Salesforce key statistics and ratios

In fiscal 2026, Salesforce had return on equity of 12.4%, an operating margin of 20.1%, debt equal to 24.4% of equity and a current ratio of 0.76. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Salesforce: financial ratios, annual
Fiscal year	2010Jan 2010	2011Jan 2011	2012Jan 2012	2013Jan 2013	2014Jan 2014	2015Jan 2015	2016Jan 2016	2017Jan 2017	2018Jan 2018	2019Jan 2019	2020Jan 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Jan 2024	2025Jan 2025	2026Jan 2026	LTMJul 2026
Gross margin	80.2%	80.5%	78.4%	77.6%	76.2%	76.0%	75.2%	73.9%	73.7%	74.0%	75.2%	74.4%	73.5%	73.3%	75.5%	77.2%	77.7%	77.3%
Operating margin	8.8%	5.9%	−1.5%	−3.6%	−7.0%	−2.7%	1.7%	2.6%	4.3%	4.0%	1.7%	2.1%	2.1%	3.3%	14.4%	19.0%	20.1%	19.9%
Net margin	6.2%	3.9%	−0.5%	−8.9%	−5.7%	−4.9%	−0.7%	3.8%	3.4%	8.4%	0.7%	19.2%	5.5%	0.7%	11.9%	16.4%	18.0%	22.0%
Free-cash-flow margin	17.0%	22.2%	19.4%	18.4%	14.2%	16.6%	20.8%	20.2%	20.9%	21.1%	21.6%	19.3%	19.9%	20.1%	27.2%	32.8%	34.7%	34.5%
Return on equity	7.7%	5.6%	−0.8%	−13.9%	−8.7%	−7.5%	−1.1%	4.9%	3.9%	8.5%	0.5%	10.8%	2.9%	0.4%	7.0%	10.3%	12.4%	19.8%
Return on assets	3.3%	2.3%	−0.3%	−5.6%	−3.2%	−2.7%	−0.4%	2.1%	1.8%	4.2%	0.3%	6.7%	1.8%	0.2%	4.2%	6.1%	6.9%	8.7%
Asset turnover	0.53	0.60	0.62	0.63	0.55	0.54	0.57	0.55	0.53	0.50	0.40	0.35	0.33	0.32	0.35	0.37	0.39	0.40
Current ratio	1.88	0.84	0.73	0.69	0.67	0.80	1.02	0.82	0.95	0.95	1.08	1.23	1.05	1.02	1.09	1.06	0.76	0.84
Debt to equity	43.1%	37.0%	0.0%	0.0%	9.4%	26.9%	21.7%	24.4%	16.6%	20.4%	7.9%	6.5%	18.2%	18.2%	15.8%	13.8%	24.4%	102.9%
Interest cover (operating income ÷ interest)	57.6x	3.9x	n/m	n/m	n/m	n/m	1.6x	2.4x	5.2x	3.5x	2.7x	4.1x	2.5x	3.4x	17.7x	26.5x	25.7x	8.9x
Effective tax rate	40.5%	33.2%	—	—	—	—	—	—	14.3%	−12.9%	82.2%	—	5.7%	68.5%	16.4%	16.7%	21.7%	22.2%
R&D as % of revenue	10.1%	11.3%	13.0%	14.1%	15.3%	14.8%	14.2%	14.4%	14.7%	14.2%	16.2%	16.9%	16.9%	16.1%	14.1%	14.5%	14.4%	14.5%
Capital spending as % of revenue	3.8%	5.5%	6.7%	5.8%	7.3%	5.4%	4.3%	5.5%	5.1%	4.5%	3.8%	3.3%	2.7%	2.5%	2.1%	1.7%	1.4%	1.4%
Free cash flow ÷ net income	274.3%	571.1%	—	—	—	—	—	525.7%	612.2%	252.5%	>999%	100.5%	365.9%	>999%	229.6%	200.6%	193.1%	156.8%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	24.8%	21.3%	15.7%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	63.4%	80.2%	75.3%	98.5%	241.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Salesforce: financial ratios, quarterly
Quarter	2025 Q3Oct 2024	2025 Q4Jan 2025	2026 Q1Apr 2025	2026 Q2Jul 2025	2026 Q3Oct 2025	2026 Q4Jan 2026	2027 Q1Apr 2026	2027 Q2Jul 2026
Gross margin	77.7%	77.8%	77.0%	78.1%	78.0%	77.6%	76.9%	76.7%
Operating margin	20.0%	18.2%	19.8%	22.8%	21.3%	16.7%	21.1%	20.5%
Net margin	16.2%	17.1%	15.7%	18.4%	20.3%	17.3%	18.9%	31.1%
Free-cash-flow margin	18.8%	38.2%	64.1%	5.9%	21.2%	47.5%	58.9%	9.7%
Current ratio	1.11	1.06	1.07	1.12	0.98	0.76	0.79	0.84
Debt to equity	14.4%	13.8%	13.9%	13.8%	14.1%	24.4%	114.7%	102.4%
R&D as % of revenue	14.4%	14.2%	14.9%	14.5%	14.0%	14.5%	14.6%	14.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · July 31, 2026

What it owns · $109.6bn

Short-term assets $22.1bnLonger-term assets $87.5bn

What it owes, and who funded it · $109.6bn

Short-term liabilities $26.3bnLonger-term liabilities $44.9bnShareholders' equity $38.4bn

Short-term assets cover short-term liabilities $22.1bn of assets due within a year against $26.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities $22.1bn short-term assets against $44.9bn of longer-dated liabilities.
More cash than debt $8.3bn of cash against $39.3bn of debt.
Debt below 40% of shareholders' equity Debt is 102% of equity.
Debt burden no higher than five years ago Debt to equity moved from 18% to 102% over five years.
A year's operating cash flow covers at least 20% of debt $15.8bn of operating cash flow against $39.3bn of debt.
Operating profit covers interest at least five times over Operating income of $8.7bn against $979m of interest.

From Salesforce's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

49 /100

Moderate moat

How hard Salesforce's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 14 / 20

Cash operating profit has been a median 11.3% of total assets over 9 years.
Pricing power 20 / 20

Gross margin has been a median 74.6%, moving by 1.6 percentage points (standard deviation) across 10 years.
Durability 1 / 20

Operating margin has been a median 5.2%; its worst year was 0.3%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 22.4% of revenue.
Discipline 9 / 20

The diluted share count fell 5.1% over five years; stock-based pay has been a median 9.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (64 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Salesforce's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Salesforce.