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Salesforce, Inc.

CRM · Technology · $219.2B mkt cap · FY2026 filings · · Narrow moat ·

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Narrow moat
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The five investor questions

95

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $26.5B to $41.5B, increasing; diluted EPS 1.48 to 7.80, increasing.

100

Median gross margin 74.2% over 10y, very stable.

0

Median ROIC 2.9%, above the 12% hurdle in 0% of years.

90

Net debt/EBITDA 0.7x, interest coverage 26x.

60

Owner earnings changed +36.5%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
338% above value if growth stopped today
$4.5B
$53.82
$87.19
$235.95
338% above value if growth stopped today

What today’s price assumes: owner earnings growing ~34%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 240% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 15, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

20 years of fundamentals

The business, in plain English

Salesforce, Inc. booked $41.5B of revenue in FY2026 in the Technology sector and kept 77.7% of it as gross profit — a high-margin business by that measure. After every other cost, 18.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $749M (FY2008) to $41.5B (FY2026) — about 25.0% a year compounded over 18 years.

It earned 9.8% on invested capital in the latest filed year, FY2026. Across the full 19-year measurable filed record, median ROIC was 2.5%. Over the v3 recent window (10 measurable filed years), median ROIC was 2.9%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $14.4B of total debt in FY2026 against $8.1B of owner earnings — roughly 1.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 90/100.

Put together: Pricing Power is the strongest of the five filters (100/100) and Returns on Capital the weakest (0/100), which is how CRM lands at 69/100 — a Narrow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2007–FY2026 · 20 fiscal years, normalized from CRM’s SEC filings

Sales, as filed$41.5B FY2026
$0$20B$40B2007201420212026
Revenue kept after cost of goods77.7% FY2026
0%50%2007201420212026
Standard ROIC or separately labeled Operating ROICStandard ROIC 10.3% FY2026

Exact FY and FY-1 financing invested-capital inputs are required.

−10%0%10%2007201420212026
Cash an owner could take out$8.1B FY2026
$0$5B2007201420212026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Salesforce, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$41.5B · 100%Cost of revenue$9.3B · 22%Gross profit$32.3B · 78%Operating income$8.3B · 20%Income before tax$9.5B · 23%Income tax$2.1B · 5%Net income$7.5B · 18%As of 2026-01-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$41.5B100%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Cost of revenue$9.3B22%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
$32.3B78%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
$8.3B20%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Income before tax$9.5B23%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Income tax$2.1B5%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
$7.5B18%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
· event Jan 31, 2026 · retrieved Oct 15, 2026 · annual-row source set
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Flagship explainer

What Salesforce, Inc. owns — and owes

Salesforce, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$112.3B100%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Cash and equivalents$7.3B7%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
$14.4B13%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Stockholders’ equity$59.1B53%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
· event Jan 31, 2026 · retrieved Oct 15, 2026 · annual-row source set

Flagship explainer

What drives Salesforce, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity12%Tax burden78%net income ÷ pretax incomeInterest burden114%pretax ÷ operating incomeOperating margin20%operating income ÷ revenueAsset turnover0.39×revenue ÷ average assetsEquity multiplier1.79×average assets ÷ average equityAs of 2026-01-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$7.5BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Income before tax$9.5BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Operating income$8.3BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
$41.5BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Ending assets$112.3BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Beginning assets$102.9BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
$59.1BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
$61.2BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Source: · event Jan 31, 2026 · retrieved Oct 15, 2026 · annual-row source set
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Flagship explainer

Where Salesforce, Inc.'s cash went

Salesforce, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$15.0B100%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Depreciation and amortization$1.2B8%
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001108524-26-000060 · filed Mar 2, 2026
· event Jan 31, 2026 · retrieved Oct 15, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Salesforce, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

4 holding1 exited13 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Akre Capital717,799 shares$112M · 2% of eligible reported 13FUnchanged · 0 shares (0%)
First Eagle14,612,068 shares$2.3B · 2% of eligible reported 13FAdded to position · +8,479,504 shares (138%)
Mairs & Power2,656 shares$416089 · 0% of eligible reported 13FTrimmed · -47,340 shares (−95%)
Oakmark / Harris Associates16,151,269 shares$2.5B · 3% of eligible reported 13FAdded to position · +1,233,276 shares (8%)
Polen CapitalExited · no position reportedPrior: 1,215 sharesExited · -1,215 shares (−100%)
Abrams CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 15, 2026

Flagship explainer

What Salesforce, Inc. insiders reported

Records still being gathered — partial as of retrieval Oct 15, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

31 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale68.9 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Oct 15, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
  4. Methodology upgraded moat-index@1.1.0moat-index@1.2.0 — readings across versions aren’t comparedJul 17, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 15, 2026.

480 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (49 versus 2). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Harris ParkerDirector, Co-FounderExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events2,541—Exercise or conversion of derivative security (M)—See lot detailSep 22, 2026
2 filed lots
  • Table I · Common Stock: 1,269 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 164,557 · Paired event: 1,269 Restricted Stock Units → 1,269 Common Stock ·
  • Table I · Common Stock: 1,272 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 165,199 · Paired event: 1,272 Restricted Stock Units → 1,272 Common Stock ·
Harris ParkerDirector, Co-FounderPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock1,261$233.28$294,166See lot detailSep 22, 2026
2 filed lots
  • Table I · Common Stock: 630 shares at $233.28 · code F · owned after 163,927 ·
  • Table I · Common Stock: 631 shares at $233.28 · code F · owned after 164,568 ·
Harris ParkerDirector, Co-FounderExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events2,541—Exercise or conversion of derivative security (M)—See lot detailSep 22, 2026
2 filed lots
  • Table II · Restricted Stock Units: 1,269 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,616 · Paired event: 1,269 Restricted Stock Units → 1,269 Common Stock ·
  • Table II · Restricted Stock Units: 1,272 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,715 · Paired event: 1,272 Restricted Stock Units → 1,272 Common Stock ·
Washington Robin LDirector, President and COFOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,831—Exercise or conversion of derivative security (M)—50,658Sep 22, 2026
1 filed lot
  • Table I · Common Stock: 1,831 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 50,658 · Paired event: 1,831 Restricted Stock Units → 1,831 Common Stock ·
Washington Robin LDirector, President and COFOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock908$233.28$211,81849,750Sep 22, 2026
1 filed lot
  • Table I · Common Stock: 908 shares at $233.28 · code F · owned after 49,750 ·
Washington Robin LDirector, President and COFOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event1,831—Exercise or conversion of derivative security (M)—18,310Sep 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 1,831 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 18,310 · Paired event: 1,831 Restricted Stock Units → 1,831 Common Stock ·
Niles SabastianPresident and CLOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events2,032—Exercise or conversion of derivative security (M)—See lot detailSep 22, 2026
2 filed lots
  • Table I · Common Stock: 1,015 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 19,179 · Paired event: 1,015 Restricted Stock Units → 1,015 Common Stock ·
  • Table I · Common Stock: 1,017 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 19,634 · Paired event: 1,017 Restricted Stock Units → 1,017 Common Stock ·
Niles SabastianPresident and CLOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock1,125$233.28$262,440See lot detailSep 22, 2026
2 filed lots
  • Table I · Common Stock: 562 shares at $233.28 · code F · owned after 18,617 ·
  • Table I · Common Stock: 563 shares at $233.28 · code F · owned after 19,071 ·
Niles SabastianPresident and CLOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events2,032—Exercise or conversion of derivative security (M)—See lot detailSep 22, 2026
2 filed lots
  • Table II · Restricted Stock Units: 1,015 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 6,093 · Paired event: 1,015 Restricted Stock Units → 1,015 Common Stock ·
  • Table II · Restricted Stock Units: 1,017 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,173 · Paired event: 1,017 Restricted Stock Units → 1,017 Common Stock ·
Milano MiguelPresident and COOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events2,541—Exercise or conversion of derivative security (M)—See lot detailSep 22, 2026
2 filed lots
  • Table I · Common Stock: 1,015 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 33,234 · Paired event: 1,015 Restricted Stock Units → 1,015 Common Stock ·
  • Table I · Common Stock: 1,526 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 34,360 · Paired event: 1,526 Restricted Stock Units → 1,526 Common Stock ·
Milano MiguelPresident and COOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock1,001$233.28$233,513See lot detailSep 22, 2026
2 filed lots
  • Table I · Common Stock: 400 shares at $233.28 · code F · owned after 32,834 ·
  • Table I · Common Stock: 601 shares at $233.28 · code F · owned after 33,759 ·
Milano MiguelPresident and COOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events2,541—Exercise or conversion of derivative security (M)—See lot detailSep 22, 2026
2 filed lots
  • Table II · Restricted Stock Units: 1,015 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 6,093 · Paired event: 1,015 Restricted Stock Units → 1,015 Common Stock ·
  • Table II · Restricted Stock Units: 1,526 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 15,259 · Paired event: 1,526 Restricted Stock Units → 1,526 Common Stock ·
Kirk David BlairDirectorOpen-market or private purchase (P)Table I · Acquired · Common Stock4,176$239.3321$999,45118,748Sep 18, 2026
1 filed lot
  • Table I · Common Stock: 4,176 shares at $239.3321 · code P · owned after 18,748 ·
Niles SabastianPresident and CLOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock8,873$255.65$2,268,38218,164Sep 15, 2026
1 filed lot
  • Table I · Common Stock: 8,873 shares at $255.65 · code F · owned after 18,164 ·
Milano MiguelPresident and COOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock6,535$255.65$1,670,67332,219Sep 15, 2026
1 filed lot
  • Table I · Common Stock: 6,535 shares at $255.65 · code F · owned after 32,219 ·
Conway CraigDirectorOpen-market or private sale (S)Table I · Disposed · Common Stock4,500$260.6102$1,172,746See lot detailSep 4, 2026
2 filed lots
  • Table I · Common Stock: 1,418 shares at $260.4958 · code S · owned after 8,519 ·
  • Table I · Common Stock: 3,082 shares at $260.6629 · code S · owned after 5,437 ·
Harris ParkerDirector, Co-Founder and CTO, SlackGift (G)Table I · Disposed · Common Stock16,000—Gift (G)—914,987Aug 28, 2026
1 filed lot
  • Table I · Common Stock: 16,000 shares at — (Gift (G)) · code G · owned after 914,987 ·
Milano MiguelPresident and COOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,662—Exercise or conversion of derivative security (M)—39,432Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 1,662 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 39,432 · Paired event: 1,662 Restricted Stock Units → 1,662 Common Stock ·
Milano MiguelPresident and COOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock678$209.17$141,81738,754Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 678 shares at $209.17 · code F · owned after 38,754 ·
Milano MiguelPresident and COOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event1,662—Exercise or conversion of derivative security (M)—6,651Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 1,662 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 6,651 · Paired event: 1,662 Restricted Stock Units → 1,662 Common Stock ·
Milano MiguelPresident and COOGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units14,121—Grant, award, or other acquisition (A)—14,121Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 14,121 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 14,121 ·
Niles SabastianPresident and CLOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,662—Exercise or conversion of derivative security (M)—27,957Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 1,662 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 27,957 · Paired event: 1,662 Restricted Stock Units → 1,662 Common Stock ·
Niles SabastianPresident and CLOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock920$209.17$192,43627,037Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 920 shares at $209.17 · code F · owned after 27,037 ·
Niles SabastianPresident and CLOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event1,662—Exercise or conversion of derivative security (M)—6,651Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 1,662 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 6,651 · Paired event: 1,662 Restricted Stock Units → 1,662 Common Stock ·
SACHIN J. MEHRADirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event441—Exercise or conversion of derivative security (M)—5,406Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 5,406 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
SACHIN J. MEHRADirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event441—Exercise or conversion of derivative security (M)—441Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 441 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
MUNOZ OSCARDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event441—Exercise or conversion of derivative security (M)—13,990Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 13,990 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
MUNOZ OSCARDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event441—Exercise or conversion of derivative security (M)—441Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 441 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
KROES NEELIEDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event441—Exercise or conversion of derivative security (M)—8,557Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,557 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
KROES NEELIEDirectorPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock67$209.17$14,0148,490Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 67 shares at $209.17 · code F · owned after 8,490 ·
KROES NEELIEDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event441—Exercise or conversion of derivative security (M)—441Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 441 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
ALBER LAURADirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event441—Exercise or conversion of derivative security (M)—10,413Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,413 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
ALBER LAURADirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event441—Exercise or conversion of derivative security (M)—441Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 441 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
Roos John VictorDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event441—Exercise or conversion of derivative security (M)—17,289Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 17,289 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
Roos John VictorDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event441—Exercise or conversion of derivative security (M)—441Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 441 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
Kirk David BlairDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event441—Exercise or conversion of derivative security (M)—14,572Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 14,572 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
Kirk David BlairDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event441—Exercise or conversion of derivative security (M)—441Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 441 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
Conway CraigDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event441—Exercise or conversion of derivative security (M)—9,937Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 9,937 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
Conway CraigDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event441—Exercise or conversion of derivative security (M)—441Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 441 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
DONALD ARNOLD WDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event441—Exercise or conversion of derivative security (M)—5,856Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 5,856 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
DONALD ARNOLD WDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event441—Exercise or conversion of derivative security (M)—441Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 441 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
Chang AmyDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event441—Exercise or conversion of derivative security (M)—2,173Aug 22, 2026
1 filed lot
  • Table I · Common Stock: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,173 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·
Chang AmyDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event441—Exercise or conversion of derivative security (M)—441Aug 22, 2026
1 filed lot
  • Table II · Restricted Stock Units: 441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 441 · Paired event: 441 Restricted Stock Units → 441 Common Stock ·

Source-event as of . Retrieved .

Track record

How Salesforce, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored CRM on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score1002005001,000Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, CRM did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#121 of 751 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #119HSTM HEALTHSTREAM INC69.3Narrow moat
  2. #120ZM Zoom Communications, Inc.69.2Narrow moat
  3. #122PLAB PHOTRONICS, INC.68.5Narrow moat
  4. #123ALAB Astera Labs, Inc.68.5Narrow moat

Compare CRM with its nearest peers →All Technology companies on the Index →

Common questions about CRM

Does Salesforce, Inc. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores Salesforce, Inc. (CRM) 68.9 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 95, pricing power 100, returns on capital 0, balance-sheet safety 90, capital allocation 60.
Is CRM trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $53.82 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $235.95, that is 338% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has CRM's Moat Score changed over time?
The record logs 31 readings since Jul 17, 2026; the latest reads 68.9 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 17, 2026, Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CRM. See the disclaimer.