Salesforce Inc. (NYSE:CRM)

Net Fixed Asset Turnover

The net fixed asset turnover ratio shows a generally increasing trend from the initial available data point in January 2020 at 7.2 to the latest recorded value in July 2025 at 12.52. This indicates an improvement in the company’s efficiency in generating sales from its fixed asset base over time. Fluctuations are observed in certain quarters, such as a slight decline around April 2023 through July 2023, but the overall trajectory remains upward, suggesting enhanced asset utilization. The increase from under 8 in early 2020 to above 12 in mid-2025 reflects a significant strengthening in asset productivity.

Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset

This adjusted metric also exhibits a steady rising trend from 3.16 in April 2020 to 7.62 by July 2025. This pattern mirrors the trend seen in the basic net fixed asset turnover but starts from a lower base due to additional lease-related assets in the denominator. The ratio’s consistent growth indicates improving operational efficiency even when considering leased assets, with notable acceleration between 2022 and 2025. This suggests the company is managing its asset base and leasing arrangements effectively to maintain sales growth relative to total assets in use.

Total Asset Turnover

The total asset turnover ratio shows more variability and a less pronounced upward trend compared to the net fixed asset turnover ratios. From initial data in January 2020 at 0.31, the value fluctuates in subsequent quarters, reaching peaks of approximately 0.41 in October 2024, before settling near 0.39 in July 2025. While the ratio oscillates, the overall movement suggests a modest improvement in the ability to generate revenue from total assets. The dips observed in late 2020 and early 2021 indicate temporary reductions in efficiency, possibly reflecting changes in asset composition or sales patterns.

Equity Turnover

The equity turnover ratio increases from 0.5 in January 2020 to approximately 0.64 by mid-2025. This upward trend highlights improving efficiency in generating revenue from shareholder equity. Some quarterly declines occur, such as in late 2020 where the ratio dropped to 0.42, but recovery follows with a steady rise in subsequent periods. The increasing ratio points to enhanced use of equity capital for sales generation, reflecting potentially stronger profitability or asset usage strategies funded by equity holders.

Revenue Trends

Revenues exhibited a consistent upward trend over the periods analyzed, starting at 3,737 million US$ in April 2019 and increasing to 10,236 million US$ by July 2025. There were occasional smaller increases or slight dips, such as between January 2023 and April 2023, where revenues decreased marginally from 8,384 to 8,247 million US$, and again between April 2024 and July 2024, from 9,287 to 9,133 million US$. Overall, the revenue growth trajectory shows sustained expansion with several quarters achieving notable increments.

Property and Equipment, Net

The net value of property and equipment experienced fluctuations throughout the reported periods. Initially, a gradual increase was noted from 2,243 million US$ in April 2019 to a peak of 3,702 million US$ in January 2023. Following this peak, a general declining trend is evident, with values dropping to around 3,154 million US$ by July 2025. This suggests that after expansion or acquisition phases reflected in increasing asset values, there may have been divestments, depreciation, or other asset management activities leading to decreased net property and equipment values in the later periods.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio showed a strong positive trend, starting from 7.20 in October 2019 and steadily rising to 12.52 by July 2025. This metric indicates improving efficiency in generating revenues relative to net fixed assets. Despite some minor fluctuations, the overall increase suggests enhanced asset utilization and revenue generation capability over time, particularly in the latest quarters.

Overall Insights

Over the course of the periods analyzed, the company demonstrates significant revenue growth accompanied by improved operational efficiency as indicated by the rising net fixed asset turnover ratio. The initially increasing property and equipment investments appear to support growth phases, whereas the subsequent decline in net property and equipment values alongside continuous revenue gains and efficiency improvements may indicate strategic optimization of fixed asset usage. This overall pattern suggests a maturing asset base with efforts focused on maximizing returns from existing investments.

The financial data reveals several notable trends regarding revenues, property and equipment, and the net fixed asset turnover ratio over the periods analyzed.

Revenues

The revenues exhibit a generally upward trend throughout the periods. Starting at approximately 3,737 million US dollars in April 2019, revenues increased steadily, reaching a peak of around 9,287 million US dollars in January 2024. Despite some fluctuations, such as slight declines in April 2023 and January 2025, the overall trajectory indicates sustained growth over the years analyzed.

Property and Equipment, Net

The net value of property and equipment, inclusive of operating lease right-of-use assets, shows a mild declining trend after an initial period of relative stability. Beginning at 5,097 million US dollars in April 2019, the value experienced minor increases and decreases, peaking at approximately 6,592 million US dollars in January 2023. Subsequently, there is a consistent downward trend towards lower values, reaching 5,182 million US dollars by July 2025, suggesting depreciation, disposal, or reduced investment in fixed assets over recent quarters.

Net Fixed Asset Turnover (Including Operating Lease Right-of-Use Asset)

This ratio, reflecting the efficiency in using fixed assets to generate sales, shows a consistent and steady increase from the first available data point in January 2020 at 3.16 to 7.62 by July 2025. The continuous rise in this ratio over the entire period implies improved asset utilization efficiency, meaning the company has become more effective at generating revenue per unit of net fixed assets.

Overall, the data depicts steady revenue growth complemented by a decline in property and equipment net values in recent periods. At the same time, the company demonstrates increasing efficiency in utilizing its fixed assets to drive sales, as evidenced by the steadily rising net fixed asset turnover ratio. This combination may indicate strategic asset management aimed at optimizing resource use while supporting expanding revenues.

The analysis of the quarterly financial data reveals several notable trends in revenues, total assets, and total asset turnover ratios over the periods from April 2019 through July 2025.

Revenues

There is a consistent upward trend in revenues, increasing from 3,737 million US dollars in April 2019 to a projected 10,236 million US dollars by July 2025. This represents a significant growth trajectory over the time frame. Periods of steady increases are observable with no major declines, indicating strong revenue performance across all quarters.

Total Assets

Total assets show more variability compared to revenues. Initial asset levels were approximately 33,154 million US dollars in April 2019, rising sharply to peaks over 98,000 million US dollars in several later quarters, particularly around January 2025. However, there are intermittent fluctuations and some declines in asset values, for instance, in mid-2021 and again periodically in 2023, suggesting adjustments in asset holdings or valuation changes. Despite these fluctuations, the overall direction exhibits growth, supporting the expanding scale of operations or investments during the periods analyzed.

Total Asset Turnover Ratio

The total asset turnover ratio data begins from October 2019 and reveals an initial ratio around 0.31, with gradual improvements over time. There is a general upward trend from 0.31 to approximately 0.40 by July 2025. This trend indicates increasing efficiency in using assets to generate revenues. Periods of slight dips are followed by recoveries and higher turnover, aligned with the growing revenue figures and varying asset levels.

In summary, the company exhibits robust revenue growth throughout the examined periods alongside generally increasing total assets with some volatility. The improving asset turnover ratios reflect enhanced operational efficiency in generating revenues relative to asset base expansions. These patterns collectively suggest effective scaling of business activities with progressively better usage of assets to support revenue growth.

The financial data reveals several key trends in revenues, stockholders' equity, and equity turnover over the analyzed periods.

Revenues

Revenues demonstrate a consistent upward trajectory throughout the periods, increasing from 3,737 million US dollars in April 2019 to 10,236 million US dollars by July 2025. There is steady growth quarter over quarter, with minor fluctuations but no evident declines. The increase reflects a strong and sustained expansion in the company's operations.

Stockholders’ equity

Stockholders’ equity shows a marked increase initially, particularly between July 2019 and October 2019, where it nearly doubles from 17,166 million to 33,279 million US dollars. After this significant jump, the equity continues to grow but at a slower and more stable pace, reaching a value of 61,328 million US dollars by July 2025. There are minor declines observed in some quarters, notably around January to April 2023 and again in the mid-2024 period, but overall, the trend remains strongly positive.

Equity turnover

Equity turnover ratios are not available in the earliest periods but start at 0.5 around January 2020. From that point, the ratio generally increases, rising from 0.5 to a peak of about 0.64 towards mid-2024 and remaining relatively stable at this higher level thereafter. This suggests an improvement in the efficiency with which the equity base is being utilized to generate revenues over time.

Overall, the data indicates robust revenue growth complemented by significant and sustained increases in stockholders’ equity. The improving equity turnover ratio further underscores enhanced operational efficiency in generating revenue from the equity base. The combination of these trends points to positive financial health and operational performance over the analyzed timeframe.