Salesforce, Inc.
CRM 7Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
Salesforce makes the software a company uses to manage its customers — tracking sales deals, handling support cases, and running marketing. Sales and support teams live in it daily. It now builds AI "agents" into these tools.Salesforce生产企业用来管理客户的软件——追踪销售交易、处理支持案件、开展市场营销。销售和支持团队每天都泡在里面。它现在还把AI"智能体"内置进这些工具里。
Earns from营收来源 cloud subscriptions. In FY2026, 95% of the $41.5 billion revenue was subscription and support.云订阅费。2026财年，415亿美元收入中有95%是订阅和支持费。
Read the full description查看完整介绍
Salesforce, Inc. provides customer relationship management technology services that connect companies and customers together in the United States, Europe, and the Asia Pacific. The company offers Agentforce, which enables customers to build, deploy, and manage enterprise-grade, autonomous AI agents at scale, enabling humans and agents to work together; Agentforce Sales, an integrated platform that brings together the power of humans with AI agents to help sales teams for selling, managing, and automating entire sales processes; Agentforce Service, which enables companies in every industry to bring all of their customer, employee, IT, and field service needs onto one integrated AI-powered platform; Data 360, a data engine that gives AI agents their context and serves as the foundation for how customers unify service offerings, making their data actionable for both humans and agents; Informatica, an AI-powered data management platform that enables customers to discover, integrate, govern, and deliver trusted data at scale across hybrid and multi-cloud environments; and Slack, a conversational interface for the agentic enterprise where people and agents work together, connecting knowledge, actions, and data in real time. It also provides marketing platforms; commerce services, which empower shopping experiences across various customer touchpoints; integration and analytics solutions; Salesforce Starter, a suite for small and medium-sized businesses that brings sales, service, marketing, and commerce together; and a field service solution that enables companies to connect service agents, dispatchers, and mobile employees through one centralized platform to schedule and dispatch work, as well as track and manage jobs. It serves financial services, healthcare and life sciences, manufacturing, automotive, and government sectors. Salesforce, Inc. was incorporated in 1999 and is headquartered in San Francisco, California.
Revenue breakdown营收构成 share of revenue营收占比
This software directs customer-support cases to the right agent and tracks field-service work orders. Support teams use it every day to resolve issues and dispatch technicians. It is the largest of Salesforce's five service lines, so its growth rate sets the pace for total company revenue.此软件将客户支持问题分派给合适的客服人员，并管理现场服务工单。支持团队每天使用它来解决问题并调度技术人员。这是Salesforce五个业务线中最大的一个，因此其增长速度决定了公司整体营收的节奏。
This software runs the selling process for a company's sales team, tracking prospects, deals, and revenue forecasts. Salesforce built its name on this product, and it still acts as the anchor that pulls customers into the wider platform.此软件为企业的销售团队运行销售流程，跟踪潜在客户、交易和营收预测。Salesforce正是凭借这款产品起家，它至今仍是吸引客户进入整个平台的核心产品。
This category bundles two different products: Slack, workplace chat software, and the Salesforce Platform, which lets a company build custom apps and run AI agents on its own Salesforce data. Salesforce also folded its newly acquired Informatica business into this line, adding about $388 million in fiscal 2026.此类别包含两款不同的产品：Slack是办公聊天软件，Salesforce Platform则让企业能够基于自有Salesforce数据构建自定义应用并运行AI代理。Salesforce还将新收购的Informatica业务并入此业务线，在2026财年为其增加了约3.88亿美元营收。
MuleSoft links a company's separate software systems together, Tableau turns data into charts, and Data Cloud pulls customer data scattered across many systems into one place. Together these tools let a company connect and make sense of data spread across departments.MuleSoft将企业各个独立的软件系统连接起来，Tableau将数据转化为图表，Data Cloud则把分散在多个系统中的客户数据整合到一处。这些工具共同帮助企业连接并理解分布在各部门的数据。
This software runs marketing campaigns and online stores. Marketing teams use it to reach customers by email and other channels, while retailers use it to run e-commerce sites. It is the smallest of the five segments by revenue.此软件用于运营营销活动和在线商店。营销团队用它通过电子邮件等渠道触达客户，零售商则用它运营电商网站。这是五个业务分部中营收规模最小的一个。
Company facts公司资料
- Founded成立时间
- 1999
- Headquarters总部
- San Francisco, California
- Employees员工人数
- 83,334
- Industry行业
- Software - Application
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Analyzed 8/27 — ACCUMULATE, first score. FQ2 (8/26) blowout: revenue $11.345B +10.8%, adj EPS $5.90 (80% beat), cRPO +14% cc (best net-new ACV in 4 years), Agentforce ARR >$1.5B (+240%), FY guide raised to $46.25B — cheap on the raised guide (~15x fwd).
Watch
- But the same year's $25B debt-funded ASR erased tangible book (−$31.7B) and forced management to HALVE its own FY27 FCF-growth guide (9-10%→4-5%) — net debt $7.1B→$30.3B in one quarter. Moat compounding but contested (MSFT Copilot distribution, NOW growing ~2x faster). FV $230-320. Entry $210-235 (strong <$210). Trim 22x fwd (~$367)
8/27 分析——增持，首次评分 [7.0]。 FQ2（8/26）大超预期：营收 $11.345B +10.8%、调整后 EPS $5.90（超 80%）、cRPO +14% cc（四年最强净新增 ACV）、Agentforce ARR >$1.5B（+240%），全年指引上调至 $46.25B——按上调后指引很便宜（约 15x fwd）。 ⚠️ 但同年 $25B 债务融资的加速回购抹去有形账面值（−$31.7B），并迫使管理层将 FY27 FCF 增速指引腰斩（9-10%→4-5%），一个季度内净负债 $7.1B→$30.3B。 护城河在复利但受争（微软 Copilot 分发、NOW 增速约 2 倍）。 FV $230-320。 入场 $210-235（强力 <$210），减持 22x fwd。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 19%
- Revenue growth营收增长
- +11%
- Dividend yield股息率
- 0.75%
Competitors竞争对手
Why customers stay客户为什么留下
Salesforce becomes the master record of a company's customer data with the business logic running on top. To replace it is to rebuild those processes, so the revenue recurs. This is data-and-workflow lock-in, not just brand.Salesforce成为一家公司客户数据的主记录，业务逻辑就跑在它上面。要替换它就意味着重建那些流程，所以收入持续重复。这是数据和工作流程的锁定，不只是品牌。
Recent news近期新闻 last 7 days近7天
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