Salesforce Inc (CRM) is undervalued and Sap SE ADR (SAP) is undervalued.
Against our estimates of intrinsic value, CRM trades at the wider discount: a margin of safety of +55%, against +38% for SAP.
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 8.8x revenue multiple, adjusted for growth and margin, values the shares at $339.66; the price of $210.68 is 38% below that value.
Leak Score 100/100 on 3 of 12 signals
| Metric | CRM | SAP |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $233.28 | $210.68 |
| Intrinsic value | $513.01 | $339.66 |
| Margin of safety | +55% | +38% |
| Leak Score | 75/100 (9/12) | 100/100 (3/12) |
| Market cap | $192.0B | $243.2B |
| Revenue growth, 5 years | 14.3% | 5.9% |
| Operating margin | 21.5% | 28.4% |
| Net margin | 22.0% | 20.9% |
| Return on equity | 19.4% | 18.7% |
| Debt to equity | 1.10 | 0.22 |
| P/E | 21.3x | 26.5x |
| Forward P/E | 14.5x | 22.3x |
| P/B | 5.0x | 4.8x |
| Dividend yield | 0.5% | 1.4% |