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Makes workflow-automation software that runs IT, HR and customer-service processes for large companies, now with AI agents.
Makes workflow-automation software that runs IT, HR and customer-service processes for large companies, now with AI agents.
Sells annual subscriptions to a single workflow platform, priced by user and by module, and grows by selling each department's new product to customers that already run IT service on it. IT service management is the base and remains the largest line. It has added AI agent products to the same subscription base.
Moat: narrow (switching costs, installed base). Deeply embedded workflow platform across departments makes ripping it out disruptive and costly.
Headquarters: Santa Clara, California, US · Founded: 2004 · Employees: 29,187
Size ServiceNow (NOW) is a United States Information Technology company (Packaged Software) with a market value of $106B, the 118th largest of 3,117 United States companies the cockpit tracks. Shares closed at $101.97 on 6 Nov 2026.
Performance Over six months the shares gained 11.8%, against +6.0% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 21.8% over the last twelve months (peer median +23.0%); the operating margin is 12.6% (peer median 18.7%).
Valuation It trades at 22.4× forward earnings against a peer median of 20.1× (10th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.5 points below its cost of capital (9.5% WACC).
Backlog Backlog (remaining performance obligations) was $29.7B at 30 Sep 2026, up 22% on a year earlier — 1.9 years of trailing revenue. Backlog detail →
Credit ServiceNow has 6 bonds outstanding ($5.50B), rated A by the agencies and trading like BBB+ at a weighted spread of 91 bp.
Short interest Short interest is 2.7% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $15.4B | $13.3B | $11.0B | $8.97B | $7.25B |
| Revenue growth | — | +21% | +22% | +24% | — |
| Gross profit | $11.3B | $10.3B | $8.70B | $7.05B | $5.67B |
| EBITDA | $3.11B | $2.70B | $1.83B | $1.22B | $697M |
| Net income | $1.45B | $1.75B | $1.43B | $1.73B | $325M |
| Free cash flow | $4.75B | $4.58B | $3.42B | $2.70B | $2.17B |
| Capital expenditure | $584M | $911M | $892M | $694M | $550M |
| Total debt | $8.41B | $2.40B | $2.28B | $2.28B | $2.23B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ServiceNow NOW | $106B | +12% | +22% | 13% | 22.4× | 29.5% |
| Atlassian TEAM | $38.7B | +5% | +26% | 4% | 28.7× | 44.7% |
| Salesforce CRM | $176B | +18% | +11% | 22% | 14.6× | 13.7% |
| Sap SAP.DE | $276B | +49% | +8% | 29% | 29.8× | 14.9% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NOW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.0% | -3.5% | 3rd lowest of 21 |
| 6-month return | +11.8% | +6.0% | 10th highest of 21 |
| Distance from 52-week high | -42.0% | -27.8% | 5th lowest of 21 |
| Revenue growth (TTM) | +21.8% | +23.0% | 11th highest of 21 |
| Operating margin | 12.6% | 18.7% | 10th lowest of 21 |
| Forward P/E | 22.4× | 20.1× | 10th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 29.5% | 19.4% | 7th most demanding of 17 |
| Growth delivered (Del g) | +24.1% | +14.5% | 7th highest of 17 |
| Hurdle (Req g minus delivered) | +5.5 pp | +1.9 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | -0.5 pp | -0.2 pp | 11th highest of 21 |
| EV / EBITDA | 35.2× | 17.2× | 3rd most expensive of 14 |
| Net debt / EBITDA | 1.2× | 0.1× | 7th most indebted of 20 |
| Bond spread | 91 bp | 94 bp | 8th tightest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ServiceNow NOW | United States | $106B | +12% | +22% | 13% | 22.4× | 29.5% | +24.1% |
| SNOW SNOW | United States | $97.3B | +81% | +32% | -22% | 108.4× | 41.3% | +51.2% |
| Adobe ADBE | United States | $93.1B | -5% | +12% | 36% | 8.9× | 0.9% | +13.1% |
| Intuit INTU | United States | $91.3B | -14% | +14% | 29% | 14.8× | 3.1% | +17.4% |
| Cadence Design Systems CDNS | United States | $87.8B | -12% | +18% | 30% | 34.0× | 29.9% | +14.6% |
| Synopsys SNPS | United States | $86.3B | -13% | +46% | 12% | 25.6× | 39.2% | +13.9% |
| AppLovin APP | United States | $131B | -16% | +29% | 78% | 20.0× | 28.2% | +30.4% |
| Prosus PRX.AS | Netherlands | $83.9B | -3% | +45% | 3% | 10.1× | 55.8% | +13.8% |
| Datadog DDOG | United States | $64.3B | -11% | +33% | 2% | 61.0× | n/a | n/a |
| Salesforce CRM | United States | $176B | +18% | +11% | 22% | 14.6× | 13.7% | +14.3% |
| Autodesk ADSK | United States | $54.7B | +7% | +19% | 23% | 20.1× | 18.1% | +13.7% |
| Constellation Software CSU.TO | Canada | $53.3B | +37% | +17% | 16% | 19.7× | 11.2% | +25.0% |
| CrowdStrike CRWD | United States | $222B | +64% | +24% | -1% | 153.6× | 52.4% | +40.6% |
| Roper Technologies ROP | United States | $47.2B | +39% | +9% | 28% | 19.7× | 12.7% | +10.2% |
| Palo Alto Networks PANW | United States | $257B | +51% | +24% | 5% | 75.0× | n/a | n/a |
| Sap SAP.DE | Germany | $276B | +49% | +8% | 29% | 29.8× | 14.9% | +6.1% |
| Dassault Systemes DSY.PA | France | $39.0B | +32% | 0% | 26% | 19.2× | 8.3% | +7.0% |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | 4% | 28.7× | 44.7% | +25.8% |
| NBIS NBIS | United States | $35.2B | -8% | +461% | -49% | n/a | n/a | n/a |
| Zscaler ZS | United States | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% | +37.9% |
| Oracle ORCL | United States | $351B | -41% | +22% | 34% | 13.6× | n/a | n/a |
ServiceNow has 6 bonds outstanding with $5.50B face value. The agencies rate it A; its bonds trade like BBB+. Weighted yield 5.62%, a spread of 91 bp over government bonds.
ServiceNow reported $29.7B of remaining performance obligations at 30 Sep 2026, up 22% from a year earlier and up 2% from the previous quarter. That is 1.9 years of trailing revenue already under contract. Book-to-bill last quarter: 1.17.