XStocksXray

Research report · 16 October 2026

ServiceNow, Inc. (NOW)

Information Technology · Systems Software · US stock · price as of 16 Oct 2026

Key indicators

Price	$141.97
52-week range	$81.24 – $192.97
Market cap	$146.8B
P/E (trailing)	70.8×
EV / EBITDA	55.2×
Free-cash-flow yield	3.1%
Dividend yield	–
Revenue (last 12 months)	$14.7B
Revenue growth (3y a year)	22.4%
Operating margin	11.4%
Return on invested capital	6.5%
Net debt / EBITDA	2.1×

Fair value

Blended fair value$30.95 range $29 – $33

Versus priceData under review+0% to fair value

Peer multiples	$34.23
Fundamentals-adjusted multiple	$30.86
10-year DCF (market-scaled)	$27.75
Earnings power value (floor, not blended)	$3.04
Model uncertainty	High

X-Ray Score

39/ 100 · High confidence · ahead of 19% of sector peers

Valuation23

Growth69

Profitability43

Financial health23

Dividends–

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

ServiceNow provides a cloud platform that helps organisations run work through automated digital workflows. Its products cover IT service and operations management, employee and customer service, security and risk, and tools for building custom business applications, with artificial intelligence features built in. Customers are large enterprises and public sector bodies, typically on subscription terms, and the company is based in California.

ServiceNow earns revenue mainly from subscriptions to its platform, supplemented by professional services. Revenue is $14.7 billion over the last twelve months, growing at 22.4% a year across three years. The operating margin is 11.4%, and the business earns a profit of 6% on the capital invested in it. The company carries net debt of 2.1 times EBITDA and pays no dividend.

StocksXray gives ServiceNow, Inc. an X-Ray Score of 39 out of 100 (high confidence), ahead of 19% of the S&P 500 stocks in its sector. Its strongest lens is growth (69) and its weakest is valuation (23).

Our fair value blend is $30.95 (range $28.74 to $33.33). At $141.97 the stock trades 359% above that blend, so the label is "Data under review" with high model uncertainty. Fair value is a range, not a price target.

XStocksXray

ServiceNow, Inc. (NOW)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$129.82	$77.65	$141.30	$212.02	$153.19	$141.97
Market cap	$26.4B	$15.8B	$145.2B	$220.9B	$160.3B	$146.8B
P/E	114.9×	48.5×	84.1×	154.8×	91.7×	70.8×
EV / revenue	3.9×	1.6×	15.6×	19.6×	11.7×	10.3×
EV / EBITDA	31.8×	14.6×	106.0×	111.6×	60.7×	55.2×
Price / free cash flow	14.7×	7.3×	53.7×	64.7×	35.0×	32.1×
Free-cash-flow yield	6.8%	13.7%	1.9%	1.5%	2.9%	3.1%
Price / book	7.1×	3.1×	19.0×	23.0×	12.4×	11.7×
Dividend yield	–	–	–	–	–	–

Fundamentals checklist ● 5 Good · ● 3 Average · ● 8 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−11.5%Good

Free-cash-flow yield3.1%Average

Risk models

Altman Z score0.9×Bad

Piotroski F-Score3 of 9Bad

Growth

EPS growth (3y)1.4%Average

Free-cash-flow growth (3y)28.2%Good

Revenue growth (3y)22.4%Good

Growth consistency100%Good

Balance sheet

Current ratio0.7×Bad

Net debt / EBITDA2.1×Bad

Interest coverno interest costGood

Valuation

Fair value vs price0.2×Bad

EBIT / EV yield1.1%Bad

Profitability

Return on invested capital6.5%Bad

Operating margin11.4%Bad

Gross profitability34.8%Average

XStocksXray

ServiceNow, Inc. (NOW)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	5,896	7,245	8,971	10,984	13,278	14,732
Gross profit	4,543	5,672	7,050	8,697	10,295	11,015
Operating income	257	355	762	1,364	1,824	1,680
Net income	230	325	1,731	1,425	1,748	1,670
Diluted EPS ($)	1.13	1.60	1.68	1.37	1.67	2.01
Free cash flow	1,799	2,173	2,704	3,415	4,576	4,580
Gross margin	77.1%	78.3%	78.6%	79.2%	77.5%	74.8%
Operating margin	4.4%	4.9%	8.5%	12.4%	13.7%	11.4%
Net margin	3.9%	4.5%	19.3%	13.0%	13.2%	11.3%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	10,798	13,299	17,387	20,383	26,038	31,666
Cash	1,728	1,470	1,897	2,304	3,726	2,503
Total debt	92	0	–	–	1,491	9,617
Equity	3,695	5,032	7,628	9,609	12,964	12,516
Dividend per share ($)	–	–	–	–	–	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	3,088	3,215	3,407	3,568	3,770	3,987
Growth vs a year earlier	+18.6%	+22.4%	+21.8%	+20.7%	+22.1%	+24.0%
Net income ($M)	460	385	502	401	469	298
Diluted EPS ($)	0.44	0.37	2.40	–	0.45	0.29

XStocksXray

ServiceNow, Inc. (NOW)

Peers in Systems Software

Company	X-Ray
NOW · ServiceNow, Inc.	39
MSFT · Microsoft Corp	60
GEN · Gen Digital Inc.	60
FTNT · Fortinet, Inc.	57
TWLO · Twilio Inc	39

Market Compass outlook for Information Technology: Favourable (75/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+0.8%
1 month	+2.5%
3 months	+35.6%
6 months	+46.9%
1 year	−21.4%
3 years	+27.1%
5 years	+14.9%

Technical summary

DailyStrongly bullish12 bullish · 3 neutral · 1 bearish

WeeklyStrongly bullish9 bullish · 1 neutral · 2 bearish

MonthlyNeutral4 bullish · 1 neutral · 3 bearish

50-day / 200-day average	$134.85 / $115.03
52-week low / high	$81.24 / $192.97
Classic pivot, support and resistance	S2 131.11 · S1 136.54 · P – · R1 150.80 · R2 159.63

XStocksXray

ServiceNow, Inc. (NOW)

Strengths

Revenue growth of 22.4% a year over three years is ahead of 85% of its sector peers.
Interest cover of no interest cost is ahead of 75% of its sector peers.

Risks and weak spots

Altman Z score is weak against Information Technology peers (0.9×).
Piotroski F-Score is weak against Information Technology peers (3 of 9).
Current ratio is weak against Information Technology peers (0.7×).
Net debt / EBITDA is weak against Information Technology peers (2.1×).
Fair value vs price is weak against Information Technology peers (0.2×).
EBIT / EV yield is weak against Information Technology peers (1.1%).
Return on invested capital is weak against Information Technology peers (6.5%).
Operating margin is weak against Information Technology peers (11.4%).

Latest SEC filings

Date	Form	Items
23 Jul 2026	10-Q
22 Jul 2026	8-K	2.02,9.01
22 May 2026	8-K	5.02,5.07,9.01
15 May 2026	8-K	1.01,2.03,8.01,9.01
23 Apr 2026	10-Q
22 Apr 2026	8-K	1.01,2.02,2.03,9.01
6 Apr 2026	DEF 14A
1 Apr 2026	8-K	1.01,2.03,9.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.