VALUFOUR
Source ↗
NYSE · NOW

ServiceNow

Enterprise Workflows · Subscription Software

Results released
2026.10.28
Published
2026.11.02
close$102.76
CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current market cap $106.66B · 17.7% assumed net margin × 31.0x assumed PER
This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions. Share-count changes and dividends are not included in this calculation.

Required 2030 revenue$19.49B
TTM Revenue
$15.43B
Implied 2030 Revenue CAGR
5.8%

Conditional Business Scenarios

Conservative · Base · Optimistic
NOW Conditional Assumptions
Current TTM$15.43B
Conservative
Assumed 2030 Revenue$29.9BRevenue CAGR from TTM 17.4%
Assumed 2030 Net Margin
17.7%Current 9.4%
Assumed 2030 P/E
31.0xCurrent 73.8x
Conditional Shareholder Return Bridge
Conditional Market Cap$163.8BVs. current +53.6%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares0.975BVs. current -6.1%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$168.03Current $102.76 · +63.5%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+63.5%Implied Share Value Change +63.5% · Dividend Contribution +0.0 ppAnnualized +12.6%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Share Price Change Calculation
Market Cap
$106.7B$163.8B
Shares
1.04B0.97B
Share Price Change
+63.5%
Total Shareholder Return Calculation
Share Price Change
+63.5%
Dividend Contribution
+0.0 pp
Total Shareholder Return
+63.5%

Assumes growth in large customer accounts and contract value per customer continues, but additional purchases increase more slowly. Acquisition integration and operating costs limit margin improvement.

Base
Assumed 2030 Revenue$30.9BRevenue CAGR from TTM 18.3%
Assumed 2030 Net Margin
19.2%Current 9.4%
Assumed 2030 P/E
33.0xCurrent 73.8x
Conditional Shareholder Return Bridge
Conditional Market Cap$195.7BVs. current +83.5%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares0.986BVs. current -5.0%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$198.43Current $102.76 · +93.1%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+93.1%Implied Share Value Change +93.1% · Dividend Contribution +0.0 ppAnnualized +17.2%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Share Price Change Calculation
Market Cap
$106.7B$195.7B
Shares
1.04B0.99B
Share Price Change
+93.1%
Total Shareholder Return Calculation
Share Price Change
+93.1%
Dividend Contribution
+0.0 pp
Total Shareholder Return
+93.1%

Assumes continued platform adoption by large customers and additional purchases by existing customers. Revenue growth gradually outpaces costs, allowing profitability to improve.

Optimistic
Assumed 2030 Revenue$31.8BRevenue CAGR from TTM 19.1%
Assumed 2030 Net Margin
20.7%Current 9.4%
Assumed 2030 P/E
35.0xCurrent 73.8x
Conditional Shareholder Return Bridge
Conditional Market Cap$230.0BVs. current +115.6%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares0.996BVs. current -4.1%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$230.98Current $102.76 · +124.8%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+124.8%Implied Share Value Change +124.8% · Dividend Contribution +0.0 ppAnnualized +21.6%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Share Price Change Calculation
Market Cap
$106.7B$230.0B
Shares
1.04B1.00B
Share Price Change
+124.8%
Total Shareholder Return Calculation
Share Price Change
+124.8%
Dividend Contribution
+0.0 pp
Total Shareholder Return
+124.8%

Assumes faster growth in large customer accounts and wider adoption of AI capabilities support stronger subscription revenue growth. Greater scale allows profitability to improve more quickly.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

View scenario history

Conditional Shareholder Return Calculator

Assumed 2030 revenue$30.9B
Assumed 2030 net margin19.2%
Assumed 2030 P/E33.0x
Conditional market cap$195.7B
Conditional Implied Share Value$198.43
Conditional Total Shareholder Return+93.1%

This result is arithmetic under the displayed assumptions, not market consensus or a future share-price forecast.

View high-point comparison
HIGH-POINT COMPARISON

All-Time Closing High

2025-01-28
Sources and calculations checked
Peak Close$234.08
Peak Market Cap$241.47B
P/S at Peak23.1x
P/E at peak180.7x
Trailing twelve months at the peakTTM revenue at the peak$10.46B

FY2024 Q3Annualized latest quarter at the peak$11.19B

Quarter revenue $2.80B ×4

Public guidance at the peakNo guidance provided

At peakCurrentChange
TTM Revenue$10.46B$15.43B+47.5%
Latest quarter$2.80B$4.11B+46.8%

Information Available at the Peak The analysis uses results through FY2024 Q3, which were available at the closing high. FY2024 Q4 results, released the following day, are excluded.

Key Variables at the Peak

Platform adoption by large enterprises, additional purchases by existing customers and high renewal rates supported expectations for subscription growth. Generative AI capabilities offered the potential to increase contract value per customer and expand platform use into more workflows.

Growth and Profitability Conditions Implied by the Peak Multiple

The valuation reflected expectations for sustained subscription growth and higher revenue per customer from broader AI adoption. It also reflected expectations that revenue would grow faster than costs, improving margins and cash generation.

Close $234.08 × 1.032B shares outstanding = approximately $241.47B market cap at the peak.

Original Sources

ServiceNow FY2026 Q3 Form 10-Q ↗
Methodology, Terms and Operating Principles

What is GAAP?

GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.

Company-Specific Valuation Assumptions

VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.

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ACV · RPO · cRPO

ACV measures contract value on an annual basis and differs from recognized revenue. AI-related contract value is not a separately reported revenue category. RPO represents contracted revenue not yet recognized; cRPO is the portion expected to be recognized over the next 12 months. These measures provide visibility into future revenue but do not guarantee growth.