What is Salesforce, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Salesforce, Inc.'s reported free cash flow gives $447.10 per share. The share price was $234.02 on September 25, 2026, 48% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 9.5% | 10.0% | $263.88 | +13% |
| Base | 14.5% | 9.0% | $447.10 | +91% |
| Bull | 19.5% | 8.0% | $811.98 | +247% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $588.76 | $632.85 | $686.74 | $754.09 | $840.70 |
| 8.0% | $482.41 | $511.00 | $544.79 | $585.34 | $634.89 |
| 9.0% | $404.99 | $424.54 | $447.10 | $473.41 | $504.51 |
| 10.0% | $346.27 | $360.17 | $375.93 | $393.93 | $414.71 |
| 11.0% | $300.30 | $310.49 | $321.89 | $334.70 | $349.22 |
Where the presets come from
Base: years 1 to 5 grow at Salesforce, Inc.'s revenue growth rate over the last 5 fiscal years (14.3% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions