Salesforce, Inc.
Information Technology · Application Software
Structural read: CRM is the enterprise-AI agent platform with the largest pre-existing seat footprint to monetize. Agentforce sells $2/action on top of ~150k customer base - the upsell motion is mechanical, the question is attach rate. Data Cloud is the connective tissue; without unified customer data, agents have no grounding.
Margin profile inflected post-activist (Elliott/Starboard 2023) - operating margin now 32%+ vs 18% pre-cost-cuts.
- Installed base of ~150k customers + Data Cloud as Agentforce substrate = lowest-friction enterprise-agent distribution
- Operating margin re-rated 18% → 32%+; FCF margin ~33%, $12B+ annual FCF
- Slack + MuleSoft + Tableau cross-sell raises ARPU; multi-cloud customers churn less
- Agentforce 2.0 (Dec 2024) + consumption pricing aligns revenue with usage, not seats
- $NVDA partnership for agent inference; $GOOGL + $AWS distribution
- Seat-based core decelerating - current RPO growth ~10% vs 20%+ historical
- Agentforce monetization slow: management guides modest FY26 contribution; consumption ramp lumpy
- $MSFT Copilot + Dynamics bundles compress CRM's pricing power in mid-market
- M&A overhang - Informatica rumored, market punishes Slack-scale deals
No major news in the last 7 days for CRM - only listicles and opinion pieces, which we filter out by default. See everything anyway.
No key levels recorded for this ticker.