Salesforce, Inc. (CRM)

Executive Summary

Salesforce is, in our view at T&T Capital Management, the most consequential value-debate stock in U.S. large-cap software today. At $177.51 per share — down 32 percent year-to-date and the worst-performing Dow Jones component in 2026 — the stock trades at approximately 20 times consensus FY2027 non-GAAP EPS and roughly 4x consensus FY2027 revenue. The bull case rests on Agentforce — Salesforce’s AI-agent platform — which crossed $1.2 billion of annualized recurring revenue in Q1 FY27 with growth of 205 percent year-over-year. The bear case is that generative AI fundamentally threatens the seat-based SaaS pricing model that has been Salesforce’s moat for 25 years. The recent earnings print showed both sides of the debate.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers