Salesforce Inc., current enterprise value calculation

Current share price (P)	$277.81
No. shares of common stock outstanding	961,000,000
US$ in millions
Common equity (market value)¹	266,975)
Add: Preferred stock, $0.001 par value; none issued and outstanding (per books)	—)
Total equity	266,975)
Add: Finance lease liabilities, current (per books)	337)
Add: Debt, current (per books)	—)
Add: Noncurrent debt, excluding current portion (per books)	8,433)
Add: Noncurrent finance lease liabilities (per books)	341)
Total equity and debt	276,086)
Less: Cash and cash equivalents	8,848)
Less: Marketable securities	5,184)
Enterprise value (EV)	262,054)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 277.81 × 961,000,000

Salesforce Inc., EV calculation

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Share price^1, 2	$291.97	$303.77	$182.95	$197.90	$213.12	$169.60
No. shares of common stock outstanding¹	961,000,000	970,000,000	1,000,000,000	990,000,000	921,000,000	895,000,000
US$ in millions
Common equity (market value)³	280,583)	294,657)	182,950)	195,921)	196,284)	151,792)
Add: Preferred stock, $0.001 par value; none issued and outstanding (book value)	—)	—)	—)	—)	—)	—)
Total equity	280,583)	294,657)	182,950)	195,921)	196,284)	151,792)
Add: Finance lease liabilities, current (book value)	337)	372)	257)	114)	35)	53)
Add: Debt, current (book value)	—)	999)	1,182)	4)	4)	4)
Add: Noncurrent debt, excluding current portion (book value)	8,433)	8,427)	9,419)	10,592)	2,673)	2,673)
Add: Noncurrent finance lease liabilities (book value)	341)	602)	534)	271)	93)	332)
Total equity and debt	289,694)	305,057)	194,342)	206,902)	199,089)	154,854)
Less: Cash and cash equivalents	8,848)	8,472)	7,016)	5,464)	6,195)	4,145)
Less: Marketable securities	5,184)	5,722)	5,492)	5,073)	5,771)	3,802)
Enterprise value (EV)	275,662)	290,863)	181,834)	196,365)	187,123)	146,907)

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
= 291.97 × 961,000,000

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Salesforce Inc. EV increased from 2023 to 2024 but then slightly decreased from 2024 to 2025.

Salesforce Inc. (NYSE:CRM)

Enterprise Value (EV)