ServiceNow (NOW)
Market Price (12/23/2025): $156.6 | Market Cap: $162.6 BilSector: Information Technology | Industry: Systems Software
ServiceNow (NOW)
Market Price (12/23/2025): $156.6Market Cap: $162.6 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 4.8 Bil, FCF LTM is 3.9 Bil | Weak multi-year price returns2Y Excs Rtn is -34% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 74x, P/EPrice/Earnings or Price/(Net Income) is 94x |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -85% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% | |
| Megatrend and thematic driversMegatrends include Cloud Computing, Automation & Robotics, Artificial Intelligence, and Cybersecurity. Show more. | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1% | |
| High stock price volatilityVol 12M is 418% | ||
| Key risksNOW key risks include [1] intense competition from major players challenging its leadership in AI orchestration, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 4.8 Bil, FCF LTM is 3.9 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -85% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Automation & Robotics, Artificial Intelligence, and Cybersecurity. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -34% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 74x, P/EPrice/Earnings or Price/(Net Income) is 94x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1% |
| High stock price volatilityVol 12M is 418% |
| Key risksNOW key risks include [1] intense competition from major players challenging its leadership in AI orchestration, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Here are five key points highlighting why ServiceNow (NOW) stock moved by approximately -14.6% in the period from August 31, 2025, to December 23, 2025: 1. Proposed $7 Billion Acquisition of Armis. Reports on December 15, 2025, indicated that ServiceNow was in advanced talks to acquire cybersecurity firm Armis for up to $7 billion, triggering a significant stock plunge. Investors expressed concerns over the steep valuation (approximately 23 times Armis's annual recurring revenue) and the potential for dilution or increased leverage given the size of the deal.2. KeyBanc Analyst Downgrade. On December 15-16, 2025, KeyBanc analyst Jackson Ader downgraded ServiceNow's stock from "Sector Weight" to "Underweight" with a price target of $775. The downgrade was largely due to fears that generative AI could disrupt traditional Software-as-a-Service (SaaS) business models, potentially leading to "seat count pressure" and capping ServiceNow's valuation multiple in 2026.
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Stock Movement Drivers
Fundamental Drivers
The -17.3% change in NOW stock from 9/22/2025 to 12/22/2025 was primarily driven by a -20.5% change in the company's P/E Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 189.56 | 156.68 | -17.34% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 12057.00 | 12667.00 | 5.06% |
| Net Income Margin (%) | 13.78% | 13.67% | -0.80% |
| P/E Multiple | 118.21 | 93.97 | -20.51% |
| Shares Outstanding (Mil) | 1035.82 | 1038.15 | -0.22% |
| Cumulative Contribution | -17.34% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| NOW | -17.3% | |
| Market (SPY) | 2.7% | 2.2% |
| Sector (XLK) | 2.7% | -6.1% |
Fundamental Drivers
The -20.1% change in NOW stock from 6/23/2025 to 12/22/2025 was primarily driven by a -28.7% change in the company's P/E Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 196.08 | 156.68 | -20.09% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 11469.00 | 12667.00 | 10.45% |
| Net Income Margin (%) | 13.41% | 13.67% | 1.90% |
| P/E Multiple | 131.84 | 93.97 | -28.73% |
| Shares Outstanding (Mil) | 1034.10 | 1038.15 | -0.39% |
| Cumulative Contribution | -20.10% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| NOW | -20.1% | |
| Market (SPY) | 14.4% | 1.9% |
| Sector (XLK) | 19.7% | -5.0% |
Fundamental Drivers
The -28.2% change in NOW stock from 12/22/2024 to 12/22/2025 was primarily driven by a -44.2% change in the company's P/E Multiple.| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 218.25 | 156.68 | -28.21% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 10464.00 | 12667.00 | 21.05% |
| Net Income Margin (%) | 12.77% | 13.67% | 7.03% |
| P/E Multiple | 168.39 | 93.97 | -44.20% |
| Shares Outstanding (Mil) | 1030.79 | 1038.15 | -0.71% |
| Cumulative Contribution | -28.21% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| NOW | -28.2% | |
| Market (SPY) | 16.9% | 6.1% |
| Sector (XLK) | 23.8% | 3.1% |
Fundamental Drivers
The 105.2% change in NOW stock from 12/23/2022 to 12/22/2025 was primarily driven by a 370.4% change in the company's Net Income Margin (%).| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 76.37 | 156.68 | 105.15% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 6919.00 | 12667.00 | 83.08% |
| Net Income Margin (%) | 2.91% | 13.67% | 370.40% |
| P/E Multiple | 383.85 | 93.97 | -75.52% |
| Shares Outstanding (Mil) | 1010.23 | 1038.15 | -2.76% |
| Cumulative Contribution | 105.00% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| NOW | 12.3% | |
| Market (SPY) | 47.7% | 7.4% |
| Sector (XLK) | 52.9% | 5.2% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NOW Return | 95% | 18% | -40% | 82% | 50% | -27% | 175% |
| Peers Return | � | 39% | -54% | 70% | 4% | -6% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| NOW Win Rate | 83% | 50% | 17% | 75% | 75% | 33% | |
| Peers Win Rate | 53% | 58% | 32% | 60% | 45% | 47% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| NOW Max Drawdown | -12% | -17% | -47% | -6% | -9% | -32% | |
| Peers Max Drawdown | � | -18% | -60% | -8% | -29% | -29% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: CRM, TEAM, WDAY, DDOG, SNOW. See NOW Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | NOW | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -51.3% | -25.4% |
| % Gain to Breakeven | 105.3% | 34.1% |
| Time to Breakeven | 423 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -30.2% | -33.9% |
| % Gain to Breakeven | 43.3% | 51.3% |
| Time to Breakeven | 32 days | 148 days |
| 2018 Correction | ||
| % Loss | -27.2% | -19.8% |
| % Gain to Breakeven | 37.4% | 24.7% |
| Time to Breakeven | 82 days | 120 days |
Compare to TEAM, PEGA, ALRM, FSLY, AGPU
In The Past
ServiceNow's stock fell -51.3% during the 2022 Inflation Shock from a high on 11/4/2021. A -51.3% loss requires a 105.3% gain to breakeven.
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AI Analysis | Feedback
Here are 1-3 brief analogies for ServiceNow (NOW):
- Salesforce for internal enterprise workflows. (ServiceNow helps companies manage and automate their internal IT, HR, and other operational processes, much like Salesforce manages external customer relationships.)
- Workday for IT and broader enterprise service workflows. (While Workday focuses on HR and Finance, ServiceNow provides a similar cloud-based platform to streamline and automate IT, HR, and customer service delivery across an organization.)
AI Analysis | Feedback
Here are ServiceNow's major product categories, which are primarily cloud-based services:- IT Workflows: Services designed to manage and automate IT operations, including IT service management, IT operations management, and IT asset management.
- Employee Workflows: Services that streamline human resources, workplace services, and other internal corporate requests to improve employee experiences.
- Customer Workflows: Services enabling businesses to deliver proactive customer service, manage field service, and enhance customer engagement.
- Creator Workflows: Services providing low-code/no-code development tools and integration capabilities to build and connect custom applications.
- Risk Workflows: Services for managing governance, risk, and compliance (GRC) across an enterprise, ensuring security and regulatory adherence.
AI Analysis | Feedback
ServiceNow (symbol: NOW) sells primarily to other companies, providing a cloud-based platform and solutions for enterprise digital workflows across various functions like IT, HR, customer service, and security operations.
For a B2B enterprise software provider like ServiceNow, definitively listing "major customers" by name is challenging, as their customer base spans thousands of organizations globally, and specific revenue contributions from individual clients are proprietary. However, ServiceNow serves a significant portion of the Fortune 500 and Forbes Global 2000, and examples of prominent public companies that have publicly acknowledged using ServiceNow solutions include:
The Coca-Cola Company (symbol: NYSE: KO) - Utilizes ServiceNow for HR workflows and other enterprise services.
Wells Fargo & Company (symbol: NYSE: WFC) - Employs ServiceNow for IT Service Management (ITSM) and other operational workflows.
T-Mobile US, Inc. (symbol: NASDAQ: TMUS) - Uses ServiceNow for customer service management (CSM) and other IT operations.
Equinix, Inc. (symbol: NASDAQ: EQIX) - Leverages ServiceNow for IT operations management (ITOM) and other digital transformation initiatives.
Lufthansa Group (symbol: FWB: LHA) - Deploys ServiceNow for various IT and enterprise service management needs.
In addition to these examples, ServiceNow's customer base also includes numerous other large global enterprises, government agencies, and mid-market companies across diverse industries such as financial services, healthcare, manufacturing, retail, and telecommunications.
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- Amazon.com, Inc. (AMZN)
- Microsoft Corporation (MSFT)
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Bill McDermott, Chairman and Chief Executive Officer
Bill McDermott joined ServiceNow as CEO in late 2019 and was later named Chairman and CEO. Prior to ServiceNow, he served as CEO of SAP SE, where he oversaw an increase in market value from $39 billion to $156 billion. His extensive career includes 17 years at Xerox, where he became the youngest corporate officer, as well as leadership roles as President of Gartner and Executive Vice President of worldwide sales and operations at Siebel Systems. At the age of 16, he purchased the Amityville Country Delicatessen, using its earnings to finance his college education. McDermott is also the author of the memoir, "Winners Dream: A Journey from Corner Store to Corner Office." He currently serves on the board of directors for Zoom and Figma.
Gina Mastantuono, President and Chief Financial Officer
Gina Mastantuono became ServiceNow's Chief Financial Officer in January 2020, and in 2025, she was named President while continuing her role as CFO. Before joining ServiceNow, Mastantuono was the Executive Vice President and Chief Financial Officer of Ingram Micro Inc. from 2016 to 2020. She also served as Senior Vice President, Chief Accounting Officer, Controller, and International CFO at Revlon, Inc. from 2007 to 2013, and held various executive finance roles at IAC/InterActiveCorp. Mastantuono started her career at Ernst & Young in the entrepreneurial services group. She currently serves on the boards of directors for Gong and Roblox.
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Key Business Risks for ServiceNow (NOW)
ServiceNow (NOW) faces several key risks, with the most significant revolving around the rapidly evolving landscape of artificial intelligence, potential challenges from strategic acquisitions, and persistent cybersecurity threats.
The foremost risk to ServiceNow's business is the potential for **AI disruption and intense competition in the AI space**. Analysts express concern that ServiceNow's standing as an AI orchestration leader could be challenged by major competitors like Microsoft by 2026. There are worries that investors might start viewing ServiceNow's core business as vulnerable to AI disruption. While ServiceNow has its own AI products with a hybrid monetization structure, similar strategies have not always insulated other software-as-a-service (SaaS) sub-sectors when this disruptive narrative takes hold. Furthermore, fierce competition in CRM and AI could undermine growth projections and reduce the valuation multiples investors are willing to assign to the company. There are also broader concerns regarding the social and ethical implications of AI use, which could damage ServiceNow's brand or lead to increased costs, potentially slowing the adoption of AI in their products if these concerns are not adequately addressed.
Secondly, **risks associated with strategic acquisitions** represent a significant concern. Recent reports of ServiceNow considering a substantial acquisition, such as the potential $7 billion purchase of cybersecurity company Armis, have prompted investor apprehension. These concerns include whether such large inorganic deals signal difficulty in achieving organic growth targets for 2026 and whether the integration of acquired companies might erode value. Such acquisitions could also divert ServiceNow's strategic focus from critical opportunities, including generative artificial intelligence. Historically, acquiring or partnering with other companies can introduce additional security risks.
Finally, **cybersecurity risks** remain a crucial ongoing threat. As a company dealing with sensitive customer data and critical IT operations, ServiceNow is consistently exposed to cyber threats. The company acknowledges that while past cybersecurity incidents have not materially impacted its business to date, there is no guarantee that future incidents will not occur or significantly affect its business strategy, operations, or financial condition. The increasing sophistication of cybercriminals and the inherent vulnerabilities that can arise from incorporating third-party or open-source software into their systems further heighten these risks. Geopolitically motivated cyberattacks, particularly during times of conflict, also pose a heightened risk to ServiceNow and its third-party providers, potentially disrupting systems, supply chains, and the ability to deliver services.
AI Analysis | Feedback
The clear emerging threat for ServiceNow comes from the aggressive expansion of major enterprise software vendors, particularly Microsoft, into comprehensive workflow automation, low-code/no-code platforms, and AI-driven service management.
Microsoft's Power Platform (Power Apps, Power Automate, Power Virtual Agents), coupled with its Dynamics 365 applications and deep integration of Azure AI services, is increasingly offering capabilities that directly overlap with ServiceNow's core strengths in IT Service Management (ITSM), HR Service Delivery (HRSD), Customer Service Management (CSM), and Creator Workflows. Given Microsoft's immense installed base across Office 365 and Azure, its ability to bundle these sophisticated workflow and service management tools into existing enterprise agreements could present a compelling and potentially more cost-effective alternative for companies deeply embedded in the Microsoft ecosystem, thereby eroding ServiceNow's position as the primary platform for enterprise workflow orchestration.
AI Analysis | Feedback
ServiceNow (NOW) operates in several large and growing addressable markets for its main products and services. The company's overall total addressable market (TAM) is substantial and is expected to grow significantly in the coming years.
ServiceNow's total addressable market is projected to reach $275 billion globally in 2026. Furthermore, ServiceNow estimates that Generative AI could add an additional $1 trillion globally to its total addressable market.
Here's a breakdown of the addressable markets for some of ServiceNow's key product areas:
-
IT Service Management (ITSM): The worldwide market for IT Service Management was estimated at $10.5 billion globally in 2023. It is expected to more than double, reaching $22.1 billion globally by 2028, with projections suggesting the market will approach $28.7 billion globally by 2032. ServiceNow ranks as the No. 1 leader in ITSM Platforms by market share.
-
Field Service Management (FSM): The global Field Service Management market was valued at $4.90 billion globally in 2024 and is expected to grow to $13.68 billion globally by 2032, at a compound annual growth rate (CAGR) of 13.7% from 2025 to 2032.
-
ServiceNow Marketplace Apps (facilitated by App Engine): The global ServiceNow Marketplace Apps Market was approximately $1.68 billion globally in 2025. It is expected to rise to $1.81 billion globally in 2026 and is forecasted to reach $3.5 billion globally by 2034, expanding at a CAGR of about 7.6% during this period.
-
Human Resources Service Delivery (HRSD): Null
-
Customer Service Management (CSM): Null
-
Environmental, Social, and Governance (ESG) Solutions: Null
AI Analysis | Feedback
ServiceNow (NOW) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Pervasive AI and Automation Integration: ServiceNow is heavily investing in and integrating Artificial intelligence (AI) and machine learning capabilities across its platform, particularly with its "Now Assist" product. This focus on AI-powered workflows, predictive analytics, intelligent automation, and virtual agents is a significant growth driver. The company aims for its AI products to exceed $0.5 billion in Annual Contract Value (ACV) in 2025 and is on track to hit a $1 billion ACV target by 2026 for Now Assist. This includes the development of agentic AI to enhance service management solutions and drive operational efficiencies.
- Expansion Beyond IT Service Management (ITSM) to New Workflows and Industries: While ITSM remains a core focus, ServiceNow is actively expanding its capabilities into adjacent and new workflow areas such as Human Resources (HR), Customer Service Management (CSM), Security Operations (SecOps), Field Service Management, and Creator Workflows. The company is also developing industry-specific solutions in sectors like telecommunications, healthcare, manufacturing, and BFSI (Banking, Financial Services, and Insurance) to accelerate deployment and provide tailored solutions. Growth in specific sectors like transportation, logistics, and a resilient U.S. federal business also contribute to this expansion.
- Growth in Customer Base and Expansion of Large Deals: ServiceNow continues to demonstrate consistent growth in its customer base, particularly in the number of customers with high Annual Contract Value (ACV). The company has a high customer renewal rate, which consistently remains around 98%. There is a reported increase in the number of customers with over $1 million and $5 million in ACV, indicating successful upselling and cross-selling across its expanding product portfolio.
- Strategic Partnerships and Acquisitions: ServiceNow is utilizing strategic partnerships and selective acquisitions to bolster its offerings and market reach. Recent examples include investments in Zaelab to accelerate CRM and AI-driven modernization for manufacturing and technology customers, and a significant investment in Genesys to enhance customer and employee experiences through AI-powered experience orchestration. Collaborations with companies like NVIDIA and FedEx Dataworks also highlight its commitment to expanding AI capabilities and market reach.
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Share Repurchases
- In May 2023, ServiceNow initiated its first-ever share repurchase program, authorizing the purchase of up to $1.5 billion in common stock.
- In January 2025, the Board of Directors authorized an additional $3 billion for share repurchases, increasing the total authorized amount to $4.5 billion.
- ServiceNow has actively repurchased shares, including approximately 644,000 shares for $584 million in Q3 2025, with about $2 billion remaining available under the program.
Outbound Investments
- ServiceNow has maintained a robust acquisition strategy, with 2021 marking a record year with six acquisitions, and five acquisitions already completed in 2025, largely focused on AI companies and industry-specific tools.
- A significant outbound investment was the acquisition of Moveworks for approximately $2.85 billion in March 2025, aimed at enhancing AI capabilities.
- Other notable investments in 2025 include a $750 million investment in Genesys for AI-Powered Experience Orchestration (September 2025) and the acquisition of Data.World (July 2025) to bolster enterprise data intelligence and governance.
Capital Expenditures
- ServiceNow's capital expenditures have steadily increased, from $419.3 million in 2020 to $852 million in 2024.
- Expected capital expenditures for 2025 are projected to be approximately $897.3 million.
- A key focus of these expenditures, as highlighted by a $1.5 billion UK investment announced in January 2025, is on expanding data centers, office space, and AI skills programs.
Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| ServiceNow Earnings Notes | ||
| ServiceNow Stock (-11%): $7B Armis Deal Fears Trigger De-Risking Wave | Notification | |
| ServiceNow Stock Dips 82% In One Week, Things To Be Wary Of When Buying The Stock | Buy or Fear | |
| Can Affirm Outrun ServiceNow in the Next Rally? | Counter-Intuitive Comparisons | |
| With ServiceNow Stock Sliding, Have You Assessed The Risk? | Return | |
| High Margins, Lower Price: Is NOW a Buy? | Actionable | |
| NOW Stock Is 18% Cheaper, Buy? | Actionable | |
| ServiceNow vs Arista Networks: Which Is A Better Investment? | Counter-Intuitive Comparisons | |
| How Does ServiceNow Stock Compare With Peers? | Peer Comparison | |
| Better Bet Than NOW Stock: Pay Less Than ServiceNow To Get More From NVDA, APPÂ |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to NOW. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | ENPH | Enphase Energy | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 16.1% | 16.1% | -0.9% |
| 11262025 | PD | PagerDuty | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 12.0% | 12.0% | 0.0% |
| 11212025 | CRM | Salesforce | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 16.7% | 16.7% | -0.1% |
| 11212025 | HUBS | HubSpot | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 12.8% | 12.8% | 0.0% |
| 11212025 | FIVN | Five9 | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 7.8% | 7.8% | 0.0% |
| 11072025 | NOW | ServiceNow | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -9.1% | -9.1% | -11.0% |
| 10312022 | NOW | ServiceNow | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.1% | 38.3% | -14.1% |
| 04302022 | NOW | ServiceNow | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -12.1% | -3.9% | -28.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for ServiceNow
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 191.22 |
| Mkt Cap | 67.5 |
| Rev LTM | 7,346 |
| Op Inc LTM | 413 |
| FCF LTM | 2,020 |
| FCF 3Y Avg | 1,664 |
| CFO LTM | 2,141 |
| CFO 3Y Avg | 1,796 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.3% |
| Rev Chg 3Y Avg | 22.2% |
| Rev Chg Q | 21.2% |
| QoQ Delta Rev Chg LTM | 4.9% |
| Op Mgn LTM | 4.0% |
| Op Mgn 3Y Avg | 2.0% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 30.4% |
| CFO/Rev 3Y Avg | 29.4% |
| FCF/Rev LTM | 27.5% |
| FCF/Rev 3Y Avg | 26.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 67.5 |
| P/S | 10.4 |
| P/EBIT | 43.7 |
| P/E | 62.5 |
| P/CFO | 31.1 |
| Total Yield | 0.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.3% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.1% |
| 3M Rtn | -2.4% |
| 6M Rtn | -3.5% |
| 12M Rtn | -21.3% |
| 3Y Rtn | 79.8% |
| 1M Excs Rtn | -6.0% |
| 3M Excs Rtn | -3.0% |
| 6M Excs Rtn | -18.4% |
| 12M Excs Rtn | -37.1% |
| 3Y Excs Rtn | -6.5% |
Comparison Analyses
Price Behavior
| Market Price | $156.68 | |
| Market Cap ($ Bil) | 32.5 | |
| First Trading Date | 06/29/2012 | |
| Distance from 52W High | -81.9% | |
| 50 Days | 200 Days | |
| DMA Price | $237.00 | $198.01 |
| DMA Trend | up | up |
| Distance from DMA | -33.9% | -20.9% |
| 3M | 1YR | |
| Volatility | 829.0% | 420.8% |
| Downside Capture | 147.18 | 145.97 |
| Upside Capture | 35.62 | 91.38 |
| Correlation (SPY) | 2.4% | 6.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.97 | 1.00 | 0.98 | 0.95 | 1.29 | 1.39 |
| Up Beta | 0.79 | 1.86 | 1.52 | 0.90 | 1.43 | 1.37 |
| Down Beta | 1.17 | 1.36 | 1.35 | 1.13 | 1.28 | 1.48 |
| Up Capture | -32% | 3% | 16% | 33% | 90% | 273% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 7 | 18 | 28 | 57 | 119 | 414 |
| Down Capture | 171% | 108% | 107% | 138% | 120% | 107% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 12 | 23 | 34 | 67 | 128 | 335 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of NOW With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| NOW | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -29.7% | 21.7% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 417.5% | 27.8% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | 0.71 | 0.69 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 3.2% | 6.3% | 5.1% | 2.1% | 6.3% | 4.4% | |
ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of NOW With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| NOW | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 8.0% | 19.4% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 190.3% | 24.7% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.41 | 0.71 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 13.1% | 13.7% | 4.3% | 2.6% | 9.8% | 6.8% | |
ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of NOW With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| NOW | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 25.1% | 22.4% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 137.4% | 24.2% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.44 | 0.85 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 18.6% | 18.0% | 3.2% | 4.8% | 11.9% | 5.7% | |
ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2025 | 2.5% | -3.5% | -9.8% |
| 7/23/2025 | 4.2% | 2.2% | -8.3% |
| 4/23/2025 | 15.5% | 17.5% | 25.0% |
| 1/29/2025 | -11.4% | -10.2% | -18.7% |
| 10/23/2024 | 5.4% | 4.7% | 15.4% |
| 7/24/2024 | 13.4% | 11.4% | 12.3% |
| 4/24/2024 | -4.0% | -8.1% | 1.6% |
| 1/24/2024 | 0.4% | 0.3% | 1.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 18 | 17 | 16 |
| # Negative | 6 | 7 | 8 |
| Median Positive | 5.4% | 7.1% | 10.1% |
| Median Negative | -3.6% | -3.7% | -6.7% |
| Max Positive | 15.5% | 20.0% | 27.1% |
| Max Negative | -11.4% | -13.9% | -18.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10302025 | 10-Q 9/30/2025 |
| 6302025 | 7242025 | 10-Q 6/30/2025 |
| 3312025 | 4232025 | 10-Q 3/31/2025 |
| 12312024 | 1302025 | 10-K 12/31/2024 |
| 9302024 | 10242024 | 10-Q 9/30/2024 |
| 6302024 | 7252024 | 10-Q 6/30/2024 |
| 3312024 | 5062024 | 10-Q 3/31/2024 |
| 12312023 | 1252024 | 10-K 12/31/2023 |
| 9302023 | 10262023 | 10-Q 9/30/2023 |
| 6302023 | 7272023 | 10-Q 6/30/2023 |
| 3312023 | 4272023 | 10-Q 3/31/2023 |
| 12312022 | 1312023 | 10-K 12/31/2022 |
| 9302022 | 10272022 | 10-Q 9/30/2022 |
| 6302022 | 7282022 | 10-Q 6/30/2022 |
| 3312022 | 4282022 | 10-Q 3/31/2022 |
| 12312021 | 2032022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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