Stock Analysis on Net
Stock Analysis on Net

Salesforce Inc. (NYSE:CRM)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Salesforce Inc., adjusted financial ratios

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.35 0.32 0.28 0.32 0.31 0.43
Adjusted 0.37 0.34 0.31 0.36 0.35 0.44
Liquidity Ratio
Current Ratio
Reported 1.09 1.02 1.05 1.23 1.08 0.95
Adjusted 3.87 3.34 3.71 4.27 3.82 3.97
Solvency Ratios
Debt to Equity
Reported 0.17 0.20 0.19 0.07 0.09 0.22
Adjusted 0.18 0.20 0.20 0.12 0.14 0.28
Debt to Capital
Reported 0.15 0.16 0.16 0.06 0.08 0.18
Adjusted 0.15 0.17 0.17 0.11 0.12 0.22
Financial Leverage
Reported 1.67 1.69 1.64 1.60 1.63 1.97
Adjusted 1.28 1.30 1.30 1.23 1.23 1.41
Profitability Ratios
Net Profit Margin
Reported 11.87% 0.66% 5.45% 19.16% 0.74% 8.36%
Adjusted 12.56% 6.41% 13.85% 18.44% 11.54% 15.87%
Return on Equity (ROE)
Reported 6.93% 0.36% 2.48% 9.81% 0.37% 7.11%
Adjusted 6.00% 2.84% 5.64% 8.15% 4.96% 9.79%
Return on Assets (ROA)
Reported 4.14% 0.21% 1.52% 6.14% 0.23% 3.61%
Adjusted 4.70% 2.18% 4.35% 6.61% 4.02% 6.92%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Salesforce Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Salesforce Inc. adjusted current ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Salesforce Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Salesforce Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Salesforce Inc. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Salesforce Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Salesforce Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Salesforce Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Salesforce Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenues 34,857 31,352 26,492 21,252 17,098 13,282
Total assets 99,823 98,849 95,209 66,301 55,126 30,737
Activity Ratio
Total asset turnover1 0.35 0.32 0.28 0.32 0.31 0.43
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenues2 36,484 33,100 29,513 23,197 19,196 14,851
Adjusted total assets3 97,420 97,145 93,927 64,717 55,126 34,051
Activity Ratio
Adjusted total asset turnover4 0.37 0.34 0.31 0.36 0.35 0.44

Based on: 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).

1 2024 Calculation
Total asset turnover = Revenues ÷ Total assets
= 34,857 ÷ 99,823 = 0.35

2 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 36,484 ÷ 97,420 = 0.37

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Salesforce Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 29,074 26,395 22,850 21,889 15,963 10,683
Current liabilities 26,631 25,891 21,788 17,728 14,845 11,255
Liquidity Ratio
Current ratio1 1.09 1.02 1.05 1.23 1.08 0.95
Adjusted
Selected Financial Data (US$ in millions)
Current assets 29,074 26,395 22,850 21,889 15,963 10,683
Adjusted current liabilities2 7,508 7,908 6,160 5,121 4,183 2,691
Liquidity Ratio
Adjusted current ratio3 3.87 3.34 3.71 4.27 3.82 3.97

Based on: 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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 29,074 ÷ 26,631 = 1.09

2 Adjusted current liabilities. See details »

3 2024 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 29,074 ÷ 7,508 = 3.87

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Salesforce Inc. adjusted current ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Debt to Equity

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 10,400 11,392 10,981 2,805 3,062 3,367
Stockholders’ equity 59,646 58,359 58,131 41,493 33,885 15,605
Solvency Ratio
Debt to equity1 0.17 0.20 0.19 0.07 0.09 0.22
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 13,562 14,879 14,370 6,413 6,257 6,785
Adjusted stockholders’ equity3 76,366 74,638 72,477 52,516 44,699 24,065
Solvency Ratio
Adjusted debt to equity4 0.18 0.20 0.20 0.12 0.14 0.28

Based on: 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 10,400 ÷ 59,646 = 0.17

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 13,562 ÷ 76,366 = 0.18

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Salesforce Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Debt to Capital

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 10,400 11,392 10,981 2,805 3,062 3,367
Total capital 70,046 69,751 69,112 44,298 36,947 18,972
Solvency Ratio
Debt to capital1 0.15 0.16 0.16 0.06 0.08 0.18
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 13,562 14,879 14,370 6,413 6,257 6,785
Adjusted total capital3 89,928 89,517 86,847 58,929 50,956 30,850
Solvency Ratio
Adjusted debt to capital4 0.15 0.17 0.17 0.11 0.12 0.22

Based on: 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 10,400 ÷ 70,046 = 0.15

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 13,562 ÷ 89,928 = 0.15

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Salesforce Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Financial Leverage

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 99,823 98,849 95,209 66,301 55,126 30,737
Stockholders’ equity 59,646 58,359 58,131 41,493 33,885 15,605
Solvency Ratio
Financial leverage1 1.67 1.69 1.64 1.60 1.63 1.97
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 97,420 97,145 93,927 64,717 55,126 34,051
Adjusted stockholders’ equity3 76,366 74,638 72,477 52,516 44,699 24,065
Solvency Ratio
Adjusted financial leverage4 1.28 1.30 1.30 1.23 1.23 1.41

Based on: 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 99,823 ÷ 59,646 = 1.67

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 97,420 ÷ 76,366 = 1.28

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Salesforce Inc. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,136 208 1,444 4,072 126 1,110
Revenues 34,857 31,352 26,492 21,252 17,098 13,282
Profitability Ratio
Net profit margin1 11.87% 0.66% 5.45% 19.16% 0.74% 8.36%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,583 2,121 4,087 4,278 2,216 2,357
Adjusted revenues3 36,484 33,100 29,513 23,197 19,196 14,851
Profitability Ratio
Adjusted net profit margin4 12.56% 6.41% 13.85% 18.44% 11.54% 15.87%

Based on: 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).

1 2024 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × 4,136 ÷ 34,857 = 11.87%

2 Adjusted net income. See details »

3 Adjusted revenues. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenues
= 100 × 4,583 ÷ 36,484 = 12.56%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Salesforce Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,136 208 1,444 4,072 126 1,110
Stockholders’ equity 59,646 58,359 58,131 41,493 33,885 15,605
Profitability Ratio
ROE1 6.93% 0.36% 2.48% 9.81% 0.37% 7.11%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,583 2,121 4,087 4,278 2,216 2,357
Adjusted stockholders’ equity3 76,366 74,638 72,477 52,516 44,699 24,065
Profitability Ratio
Adjusted ROE4 6.00% 2.84% 5.64% 8.15% 4.96% 9.79%

Based on: 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).

1 2024 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 4,136 ÷ 59,646 = 6.93%

2 Adjusted net income. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 4,583 ÷ 76,366 = 6.00%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Salesforce Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Jan 31, 2024 Jan 31, 2023 Jan 31, 2022 Jan 31, 2021 Jan 31, 2020 Jan 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,136 208 1,444 4,072 126 1,110
Total assets 99,823 98,849 95,209 66,301 55,126 30,737
Profitability Ratio
ROA1 4.14% 0.21% 1.52% 6.14% 0.23% 3.61%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,583 2,121 4,087 4,278 2,216 2,357
Adjusted total assets3 97,420 97,145 93,927 64,717 55,126 34,051
Profitability Ratio
Adjusted ROA4 4.70% 2.18% 4.35% 6.61% 4.02% 6.92%

Based on: 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).

1 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 4,136 ÷ 99,823 = 4.14%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,583 ÷ 97,420 = 4.70%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Salesforce Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.