Price to Book Value (P/BV)
since 2005
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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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 | = | ÷ | = | ÷ | |||||||
| Mar 5, 2025 | = | ÷ | = | ÷ | |||||||
| Mar 6, 2024 | = | ÷ | = | ÷ | |||||||
| Mar 8, 2023 | = | ÷ | = | ÷ | |||||||
| Mar 11, 2022 | = | ÷ | = | ÷ | |||||||
| Mar 17, 2021 | = | ÷ | = | ÷ | |||||||
| Mar 5, 2020 | = | ÷ | = | ÷ | |||||||
| Mar 8, 2019 | = | ÷ | = | ÷ | |||||||
| Mar 9, 2018 | = | ÷ | = | ÷ | |||||||
| Mar 6, 2017 | = | ÷ | = | ÷ | |||||||
| Mar 7, 2016 | = | ÷ | = | ÷ | |||||||
| Mar 6, 2015 | = | ÷ | = | ÷ | |||||||
| Mar 5, 2014 | = | ÷ | = | ÷ | |||||||
| Mar 8, 2013 | = | ÷ | = | ÷ | |||||||
| Mar 9, 2012 | = | ÷ | = | ÷ | |||||||
| Mar 23, 2011 | = | ÷ | = | ÷ | |||||||
| Mar 11, 2010 | = | ÷ | = | ÷ | |||||||
| Mar 9, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 29, 2008 | = | ÷ | = | ÷ | |||||||
| Mar 9, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 15, 2006 | = | ÷ | = | ÷ | |||||||
| Mar 25, 2005 | = | ÷ | = | ÷ |
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.
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 | ||||||||||||||||
| Mar 5, 2025 | ||||||||||||||||
| Mar 6, 2024 | ||||||||||||||||
| Mar 8, 2023 | ||||||||||||||||
| Mar 11, 2022 | ||||||||||||||||
| Mar 17, 2021 | ||||||||||||||||
| Mar 5, 2020 | ||||||||||||||||
| Mar 8, 2019 | ||||||||||||||||
| Mar 9, 2018 | ||||||||||||||||
| Mar 6, 2017 | ||||||||||||||||
| Mar 7, 2016 | ||||||||||||||||
| Mar 6, 2015 | ||||||||||||||||
| Mar 5, 2014 | ||||||||||||||||
| Mar 8, 2013 | ||||||||||||||||
| Mar 9, 2012 | ||||||||||||||||
| Mar 23, 2011 | ||||||||||||||||
| Mar 11, 2010 | ||||||||||||||||
| Mar 9, 2009 | ||||||||||||||||
| Feb 29, 2008 | ||||||||||||||||
| Mar 9, 2007 | ||||||||||||||||
| Mar 15, 2006 | ||||||||||||||||
| Mar 25, 2005 |
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 | ||
| Mar 5, 2025 | ||
| Mar 6, 2024 | ||
| Mar 8, 2023 | ||
| Mar 11, 2022 | ||
| Mar 17, 2021 | ||
| Mar 5, 2020 | ||
| Mar 8, 2019 | ||
| Mar 9, 2018 | ||
| Mar 6, 2017 | ||
| Mar 7, 2016 | ||
| Mar 6, 2015 | ||
| Mar 5, 2014 | ||
| Mar 8, 2013 | ||
| Mar 9, 2012 | ||
| Mar 23, 2011 | ||
| Mar 11, 2010 | ||
| Mar 9, 2009 | ||
| Feb 29, 2008 | ||
| Mar 9, 2007 | ||
| Mar 15, 2006 | ||
| Mar 25, 2005 |
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 | ||
| Mar 5, 2025 | ||
| Mar 6, 2024 | ||
| Mar 8, 2023 | ||
| Mar 11, 2022 | ||
| Mar 17, 2021 | ||
| Mar 5, 2020 | ||
| Mar 8, 2019 | ||
| Mar 9, 2018 | ||
| Mar 6, 2017 | ||
| Mar 7, 2016 | ||
| Mar 6, 2015 | ||
| Mar 5, 2014 | ||
| Mar 8, 2013 | ||
| Mar 9, 2012 | ||
| Mar 23, 2011 | ||
| Mar 11, 2010 | ||
| Mar 9, 2009 | ||
| Feb 29, 2008 | ||
| Mar 9, 2007 | ||
| Mar 15, 2006 | ||
| Mar 25, 2005 |
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).