Adobe vs Salesforce
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The short version
- Salesforce is the larger business, with $41.5B of revenue in fiscal 2026 against $23.8B for Adobe, about 1.7 times as much.
- Adobe grew revenue faster (10.5%, against 9.6%).
- Adobe kept more of each dollar of sales as operating profit (36.6% operating margin, against 20.1%).
- Adobe turned more of its sales into free cash flow (41.5% FCF margin, against 34.7%).
- Adobe earned a higher return on the capital invested in it (65.9%, against 10.8%).
- Investors pay more for each dollar of Salesforce’s earnings: a P/E of 22.7x against 14.7x for Adobe.
| Latest fiscal year | ADBE · FY25 | CRM · FY26 |
|---|---|---|
| Size | ||
| Market cap | $104.3B | $204.1B |
| Revenue | $23.8B | $41.5B |
| Free cash flow | $9.9B | $14.4B |
| Net income | $7.1B | $7.5B |
| Growth | ||
| Revenue growth | 10.5% | 9.6% |
| 5-year growth | 13.1% | 14.3% |
| Share count change | −5.1% | −1.9% |
| Profitability | ||
| Gross margin | 89.3% | 77.7% |
| Operating margin | 36.6% | 20.1% |
| Net margin | 30.0% | 18.0% |
| FCF margin | 41.5% | 34.7% |
| Return on capital | 65.9% | 10.8% |
| Return on equity | 55.4% | 12.4% |
| Balance sheet | ||
| Net debt | −$385M | $5.4B |
| Net debt / EBITDA | −0.0x | 0.6x |
| Dividends and buybacks | $11.3B | $14.2B |
| Valuation & quality | ||
| P/E | 14.7x | 22.7x |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
ADBE $7.3B
CRM $8.4B
FY18
ADBE $9.0B
CRM $10.5B
FY19
ADBE $11.2B
CRM $13.3B
FY20
ADBE $12.9B
CRM $17.1B
FY21
ADBE $15.8B
CRM $21.3B
FY22
ADBE $17.6B
CRM $26.5B
FY23
ADBE $19.4B
CRM $31.4B
FY24
ADBE $21.5B
CRM $34.9B
FY25
ADBE $23.8B
CRM $37.9B
FY26
ADBE —
CRM $41.5B
ADBE
CRM
Operating margin
FY17
ADBE 29.7%
CRM 2.6%
FY18
ADBE 31.5%
CRM 4.3%
FY19
ADBE 29.3%
CRM 4.0%
FY20
ADBE 32.9%
CRM 1.7%
FY21
ADBE 36.8%
CRM 2.1%
FY22
ADBE 34.6%
CRM 2.1%
FY23
ADBE 34.3%
CRM 3.3%
FY24
ADBE 31.4%
CRM 14.4%
FY25
ADBE 36.6%
CRM 19.0%
FY26
ADBE —
CRM 20.1%
ADBE
CRM
Free cash flow
FY17
ADBE $2.7B
CRM $1.7B
FY18
ADBE $3.8B
CRM $2.2B
FY19
ADBE $4.0B
CRM $2.8B
FY20
ADBE $5.3B
CRM $3.7B
FY21
ADBE $6.9B
CRM $4.1B
FY22
ADBE $7.4B
CRM $5.3B
FY23
ADBE $6.9B
CRM $6.3B
FY24
ADBE $7.9B
CRM $9.5B
FY25
ADBE $9.9B
CRM $12.4B
FY26
ADBE —
CRM $14.4B
ADBE
CRM
Return on capital
FY17
ADBE 37.9%
CRM 3.8%
FY18
ADBE 35.6%
CRM 5.0%
FY19
ADBE 29.0%
CRM 4.9%
FY20
ADBE 38.7%
CRM 0.7%
FY21
ADBE 40.0%
CRM 1.5%
FY22
ADBE 39.1%
CRM 1.1%
FY23
ADBE 44.4%
CRM 0.9%
FY24
ADBE 47.7%
CRM 7.4%
FY25
ADBE 65.9%
CRM 10.7%
FY26
ADBE —
CRM 10.8%
ADBE
CRM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.