CRM News
R40 coverage and dated third-party headlines for Salesforce, Inc. (CRM).
R40 Coverage
In February We Named Three Companies That Would Answer the AI Demand Question. Salesforce Is the One We Never Wrote.
Salesforce's revenue growth bottomed at 7.6% and has re-accelerated to 13.3%, its fastest in thirteen quarters, with trailing free cash flow of $14.66B on $42.83B of revenue. Our own Rule of 40 score for the company moved 56 points over those same four quarters and is the worst available place to read any of it — the trailing figure moved five.
Johnson & Johnson's P/E Went 31 to 11 to 23 Without the Market Changing Its Mind. We Published a Chart Doing the Same Thing.
One outsized quarter distorts a trailing P/E twice — once when it arrives, and again four quarters later when it leaves. The second one is invisible, and our own Palo Alto coverage reasoned from it.
January 2026
All Software Stocks Under Pressure
Market believes AI threatens entire industry; infrastructure vendors accelerated growth in Q3 25—enterprise not building own solutions.