salesforce(US:CRM) 美股研究社·2025-02-28 10:47Core Viewpoint - The company is progressing in the right direction by developing its data cloud and artificial intelligence-related businesses [1][3][8] Financial Performance - Salesforce reported a 9% revenue growth and a 13% increase in adjusted operating profit for Q4 FY2025 [1] - The adjusted earnings per share (EPS) grew by 21% [1] - The company has maintained a stable revenue growth rate of around 9% over the past three quarters [1] Revenue Breakdown - The revenue growth rates for different segments in Q4 FY2025 are as follows: - Sales Cloud: 9% - Service Cloud: 9% - Platform and Other: 12% - Marketing and Commerce: 8% - Data: 6% [2] Future Guidance - For FY2026, Salesforce expects total revenue to be between $40.5 billion and $40.9 billion, reflecting a year-over-year growth of 7%-8% [4][5] - Operating cash flow is projected to grow by 10%-11% [4][5] Profitability and Margin Improvement - The management aims to increase the adjusted operating margin to 34% by FY2026, having improved it by 10% over the past two years [3][4] - The company anticipates a 100 basis point increase in profit margins for FY2026 [3] Strategic Focus - Salesforce achieved $900 million in annual recurring revenue from its data cloud and AI, marking a 120% year-over-year growth, although this currently represents only 2.5% of total revenue [3] - The company is prioritizing growth in data cloud and AI, with significant transactions in these areas [3][8] Market Conditions and Challenges - The company faces potential growth challenges due to a weak U.S. economy affecting its clients' sales expansion [8] - The current growth in current remaining performance obligations (cRPO) is primarily driven by strong early renewals, but a high base may pose challenges for FY2026 growth [8] Valuation - Analysts have upgraded Salesforce's rating to "Buy," with a fair value estimate of $320 per share [8]