Price to Book Value (P/BV)
since 2005
Calculation
Salesforce Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 2, 2026 | 3.01 | = | 192.95 | ÷ | 64.08 | 64.08 | = | 59,142 | ÷ | 923,000,000 | |
| Mar 5, 2025 | 4.59 | = | 291.97 | ÷ | 63.66 | 63.66 | = | 61,173 | ÷ | 961,000,000 | |
| Mar 6, 2024 | 4.94 | = | 303.77 | ÷ | 61.49 | 61.49 | = | 59,646 | ÷ | 970,000,000 | |
| Mar 8, 2023 | 3.13 | = | 182.95 | ÷ | 58.36 | 58.36 | = | 58,359 | ÷ | 1,000,000,000 | |
| Mar 11, 2022 | 3.37 | = | 197.90 | ÷ | 58.72 | 58.72 | = | 58,131 | ÷ | 990,000,000 | |
| Mar 17, 2021 | 4.73 | = | 213.12 | ÷ | 45.05 | 45.05 | = | 41,493 | ÷ | 921,000,000 | |
| Mar 5, 2020 | 4.48 | = | 169.60 | ÷ | 37.86 | 37.86 | = | 33,885 | ÷ | 895,000,000 | |
| Mar 8, 2019 | 7.66 | = | 155.06 | ÷ | 20.24 | 20.24 | = | 15,605 | ÷ | 771,000,000 | |
| Mar 9, 2018 | 9.93 | = | 127.41 | ÷ | 12.83 | 12.83 | = | 9,388 | ÷ | 731,500,000 | |
| Mar 6, 2017 | 7.78 | = | 82.50 | ÷ | 10.60 | 10.60 | = | 7,500 | ÷ | 707,500,000 | |
| Mar 7, 2016 | 9.45 | = | 70.49 | ÷ | 7.46 | 7.46 | = | 5,003 | ÷ | 670,900,000 | |
| Mar 6, 2015 | 10.57 | = | 64.56 | ÷ | 6.11 | 6.11 | = | 3,975 | ÷ | 650,600,000 | |
| Mar 5, 2014 | 12.79 | = | 63.68 | ÷ | 4.98 | 4.98 | = | 3,039 | ÷ | 610,100,000 | |
| Mar 8, 2013 | 11.74 | = | 185.85 | ÷ | 15.83 | 15.83 | = | 2,318 | ÷ | 146,400,000 | |
| Mar 9, 2012 | 12.73 | = | 36.86 | ÷ | 2.90 | 2.90 | = | 1,587 | ÷ | 548,000,000 | |
| Mar 23, 2011 | 12.71 | = | 30.53 | ÷ | 2.40 | 2.40 | = | 1,276 | ÷ | 531,600,000 | |
| Mar 11, 2010 | 9.19 | = | 18.86 | ÷ | 2.05 | 2.05 | = | 1,044 | ÷ | 508,800,000 | |
| Mar 9, 2009 | 5.65 | = | 7.72 | ÷ | 1.37 | 1.37 | = | 672 | ÷ | 491,600,000 | |
| Feb 29, 2008 | 15.76 | = | 14.93 | ÷ | 0.95 | 0.95 | = | 452 | ÷ | 477,200,000 | |
| Mar 9, 2007 | 17.53 | = | 10.74 | ÷ | 0.61 | 0.61 | = | 282 | ÷ | 460,000,000 | |
| Mar 15, 2006 | 21.98 | = | 9.74 | ÷ | 0.44 | 0.44 | = | 196 | ÷ | 443,200,000 | |
| Mar 25, 2005 | 10.50 | = | 3.61 | ÷ | 0.34 | 0.34 | = | 145 | ÷ | 422,000,000 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Salesforce Inc. Annual Report.
The price-to-book value (P/BV) ratio exhibits considerable fluctuation over the observed period, spanning from 2005 to 2026. Initially, the ratio demonstrates an increasing trend, peaking at 21.98 in 2006 before experiencing a decline. A period of relative stability follows between 2008 and 2010, with the ratio fluctuating within a narrower range. Subsequently, a significant increase is observed, culminating in a peak of 12.83 in 2011, followed by a substantial drop in 2013. The latter half of the period is characterized by increased volatility, with the ratio declining to a low of 3.13 in 2022 before recovering somewhat in 2023 and 2024. The most recent projections for 2025 and 2026 indicate a continued decline, reaching 3.01 and then stabilizing at 3.01.
- Initial Growth and Subsequent Decline (2005-2009)
- From 2005 to 2006, the P/BV ratio increased significantly, suggesting growing investor confidence relative to the company’s book value. However, the ratio then decreased, particularly sharply in 2009, coinciding with broader economic challenges. This decline indicates a potential reassessment of the company’s value by the market.
- Volatility and Peak (2010-2013)
- The period between 2010 and 2013 is marked by increased volatility. The ratio rose to a high of 12.71 and 12.73 in 2011 and 2012, respectively, before experiencing a dramatic decrease in 2013. This suggests a period of heightened market expectations followed by a correction, potentially driven by changes in company performance or broader market conditions.
- Recent Trends (2014-2026)
- From 2014 onwards, the P/BV ratio generally trended downwards, with fluctuations. The ratio reached a low point in 2022, before a slight recovery in 2023 and 2024. Projections for 2025 and 2026 suggest a stabilization at a relatively low level, indicating that the market values the company at a lower multiple of its book value compared to earlier periods. The ratio of 4.94 in 2023 is the highest it has been since 2013.
The observed fluctuations in the P/BV ratio likely reflect changes in investor sentiment, company performance, and broader economic conditions. The recent trend of declining P/BV suggests a potential shift in market perception regarding the company’s growth prospects or a reassessment of its asset valuation.
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Comparison to Competitors
Salesforce Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 2, 2026 | 3.01 | — | — | — | — | 24.41 | — | — | — | — | — | — | — | — | — | 4.97 |
| Mar 5, 2025 | 4.59 | 4.79 | 10.74 | 65.10 | 14.77 | 23.34 | 11.50 | 6.59 | 9.46 | 11.11 | 28.96 | 43.07 | 16.29 | 9.42 | 3.25 | 7.15 |
| Mar 6, 2024 | 4.94 | 7.98 | 12.61 | 99.97 | 15.15 | 34.61 | 15.94 | 8.75 | 9.47 | 11.71 | 45.25 | 58.42 | 21.15 | 21.71 | 8.48 | 8.63 |
| Mar 8, 2023 | 3.13 | 7.44 | 16.31 | 16.06 | 24.05 | 19.61 | 21.22 | 7.49 | 8.92 | 11.92 | 308.71 | 14.90 | 42.84 | 20.60 | 14.02 | 8.58 |
| Mar 11, 2022 | 3.37 | 7.13 | 11.22 | 2.67 | 18.46 | 42.67 | 17.39 | 5.34 | 7.20 | 12.38 | — | 6.94 | 252.00 | 18.36 | 9.24 | 12.68 |
| Mar 17, 2021 | 4.73 | 11.06 | 15.94 | 7.83 | 13.68 | 48.91 | 48.66 | 5.90 | 15.71 | 15.16 | 41.57 | 10.48 | 71.88 | 30.36 | 10.50 | 18.38 |
| Mar 5, 2020 | 4.48 | 8.51 | 16.53 | — | 14.90 | 14.78 | 31.25 | 5.24 | 17.71 | 13.11 | 14.01 | 28.60 | 20.61 | 40.91 | 7.57 | 15.54 |
| Mar 8, 2019 | 7.66 | 8.15 | 16.03 | — | 9.51 | — | 16.83 | 6.04 | 20.00 | 10.30 | 8.59 | — | 12.91 | 31.48 | 5.16 | 21.26 |
| Mar 9, 2018 | 9.93 | 9.44 | 12.76 | — | 12.50 | — | — | 7.40 | 24.12 | 10.02 | 3.84 | — | 22.92 | 39.03 | 3.68 | 18.62 |
| Mar 6, 2017 | 7.78 | 10.08 | 11.50 | — | 11.49 | — | — | 8.20 | 26.72 | 7.69 | 3.90 | — | 17.37 | 48.15 | 3.99 | 14.93 |
| Mar 7, 2016 | 9.45 | 9.83 | 7.37 | — | 11.10 | — | — | 9.30 | 24.96 | 6.08 | 3.49 | — | 16.91 | 37.73 | 2.81 | 12.36 |
| Mar 6, 2015 | 10.57 | 11.33 | 6.35 | — | 4.61 | — | — | 8.92 | 10.00 | 4.66 | 3.66 | — | 32.11 | 15.42 | 2.20 | 13.98 |
| Mar 5, 2014 | 12.79 | 8.96 | 5.26 | — | 4.06 | — | — | 13.73 | 7.79 | 3.96 | 3.82 | — | 16.81 | 26.77 | 2.12 | 14.17 |
| Mar 8, 2013 | 11.74 | 10.06 | 4.49 | — | 3.74 | — | — | 8.37 | 5.28 | 3.36 | 3.13 | — | 12.19 | 24.35 | 2.19 | 17.51 |
| Mar 9, 2012 | 12.73 | 11.05 | 2.84 | — | 4.38 | — | — | 11.77 | 6.46 | 3.68 | 3.11 | — | 19.49 | 19.86 | 1.93 | — |
| Mar 23, 2011 | 12.71 | 10.33 | 2.66 | — | 7.87 | — | — | 11.39 | 5.46 | 4.07 | 4.12 | — | — | — | 1.84 | — |
| Mar 11, 2010 | 9.19 | 11.06 | 3.29 | — | 9.33 | — | — | 8.57 | 5.05 | 4.84 | 3.52 | — | — | — | 1.93 | — |
| Mar 9, 2009 | 5.65 | 9.61 | 3.68 | — | 14.21 | — | — | 7.26 | 3.50 | 5.36 | 4.29 | — | — | — | 1.71 | — |
| Feb 29, 2008 | 15.76 | 9.15 | 2.34 | — | 10.30 | — | — | 8.61 | 4.76 | 6.47 | 4.66 | — | — | — | 1.68 | — |
| Mar 9, 2007 | 17.53 | 14.69 | 4.24 | — | 1.49 | — | — | 5.56 | 4.74 | 33.73 | 5.96 | — | — | — | 2.67 | — |
| Mar 15, 2006 | 21.98 | 13.85 | 4.39 | — | 3.45 | — | — | 4.96 | 6.56 | 19.86 | 5.28 | — | — | — | 3.34 | — |
| Mar 25, 2005 | 10.50 | 13.33 | 12.48 | — | 2.78 | — | — | 3.80 | 4.73 | 17.90 | 6.31 | — | — | — | 2.57 | — |
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., P/BV, long-term trends, comparison to sector (software & services)
| Salesforce Inc. | Software & Services | |
|---|---|---|
| Mar 2, 2026 | 3.01 | — |
| Mar 5, 2025 | 4.59 | 10.70 |
| Mar 6, 2024 | 4.94 | 12.08 |
| Mar 8, 2023 | 3.13 | 11.43 |
| Mar 11, 2022 | 3.37 | 10.64 |
| Mar 17, 2021 | 4.73 | 13.62 |
| Mar 5, 2020 | 4.48 | 11.68 |
| Mar 8, 2019 | 7.66 | 10.06 |
| Mar 9, 2018 | 9.93 | 8.75 |
| Mar 6, 2017 | 7.78 | 7.21 |
| Mar 7, 2016 | 9.45 | 6.29 |
| Mar 6, 2015 | 10.57 | 5.39 |
| Mar 5, 2014 | 12.79 | 5.16 |
| Mar 8, 2013 | 11.74 | 4.47 |
| Mar 9, 2012 | 12.73 | 4.89 |
| Mar 23, 2011 | 12.71 | 5.40 |
| Mar 11, 2010 | 9.19 | 5.32 |
| Mar 9, 2009 | 5.65 | 5.46 |
| Feb 29, 2008 | 15.76 | 6.11 |
| Mar 9, 2007 | 17.53 | 15.50 |
| Mar 15, 2006 | 21.98 | 11.43 |
| Mar 25, 2005 | 10.50 | 11.13 |
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., P/BV, long-term trends, comparison to industry (information technology)
| Salesforce Inc. | Information Technology | |
|---|---|---|
| Mar 2, 2026 | 3.01 | — |
| Mar 5, 2025 | 4.59 | 14.13 |
| Mar 6, 2024 | 4.94 | 13.29 |
| Mar 8, 2023 | 3.13 | 11.49 |
| Mar 11, 2022 | 3.37 | 10.46 |
| Mar 17, 2021 | 4.73 | 12.56 |
| Mar 5, 2020 | 4.48 | 11.12 |
| Mar 8, 2019 | 7.66 | 8.52 |
| Mar 9, 2018 | 9.93 | 7.04 |
| Mar 6, 2017 | 7.78 | 5.49 |
| Mar 7, 2016 | 9.45 | 4.55 |
| Mar 6, 2015 | 10.57 | 4.33 |
| Mar 5, 2014 | 12.79 | 4.38 |
| Mar 8, 2013 | 11.74 | 3.52 |
| Mar 9, 2012 | 12.73 | 3.77 |
| Mar 23, 2011 | 12.71 | 4.01 |
| Mar 11, 2010 | 9.19 | 4.18 |
| Mar 9, 2009 | 5.65 | 4.35 |
| Feb 29, 2008 | 15.76 | 4.03 |
| Mar 9, 2007 | 17.53 | 8.71 |
| Mar 15, 2006 | 21.98 | 7.26 |
| Mar 25, 2005 | 10.50 | 7.44 |
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).