Salesforce, Inc. (CRM)
Salesforce pioneered cloud-based customer relationship management and now offers a broad suite of sales, service, marketing, and analytics tools. It is layering AI agents across that suite to automate customer-facing work.
CRM vs FTNT: how the two businesses compare
- Bigger business: CRM, with $41.5B of yearly revenue, about 6.1× FTNT's $6.8B.
- More profitable: FTNT keeps 27 cents of each sales dollar as profit, against 18 cents at CRM.
- More cash from each sale: FTNT turns 38 cents of each sales dollar into operating cash flow, against 36 cents at CRM.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Salesforce (CRM) is the larger business by reported revenue: $41.5B in its fiscal year ended Jan 2026, about 6.1× FTNT's $6.8B (fiscal year ended Dec 2025). CRM's net margin was 18.0% and FTNT's 27.3%. The SEC classifies them differently (Services-Prepackaged Software; Computer Peripheral Equipment, NEC); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- Different
- CRM January 31 · FTNT December 31
- Mar 2, 2026
CRM vs FTNT: quick comparison
| Company fact | CRM | FTNT |
|---|---|---|
| Company | Salesforce, Inc. | Fortinet, Inc. |
| Exchange | NYSE | NASDAQ |
| Headquarters | San Francisco, California | — |
| Founded | 1999 | — |
| SEC industry | Services-Prepackaged Software | Computer Peripheral Equipment, NEC |
| Fiscal year-end | January 31 | December 31 |
| Latest annual filing | 10-K · 2026-03-02 | 10-K · 2026-02-25 |
CRM vs FTNT: audited financials
- Scale: CRM's $41.5B of revenue is about 6.1× FTNT's $6.8B.
- Net margin: FTNT kept 27.3% of revenue as net income versus 18.0% at CRM.
- Cash conversion: operating cash flow equalled CRM 36.1% of revenue, or 2.01× net income; FTNT 38.1% of revenue, or 1.40× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 1 month apart (2026-01-31 for CRM, 2025-12-31 for FTNT), so each figure reflects somewhat different demand and cost conditions.
| Metric | CRM | FTNT |
|---|---|---|
| Revenue | $41.5B2025-02-01 to 2026-01-31 · SEC filing | $6.8B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $7.5B2025-02-01 to 2026-01-31 · SEC filing | $1.9B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $15.0B2025-02-01 to 2026-01-31 · SEC filing | $2.6B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $7.802025-02-01 to 2026-01-31 · SEC filing | $2.422025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 18.0%2025-02-01 to 2026-01-31 · SEC filing | 27.3%2025-01-01 to 2025-12-31 · SEC filing |
CRM: FY ending 2026-01-31 · FTNT: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CRM and FTNT overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
Differences
- Different SEC industries: CRM files as Services-Prepackaged Software; FTNT as Computer Peripheral Equipment, NEC.
- Offset fiscal calendars: CRM's year ends January 31 and FTNT's December 31, about 1 month apart.
- Scale: CRM reported about 6.1× the annual revenue of FTNT.
- Profitability: net margin of 18.0% for CRM versus 27.3% for FTNT.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Fortinet, Inc. (FTNT)
Fortinet sells integrated cybersecurity appliances and software combining networking and security in a single fabric.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CRM
We have not yet published a company-specific driver list for CRM. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-03-02.
What moves FTNT
We have not yet published a company-specific driver list for FTNT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-25.
The investment question
You now know CRM reports about 6.1× FTNT's revenue, and FTNT keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. CRM's fiscal year ends January 31, while FTNT's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 49 matched transaction rows for CRM and 17 matched transaction rows for FTNT. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CRM primary filings
FTNT primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
CRM vs FTNT FAQs
Are CRM and FTNT direct competitors?
Not necessarily. Salesforce files as Services-Prepackaged Software and Fortinet as Computer Peripheral Equipment, NEC. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is CRM or FTNT the bigger company by revenue?
Salesforce (CRM) is the larger business by reported revenue: $41.5B in its fiscal year ended Jan 2026, about 6.1× FTNT's $6.8B (fiscal year ended Dec 2025). CRM's net margin was 18.0% and FTNT's 27.3%. The SEC classifies them differently (Services-Prepackaged Software; Computer Peripheral Equipment, NEC); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CRM or FTNT?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CRM vs FTNT comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Salesforce, Inc. and Fortinet, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CRM vs FTNT compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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