NOW
ServiceNow, Inc.
Technology • CIK: 0001373715
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Market Cap
$190.51B
P/E (TTM)
110.1x
Rev Growth (TTM)
—
Net Margin (TTM)
13.7%
FCF Yield (TTM)
2.1%
FCF Margin (TTM)
31.2%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$4.0B
Q3 '25
$578M+10%
Q2 '25
$526M-64%
FCF Margin
TTM31.2%
Q3 '2517.0%+4%
Sector: 14.5%Top 25%
OCF Margin38.2%
OCF/NI2.80x
CapEx Coverage5.5x
FCF Yield2.1%
FCF Growth (2Y)–
Cash Conversion Cycle
24 days
DSO: 48+DIO: 0−DPO: 24
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM0.8%
Div Yield0.0%
+Buyback (TTM)0.8%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$4.0B
Stock Repurchases (TTM)$1.5B
Capital Return / FCF38.9%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
26.6%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
11.0%
Asset Turnover
0.61x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 6.7% ≈ 26.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
6.71x
8Q:–
Invested Cap Turn
2.42x
8Q:–
CapEx Intensity
16.9%
8Q:–
CapEx/Depreciation
1.30x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $12.7B | $3.4B↑6.0% | $3.2B↑4.1% | $3.1B↑4.4% | $3.0B↑5.7% | $2.8B↑6.5% | $2.6B↑0.9% | $2.6B↑6.8% | $2.4B |
Operating Income | $1.8B | $572.0M↑59.8% | $358.0M↓20.6% | $451.0M↑20.6% | $374.0M↓10.5% | $418.0M↑74.2% | $240.0M↓27.7% | $332.0M↑23.0% | $270.0M |
Net Income | $1.7B | $502.0M↑30.4% | $385.0M↓16.3% | $460.0M↑19.8% | $384.0M↓11.1% | $432.0M↑64.9% | $262.0M↓24.5% | $347.0M↑17.6% | $295.0M |
Operating Cash Flow | $4.8B | $813.0M↑13.5% | $716.0M↓57.3% | $1.7B↑2.6% | $1.6B↑143.7% | $671.0M↑8.2% | $620.0M↓53.8% | $1.3B↓16.4% | $1.6B |
Free Cash Flow | $4.0B | $578.0M↑9.9% | $526.0M↓64.3% | $1.5B↑6.5% | $1.4B↑194.7% | $469.0M↑31.0% | $358.0M↓70.3% | $1.2B↓10.3% | $1.3B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
110.1x
Valuation Lenses
Earnings
110.1x
vs – sector
Cash Flow
48.1x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
4.1P/E per %ROIC
ROIC: 26.6%
Shareholder Returns
Dividend
–
Buyback
0.8%
Total Yield
0.8%
Market Cap$190.51B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
100/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
16.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
26.6%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 11.0%
Asset Turnover: 0.61x
Earnings Quality
Cash Conversion
2.80x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin78.1%
Capital Efficiency
Invested Capital Turnover2.42x
Working Capital
Cash Conversion Cycle24 days
Growth Quality & Momentum
Growth Rates
Revenue Growth YoY
N/A
OpInc Growth YoY
36.8%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
78.1%
Operating
13.9%
Above Avg in sector
Net
13.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+17.6 pts
FCF: 31.2% | Net: 13.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $5.42B
Interest Coverage
–
+Net cash position: $5.42B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis