Information Technology · Systems Software · US stock · price as of 22 Oct 2026
Key indicators
Price
$157.00
52-week range
$81.24 – $192.97
Market cap
$162.4B
P/E (trailing)
78.3×
EV / EBITDA
60.8×
Free-cash-flow yield
2.8%
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
Fair value (average of valid models)$192.35 middle half of models $185 – $198
Versus priceUndervalued+23% to fair value
P/E multiple
$191.63
P/B multiple
$196.53
P/S multiple
$201.37
EV/EBITDA multiple
$184.36
EV/EBIT multiple
$242.76
EV/revenue multiple
$185.28
10-year DCF, EBITDA exit
$169.54
5-year DCF, EBITDA exit
$197.89
10-year DCF, revenue exit
$164.66
5-year DCF, revenue exit
$189.48
Model uncertainty
High
X-Ray Score
48/ 100 · High confidence · ahead of 40% of sector peers
Valuation56
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 48 out of 100 (high confidence), ahead of 40% of the S&P 500 stocks in its sector. Its strongest lens is growth (69) and its weakest is financial health (23).
Our fair value (the average of the valid models) is $192.35 (range $184.59 to $197.55). At $157.00 the stock trades 18% below that value, so the label is "Undervalued" 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
$157.00
Market cap
$26.4B
$15.8B
$145.2B
$220.9B
$160.3B
$162.4B
P/E
114.9×
48.5×
84.1×
154.8×
91.7×
78.3×
EV / revenue
3.9×
1.6×
15.6×
19.6×
11.7×
11.4×
EV / EBITDA
31.8×
14.6×
106.0×
111.6×
60.7×
60.8×
Price / free cash flow
14.7×
7.3×
53.7×
64.7×
35.0×
35.5×
Free-cash-flow yield
6.8%
13.7%
1.9%
1.5%
2.9%
2.8%
Price / book
7.1×
3.1×
19.0×
23.0×
12.4×
13.0×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 6 Good · ● 3 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−11.5%Good
Free-cash-flow yield2.8%Average
Risk models
Altman Z score0.9×Bad
Piotroski F-Score3 of 9Bad
Growth
EPS growth (3y)1.4%Average
Free-cash-flow growth (3y)28.2%Good
Revenue growth (3y)22.4%Good
Growth consistency100%Good
Balance sheet
Current ratio0.7×Bad
Net debt / EBITDA2.1×Bad
Interest coverno interest costGood
Valuation
Fair value vs price1.2×Good
EBIT / EV yield1.0%Bad
Profitability
Return on invested capital6.5%Bad
Operating margin11.4%Bad
Gross profitability34.8%Average
XStocksXray
ServiceNow, Inc. (NOW)
Financials US$ 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
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 is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
