Salesforce Inc (CRM) is undervalued and Shopify Inc (SHOP) is overvalued.
Against our estimates of intrinsic value, CRM trades at the wider discount: a margin of safety of +55%, against -285% for SHOP.
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
Discounting its cash flows at 15.7% (average of 3 methods) values the shares at $38.39; the price of $147.74 is 285% above that value, and 59% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
| Metric | CRM | SHOP |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $233.28 | $147.74 |
| Intrinsic value | $513.01 | $38.39 |
| Margin of safety | +55% | -285% |
| Leak Score | 75/100 (9/12) | 27/100 (3/12) |
| Market cap | $192.0B | $190.1B |
| Revenue growth, 5 years | 14.3% | 31.6% |
| Operating margin | 21.5% | 17.8% |
| Net margin | 22.0% | 14.5% |
| Return on equity | 19.4% | 15.5% |
| Debt to equity | 1.10 | 0.01 |
| P/E | 21.3x | 99.7x |
| Forward P/E | 14.5x | 59.9x |
| P/B | 5.0x | 15.0x |
| Dividend yield | 0.5% | — |