Debt to Equity
since 2005
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Calculation
Salesforce Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt and finance lease liabilities1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Jan 31, 2026 | = | ÷ | |||
| Jan 31, 2025 | = | ÷ | |||
| Jan 31, 2024 | = | ÷ | |||
| Jan 31, 2023 | = | ÷ | |||
| Jan 31, 2022 | = | ÷ | |||
| Jan 31, 2021 | = | ÷ | |||
| Jan 31, 2020 | = | ÷ | |||
| Jan 31, 2019 | = | ÷ | |||
| Jan 31, 2018 | = | ÷ | |||
| Jan 31, 2017 | = | ÷ | |||
| Jan 31, 2016 | = | ÷ | |||
| Jan 31, 2015 | = | ÷ | |||
| Jan 31, 2014 | = | ÷ | |||
| Jan 31, 2013 | = | ÷ | |||
| Jan 31, 2012 | = | ÷ | |||
| Jan 31, 2011 | = | ÷ | |||
| Jan 31, 2010 | = | ÷ | |||
| Jan 31, 2009 | = | ÷ | |||
| Jan 31, 2008 | = | ÷ | |||
| Jan 31, 2007 | = | ÷ | |||
| Jan 31, 2006 | = | ÷ | |||
| Jan 31, 2005 | = | ÷ |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).
1 US$ in millions
The debt to equity ratio for the period examined demonstrates a significant evolution over time. Initially, from 2005 through 2008, the ratio remained consistently near zero, indicating a minimal reliance on debt financing relative to equity. A noticeable shift began in 2009, with the ratio increasing to 0.01, and accelerating substantially in 2010, reaching 0.45. This suggests an increased utilization of debt to fund operations or growth initiatives.
- Initial Period (2005-2008)
- During this timeframe, the company maintained a very conservative capital structure, with total debt representing a negligible portion of stockholders’ equity. The ratio’s proximity to zero indicates a strong financial position with limited financial risk associated with debt obligations.
- Growth and Increased Leverage (2009-2014)
- From 2009 to 2014, the debt to equity ratio experienced considerable fluctuation. It rose sharply to 0.45 in 2010, then decreased to 0.25 by 2013, before peaking at 0.79 in 2014. This period reflects a more active approach to leveraging debt, potentially to capitalize on growth opportunities. The peak in 2014 suggests a substantial increase in debt relative to equity at that time.
- Stabilization and Subsequent Increase (2015-2024)
- Following 2014, the ratio generally trended downwards, stabilizing in the range of 0.15 to 0.36 between 2015 and 2018. However, a significant increase is observed in 2022 and 2023, reaching 0.19 and 0.20 respectively, and then a further increase to 0.25 in 2024. This recent upswing indicates a renewed reliance on debt financing, potentially driven by acquisitions, investments, or changes in operational needs. The values in 2022, 2023 and 2024 are the highest observed in the last decade, excluding the 2014 peak.
Overall, the trend indicates a transition from a highly conservative financial structure to one that increasingly incorporates debt financing, with a recent acceleration in debt utilization. The fluctuations suggest a dynamic capital allocation strategy responsive to evolving business conditions and opportunities.
Comparison to Competitors
Salesforce Inc., debt to equity, long-term trends, comparison to competitors
| Salesforce Inc. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 31, 2026 | ||||||||||||||||
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| Jan 31, 2005 |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).
Comparison to Sector (Software & Services)
Salesforce Inc., debt to equity, long-term trends, comparison to sector (software & services)
| Salesforce Inc. | Software & Services | |
|---|---|---|
| Jan 31, 2026 | ||
| Jan 31, 2025 | ||
| Jan 31, 2024 | ||
| Jan 31, 2023 | ||
| Jan 31, 2022 | ||
| Jan 31, 2021 | ||
| Jan 31, 2020 | ||
| Jan 31, 2019 | ||
| Jan 31, 2018 | ||
| Jan 31, 2017 | ||
| Jan 31, 2016 | ||
| Jan 31, 2015 | ||
| Jan 31, 2014 | ||
| Jan 31, 2013 | ||
| Jan 31, 2012 | ||
| Jan 31, 2011 | ||
| Jan 31, 2010 | ||
| Jan 31, 2009 | ||
| Jan 31, 2008 | ||
| Jan 31, 2007 | ||
| Jan 31, 2006 | ||
| Jan 31, 2005 |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).
Comparison to Industry (Information Technology)
Salesforce Inc., debt to equity, long-term trends, comparison to industry (information technology)
| Salesforce Inc. | Information Technology | |
|---|---|---|
| Jan 31, 2026 | ||
| Jan 31, 2025 | ||
| Jan 31, 2024 | ||
| Jan 31, 2023 | ||
| Jan 31, 2022 | ||
| Jan 31, 2021 | ||
| Jan 31, 2020 | ||
| Jan 31, 2019 | ||
| Jan 31, 2018 | ||
| Jan 31, 2017 | ||
| Jan 31, 2016 | ||
| Jan 31, 2015 | ||
| Jan 31, 2014 | ||
| Jan 31, 2013 | ||
| Jan 31, 2012 | ||
| Jan 31, 2011 | ||
| Jan 31, 2010 | ||
| Jan 31, 2009 | ||
| Jan 31, 2008 | ||
| Jan 31, 2007 | ||
| Jan 31, 2006 | ||
| Jan 31, 2005 |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).