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Salesforce — 护城河评估

$打开交互终端运行 `audit moat` 并使用自定义选项。→
资本流向回报率指标盈利质量负债纪律护城河评估
MOAT ASSESSMENT

TICKER: [US.CRM - Salesforce]
PERIOD: [2010-ANNUAL ~ 2026-ANNUAL]


Parameter  Value
----------------
WACC         10%
Tax Rate   21.0%


[~] ROIC Quality: Median 2.3%
    ↳ Median > 15% = high returns
[~] ROIC Stability: CoV 494.0%
    ↳ CoV < 10% = highly stable
[+] Gross Margin Stability: 3.0%
    ↳ CoV < 10% = stable pricing power
[~] Economic Moat (ROIC-WACC): -7.7%
    ↳ > 5% = creating economic value


Metric  Gross Margin      ROIC
------------------------------
Mean           76.0%      1.4%
Median         75.5%      2.3%
Max            80.5%     12.5%
Min            73.3%    -11.4%
StdDev          2.3%      7.1%
CoV             3.0%    494.0%
Slope      -0.24%/yr  1.36%/yr
R²               28%       74%


[DATA]


Period       Revenue  Gross Profit    GM%    ROIC  ROIC-WACC
------------------------------------------------------------
2010 ANNUAL    1.31B         1.05B  80.2%       -          -
2011 ANNUAL    1.66B         1.33B  80.5%       -          -
2012 ANNUAL    2.27B         1.78B  78.4%   -6.5%     -16.5%
2013 ANNUAL    3.05B         2.37B  77.6%  -11.4%     -21.4%
2014 ANNUAL    4.07B         3.10B  76.2%  -10.7%     -20.7%
2015 ANNUAL    5.37B         4.08B  76.0%   -3.5%     -13.5%
2016 ANNUAL    6.67B         5.01B  75.2%    2.3%      -7.7%
2017 ANNUAL    8.44B         6.20B  73.5%    3.0%      -7.0%
2018 ANNUAL   10.54B         7.77B  73.7%    5.0%      -5.0%
2019 ANNUAL   13.28B         9.83B  74.0%    4.2%      -5.8%
2020 ANNUAL   17.10B        12.86B  75.2%    1.7%      -8.3%
2021 ANNUAL   21.25B        15.81B  74.4%    1.2%      -8.8%
2022 ANNUAL   26.49B        19.47B  73.5%    1.0%      -9.0%
2023 ANNUAL   31.35B        22.99B  73.3%    2.6%      -7.4%
2024 ANNUAL   34.86B        26.32B  75.5%    8.7%      -1.3%
2025 ANNUAL   37.90B        29.25B  77.2%   11.3%       1.3%
2026 ANNUAL   41.52B        32.26B  77.7%   12.5%       2.5%
audit moat
MOAT ASSESSMENT TICKER: [US.CRM - Salesforce] PERIOD: [2010-ANNUAL ~ 2026-ANNUAL]
Parameter Value
----------------
WACC 10%
Tax Rate 21.0%
[~] ROIC Quality: Median 2.3% ↳ Median > 15% = high returns
[~] ROIC Stability: CoV 494.0% ↳ CoV < 10% = highly stable
[+] Gross Margin Stability: 3.0% ↳ CoV < 10% = stable pricing power
[~] Economic Moat (ROIC-WACC): -7.7% ↳ > 5% = creating economic value
Metric Gross Margin ROIC
------------------------------
Mean 76.0% 1.4%
Median 75.5% 2.3%
Max 80.5% 12.5%
Min 73.3% -11.4%
StdDev 2.3% 7.1%
CoV 3.0% 494.0%
Slope -0.24%/yr 1.36%/yr
R² 28% 74%
[DATA]
Period Revenue Gross Profit GM% ROIC ROIC-WACC
------------------------------------------------------------
2010 ANNUAL 1.31B 1.05B 80.2% - -
2011 ANNUAL 1.66B 1.33B 80.5% - -
2012 ANNUAL 2.27B 1.78B 78.4% -6.5% -16.5%
2013 ANNUAL 3.05B 2.37B 77.6% -11.4% -21.4%
2014 ANNUAL 4.07B 3.10B 76.2% -10.7% -20.7%
2015 ANNUAL 5.37B 4.08B 76.0% -3.5% -13.5%
2016 ANNUAL 6.67B 5.01B 75.2% 2.3% -7.7%
2017 ANNUAL 8.44B 6.20B 73.5% 3.0% -7.0%
2018 ANNUAL 10.54B 7.77B 73.7% 5.0% -5.0%
2019 ANNUAL 13.28B 9.83B 74.0% 4.2% -5.8%
2020 ANNUAL 17.10B 12.86B 75.2% 1.7% -8.3%
2021 ANNUAL 21.25B 15.81B 74.4% 1.2% -8.8%
2022 ANNUAL 26.49B 19.47B 73.5% 1.0% -9.0%
2023 ANNUAL 31.35B 22.99B 73.3% 2.6% -7.4%
2024 ANNUAL 34.86B 26.32B 75.5% 8.7% -1.3%
2025 ANNUAL 37.90B 29.25B 77.2% 11.3% 1.3%
2026 ANNUAL 41.52B 32.26B 77.7% 12.5% 2.5%