Enterprise Value (EV)
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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Current Enterprise Value (EV)
Salesforce Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock, $0.001 par value; none issued and outstanding (per books) | |
| Total equity | |
| Add: Finance lease liabilities, current (per books) | |
| Add: Debt, current (per books) | |
| Add: Noncurrent debt, excluding current portion (per books) | |
| Add: Noncurrent finance lease liabilities (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-01-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Salesforce Inc., EV calculation
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Salesforce Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
- Equity and Market Value Trends
-
Over the observed period from January 31, 2020 to January 31, 2025, total and common equity values experienced an overall upward trend despite some fluctuations. Initial equity started at approximately 151.8 billion USD in early 2020, increasing steadily to about 196.3 billion USD by early 2021. Equity then remained relatively stable through early 2022 at around 195.9 billion USD before declining to approximately 183.0 billion USD in early 2023. A significant rebound occurred afterwards, with equity rising sharply to nearly 294.7 billion USD by early 2024, followed by a slight decrease to 280.6 billion USD in early 2025. The identical values for common equity and total equity indicate no recorded preferred equity or other equity classes during these periods.
- Total Equity and Debt Movements
-
The combined value of total equity and debt mirrored the equity trend but at consistently higher levels, reflecting the inclusion of debt liabilities. The amount grew from 154.9 billion USD in early 2020 to 199.1 billion USD in early 2021, continuing an upward trajectory to reach a peak of 206.9 billion USD in early 2022. This was followed by a decline to 194.3 billion USD in early 2023. Subsequently, a substantial increase was observed, with the total equity and debt value rising to over 305.0 billion USD by early 2024 before slightly contracting to approximately 289.7 billion USD in early 2025. This pattern suggests the company’s capital structure expanded particularly between 2023 and 2024, possibly due to increased financing activities or retained earnings contributing to equity growth.
- Enterprise Value (EV) Dynamics
-
The enterprise value demonstrated a similar pattern to total equity and debt, indicating correlated movements between market valuation and capital structure. Starting at 146.9 billion USD in early 2020, EV increased to 187.1 billion USD in early 2021 and continued to 196.4 billion USD in early 2022. There was a dip in early 2023 to 181.8 billion USD, followed by a pronounced rise to 290.9 billion USD in early 2024 before a minor reduction to 275.7 billion USD in early 2025. The notable growth in EV, especially post-2023, reflects enhanced market valuation likely driven by improved earnings prospects or investor confidence.
- Summary of Observations
-
The data reveals an overall growth trend in company valuation and capital structure amidst short-term volatility. The period between early 2023 and early 2024 stands out as a phase of robust expansion in equity, total capital, and enterprise value. The stability in values between 2024 and 2025, with slight decreases, might indicate market consolidation or normalization after rapid growth. The alignment of common equity and total equity values suggests no dilution or issuance of non-common equity instruments during these years. The fluctuations imply responsiveness to market dynamics, financing decisions, or operational performance affecting both book values and market perceptions.