Key Takeaways:
- Agentforce Momentum: Salesforce closed 18,500 Agentforce deals with 9,500 paid transactions, processing 3.2 trillion tokens through its AI gateway.
- Price Projection: Based on current execution, the stock could reach $297 by January 2028.
- Potential Gains: This target implies a total return of 31% from the current price of $227.
- Annual Return: Investors could see roughly 14% growth per year over the next 2 years.
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Salesforce (CRM) isn’t just adding AI features to its products—it’s rebuilding the entire enterprise software stack for the agentic AI era.
With Q3 revenue hitting $10.26 billion (up 9% year-over-year) and current remaining performance obligations surging 11% to $29.4 billion, the company is executing on its transformation to become the platform for “digital labor.”
Agentforce has processed 3.2 trillion tokens since launch, with October alone delivering 540 billion tokens (up 25% month-over-month).
The product reached $540 million in ARR, growing 330% year-over-year. When combined with Data 360, the data and AI business hit $1.4 billion in ARR, up 114% year-over-year.
Despite this momentum, CRM stock is trading at $227, down 31% over the past year, creating an opportunity for investors who see where enterprise software is heading.
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What the Model Says for Saleforce.com Stock
We analyzed Salesforce through the lens of its transformation from a CRM vendor into an agentic enterprise platform.
By rebuilding every product around Agentforce and unifying data through its $10 billion data infrastructure (Data 360, MuleSoft, Informatica), Salesforce is positioning itself as the only company delivering the full stack: data, apps, AI, and humans working together.
Using a forecast of 9.9% annual revenue growth and 36.2% operating margins, our model projects the stock will rise to $297 within 2 years. This assumes an 18x Price-to-Earnings (P/E) multiple.
That represents compression from Salesforce’s current P/E of 23x. As the company invests in sales capacity (up 23% this year) and absorbs the Informatica acquisition, some multiple compression is reasonable.
The real value comes from sustained adoption of Agentforce and multi-cloud expansion, not multiple expansion.
Our Valuation Assumptions
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Our Valuation Assumptions
TIKR’s Valuation Model lets you plug in your own assumptions for a company’s revenue growth, operating margins, and P/E multiple, and calculates the stock’s expected returns.
Here’s what we used for CRM stock:
1. Revenue Growth: 9.9%
Salesforce’s revenue engine is shifting from seat-based license growth to consumption-driven expansion through Agentforce and Data 360.
Agentforce Adoption Accelerating: More than 70% of customers in production with Agentforce increased quarter-over-quarter. In Q3 alone, 362 customers “refilled the tank” by expanding their Agentforce commitments (up from just 3 customers two quarters ago). Over 50% of new Agentforce bookings came from existing customers expanding investment.
Multi-Cloud Expansion: More than 70% of the top 100 deals included 5 or more clouds. When customers adopt multiple products, the monetization multiplies by 3x to 5x. Six of the top 10 deals in Q3 were driven by companies wanting to transform with Agentforce as their foundation.
Data Infrastructure Buildout: Data 360 ingested 32 trillion records in Q3 (up 119% year-over-year), including 15 trillion through zero-copy integration (up 341%). With the Informatica acquisition complete, Salesforce now operates a roughly $10 billion data business combining Data 360, MuleSoft, and Informatica.
2. Operating margins: 36.2%
Salesforce’s margin profile shows expansion potential even as it invests heavily in sales capacity and product innovation.
Q3 Margin Performance: Non-GAAP operating margin hit 35.5%, up 240 basis points year-over-year. The strong performance came from the timing of expenses and better-than-expected collections, but also reflects improving operational discipline.
Sales Capacity Investment: The company increased sales capacity by 23% in fiscal 2026, with 15% already ramped and enabled on Agentforce. This front-loaded investment will drive revenue in fiscal 2027 and beyond without requiring proportional margin pressure.
Product Consolidation: Salesforce consolidated hundreds of specialized AI models into unified systems through its Lattice architecture. This improves both performance and cost efficiency. The company cut 100 ad ranking models in recent quarters, with plans to consolidate 200 more.
3. Exit P/E Multiple: 18x
The market currently values Salesforce at 23x earnings. We chose 18x for our exit multiple to stay conservative.
Below Historical Average: Salesforce’s P/E averaged 36.2x over 5 years and 50.1x over 10 years. The current depressed multiple reflects investor concerns about revenue growth deceleration and competitive pressure in core CRM.
Rerating Potential: If Salesforce demonstrates that Agentforce drives 3x to 5x expansion in existing customer spend and captures the agentic enterprise market, the multiple could expand. Success in converting the 150,000+ customer base to the agentic model would support higher valuations.
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What Happens If Things Go Better or Worse?
Enterprise software transitions carry execution risk. Here is how Salesforce stock might perform in different scenarios through 2028:
- Low Case: If revenue growth slows to 8.5% and margins compress to 29.2%, the stock still offers a 9.1% annual return.
- Mid Case: With 9.4% growth and 31.1% margins (our base assumptions), we expect an annual return of 15.5%.
- High Case: If agentic enterprise adoption accelerates and Salesforce captures 32.6% margins while growing at 10.4%, returns could hit 21% annually.
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The range reflects different adoption curves for Agentforce. In the low case, customers remain cautious and seat-based revenue continues declining faster than consumption revenue grows.
In the high case, the multi-cloud strategy and agentic enterprise transformation drive faster monetization than expected, with customers rapidly expanding from initial Agentforce pilots to full-scale deployments across sales, service, marketing, and employee workflows.
How Much Upside Does Salesforce Stock Have From Here?
With TIKR’s new Valuation Model tool, you can estimate a stock’s potential share price in under a minute.
All it takes is three simple inputs:
- Revenue Growth
- Operating Margins
- Exit P/E Multiple
If you’re not sure what to enter, TIKR automatically fills in each input using analysts’ consensus estimates, giving you a quick, reliable starting point.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
