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  "documentTitle": "Salesforce, Inc. (CRM)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2024-10-01 00:00:00",
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  "notes": "The chart uses a 'Rule of 50' framework, which is a common SaaS performance benchmark. It includes a 'PF CRM' (Pro Forma) bar to illustrate the target.",
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      "kind": "callout",
      "text": "Salesforce should, at a minimum, be in-line with the peer median",
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      "text": "Revenue Growth + Adj. Operating Margin vs. Peers (CY2025E)",
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      "text": "Rule of 50: 53.5%",
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      "text": "Source: Company filings, Bloomberg, Capital IQ, Visible Alpha. Note: Rule of 50 score reflects CY2025E revenue growth + CY2025E adjusted operating margin.",
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      "text": "We believe Salesforce can operate above the Rule of 50 by improving revenue growth and continuing to expand margins.",
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      "text": "Salesforce Can Achieve the Rule of 50 by FY2028",
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