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ServiceNow, Inc.

NYSE: NOW·Santa Clara, California·

Price
$137.77
Base IV
$67.81
Your value
$67.81
-50.8%

Valuation snapshot

Above bull caseOut of date
$137.77
price, off scale
$67.81
base IV/share
Bear $37.40Bull $116.60

Price is above even the bull case. Price as of Oct 2, 2026 · Valuation Aug 26, 2026.

Researched bygpt-5.6-sol

Track record

Reported financials are not available yet.

Why the gap?

At $137.77 the market is pricing ServiceNow, Inc. as if revenue grows 36.1% a year. This valuation assumes it grows 16.6% a year. That single disagreement accounts for most of the distance between the two numbers — which makes it the first thing worth auditing.

Implied by price

+36.1%

revenue growth a year, holding everything else researched

Assumed here

+16.6%

researched base case, grounded in filings and guidance

Or, growth held

49.3%

operating margin reproduces the price, vs 24.0% assumed

Many combinations of assumptions reproduce the same price. These are ways to read what the market might expect, not its actual view.

Your valuation

Four judgments stand between the filing and a number. Audit them one at a time and leave with a valuation that is yours.

  • 01 Revenue growth22.0%
  • 02 Operating margin24.0%
  • 03 Risk and beta0.96
  • 04 Long-run growth3.0%
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What drives the base case

All three cases →

ServiceNow enters the forecast with strong subscription demand and a large amount of signed business waiting to become revenue. Growth gradually slows because maintaining today's pace becomes harder as the company gets larger. Recurring sales and better sales efficiency allow profit to improve after near-term acquisition costs fade.

What shapes the assumptions

Each driver links a business metric to the forecast assumption it shapes — the basis for this case, not investment advice.

How confident is this estimate?

Quality checks
58/100Moderate

Some of any gap to the price is model uncertainty rather than real disagreement. Start with the weakest components.

  • Scenario dispersion4.2
  • Terminal-value dependency2.2
  • Historical stability7.0
  • Margin predictability8.2

Why the number moved

Sequential bridge

The base case moved from $65.47 to $67.81 as filings, assumptions, and market inputs changed.

  • Revenue forecast—
  • Operating-margin assumption—
  • Tax-rate assumption—
  • Reinvestment assumption—
  • Discount rate—

Explore StockValuer's full research

All cases, evidence, value drivers, sensitivity, quality checks, and calculation detail.

Financials

Reported quarters with derived margins, cash flow, and net cash.

Methodology

How reported facts, researched judgments and deterministic math are kept apart.

Base estimate

$67.81 -50.8%

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