−18% below 5y medianEV / revenue vs. its own five years
Board median EV / revenue10.2×five-year median 11.8× · −14%
Median Rule of 405321 of 24 above the line
Median revenue growth18%a year ago 15% · accelerating
Median SBC / revenue11%FCF margin 30% → 16% ex-SBC
Lights on0 of 3prices Oct 16, 2026 · TTM through Aug 31, 2026
Against the line
growth + FCF margin, in points
line 40score 46
growth 11 ptFCF margin 34 pt
Growth +11% plus FCF margin +34% is 46 points, 6 above the line at 40. Counting the stock as an expense: 37 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Oct 31, 2021 → Jul 31, 2026
Five-year median 6.3×, middle half 5.7–7.4×, range 4.1–12.2×. Now 5.2×: −18% below its own median, higher than 15% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile
What the cash flow really is
TTM through Jul 31, 2026 · $B
FCF 15.15B − SBC 3.67B = 11.49B ex-SBC · operating income 9.40B is the GAAP figure after SBC
Against its scale group
CRM (blue) vs. the other Mega companies on the board (4), grey
Revenue growth+11% vs. +16%
Gross margin77% vs. 75%
FCF margin+34% vs. +16%
SBC / revenue8% vs. 7%
Rule of 4046 vs. 32
EV / revenue5.2× vs. 6.8×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Oct 31, 2024 → Jul 31, 2026 · a gap is a dropped quarter