Salesforce, Inc.
CRM · scored from FY2026 filings · Narrow moat
On the watchlist
The four filters
Pricing power100
Median gross margin 74.2% over 10y, very stable.
Returns on capital7
Median ROIC 2.9%, above the 9% hurdle in 20% of years.
Balance-sheet safety90
Net debt/EBITDA 0.7x, interest coverage 26x.
Capital discipline60
Owner earnings +36.5%/yr, share count growing (dilution).
Margin of safety
Above valueOn sale
- Owner earnings (normalized)
- $4.5B
- Est. intrinsic value / share
- $87.19
- Recent price
- —
- Discount to value
- No price data
Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
Moat Score history
Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.