Salesforce Valuation Analysis: 13x Free Cash Flow

A look at current valuation, stock-based compensation trends, and the AI strategy

I’ve been watching Salesforce for years, but it was always priced like the market assumed everything would go right, and I wasn’t willing to play that game. What changed is not just Salesforce, it’s the whole software tape. SaaS valuations have been resetting across the board, and AI made it worse because investors are repricing both “AI SaaS” and “non-…