ServiceNow, Inc.
$102.25
+1.59 (+1.58%) · delayed · Nov 13, 2026
Five-year price
52w $81.24 to $175.00
- Market cap
- $106.1B
- Enterprise value
- $102.4B
- P/E
- 61.2×
- 65.0× on 3y avg EPS
- EV / EBIT
- 56.1×
- FCF yield
- 4.3%
- ROIC
- 15.3%
- Debt / equity
- —
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ●ROIC > 12% (5y avg)5y avg ROIC 12.7%
- ○ROE > 15% (5y avg)5y avg ROE 12.7%
- ●Stable operating marginsMargin volatility 3.8% (σ, 5y)
- ●Earnings convert to cashFCF / net income 422% (5y avg)
- ●Growing revenueRevenue CAGR 5y 24.1%
- ○Shrinking share countDiluted shares 416.9% over 5y
Value
0
- ○P/E below 15P/E 61.2
- ○EV/EBIT below 12EV/EBIT 56.1
- ○FCF yield above 6%FCF yield 4.3%
- ○Price below Graham NumberGraham Number $21.66
- ○P/B below 3P/B 8.2
Safety
50
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-3.7B
- ●Interest coverage > 8xCoverage 82.9x
- ○Current ratio > 1.5Current ratio 1.00
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
17
- ●Adequate size (revenue > $2B)Revenue $13.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.00
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 65.0
- ○P/E × P/B ≤ 22.5Product 532.1
Valuation lab
What do you have to believe?
At $102.25, the market is pricing in about 7.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$3.7B · 1038M shares · 5y revenue CAGR 24.1%
Intrinsic value
$263.10
Price
$102.25
Margin of safety
61%
What the price implies
The market is paying for 7.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,391 | 1,918 | 2,609 | 3,460 | 4,519 | 5,896 | 7,245 | 8,971 | 10,984 | 13,278 |
| Gross profit | 992 | 1,419 | 1,986 | 2,664 | 3,532 | 4,543 | 5,672 | 7,050 | 8,697 | 10,295 |
| Operating income | (382) | (64) | (42) | 42 | 199 | 257 | 355 | 762 | 1,364 | 1,824 |
| Operating margin | -27.5% | -3.4% | -1.6% | 1.2% | 4.4% | 4.4% | 4.9% | 8.5% | 12.4% | 13.7% |
| Pre-tax income | (410) | (113) | (39) | 67 | 150 | 249 | 399 | 1,008 | 1,738 | 2,261 |
| Income tax | 4 | 3 | (12) | (560) | 31 | 19 | 74 | (723) | 313 | 513 |
| Net income | (414) | (117) | (27) | 627 | 119 | 230 | 325 | 1,731 | 1,425 | 1,748 |
| EPS (diluted) | -2.52 | -0.68 | -0.15 | 3.18 | 0.59 | 1.13 | 1.60 | 1.68 | 1.37 | 1.67 |
| Diluted shares | — | 171 | 178 | 197 | 202 | 203 | 204 | 1,028 | 1,042 | 1,047 |
Who owns it