Price to Sales (P/S)
since 2005
Calculation
Salesforce Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 2, 2026 | 4.29 | = | 192.95 | ÷ | 44.99 | 44.99 | = | 41,525 | ÷ | 923,000,000 | |
| Mar 5, 2025 | 7.40 | = | 291.97 | ÷ | 39.43 | 39.43 | = | 37,895 | ÷ | 961,000,000 | |
| Mar 6, 2024 | 8.45 | = | 303.77 | ÷ | 35.94 | 35.94 | = | 34,857 | ÷ | 970,000,000 | |
| Mar 8, 2023 | 5.84 | = | 182.95 | ÷ | 31.35 | 31.35 | = | 31,352 | ÷ | 1,000,000,000 | |
| Mar 11, 2022 | 7.40 | = | 197.90 | ÷ | 26.76 | 26.76 | = | 26,492 | ÷ | 990,000,000 | |
| Mar 17, 2021 | 9.24 | = | 213.12 | ÷ | 23.07 | 23.07 | = | 21,252 | ÷ | 921,000,000 | |
| Mar 5, 2020 | 8.88 | = | 169.60 | ÷ | 19.10 | 19.10 | = | 17,098 | ÷ | 895,000,000 | |
| Mar 8, 2019 | 9.00 | = | 155.06 | ÷ | 17.23 | 17.23 | = | 13,282 | ÷ | 771,000,000 | |
| Mar 9, 2018 | 8.89 | = | 127.41 | ÷ | 14.33 | 14.33 | = | 10,480 | ÷ | 731,500,000 | |
| Mar 6, 2017 | 6.96 | = | 82.50 | ÷ | 11.86 | 11.86 | = | 8,392 | ÷ | 707,500,000 | |
| Mar 7, 2016 | 7.09 | = | 70.49 | ÷ | 9.94 | 9.94 | = | 6,667 | ÷ | 670,900,000 | |
| Mar 6, 2015 | 7.82 | = | 64.56 | ÷ | 8.26 | 8.26 | = | 5,374 | ÷ | 650,600,000 | |
| Mar 5, 2014 | 9.54 | = | 63.68 | ÷ | 6.67 | 6.67 | = | 4,071 | ÷ | 610,100,000 | |
| Mar 8, 2013 | 8.92 | = | 185.85 | ÷ | 20.83 | 20.83 | = | 3,050 | ÷ | 146,400,000 | |
| Mar 9, 2012 | 8.91 | = | 36.86 | ÷ | 4.14 | 4.14 | = | 2,267 | ÷ | 548,000,000 | |
| Mar 23, 2011 | 9.79 | = | 30.53 | ÷ | 3.12 | 3.12 | = | 1,657 | ÷ | 531,600,000 | |
| Mar 11, 2010 | 7.35 | = | 18.86 | ÷ | 2.57 | 2.57 | = | 1,306 | ÷ | 508,800,000 | |
| Mar 9, 2009 | 3.52 | = | 7.72 | ÷ | 2.19 | 2.19 | = | 1,077 | ÷ | 491,600,000 | |
| Feb 29, 2008 | 9.52 | = | 14.93 | ÷ | 1.57 | 1.57 | = | 749 | ÷ | 477,200,000 | |
| Mar 9, 2007 | 9.94 | = | 10.74 | ÷ | 1.08 | 1.08 | = | 497 | ÷ | 460,000,000 | |
| Mar 15, 2006 | 13.93 | = | 9.74 | ÷ | 0.70 | 0.70 | = | 310 | ÷ | 443,200,000 | |
| Mar 25, 2005 | 8.64 | = | 3.61 | ÷ | 0.42 | 0.42 | = | 176 | ÷ | 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-Sales (P/S) ratio, calculated from the provided share price and sales per share figures, exhibits considerable fluctuation over the observed period. Initially, the ratio demonstrates an increasing trend from 2005 to 2006, peaking at 13.93, before declining through 2009 to a low of 3.52. A subsequent increase is observed through 2011, reaching 9.79, followed by relative stability until 2014.
A significant surge in the P/S ratio occurs between 2012 and 2013, rising from 8.91 to 8.92, coinciding with a substantial increase in sales per share. Following this peak, the ratio experiences a decline through 2016, stabilizing around 7.0. A moderate increase is then seen through 2018, reaching 8.89. The period from 2019 to 2022 shows a general downward trend, with the ratio falling to a low of 5.84 in 2022.
The most recent years, 2023 through the projected 2026, show a renewed increase in the P/S ratio, rising to 8.45 in 2023, then decreasing to 4.29 in 2025, and a projected value of 4.29 in 2026. This recent volatility suggests a potential shift in investor sentiment or expectations regarding future sales growth.
- Initial Growth & Decline (2005-2009)
- The early period is characterized by initial growth in the P/S ratio, followed by a substantial decline. This decline likely reflects market conditions and potentially investor reassessment of the company’s growth prospects during that time.
- Volatility & Stabilization (2010-2016)
- From 2010 to 2016, the P/S ratio demonstrates a period of volatility followed by relative stabilization. This suggests a period of adjustment and consolidation after the initial fluctuations.
- Recent Trends (2019-2026)
- The most recent trend indicates a decline followed by a recovery, and then a decline again. This pattern suggests increased sensitivity to changes in sales per share and potentially evolving market perceptions of the company’s valuation.
Overall, the P/S ratio has experienced significant fluctuations over the period examined. While there have been periods of relative stability, the ratio has generally trended downwards since its peak in 2006, with a recent period of volatility. The observed patterns suggest a dynamic valuation influenced by both market conditions and company-specific performance.
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Comparison to Competitors
Salesforce Inc., P/S, 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 | 4.29 | — | — | — | — | 22.46 | — | — | — | — | — | — | — | — | — | 4.06 |
| Mar 5, 2025 | 7.40 | 2.15 | 5.25 | 25.35 | 15.27 | 19.36 | 12.53 | 3.19 | 9.90 | 13.54 | 10.32 | 71.09 | 13.82 | 9.20 | 13.05 | 7.65 |
| Mar 6, 2024 | 8.45 | 3.48 | 8.27 | 23.14 | 15.26 | 26.10 | 16.12 | 3.81 | 10.72 | 12.82 | 7.44 | 102.00 | 13.62 | 18.99 | 12.45 | 9.61 |
| Mar 8, 2023 | 5.84 | 2.98 | 13.88 | 6.14 | 20.02 | 12.81 | 20.19 | 2.73 | 10.72 | 11.60 | 6.63 | 23.27 | 10.87 | 17.52 | 14.75 | 7.71 |
| Mar 11, 2022 | 7.40 | 2.56 | 8.95 | 1.80 | 14.23 | 30.15 | 14.64 | 1.94 | 9.30 | 10.40 | 4.25 | 9.34 | 9.62 | 12.75 | 10.03 | 11.19 |
| Mar 17, 2021 | 9.24 | 4.28 | 14.94 | 5.99 | 12.55 | 48.70 | 49.25 | 1.94 | 16.09 | 12.81 | 5.38 | 15.58 | 10.72 | 19.02 | 13.22 | 13.95 |
| Mar 5, 2020 | 8.88 | 3.26 | 17.04 | — | 13.85 | 22.79 | 49.57 | 1.47 | 11.78 | 10.85 | 4.33 | 39.86 | 6.66 | 25.66 | 10.08 | 10.65 |
| Mar 8, 2019 | 9.00 | 2.72 | 15.11 | — | 8.56 | — | 36.28 | 1.63 | 11.05 | 8.38 | 4.74 | — | 7.06 | 19.36 | 6.27 | 14.75 |
| Mar 9, 2018 | 8.89 | 2.35 | 13.23 | — | 7.53 | — | — | 1.56 | 9.52 | 7.51 | 4.41 | — | 9.75 | 16.63 | 4.10 | 13.73 |
| Mar 6, 2017 | 6.96 | 2.45 | 13.32 | — | 5.85 | — | — | 1.82 | 6.99 | 6.19 | 5.56 | — | 7.49 | 14.55 | 4.80 | 11.06 |
| Mar 7, 2016 | 7.09 | 2.13 | 9.34 | — | 4.53 | — | — | 2.12 | 6.17 | 5.13 | 4.45 | — | 9.69 | 10.50 | 3.71 | 12.08 |
| Mar 6, 2015 | 7.82 | 2.11 | 9.27 | — | 3.73 | — | — | 1.56 | 5.56 | 3.99 | 4.66 | — | 16.88 | 8.69 | 3.07 | 19.97 |
| Mar 5, 2014 | 9.54 | 1.61 | 8.59 | — | 3.42 | — | — | 1.76 | 5.32 | 4.10 | 4.67 | — | 13.17 | 16.81 | 3.15 | 35.87 |
| Mar 8, 2013 | 8.92 | 1.64 | 7.45 | — | 2.96 | — | — | 1.91 | 4.47 | 3.41 | 3.75 | — | 8.38 | 22.61 | 3.12 | 37.91 |
| Mar 9, 2012 | 8.91 | 1.54 | 4.30 | — | 3.02 | — | — | 2.12 | 4.27 | 3.32 | 3.66 | — | 17.50 | 19.84 | 2.76 | — |
| Mar 23, 2011 | 9.79 | 1.47 | 3.65 | — | 2.81 | — | — | 2.15 | 3.71 | 3.32 | 4.60 | — | — | — | 2.52 | — |
| Mar 11, 2010 | 7.35 | 1.36 | 4.50 | — | 2.76 | — | — | 1.98 | 4.12 | 3.57 | 4.04 | — | — | — | 2.93 | — |
| Mar 9, 2009 | 3.52 | 1.20 | 6.12 | — | 1.81 | — | — | 1.72 | 2.81 | 3.63 | 4.63 | — | — | — | 2.33 | — |
| Feb 29, 2008 | 9.52 | 0.92 | 2.88 | — | 1.01 | — | — | 1.12 | 3.21 | 3.89 | 4.79 | — | — | — | 1.93 | — |
| Mar 9, 2007 | 9.94 | 1.41 | 6.24 | — | 1.91 | — | — | 1.60 | 3.61 | 20.52 | 5.60 | — | — | — | 3.16 | — |
| Mar 15, 2006 | 13.93 | 1.44 | 8.78 | — | 3.95 | — | — | 1.55 | 4.87 | 17.98 | 5.51 | — | — | — | 3.54 | — |
| Mar 25, 2005 | 8.64 | 1.32 | 11.84 | — | 3.86 | — | — | 1.38 | 3.94 | 21.64 | 5.80 | — | — | — | 3.15 | — |
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/S, long-term trends, comparison to sector (software & services)
| Salesforce Inc. | Software & Services | |
|---|---|---|
| Mar 2, 2026 | 4.29 | — |
| Mar 5, 2025 | 7.40 | 10.41 |
| Mar 6, 2024 | 8.45 | 10.40 |
| Mar 8, 2023 | 5.84 | 8.78 |
| Mar 11, 2022 | 7.40 | 7.45 |
| Mar 17, 2021 | 9.24 | 9.54 |
| Mar 5, 2020 | 8.88 | 7.74 |
| Mar 8, 2019 | 9.00 | 6.11 |
| Mar 9, 2018 | 8.89 | 5.24 |
| Mar 6, 2017 | 6.96 | 4.65 |
| Mar 7, 2016 | 7.09 | 3.95 |
| Mar 6, 2015 | 7.82 | 3.41 |
| Mar 5, 2014 | 9.54 | 3.34 |
| Mar 8, 2013 | 8.92 | 2.89 |
| Mar 9, 2012 | 8.91 | 2.79 |
| Mar 23, 2011 | 9.79 | 2.85 |
| Mar 11, 2010 | 7.35 | 2.73 |
| Mar 9, 2009 | 3.52 | 2.61 |
| Feb 29, 2008 | 9.52 | 2.31 |
| Mar 9, 2007 | 9.94 | 6.95 |
| Mar 15, 2006 | 13.93 | 6.20 |
| Mar 25, 2005 | 8.64 | 6.73 |
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/S, long-term trends, comparison to industry (information technology)
| Salesforce Inc. | Information Technology | |
|---|---|---|
| Mar 2, 2026 | 4.29 | — |
| Mar 5, 2025 | 7.40 | 10.47 |
| Mar 6, 2024 | 8.45 | 9.34 |
| Mar 8, 2023 | 5.84 | 7.33 |
| Mar 11, 2022 | 7.40 | 6.01 |
| Mar 17, 2021 | 9.24 | 7.00 |
| Mar 5, 2020 | 8.88 | 6.13 |
| Mar 8, 2019 | 9.00 | 4.62 |
| Mar 9, 2018 | 8.89 | 4.31 |
| Mar 6, 2017 | 6.96 | 4.19 |
| Mar 7, 2016 | 7.09 | 3.47 |
| Mar 6, 2015 | 7.82 | 3.04 |
| Mar 5, 2014 | 9.54 | 3.32 |
| Mar 8, 2013 | 8.92 | 2.86 |
| Mar 9, 2012 | 8.91 | 2.89 |
| Mar 23, 2011 | 9.79 | 2.84 |
| Mar 11, 2010 | 7.35 | 3.03 |
| Mar 9, 2009 | 3.52 | 3.12 |
| Feb 29, 2008 | 9.52 | 2.39 |
| Mar 9, 2007 | 9.94 | 5.74 |
| Mar 15, 2006 | 13.93 | 5.19 |
| Mar 25, 2005 | 8.64 | 5.61 |
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).