Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Salesforce Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
The overall investment activity profile demonstrates a consistent improvement in asset utilization efficiency over the analyzed period. While the initial phase was characterized by relative stability and minor fluctuations, the latter half of the period shows a marked acceleration in how assets are leveraged to generate revenue, suggesting a strategic shift toward higher operational efficiency and optimized asset management.
- Net Fixed Asset Turnover
- A significant upward trajectory is observed in the efficiency of fixed asset utilization. After a period of volatility between April 2021 and January 2023, where the ratio fluctuated between 8.47 and 9.74, a sustained growth phase began. This metric rose from 8.47 in January 2023 to a peak of 14.44 by July 2026, indicating a substantial increase in the revenue generated per unit of net fixed assets.
- Net Fixed Asset Turnover (Including Operating Leases)
- When accounting for right-of-use assets from operating leases, a steady and linear improvement is evident. The ratio increased consistently from 4.02 in April 2021 to 9.10 by July 2026. This consistent growth suggests a systematic optimization of both owned and leased infrastructure to support revenue growth.
- Total Asset Turnover
- Total asset efficiency shows a gradual and more modest improvement. Starting at 0.34 in April 2021, the ratio experienced a brief decline to 0.27 before trending generally upward to reach 0.40 by July 2026. The relative stability of this ratio compared to fixed asset turnover suggests that other asset classes may be growing in proportion to revenue, tempering the overall turnover rate.
- Equity Turnover
- Equity utilization exhibits a two-stage growth pattern. From July 2021 to January 2026, the ratio grew incrementally from 0.42 to 0.70. However, a sharp acceleration occurred in the final two quarters, with the ratio spiking to 1.25 in April 2026 and settling at 1.14 in July 2026. This dramatic increase indicates a significant improvement in the company's ability to generate sales from its equity base toward the end of the period.
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Net Fixed Asset Turnover
Salesforce Inc., net fixed asset turnover calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | 11,345) | 11,133) | 11,201) | 10,259) | 10,236) | 9,829) | 9,993) | 9,444) | 9,325) | 9,133) | 9,287) | 8,720) | 8,603) | 8,247) | 8,384) | 7,837) | 7,720) | 7,411) | 7,326) | 6,863) | 6,340) | 5,963) | |||||||
| Property and equipment, net | 3,042) | 3,150) | 3,120) | 3,147) | 3,154) | 3,131) | 3,236) | 3,416) | 3,580) | 3,506) | 3,689) | 3,807) | 3,876) | 3,695) | 3,702) | 3,514) | 3,375) | 2,868) | 2,815) | 2,768) | 2,711) | 2,490) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 14.44 | 13.60 | 13.31 | 12.81 | 12.52 | 12.33 | 11.71 | 10.89 | 10.19 | 10.19 | 9.45 | 8.92 | 8.53 | 8.71 | 8.47 | 8.62 | 8.69 | 9.74 | 9.41 | 9.03 | 8.68 | 8.98 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | 45.12 | 45.05 | 45.39 | 44.48 | 42.51 | 44.49 | 44.02 | 42.66 | 44.42 | 44.26 | 44.00 | 41.90 | 41.40 | 40.46 | 38.17 | 37.12 | 35.78 | 34.22 | 32.49 | |||||||
| Adobe Inc. | — | — | — | 13.89 | 13.47 | 13.20 | 12.69 | 12.15 | 11.96 | 11.64 | 11.11 | 10.64 | 10.38 | 10.03 | 9.56 | 9.28 | 9.07 | 9.15 | 9.23 | 9.25 | 9.33 | 9.48 | |||||||
| AppLovin Corp. | — | — | — | — | 61.00 | 53.69 | 44.76 | 39.72 | 38.49 | 29.76 | 29.34 | 24.23 | 23.38 | 20.96 | 18.94 | 29.68 | 24.97 | 24.52 | 35.87 | 40.76 | 46.80 | 44.17 | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 10.42 | 10.30 | 10.25 | 10.54 | 10.56 | 10.45 | 10.13 | 9.70 | 9.26 | 9.42 | 10.14 | 10.33 | 10.27 | 9.87 | 9.59 | 9.86 | 10.37 | 10.15 | |||||||
| Datadog Inc. | — | — | — | — | 9.68 | 9.69 | 10.14 | 10.44 | 10.65 | 11.34 | 11.83 | 11.75 | 12.03 | 12.38 | 12.38 | 12.73 | 13.07 | 12.96 | 13.36 | 13.81 | 13.97 | 13.15 | |||||||
| International Business Machines Corp. | — | — | — | — | 12.05 | 11.92 | 11.45 | 11.18 | 10.78 | 10.94 | 10.95 | 11.15 | 11.14 | 11.10 | 11.25 | 11.39 | 11.12 | 11.34 | 11.35 | 11.75 | 11.31 | 10.50 | |||||||
| Intuit Inc. | — | — | 20.97 | 21.01 | 20.66 | 20.14 | 19.60 | 18.65 | 17.31 | 16.46 | 16.14 | 15.32 | 14.39 | 14.56 | 14.83 | 15.00 | 14.70 | 14.38 | 14.33 | 15.00 | 13.74 | 13.08 | |||||||
| Microsoft Corp. | — | — | 1.06 | 1.12 | 1.17 | 1.27 | 1.37 | 1.47 | 1.57 | 1.66 | 1.81 | 1.95 | 2.03 | 2.13 | 2.22 | 2.36 | 2.47 | 2.64 | 2.66 | 2.74 | 2.75 | 2.76 | |||||||
| Oracle Corp. | — | 0.56 | 0.67 | 0.77 | 0.90 | 1.11 | 1.32 | 1.74 | 2.08 | 2.33 | 2.46 | 2.75 | 2.87 | 2.89 | 2.93 | 2.93 | 3.21 | 3.60 | 4.37 | 4.86 | 5.16 | 5.37 | |||||||
| Palantir Technologies Inc. | — | — | — | — | 100.25 | 93.75 | 86.13 | 85.24 | 79.05 | 78.53 | 72.29 | 65.59 | 57.01 | 49.76 | 46.59 | 42.39 | 37.80 | 31.45 | 27.55 | 31.65 | 36.61 | 39.34 | |||||||
| Palo Alto Networks Inc. | — | — | 21.95 | 20.96 | 20.40 | 24.26 | 23.81 | 24.18 | 23.93 | 22.96 | 22.23 | 22.24 | 21.37 | 20.44 | 19.44 | 18.99 | 17.86 | 16.45 | 15.38 | 14.54 | 13.39 | 14.05 | |||||||
| ServiceNow Inc. | — | — | — | — | 6.77 | 6.20 | 5.80 | 5.96 | 6.07 | 6.08 | 6.23 | 6.09 | 6.20 | 6.54 | 6.61 | 7.07 | 6.98 | 6.82 | 6.88 | 7.57 | 7.54 | 7.84 | |||||||
| Synopsys Inc. | — | — | — | 12.56 | 12.14 | 11.83 | 10.13 | 9.20 | 10.88 | 11.11 | 10.88 | 10.66 | 10.68 | 10.57 | 10.48 | 10.31 | 9.68 | 10.01 | 10.51 | 10.17 | 9.68 | 9.43 | |||||||
| Workday Inc. | 9.02 | 8.79 | 8.74 | 8.15 | 7.99 | 7.63 | 6.82 | 6.46 | 6.25 | 6.11 | 5.88 | 5.79 | 5.50 | 5.31 | 5.17 | 4.88 | 4.60 | 4.55 | 4.58 | 4.37 | 4.12 | 3.87 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Net fixed asset turnover
= (RevenuesQ2 2027
+ RevenuesQ1 2027
+ RevenuesQ4 2026
+ RevenuesQ3 2026)
÷ Property and equipment, net
= (11,345 + 11,133 + 11,201 + 10,259)
÷ 3,042 = 14.44
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a significant improvement in asset utilization efficiency over the observed period. A strong positive correlation exists between the strategic reduction of net fixed assets and the steady growth of revenues, resulting in a substantial increase in the net fixed asset turnover ratio.
- Revenue Trajectory
- Quarterly revenues demonstrate a consistent upward trend, expanding from 5,963 million USD in April 2021 to 11,345 million USD by July 2026. This sustained growth provides the primary momentum for the increasing efficiency ratios observed in the latter half of the period.
- Fixed Asset Dynamics
- Net property and equipment experienced an initial growth phase, peaking at 3,876 million USD in July 2023. Following this peak, a steady contraction is observed, with the value decreasing to 3,042 million USD by July 2026. This suggests a transition toward a more asset-light operational model or a period of significant depreciation exceeding new capital expenditures.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio exhibited relative stability between 8.47 and 9.74 from April 2021 through April 2023. However, a distinct acceleration in efficiency began in October 2023, with the ratio climbing from 8.92 to a peak of 14.44 by July 2026. This trajectory indicates that the company is generating significantly more revenue per unit of net fixed assets, reflecting optimized capital productivity.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Salesforce Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | 11,345) | 11,133) | 11,201) | 10,259) | 10,236) | 9,829) | 9,993) | 9,444) | 9,325) | 9,133) | 9,287) | 8,720) | 8,603) | 8,247) | 8,384) | 7,837) | 7,720) | 7,411) | 7,326) | 6,863) | 6,340) | 5,963) | |||||||
| Property and equipment, net | 3,042) | 3,150) | 3,120) | 3,147) | 3,154) | 3,131) | 3,236) | 3,416) | 3,580) | 3,506) | 3,689) | 3,807) | 3,876) | 3,695) | 3,702) | 3,514) | 3,375) | 2,868) | 2,815) | 2,768) | 2,711) | 2,490) | |||||||
| Operating lease right-of-use assets, net | 1,787) | 1,889) | 2,003) | 1,949) | 2,028) | 2,129) | 2,157) | 2,167) | 2,130) | 2,255) | 2,366) | 2,518) | 2,575) | 2,646) | 2,890) | 2,904) | 2,727) | 2,913) | 2,880) | 2,909) | 3,123) | 3,065) | |||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 4,829) | 5,039) | 5,123) | 5,096) | 5,182) | 5,260) | 5,393) | 5,583) | 5,710) | 5,761) | 6,055) | 6,325) | 6,451) | 6,341) | 6,592) | 6,418) | 6,102) | 5,781) | 5,695) | 5,677) | 5,834) | 5,555) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 9.10 | 8.50 | 8.11 | 7.91 | 7.62 | 7.34 | 7.03 | 6.66 | 6.39 | 6.20 | 5.76 | 5.37 | 5.13 | 5.08 | 4.76 | 4.72 | 4.80 | 4.83 | 4.65 | 4.40 | 4.03 | 4.02 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | 15.91 | 15.98 | 16.38 | 16.18 | 15.85 | 16.37 | 15.89 | 15.17 | 15.96 | 15.77 | 15.97 | 15.38 | 14.85 | 14.14 | 13.47 | 13.17 | 12.30 | 11.56 | 11.17 | |||||||
| Adobe Inc. | — | — | — | 12.05 | 11.62 | 11.34 | 10.88 | 10.47 | 10.52 | 10.21 | 9.70 | 8.96 | 8.69 | 8.47 | 8.13 | 7.84 | 7.61 | 7.60 | 7.61 | 7.57 | 7.52 | 7.55 | |||||||
| Datadog Inc. | — | — | — | — | 6.44 | 6.20 | 6.20 | 6.10 | 6.05 | 6.26 | 6.72 | 6.60 | 6.54 | 6.35 | 7.13 | 7.18 | 7.10 | 7.69 | 7.87 | 7.67 | 8.44 | 7.82 | |||||||
| International Business Machines Corp. | — | — | — | — | 7.85 | 7.66 | 7.48 | 7.21 | 6.92 | 6.93 | 7.03 | 6.98 | 7.14 | 7.06 | 7.09 | 7.21 | 7.48 | 7.45 | 7.37 | 7.67 | 7.35 | 6.73 | |||||||
| Intuit Inc. | — | — | 13.14 | 13.10 | 12.84 | 12.45 | 12.54 | 11.85 | 11.37 | 10.73 | 11.47 | 10.83 | 10.11 | 10.03 | 9.99 | 9.89 | 9.51 | 9.11 | 8.86 | 10.03 | 8.99 | 8.64 | |||||||
| Microsoft Corp. | — | — | 0.98 | 1.03 | 1.07 | 1.15 | 1.23 | 1.30 | 1.38 | 1.47 | 1.59 | 1.71 | 1.77 | 1.85 | 1.93 | 2.03 | 2.12 | 2.25 | 2.26 | 2.31 | 2.32 | 2.34 | |||||||
| Oracle Corp. | — | 0.44 | 0.52 | 0.77 | 0.90 | 1.11 | 1.32 | 1.74 | 2.08 | 2.33 | 2.46 | 2.75 | 2.87 | 2.89 | 2.93 | 2.93 | 3.21 | 3.60 | 4.37 | 4.86 | 5.16 | 5.37 | |||||||
| Palantir Technologies Inc. | — | — | — | — | 21.11 | 18.35 | 17.76 | 15.58 | 13.93 | 12.51 | 11.92 | 10.50 | 9.65 | 10.58 | 9.65 | 8.84 | 8.06 | 7.27 | 7.07 | 7.12 | 6.73 | 6.17 | |||||||
| Palo Alto Networks Inc. | — | — | 9.39 | 8.96 | 11.60 | 12.79 | 12.56 | 12.25 | 11.72 | 11.05 | 10.75 | 10.82 | 10.63 | 11.50 | 11.16 | 11.00 | 10.33 | 9.47 | 9.17 | 8.68 | 8.08 | 7.91 | |||||||
| ServiceNow Inc. | — | — | — | — | 4.89 | 4.53 | 4.29 | 4.32 | 4.30 | 4.26 | 4.47 | 4.40 | 4.36 | 4.41 | 4.33 | 4.46 | 4.44 | 4.24 | 4.18 | 4.63 | 4.46 | 4.53 | |||||||
| Synopsys Inc. | — | — | — | 6.52 | 6.15 | 5.76 | 5.04 | 4.62 | 5.37 | 5.56 | 5.43 | 5.40 | 5.53 | 5.36 | 5.19 | 4.98 | 4.71 | 4.69 | 4.87 | 4.66 | 4.42 | 4.70 | |||||||
| Workday Inc. | 5.62 | 5.39 | 5.27 | 4.98 | 4.87 | 5.82 | 5.36 | 5.10 | 4.92 | 4.85 | 4.77 | 4.74 | 4.53 | 4.39 | 4.29 | 4.00 | 3.73 | 3.75 | 3.75 | 3.52 | 3.31 | 3.11 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ2 2027
+ RevenuesQ1 2027
+ RevenuesQ4 2026
+ RevenuesQ3 2026)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (11,345 + 11,133 + 11,201 + 10,259)
÷ 4,829 = 9.10
2 Click competitor name to see calculations.
A comprehensive analysis of long-term activity ratios reveals a significant and consistent improvement in asset efficiency from April 2021 through July 2026. The company demonstrated a strong ability to scale revenue while simultaneously optimizing its fixed asset base, resulting in a substantial increase in productivity per unit of investment.
- Revenue Growth Trajectory
- Revenues exhibited a sustained upward trend, increasing from 5,963 million USD in April 2021 to 11,345 million USD by July 2026. This growth was largely consistent, providing a steadily expanding base for generating turnover across the analyzed period.
- Fixed Asset Base Dynamics
- Property and equipment, net, including operating lease right-of-use assets, initially experienced a period of growth, peaking at 6,592 million USD in January 2023. Following this peak, a consistent downward trend was observed, with the asset base contracting to 4,829 million USD by July 2026. This indicates a reduction in the net book value of long-term assets, potentially due to a combination of strategic divestment, depreciation, or a shift in capital allocation priorities.
- Net Fixed Asset Turnover Performance
- The net fixed asset turnover ratio improved significantly, rising from 4.02 in April 2021 to 9.10 by July 2026. This acceleration is attributed to the diverging paths of rising revenues and declining net fixed assets. The transition from a ratio of approximately 4.0 to over 9.0 suggests a profound increase in capital efficiency, indicating that the company is generating significantly more revenue per dollar of fixed assets than in previous years.
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Total Asset Turnover
Salesforce Inc., total asset turnover calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | 11,345) | 11,133) | 11,201) | 10,259) | 10,236) | 9,829) | 9,993) | 9,444) | 9,325) | 9,133) | 9,287) | 8,720) | 8,603) | 8,247) | 8,384) | 7,837) | 7,720) | 7,411) | 7,326) | 6,863) | 6,340) | 5,963) | |||||||
| Total assets | 109,620) | 106,680) | 112,305) | 95,144) | 97,573) | 98,610) | 102,928) | 91,395) | 92,180) | 96,180) | 99,823) | 91,022) | 92,447) | 93,541) | 98,849) | 91,884) | 94,148) | 93,022) | 95,209) | 87,436) | 88,658) | 64,885) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 0.40 | 0.40 | 0.37 | 0.42 | 0.40 | 0.39 | 0.37 | 0.41 | 0.40 | 0.37 | 0.35 | 0.37 | 0.36 | 0.34 | 0.32 | 0.33 | 0.31 | 0.30 | 0.28 | 0.29 | 0.27 | 0.34 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | 1.06 | 1.08 | 1.09 | 1.07 | 1.08 | 1.12 | 1.11 | 1.16 | 1.19 | 1.26 | 1.25 | 1.25 | 1.27 | 1.32 | 1.32 | 1.30 | 1.29 | 1.28 | 1.23 | |||||||
| Adobe Inc. | — | — | — | 0.87 | 0.84 | 0.82 | 0.81 | 0.81 | 0.80 | 0.74 | 0.71 | 0.70 | 0.68 | 0.69 | 0.65 | 0.65 | 0.66 | 0.67 | 0.65 | 0.64 | 0.63 | 0.62 | |||||||
| AppLovin Corp. | — | — | — | — | 0.83 | 0.80 | 0.75 | 0.82 | 0.84 | 0.84 | 0.80 | 0.79 | 0.75 | 0.69 | 0.61 | 0.61 | 0.53 | 0.49 | 0.48 | 0.50 | 0.49 | 0.46 | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 0.48 | 0.46 | 0.52 | 0.54 | 0.54 | 0.54 | 0.52 | 0.47 | 0.58 | 0.71 | 0.72 | 0.72 | 0.74 | 0.71 | 0.69 | 0.69 | 0.75 | 0.72 | |||||||
| Datadog Inc. | — | — | — | — | 0.53 | 0.53 | 0.52 | 0.53 | 0.52 | 0.47 | 0.46 | 0.55 | 0.54 | 0.55 | 0.54 | 0.57 | 0.57 | 0.57 | 0.56 | 0.55 | 0.51 | 0.47 | |||||||
| International Business Machines Corp. | — | — | — | — | 0.45 | 0.44 | 0.44 | 0.45 | 0.43 | 0.43 | 0.46 | 0.47 | 0.47 | 0.45 | 0.46 | 0.47 | 0.46 | 0.45 | 0.48 | 0.48 | 0.47 | 0.44 | |||||||
| Intuit Inc. | — | — | 0.58 | 0.53 | 0.59 | 0.59 | 0.51 | 0.50 | 0.54 | 0.50 | 0.51 | 0.50 | 0.51 | 0.52 | 0.52 | 0.49 | 0.50 | 0.49 | 0.46 | 0.45 | 0.43 | 0.69 | |||||||
| Microsoft Corp. | — | — | 0.44 | 0.46 | 0.46 | 0.46 | 0.46 | 0.48 | 0.49 | 0.49 | 0.48 | 0.49 | 0.48 | 0.49 | 0.51 | 0.55 | 0.56 | 0.56 | 0.54 | 0.56 | 0.54 | 0.53 | |||||||
| Oracle Corp. | — | 0.24 | 0.26 | 0.26 | 0.30 | 0.33 | 0.34 | 0.35 | 0.37 | 0.37 | 0.38 | 0.38 | 0.38 | 0.37 | 0.37 | 0.36 | 0.36 | 0.34 | 0.39 | 0.39 | 0.39 | 0.33 | |||||||
| Palantir Technologies Inc. | — | — | — | — | 0.53 | 0.51 | 0.50 | 0.48 | 0.47 | 0.46 | 0.45 | 0.46 | 0.48 | 0.49 | 0.49 | 0.51 | 0.51 | 0.54 | 0.55 | 0.55 | 0.53 | 0.50 | |||||||
| Palo Alto Networks Inc. | — | — | 0.24 | 0.23 | 0.40 | 0.41 | 0.39 | 0.40 | 0.41 | 0.41 | 0.40 | 0.43 | 0.41 | 0.49 | 0.48 | 0.46 | 0.47 | 0.46 | 0.45 | 0.47 | 0.47 | 0.44 | |||||||
| ServiceNow Inc. | — | — | — | — | 0.47 | 0.57 | 0.51 | 0.58 | 0.55 | 0.55 | 0.54 | 0.57 | 0.55 | 0.54 | 0.52 | 0.56 | 0.54 | 0.56 | 0.54 | 0.62 | 0.59 | 0.57 | |||||||
| Synopsys Inc. | — | — | — | 0.20 | 0.19 | 0.17 | 0.15 | 0.13 | 0.26 | 0.47 | 0.47 | 0.52 | 0.55 | 0.57 | 0.57 | 0.56 | 0.54 | 0.54 | 0.54 | 0.53 | 0.52 | 0.51 | |||||||
| Workday Inc. | 0.64 | 0.61 | 0.53 | 0.52 | 0.50 | 0.51 | 0.47 | 0.50 | 0.48 | 0.47 | 0.44 | 0.50 | 0.49 | 0.49 | 0.46 | 0.48 | 0.43 | 0.42 | 0.49 | 0.52 | 0.51 | 0.52 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Total asset turnover
= (RevenuesQ2 2027
+ RevenuesQ1 2027
+ RevenuesQ4 2026
+ RevenuesQ3 2026)
÷ Total assets
= (11,345 + 11,133 + 11,201 + 10,259)
÷ 109,620 = 0.40
2 Click competitor name to see calculations.
Analysis of the total asset turnover reveals a period of initial volatility followed by a sustained improvement in asset utilization efficiency between April 2021 and July 2026.
- Revenue Growth and Asset Expansion
- Revenues exhibited a consistent upward trajectory, increasing from 5,963 million USD in April 2021 to 11,345 million USD by July 2026. In parallel, total assets experienced a significant expansion, jumping from 64,885 million USD to 88,658 million USD within a single quarter. Following this initial spike, the asset base fluctuated, eventually peaking at 112,305 million USD in January 2026.
- Asset Turnover Trend Analysis
- The total asset turnover ratio initially declined from 0.34 to a low of 0.27 in July 2021, a result of the rapid increase in total assets outstripping revenue growth. Subsequent quarters show a recovery phase; the ratio steadily trended upward from 0.29 in October 2021 to 0.37 by October 2023. The efficiency peaked at 0.42 in October 2025 before stabilizing around 0.40 through mid-2026.
- Operational Efficiency Insights
- The overall trend indicates an improving capacity to generate sales from the invested asset base. Despite the asset base reaching its historical maximum in early 2026, the asset turnover ratio remained significantly higher than the 2021 lows. This suggests that the company successfully scaled its revenue generation to better align with its expanded balance sheet, reflecting enhanced long-term investment productivity.
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Equity Turnover
Salesforce Inc., equity turnover calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | 11,345) | 11,133) | 11,201) | 10,259) | 10,236) | 9,829) | 9,993) | 9,444) | 9,325) | 9,133) | 9,287) | 8,720) | 8,603) | 8,247) | 8,384) | 7,837) | 7,720) | 7,411) | 7,326) | 6,863) | 6,340) | 5,963) | |||||||
| Stockholders’ equity | 38,378) | 34,235) | 59,142) | 60,021) | 61,328) | 60,666) | 61,173) | 58,525) | 57,633) | 59,683) | 59,646) | 58,090) | 58,082) | 57,412) | 58,359) | 59,351) | 60,098) | 58,876) | 58,131) | 57,054) | 55,520) | 42,567) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 1.14 | 1.25 | 0.70 | 0.67 | 0.64 | 0.64 | 0.62 | 0.64 | 0.63 | 0.60 | 0.58 | 0.58 | 0.57 | 0.56 | 0.54 | 0.51 | 0.49 | 0.47 | 0.46 | 0.44 | 0.42 | 0.53 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | 2.29 | 2.31 | 2.29 | 2.23 | 2.24 | 2.30 | 2.27 | 2.29 | 2.32 | 2.38 | 2.42 | 2.50 | 2.51 | 2.66 | 2.72 | 2.79 | 2.79 | 2.76 | 2.64 | |||||||
| Adobe Inc. | — | — | — | 2.21 | 2.19 | 2.14 | 2.04 | 1.97 | 1.97 | 1.68 | 1.52 | 1.44 | 1.38 | 1.29 | 1.18 | 1.20 | 1.24 | 1.27 | 1.25 | 1.20 | 1.19 | 1.17 | |||||||
| AppLovin Corp. | — | — | — | — | 2.16 | 2.61 | 2.57 | 3.52 | 4.27 | 8.36 | 4.32 | 4.57 | 4.85 | 4.77 | 2.61 | 2.77 | 1.90 | 1.53 | 1.48 | 1.55 | 1.53 | 1.40 | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 0.85 | 0.84 | 0.97 | 1.00 | 1.02 | 1.02 | 0.99 | 0.95 | 0.98 | 1.14 | 1.20 | 1.26 | 1.31 | 1.25 | 1.30 | 1.27 | 1.25 | 1.14 | |||||||
| Datadog Inc. | — | — | — | — | 0.91 | 0.92 | 0.92 | 0.93 | 0.94 | 0.97 | 0.99 | 0.96 | 0.99 | 1.03 | 1.05 | 1.11 | 1.15 | 1.19 | 1.19 | 1.19 | 1.12 | 1.07 | |||||||
| International Business Machines Corp. | — | — | — | — | 2.01 | 2.09 | 2.07 | 2.34 | 2.33 | 2.34 | 2.30 | 2.56 | 2.60 | 2.67 | 2.75 | 2.65 | 2.73 | 2.80 | 2.76 | 3.02 | 3.07 | 3.06 | |||||||
| Intuit Inc. | — | — | 1.13 | 1.01 | 1.06 | 1.01 | 0.96 | 0.90 | 0.96 | 0.91 | 0.88 | 0.84 | 0.89 | 0.87 | 0.83 | 0.80 | 0.86 | 0.83 | 0.77 | 0.76 | 0.73 | 1.06 | |||||||
| Microsoft Corp. | — | — | 0.75 | 0.77 | 0.78 | 0.81 | 0.82 | 0.84 | 0.86 | 0.88 | 0.91 | 0.93 | 0.96 | 0.99 | 1.03 | 1.07 | 1.11 | 1.17 | 1.19 | 1.18 | 1.16 | 1.16 | |||||||
| Oracle Corp. | — | 1.07 | 1.58 | 1.66 | 2.04 | 2.44 | 2.81 | 3.33 | 4.00 | 4.98 | 6.08 | 9.34 | 13.35 | 21.50 | 46.56 | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | — | — | — | — | 0.63 | 0.62 | 0.61 | 0.59 | 0.58 | 0.57 | 0.57 | 0.59 | 0.61 | 0.62 | 0.64 | 0.67 | 0.69 | 0.73 | 0.74 | 0.77 | 0.74 | 0.70 | |||||||
| Palo Alto Networks Inc. | — | — | 0.42 | 0.38 | 1.05 | 1.10 | 1.18 | 1.23 | 1.34 | 1.40 | 1.55 | 1.74 | 1.73 | 3.32 | 3.94 | 5.27 | 8.44 | 11.45 | 26.20 | 15.31 | 41.24 | 8.78 | |||||||
| ServiceNow Inc. | — | — | — | — | 1.18 | 1.19 | 1.02 | 1.12 | 1.10 | 1.13 | 1.14 | 1.13 | 1.15 | 1.17 | 1.18 | 1.18 | 1.16 | 1.36 | 1.44 | 1.53 | 1.57 | 1.57 | |||||||
| Synopsys Inc. | — | — | — | 0.30 | 0.28 | 0.26 | 0.25 | 0.23 | 0.63 | 0.65 | 0.68 | 0.79 | 0.85 | 0.90 | 0.95 | 0.93 | 0.91 | 0.92 | 0.92 | 0.88 | 0.86 | 0.84 | |||||||
| Workday Inc. | 1.57 | 1.47 | 1.22 | 1.04 | 0.98 | 0.97 | 0.93 | 0.95 | 0.94 | 0.93 | 0.90 | 1.05 | 1.07 | 1.09 | 1.11 | 1.10 | 1.11 | 1.13 | 1.13 | 1.16 | 1.21 | 1.31 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Equity turnover
= (RevenuesQ2 2027
+ RevenuesQ1 2027
+ RevenuesQ4 2026
+ RevenuesQ3 2026)
÷ Stockholders’ equity
= (11,345 + 11,133 + 11,201 + 10,259)
÷ 38,378 = 1.14
2 Click competitor name to see calculations.
The financial trajectory from April 2021 to July 2026 is characterized by consistent revenue expansion and a significant structural shift in stockholders' equity during the final year of the observed period. This combination has resulted in a substantial increase in equity turnover, reflecting a transition in how effectively the company generates sales relative to its equity base.
- Revenue Growth Trends
- A sustained upward trend in revenues is evident, increasing from 5,963 million US dollars in April 2021 to 11,345 million US dollars by July 2026. The growth pattern is largely linear, with a notable acceleration in the final quarters, peaking at 11,201 million US dollars in January 2026 before stabilizing above 11,000 million US dollars.
- Stockholders' Equity Dynamics
- Equity exhibited an initial growth phase, rising from 42,567 million US dollars in April 2021 to a peak of approximately 61,328 million US dollars in July 2025. Following this peak, a period of relative stability was observed until January 2026. However, a sharp contraction occurred in April 2026, where equity dropped to 34,235 million US dollars, followed by a partial recovery to 38,378 million US dollars in July 2026.
- Equity Turnover Analysis
- The equity turnover ratio demonstrates two distinct phases. Between July 2021 and January 2026, the ratio improved gradually from 0.42 to 0.70, indicating a steady increase in asset utilization efficiency as revenue growth outpaced the growth of equity. In the final two quarters, the ratio experienced a dramatic surge, spiking to 1.25 in April 2026 and settling at 1.14 in July 2026. This spike is primarily attributable to the significant reduction in the equity denominator rather than a proportional increase in revenue, suggesting a fundamental change in the company's capital structure.
Overall, the data indicates a transition from a capital-heavy growth phase to a leaner equity position. The result is a marked increase in the equity turnover ratio, which suggests higher efficiency in generating revenue per unit of equity, although the volatility in the final periods indicates significant balance sheet adjustments.
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