Salesforce vs Oracle

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KIRA’s take AI analyst

I put Salesforce and Oracle side by side, using each one’s latest annual report. Here is what stands out:

Oracle is the larger business, with $67.4B of revenue in fiscal 2026 against $41.5B for Salesforce, about 1.6 times as much.
Oracle grew revenue faster (17.4%, against 9.6%).
Oracle kept more of each dollar of sales as operating profit (30.6% operating margin, against 20.1%).
Salesforce turned more of its sales into free cash flow (34.7% FCF margin, against −35.2%).
Oracle earned a higher return on the capital invested in it (14.2%, against 10.8%).
Investors pay more for each dollar of Salesforce’s earnings: a P/E of 22.6x against 19.8x for Oracle.

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Salesforce

CRM

5/10

5-year growthFCF marginPiotroski F-scoreNet debt / EBITDAShare count change

Oracle

ORCL

5/10

Revenue growthOperating marginNet marginReturn on capitalReturn on equity

Side by side

Best in the row

Latest fiscal year	CRM FY26	ORCL FY26
Size
Market cap	$203.3B	$378.2B
Revenue	$41.5B	$67.4B
Free cash flow	$14.4B	−$23.7B
Net income	$7.5B	$17.1B
Growth
Revenue growth	9.6%	17.4%
5-year growth	14.3%	10.7%
Share count change	−1.9%	1.7%
Profitability
Gross margin	77.7%	—
Operating margin	20.1%	30.6%
Net margin	18.0%	25.4%
FCF margin	34.7%	−35.2%
Return on capital	10.8%	14.2%
Return on equity	12.4%	54.3%
Balance sheet
Net debt	$5.4B	$105.3B
Net debt / EBITDA	0.6x	3.5x
Dividends and buybacks	$14.2B	$5.9B
Valuation & quality
P/E	22.6x	19.8x
Piotroski F-score	7	5

Ten years

Revenue

FY17

CRM $8.4B

ORCL $37.8B

FY18

CRM $10.5B

ORCL $39.4B

FY19

CRM $13.3B

ORCL $39.5B

FY20

CRM $17.1B

ORCL $39.1B

FY21

CRM $21.3B

ORCL $40.5B

FY22

CRM $26.5B

ORCL $42.4B

FY23

CRM $31.4B

ORCL $50.0B

FY24

CRM $34.9B

ORCL $53.0B

FY25

CRM $37.9B

ORCL $57.4B

FY26

CRM $41.5B

ORCL $67.4B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CRM ORCL

Operating margin

FY17

CRM 2.6%

ORCL 34.2%

FY18

CRM 4.3%

ORCL 33.7%

FY19

CRM 4.0%

ORCL 34.3%

FY20

CRM 1.7%

ORCL 35.6%

FY21

CRM 2.1%

ORCL 37.6%

FY22

CRM 2.1%

ORCL 25.7%

FY23

CRM 3.3%

ORCL 26.2%

FY24

CRM 14.4%

ORCL 29.0%

FY25

CRM 19.0%

ORCL 30.8%

FY26

CRM 20.1%

ORCL 30.6%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CRM ORCL

Free cash flow

FY17

CRM $1.7B

ORCL $12.1B

FY18

CRM $2.2B

ORCL $13.7B

FY19

CRM $2.8B

ORCL $12.9B

FY20

CRM $3.7B

ORCL $11.6B

FY21

CRM $4.1B

ORCL $13.8B

FY22

CRM $5.3B

ORCL $5.0B

FY23

CRM $6.3B

ORCL $8.5B

FY24

CRM $9.5B

ORCL $11.8B

FY25

CRM $12.4B

ORCL −$394M

FY26

CRM $14.4B

ORCL −$23.7B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CRM ORCL

Return on capital

FY17

CRM 3.8%

ORCL 14.0%

FY18

CRM 5.0%

ORCL 11.3%

FY19

CRM 4.9%

ORCL 32.0%

FY20

CRM 0.7%

ORCL 28.5%

FY21

CRM 1.5%

ORCL 35.8%

FY22

CRM 1.1%

ORCL —

FY23

CRM 0.9%

ORCL 45.0%

FY24

CRM 7.4%

ORCL 16.4%

FY25

CRM 10.7%

ORCL 16.3%

FY26

CRM 10.8%

ORCL 14.2%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CRM ORCL

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.