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Held by 2,393 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 11% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.59B dividends + $12.60B buybacks = $14.18B returned on $14.40B FCF.
2 consecutive years of dividend increases · 7%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 10%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-09
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 13% against ROIC 10% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 26.0 | 24.8 | 25.6 | 26.5 | 26.7 | 24.5 | 22.8 | 22.3 |
| Gross Profit | 74.0 | 75.2 | 74.4 | 73.5 | 73.3 | 75.5 | 77.2 | 77.7 |
| R&D | 14.2 | 16.2 | 16.9 | 16.9 | 16.1 | 14.1 | 14.5 | 14.4 |
| SG&A | 10.1 | 10.0 | 9.8 | 9.8 | 8.1 | 7.3 | 7.5 | 7.2 |
| Operating Income | 4.0 | 1.7 | 2.1 | 2.1 | 3.3 | 14.4 | 19.0 | 20.1 |
| Income Tax | -1.0 | 3.4 | -7.1 | 0.3 | 1.4 | 2.3 | 3.3 | 5.0 |
| Net Income | 8.4 | 0.7 | 19.2 | 5.5 | 0.7 | 11.9 | 16.4 | 18.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CRM: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $7.33B (at 2026-01-31) covers the $0 due within a year 7327000000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-07-31 (10-Q). The cash figure is from 2026-01-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.2% on $14.44B of debt.
Cash of $7.33B fully covers short-term debt of $4.00B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 25 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSFT | $3.97T | 29.8× | 21.1× | 12.0× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.1× | 6,047 |
| PLTR | $502.4B | 331.8× | — | — | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | -1.0× | 2,794 |
| ORCL | $428.7B | 24.3× | 14.3× | 6.4× | 17.3% | — | 25.4% | 40.2% | 34.4% | -0.8× | 3,403 |
| CRWD | $281.6B | — | — | 58.5× | 21.7% | 74.7% | -3.4% | -3.7% | -3.1% | — | 2,385 |
| SHOP | $219.8B | 181.8× | 145.6× | 19.0× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | -1.0× | 1,643 |
| CRM | $188.6B | 29.4× | 20.5× | 4.5× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 0.8× | 2,393 |
| NOW | $145.6B | 84.3× | 56.0× | 11.0× | 20.9% | 77.5% | 13.2% | 13.5% | 12.1% | -0.9× | 2,160 |
| SNOW | $130.1B | — | — | 27.8× | 29.2% | 67.2% | -28.4% | -69.2% | -69.2% | — | 1,428 |
| NET | $128.5B | — | — | 59.3× | 29.8% | 74.5% | -4.7% | -7.0% | -7.0% | — | 1,182 |
| DDOG | $105.3B | — | — | 30.7× | 27.7% | 80.0% | 3.1% | 2.9% | 2.9% | — | 1,222 |
| SNPS | $97.7B | 63.4× | 68.8× | 13.8× | 15.1% | 77.0% | 18.9% | 4.7% | 3.2% | 6.7× | 1,391 |
| CDNS | $97.2B | 86.9× | 54.8× | 18.4× | 14.1% | — | 20.9% | 20.3% | 20.3% | -1.8× | 1,445 |
| ADBE | $94.3B | 14.5× | 10.0× | 4.0× | 10.5% | 89.3% | 30.0% | 61.3% | 40.0% | 0.1× | 1,914 |
| INTU | $80.9B | 18.4× | 13.8× | 3.8× | 13.9% | — | 21.3% | 24.0% | 17.1% | 0.5× | 1,694 |
| NTES | $79.6B | 82.8× | 13.4× | 4.9× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 446 |
| EA | $52.9B | 59.7× | 36.3× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | -2.1× | 983 |
| ADSK | $49.2B | 45.0× | 30.5× | 6.8× | 17.5% | 91.0% | 15.6% | 36.9% | 20.3% | 0.1× | 1,157 |
| VEEV | $47.9B | 54.4× | — | 15.0× | 16.3% | 75.5% | 28.4% | 12.6% | 12.6% | — | 1,032 |
| XYZ | $46.4B | 36.8× | 22.7× | 1.9× | 0.3% | 42.8% | 5.4% | 5.9% | 4.4% | 0.3× | 1,057 |
| CRWV | $45.3B | — | 26.4× | 8.8× | 168% | 71.7% | -22.7% | -35.0% | -4.7% | 7.6× | 960 |
| TWLO | $44.5B | — | 126.7× | 8.8× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 0.9× | 933 |
| OKTA | $40.6B | 177.2× | — | 13.9× | 11.8% | 77.4% | 8.1% | 3.4% | 3.4% | -5.3× | 810 |
| TTWO | $39.9B | — | — | 6.0× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 10.3× | 1,092 |
| RBLX | $34.4B | — | — | 7.0× | 35.8% | 78.1% | -21.8% | -270% | -76.0% | — | 778 |
| MDB | $31.0B | — | — | 12.6× | 22.8% | 71.7% | -2.9% | -2.4% | -2.4% | — | 840 |
Peers = companies sharing CRM's sector (Services-Prepackaged Software) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $229.13 today, the market must believe free cash flow compounds 9.1%/yr for a decade (off $8.95B on the SBC-adjusted basis).
On the basis ($12.11B) the requirement is 5.0%/yr. The difference is what charging stock compensation costs.
The market's 9.1% is more conservative than its 9-yr track record.
Default is 10.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.82B shares (market data) · net debt $7.11B
mean 35.4% · volatility σ 34% · implied rate exceeded in 8/9 yrs
Central path = implied 9.1%/yr growth; shaded band = ±1σ (34%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Earns -0.01pts against its cost of capital — capital is being consumed, not created.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 73.9% | 2.6% | 3.8% |
| FY2018 | 73.7% | 4.3% | 3.4% |
| FY2019 | 74.0% | 4.0% | 8.4% |
| FY2020 | 75.2% | 1.7% | 0.7% |
| FY2021 | 74.4% | 2.1% | 19.2% |
| FY2022 | 73.5% | 2.1% | 5.5% |
| FY2023 | 73.3% | 3.3% | 0.7% |
| FY2024 | 75.5% | 14.4% | 11.9% |
| FY2025 | 77.2% | 19.0% | 16.4% |
| FY2026 | 77.7% | 20.1% | 18.0% |
ROIC ex-goodwill is 83.44% against 10.1% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
EOD close · as of 2026-10-09
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $41.52B 100.0% | $37.90B 100.0% | $34.86B 100.0% | $31.35B 100.0% | $26.49B 100.0% | $21.25B 100.0% | $17.10B 100.0% | $13.28B 100.0% | $10.54B 100.0% | $8.39B 100.0% |
| Cost of Revenue | $9.27B 22.3% | $8.64B 22.8% | $8.54B 24.5% | $8.36B 26.7% | $7.03B 26.5% | $5.44B 25.6% | $4.24B 24.8% | $3.45B 26.0% | $2.77B 26.3% | $2.23B 26.6% |
| Cost of Services | — | — | — | — | — | — | — | — | $2.77B 26.3% | $2.23B 26.6% |
| Gross Profit | $32.26B 77.7% | $29.25B 77.2% | $26.32B 75.5% | $22.99B 73.3% | $19.47B 73.5% | $15.81B 74.4% | $12.86B 75.2% | $9.83B 74.0% | $7.77B 73.7% | $6.20B 73.9% |
| Research & Development | $5.99B 14.4% | $5.49B 14.5% | $4.91B 14.1% | $5.05B 16.1% | $4.46B 16.9% | $3.60B 16.9% | $2.77B 16.2% | $1.89B 14.2% | $1.55B 14.7% | $1.21B 14.4% |
| Selling, General & Admin | $3.00B 7.2% | $2.84B 7.5% | $2.53B 7.3% | $2.55B 8.1% | $2.60B 9.8% | $2.09B 9.8% | $1.70B 10.0% | $1.35B 10.1% | $1.09B 10.3% | $966.0M 11.5% |
| Total Operating Expenses | $23.92B 57.6% | $22.05B 58.2% | $21.30B 61.1% | $21.96B 70.0% | $18.92B 71.4% | $15.36B 72.3% | $12.57B 73.5% | $9.30B 70.0% | $7.31B 69.4% | $5.99B 71.3% |
| Operating Income | $8.33B 20.1% | $7.21B 19.0% | $5.01B 14.4% | $1.03B 3.3% | $548.0M 2.1% | $455.0M 2.1% | $297.0M 1.7% | $535.0M 4.0% | $454.0M 4.3% | $218.0M 2.6% |
| Interest Expense | $324.0M 0.8% | $272.0M 0.7% | $283.0M 0.8% | $300.0M 1.0% | $216.0M 0.8% | $110.0M 0.5% | $110.0M 0.6% | $154.0M 1.2% | $87.0M 0.8% | $89.0M 1.1% |
| Interest & Investment Income | $539.0M 1.3% | $647.0M 1.7% | $527.0M 1.5% | $199.0M 0.6% | — | — | $117.0M 0.7% | $61.0M 0.5% | $37.0M 0.4% | $22.0M 0.3% |
| Other Income (Expense), net | $172.0M 0.4% | $354.0M 0.9% | $216.0M 0.6% | -$131.0M -0.4% | -$227.0M -0.9% | — | -$18.0M -0.1% | -$94.0M -0.7% | -$53.0M -0.5% | -$8.0M -0.1% |
| Pretax Income | $9.52B 22.9% | $7.44B 19.6% | $4.95B 14.2% | $660.0M 2.1% | $1.53B 5.8% | $2.56B 12.1% | $706.0M 4.1% | $983.0M 7.4% | $420.0M 4.0% | $179.0M 2.1% |
| Income Tax Expense | $2.06B 5.0% | $1.24B 3.3% | $814.0M 2.3% | $452.0M 1.4% | $88.0M 0.3% | -$1.51B -7.1% | $580.0M 3.4% | -$127.0M -1.0% | $60.0M 0.6% | -$144.0M -1.7% |
| Net Income | $7.46B 18.0% | $6.20B 16.4% | $4.14B 11.9% | $208.0M 0.7% | $1.44B 5.5% | $4.07B 19.2% | $126.0M 0.7% | $1.11B 8.4% | $360.0M 3.4% | $323.0M 3.8% |
| Per Share | ||||||||||
| EPS (Basic) | $7.85 | $6.44 | $4.25 | $0.21 | $1.51 | $4.48 | $0.15 | $1.48 | $0.50 | $0.47 |
| EPS (Diluted) | $7.80 | $6.36 | $4.20 | $0.21 | $1.48 | $4.38 | $0.15 | $1.43 | $0.49 | $0.46 |
| Weighted Avg Shares (Basic) | 950.0M | 962.0M | 974.0M | 992.0M | 955.0M | 908.0M | 829.0M | 751.0M | 715.0M | 688.0M |
| Weighted Avg Shares (Diluted) | 956.0M | 974.0M | 984.0M | 997.0M | 974.0M | 930.0M | 850.0M | 775.0M | 735.0M | 700.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Leverage and buybacks account for 2 points of the 13% return on equity in FY2026. The business earns 10% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$59.3B of goodwill — 88% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 0.7% | 10.1% (today's — no rate published for this year) | -9.4pts |
| FY2021 | 0.9% | 10.1% (today's — no rate published for this year) | -9.2pts |
| FY2022 | 0.7% | 6.7% | -6.0pts |
| FY2023 | 1.3% | 9.7% | -8.4pts |
| FY2024 | 6.3% | 10.2% | -4.0pts |
| FY2025 | 9.0% | 10.7% | -1.6pts |
| FY2026 | 9.7% | 9.8% | -0.2pts |
| Now | 10.1% | 10.1% | 0.0pts |
Converts 8.05x of reported profit into free cash flow over 5 years, with accruals negative.
| Step | Amount | Running total |
|---|---|---|
| Net income | $7.46B | $7.46B |
| Share-based comp | $3.51B | $10.97B |
| Other non-cash & working capital | $4.03B | $15.00B |
| Operating cash flow | $15.00B | $15.00B |
| Capex | −$594M | $14.40B |
| Free cash flow | $14.40B | $14.40B |
| FCF after SBC | $10.89B | $10.89B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 24.3% | 26.1% | 1.8 points |
| FY2022 | 24.7% | 25.1% | 0.4 points |
| FY2023 | 18.4% | 10.4% | -7.9 points |
| FY2024 | 11.2% | 6.1% | -5.0 points |
| FY2025 | 8.7% | 4.7% | -4.1 points |
| FY2026 | 9.6% | 20.0% | 10.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 131.8 days | not reported | not reported | not reported |
| FY2021 | 133.7 days | not reported | not reported | not reported |
| FY2022 | 134.2 days | not reported | not reported | not reported |
| FY2023 | 125.2 days | not reported | not reported | not reported |
| FY2024 | 119.5 days | not reported | not reported | not reported |
| FY2025 | 115.1 days | not reported | not reported | not reported |
| FY2026 | 126 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -7.6 percent |
| FY2021 | -1.1 percent |
| FY2022 | -4.8 percent |
| FY2023 | -7.0 percent |
| FY2024 | -6.1 percent |
| FY2025 | -6.7 percent |
| FY2026 | -6.7 percent |
Reported free cash flow is $14.40B; after share-based compensation it is $10.89B. The difference is a real cost that the cash flow statement adds back.
Covers interest 18.0x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 25.71x |
| 5% | 24.43x |
| 10% | 23.14x |
| 15% | 21.86x |
| 20% | 20.57x |
| 25% | 19.28x |
| 30% | 18.00x |
| 35% | 16.71x |
| 40% | 15.43x |
| 45% | 14.14x |
| 50% | 12.86x |
| 55% | 11.57x |
| 60% | 10.29x |
Ladder as of 2026-07-31 (10-Q); cash from the 2026-01-31 balance sheet; FCF from FY2026.
Balance sheet at 2026-01-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $229.13, free cash flow must compound 9.37%/yr for 10 years. It has done 33.75%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −0.1% | 9.4% |
| FY2022 | 31.7% | 9.4% |
| FY2023 | 21.2% | 9.4% |
| FY2024 | 121.2% | 9.4% |
| FY2025 | 37.8% | 9.4% |
| FY2026 | 17.7% | 9.4% |
This is solved on free cash flow AFTER stock compensation ($8.95B against $12.11B before it). On the unadjusted figure the requirement would be 5.24%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.