Salesforce Inc (CRM) is undervalued and Snowflake Inc (SNOW) is overvalued.
Against our estimates of intrinsic value, CRM trades at the wider discount: a margin of safety of +55%, against -453% for SNOW.
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 3.6x revenue multiple, discounted for its losses, values the shares at $60.85; the price of $336.59 is 453% above that value.
Leak Score 30/100 on 6 of 12 signals
| Metric | CRM | SNOW |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $233.28 | $336.59 |
| Intrinsic value | $513.01 | $60.85 |
| Margin of safety | +55% | -453% |
| Leak Score | 75/100 (9/12) | 30/100 (6/12) |
| Market cap | $192.0B | $118.7B |
| Revenue growth, 5 years | 14.3% | 51.2% |
| Operating margin | 21.5% | -22.3% |
| Net margin | 22.0% | -20.1% |
| Return on equity | 19.4% | -48.2% |
| Debt to equity | 1.10 | 1.29 |
| P/E | 21.3x | — |
| Forward P/E | 14.5x | 111.3x |
| P/B | 5.0x | 55.2x |
| Dividend yield | 0.5% | — |