Discounted Cash Flow

Salesforce, Inc.

CRM · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $6.7b $-47.4m $1.3b -0.7% $-0.07
2017 $8.4b (25.9%) $179.6m (478.8%) $1.7b (27.9%) 2.1% (400.9%) $0.26 (471.4%)
2018 $10.5b (24.9%) $127.5m (-29.0%) $127.5m (-92.5%) 1.2% (-43.2%) $0.18 (-30.8%)
2019 $13.3b (26.7%) $1.1b (770.7%) $2.8b (2098.8%) 8.4% (587.0%) $1.48 (722.2%)
2020 $17.1b (28.7%) $126.0m (-88.6%) $3.7b (31.6%) 0.7% (-91.2%) $0.15 (-89.9%)
2021 $21.3b (24.3%) $4.1b (3131.7%) $4.1b (10.9%) 19.2% (2500.1%) $4.48 (2886.7%)
2022 $26.5b (24.7%) $1.4b (-64.5%) $5.3b (29.1%) 5.5% (-71.6%) $1.51 (-66.3%)
2023 $31.4b (18.3%) $208.0m (-85.6%) $6.3b (19.5%) 0.7% (-87.8%) $0.21 (-86.1%)
2024 $34.9b (11.2%) $4.1b (1888.5%) $9.5b (50.5%) 11.9% (1688.5%) $4.25 (1923.8%)
2025 $37.9b (8.7%) $6.2b (49.8%) $12.4b (30.9%) 16.4% (37.8%) $6.44 (51.5%)
2026 $41.5b (9.6%) $7.5b (20.3%) $14.4b (15.8%) 18.0% (9.8%) $7.85 (21.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model