13.8×

Salesforce P/FCF Ratio 2025: 26.4×

Salesforce P/FCF Ratio 2024: 28.7×

Salesforce P/FCF Ratio 2023: 26.2×

Salesforce P/FCF Ratio 2022: 43.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Salesforce (CRM) Key Financials