Salesforce Inc (CRM) is undervalued and ServiceNow Inc (NOW) is slightly undervalued.
Against our estimates of intrinsic value, CRM trades at the wider discount: a margin of safety of +55%, against +9% for NOW.
Values as of the 22 Sept 2026 close.
A 9.7x revenue multiple, adjusted for growth and margin, values the shares at $513.01; the price of $233.28 is 55% below that value.
Leak Score 75/100 on 9 of 12 signals
A 10.4x revenue multiple, adjusted for growth and margin, values the shares at $150.34; the price of $137.00 is 9% below that value.
Leak Score 58/100 on 10 of 12 signals
| Metric | CRM | NOW |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $233.28 | $137.00 |
| Intrinsic value | $513.01 | $150.34 |
| Margin of safety | +55% | +9% |
| Leak Score | 75/100 (9/12) | 58/100 (10/12) |
| Market cap | $192.0B | $141.7B |
| Revenue growth, 5 years | 14.3% | 24.1% |
| Operating margin | 21.5% | 13.6% |
| Net margin | 22.0% | 11.3% |
| Return on equity | 19.4% | 14.2% |
| Debt to equity | 1.10 | 0.68 |
| P/E | 21.3x | 85.6x |
| Forward P/E | 14.5x | 27.3x |
| P/B | 5.0x | 11.3x |
| Dividend yield | 0.5% | — |