NOW
ServiceNow, Inc.
Technology • CIK: 0001373715
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Market Cap
$108.42B
P/E (TTM)
61.7x
Rev Growth (TTM)
+21.7%
Net Margin (TTM)
12.6%
FCF Yield (TTM)
4.3%
FCF Margin (TTM)
33.1%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$4.6B
Q1 '26
$1.5B-24%
Q4 '25
$2.0B+251%
FCF Margin
TTM33.1%
Q1 '2640.6%-28%
Sector: 8.5%Top 10%
OCF Margin38.9%
OCF/NI3.09x
CapEx Coverage6.8x
FCF Yield4.3%
FCF Growth (2Y)+29%
Cash Conversion Cycle
23 days
DSO: 48+DIO: 0−DPO: 26
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM3.5%
Div Yield0.0%
+Buyback (TTM)3.5%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$4.6B
Stock Repurchases (TTM)$3.8B
Capital Return / FCF81.5%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
11.6%
Stable
-0.0% YoY-0.8%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
9.9%
8Q: 9.9%
Asset Turnover
0.60x
8Q: 0.60x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 6.0% ≈ 11.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
6.59x
8Q:6.69x
-29.9%
Invested Cap Turn
2.19x
8Q:2.40x
-43.0%
CapEx Intensity
12.6%
8Q:16.5%
CapEx/Depreciation
0.96x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $14.0B | $3.8B↑5.7% | $3.6B↑4.7% | $3.4B↑6.0% | $3.2B↑4.1% | $3.1B↑4.4% | $3.0B↑5.7% | $2.8B↑6.5% | $2.6B |
Operating Income | $1.9B | $503.0M↑13.5% | $443.0M↓22.6% | $572.0M↑59.8% | $358.0M↓20.6% | $451.0M↑20.6% | $374.0M↓10.5% | $418.0M↑74.2% | $240.0M |
Net Income | $1.8B | $469.0M↑17.0% | $401.0M↓20.1% | $502.0M↑30.4% | $385.0M↓16.3% | $460.0M↑19.8% | $384.0M↓11.1% | $432.0M↑64.9% | $262.0M |
Operating Cash Flow | $5.4B | $1.7B↓25.4% | $2.2B↑175.3% | $813.0M↑13.5% | $716.0M↓57.3% | $1.7B↑2.6% | $1.6B↑143.7% | $671.0M↑8.2% | $620.0M |
Free Cash Flow | $4.6B | $1.5B↓23.5% | $2.0B↑251.5% | $569.0M↑8.2% | $526.0M↓63.4% | $1.4B↑4.8% | $1.4B↑192.5% | $469.0M↑34.4% | $349.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
61.7x
Volatile
8Q: 412.4x-27021%
High PEG ratio (4.4x) suggests expensive for growth
Valuation Lenses
Earnings
61.7x
vs – sector
Cash Flow
22.2x
EV/FCF vs –
Growth-Adj
4.4xPEG
Expensive for growth
Quality-Adj
5.3P/E per %ROIC
ROIC: 11.6%
Shareholder Returns
Dividend
–
Buyback
3.5%
Total Yield
3.5%
Market Cap$108.42B
EV$102.86B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
83/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
15.2%
8Q:–
Return on Invested Capital (ROIC)Top 25%
11.6%
8Q:–
Flat
vs Sector:0.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 9.9%
Asset Turnover: 0.60x
Earnings Quality
Cash Conversion
3.09x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin76.6%
Capital Efficiency
Invested Capital Turnover2.19x
Working Capital
Cash Conversion Cycle23 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
21.7%
OpInc Growth YoY
11.5%
EPS Growth YoY
14.1%
FCF 3Y CAGR
29.3%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
76.6%
Operating
13.4%
Above Avg in sector
Net
12.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+20.5 pts
FCF: 33.1% | Net: 12.6%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $5.19B
Interest Coverage
–
+Net cash position: $5.19B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis