CRM → $248.00 by Sep 24, 2026.

Salesforce's TTM free cash flow is about 14.66B. Management guided FY2027 free cash flow growth to 4%-5%. The balance sheet adjustment is -$19.67B, calculated as cash, marketable securities, and strategic investments minus debt, including the new debt from the $25B debt-funded share repurchase. Using a simple DCF: * Starting FCF: 14.66B * 5-year growth: 5% * Terminal growth: 2.5% * Discount rate: 10% * Balance sheet adjustment: -19.67B * Shares outstanding: 819M That gives an estimated equity value of about …