ServiceNow, Inc. (NOW)

NYSE: NOW · USD

$150

-5.22 (-3.4%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-02

Our latest published analysis: NOW rated Hold

ServiceNow, Inc.'s published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$122 / share

Potential value

$162 / share

Upside to FV

-8.8%

from $150

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$138.5B
Revenue (ttm)	14.7B
Net income (ttm)	1.7B
EPS (ttm)	$1.60
Shares out	1B
P/E (trailing)	93.4x
P/E (forward)	27.8x
Volume	19,814,571
Beta	0.99

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 14.7B
Net income (ttm): 1.7B
EPS (ttm): $1.60
P/E (trailing): 93.4x
P/E (forward): 27.8x
Market cap: $138.5B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$5.90B	$7.25B	$8.97B	$10.98B	$13.28B	+22.5%
Gross profit	$4.54B	$5.67B	$7.05B	$8.70B	$10.30B	+22.7%
Operating income	$257.0M	$355.0M	$762.0M	$1.36B	$1.82B	+63.2%
Net income	$230.0M	$325.0M	$1.73B	$1.43B	$1.75B	+66.0%
EPS (diluted)	$0.23	$0.32	$1.68	$1.37	$1.67	+64.9%
EBITDA	$749.0M	$768.0M	$1.29B	$2.23B	$3.00B	+41.5%
R&D	$1.40B	$1.77B	$2.12B	$2.54B	$2.96B	+20.6%
SG&A	$597.0M	$735.0M	$863.0M	$936.0M	$1.12B	+17.1%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	매도
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	보유
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	매도
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	매도

Base and Bull scenarios

Base60%

Price target

$122.27

-8.8% from spot

In the Base scenario, ServiceNow executes steadily as a mature compounder. Subscription revenue expands in line with management full-year FY2026 guidance, and FY2027 consensus estimates, progressing toward long-term targets. Non-GAAP operating margins expand across the forecast horizon, anchored by durable subscription gross margins and robust free cash flow margins. This compound earnings path underpins our Fair value estimate of $122.27.

Subscription revenue compounds steadily through the forecast horizon with gradual moderation as scale increases
Non-GAAP operating margins expand steadily toward long-term targets supported by stable subscription gross margins
Terminal valuation multiples and long-term perpetual growth converge toward mature enterprise software industry benchmarks

Bull20%

Price target

$161.97

+20.9% from spot

In the Bull scenario, enterprise generative artificial intelligence monetization accelerates as customers broadly adopt autonomous agentic workflows. Pro Plus and AI-native SKUs sustain elevated pricing uplifts, while large-deal net new contract momentum propels subscription revenue compounding ahead of consensus. Operating margins expand swiftly toward long-term targets, accelerating progress toward management revenue targets and supporting Potential value of $161.97.

Subscription revenue growth accelerates across the medium term driven by sustained enterprise cloud demand and federal procurement execution
Non-GAAP operating margin scales toward long-term targets while terminal valuation multiples reflect software compounder execution
Generative artificial intelligence annualized contract value expands ahead of plan to represent an increasing share of total subscription commitments

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($122.27). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
8.7%	$129	$133	$138	$145	$152
9.2%	$122	$126	$130	$135	$141
9.7%	$116	$120	$122	$127	$132
10.2%	$111	$114	$117	$120	$124
10.7%	$107	$109	$112	$114	$118

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E27.8

P25 n/aP50 n/aP75 n/a

Trailing P/E86.1

P25 n/aP50 n/aP75 n/a

ROE14.2

P25 n/aP50 n/aP75 n/a

ROIC10.3

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All NOW indicators

Market & fundamental data

Available fields

274

Groups with data

Currency

USD

Showing 274 of 274 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001373715
Company name	ServiceNow, Inc.
Country	United States
Country code	US
CUSIP number	81762P102
Earnings date	2026-10-28
Earnings time	amc
Employees	29,187
Employees change	2,894
Employees growth	11.01%
Enterprise value	$156.4B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	2004
In index	SP500
Industry	Software - Application
IPO date	2012-06-29
Is primary listing	Yes
Is SPAC	No
ISIN number	US81762P1021
Last 10-K release date	2026-01-29
Last earnings date	2026-10-28
Last refreshed	2026-10-28
Last stock split date	2025-12-18
Last stock split type	Forward
Market cap	$154.6B
Market cap category	Large-Cap
Next earnings date	2027-01-27
Options	Yes
Price	$149.56
Price currency	USD
Sector	Technology
SIC code	7372
Stock price date	2026-10-28
Symbol	NOW
Tags	artificial-intelligence
U.S. state	California
Website	https://www.servicenow.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	39.84x
Average P/E ratio (10Y)	912.45x
Average P/E ratio (3Y)	102.36x
Average P/E ratio (5Y)	215.06x
Earnings yield	1.07%
EV/Earnings	93.6x
EV/EBIT	85.61x
EV/EBITDA	53.96x
EV/FCF	34.13x
EV/Sales	10.61x
FCF / EV yield	2.93%
FCF yield	2.96%
Forward EV/Sales	8.85x
Forward P/E	33.03x
Forward P/S	8.75x
Graham number	20.87982
Graham upside	-86.03%
Industry forward P/E	19.47x
Industry P/E	71.8x
Lynch fair value	$40.01
Lynch upside	-73.24%
P/(FCF - SBC) ratio	64.54x
P/(OCF - SBC) ratio	49.49x
P/B ratio	12.79x
P/E ratio	93.44x
P/FCF ratio	33.75x
P/OCF ratio	29.12x
P/S ratio	10.49x
PEG ratio	1.4x
Price/EBITDA ratio	53.36x
Sector forward P/E	18.55x
Sector P/E	32.64x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	12.39%
EBITDA margin	19.66%
Effective tax rate	28.82%
FCF margin	31.09%
Gross margin	74.77%
Operating margin	12.39%
Pretax margin	15.92%
Profit margin	11.34%
Profit per employee	$57,217
Profitable quarters	28
Profitable years	7
Revenue per employee	$504,745
ROA	4.25%
ROA (5Y)	3.38%
ROCE	9.36%
ROE	14.24%
ROE (5Y)	14.77%
ROIC	10.28%
ROIC (5Y)	16.49%
SBC / revenue	14.83%
Tax / revenue	4.59%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	0.45%
EPS growth (Q)	-21.91%
EPS growth (QoQ)	-35.79%
EPS growth 3Y	4.72%
EPS growth 5Y	56.59%
EPS growth years	1
FCF growth	18.99%
FCF growth (Q)	-10.08%
FCF growth (QoQ)	-69.06%
FCF growth 3Y	25.7%
FCF growth 5Y	24.52%
Gross profit growth	16.35%
Gross profit growth (Q)	13.13%
Gross profit growth 3Y	20.52%
Gross profit growth 5Y	22.38%
Net income growth	0.54%
Net income growth (Q)	-22.6%
Net income growth (QoQ)	-36.46%
Net income growth 3Y	5.46%
Net income growth 5Y	57.74%
Net income growth years	1
OCF growth	12.96%
OCF growth (Q)	-18.02%
OCF growth (QoQ)	-64.85%
OCF growth 10Y	48.66%
OCF growth 3Y	22.2%
OCF growth 5Y	22.14%
Operating income growth	9.74%
Operating income growth (Q)	-58.25%
Operating income growth 3Y	53.28%
Operating income growth 5Y	50.69%
Revenue growth	22.19%
Revenue growth (Q)	24.01%
Revenue growth (QoQ)	5.76%
Revenue growth 10Y	28.57%
Revenue growth 3Y	22.49%
Revenue growth 5Y	23.29%
Revenue growth quarters	58
Revenue growth years	16

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-728M
Depreciation and amortization	$1.1B
EBIT	$1.8B
EBITDA	$2.9B
EPS	$1.60
FCF per share	$4.43
Financing cash flow	$2.2B
Free cash flow	$4.6B
Free cash flow minus SBC	$2.4B
Gross profit	$11B
Income taxes	$676M
Investing cash flow	$-8.2B
Net borrowing	$6B
Net cash flow	$-616M
Net income	$1.7B
Operating cash flow minus SBC	$3.1B
Operating income	$1.8B
Revenue	$14.7B
Stock-based compensation	$2.2B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	5.48
Book value per share	$12.11
Debt / EBITDA	2.77
Debt / equity	0.68
Debt / FCF	1.85
Goodwill	$9.8B
Interest coverage	22
Long-term assets	$23.2B
Long-term liabilities	$7B
Net cash (debt)	$-1.7B
Net cash / market cap	-1.13%
Net debt / EBITDA	0.6
Net debt / equity	0.14
Net debt / FCF	0.38
Piotroski F-Score	4
Property, plant and equipment	$3B
Shareholders' equity	$12.5B
Tangible book value	$-1.1B
Tangible book value per share	$-1.07
Total assets	$31.7B
Total cash	$4.7B
Total debt	$8.5B
Total liabilities	$19.2B
WACC	9.23%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.55
Current assets	$8.5B
Current liabilities	$12.2B
Current ratio	0.7
Net working capital	$-6.1B
Quick ratio	0.56
Working capital	$-3.6B
Working capital turnover	-10.31

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	0.4%
Dividend yield	0%
Shareholder yield	0.4%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	779.89%
10Y return CAGR	24.3%
10Y total return	779.89%
150-day SMA	$115.44
1D price change	-3.37%
1M price change	10.24%
1M total return	10.24%
1W price change	-0.02%
1W total return	-0.02%
1Y price change	-21%
1Y return CAGR	-21.01%
1Y total return	-21%
20-day SMA	$145.03
200-day SMA	$115.27
3M price change	41.64%
3M total return	41.64%
3Y price change	34.93%
3Y return CAGR	10.5%
3Y total return	34.93%
50-day SMA	$139.52
50-day SMA vs 200-day SMA	50over200
52-week high	$192.97
52-week high date	2025-10-30
52-week low	$81.24
52-week low date	2026-04-10
5Y price change	12.45%
5Y return CAGR	2.38%
5Y total return	12.45%
6M price change	65.3%
6M total return	65.3%
After-hours change	0.43%
After-hours close	$149.56
After-hours price	$150.21
All-time high	$239.62
All-time high date	2025-01-28
All-time low	$4.52
All-time low date	2012-07-12
Average true range (ATR)	$6.01
Average volume	11.9M
Beta (1Y)	1.19
Beta (2Y)	1.42
Beta (5Y)	0.99
Change from 52-week high	-22.49%
Change from 52-week low	84.1%
Change from all-time high	-37.6%
Change from all-time low	3,204.82%
Change from open	-1.35%
Day's gap	-2.05%
Dollar volume	$3B
High price	$155.06
Low price	$148.23
Monthly RSI	51.63
Open price	$151.60
Position in 52-week range	19.47%
Premarket change	-2.31%
Premarket close	$154.78
Premarket price	$151.20
Premarket volume	606K
Previous close	$154.78
Price vs 150-day SMA	29.51%
Price vs 20-day SMA	3.09%
Price vs 200-day SMA	29.7%
Price vs 50-day SMA	7.16%
Relative volume	1.66
RSI	55.76
Sharpe ratio	-0.18
Sharpe ratio (3Y)	0.38
Sharpe ratio (5Y)	0.18
Sortino ratio	-0.16
Sortino ratio (3Y)	0.67
Sortino ratio (5Y)	0.39
Volume	19.8M
Weekly RSI	60.28
YTD price change	-2.4%
YTD total return	-2.4%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	1B
Float percentage	99.75%
Shares change (QoQ)	-0.53%
Shares change (YoY)	-0.4%
Shares held by insiders	0.14%
Shares held by institutions	83.22%
Shares outstanding	1B
Short % of float	2.88%
Short % of shares	2.87%
Short ratio	2.2 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	1,497

Deeper analysis on NOW

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this NOW report

What is the latest published NOW stock rating?

ServiceNow, Inc. is shown with Hold in the latest published report, analyzed 2026-10-02. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full NOW analysis?

The full latest published report, analyzed 2026-10-02, lives at /stocks/NOW/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for NOW?

The latest published report analyzed 2026-10-02 gives NOW a fair value of USD 122 and a potential value of USD 162. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the NOW page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-02). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldNOW · Fair value $122-8.8%

Read full analysis →

Category	Score	Reading
Valuation	4.5
Management	8.5
Balance Sheet	4.0
Profitability	5.5
Revenue Growth	7.5
Risk Assessment	5.0
Competitive Moat	9.0
Earnings Quality	6.0
Capital Efficiency	5.5

ServiceNow, Inc. (NOW)

Our latest published analysis: NOW rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · NOW

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All NOW indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on NOW

Frequently asked questions

등급 이력