ServiceNow Inc (NOW) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of ServiceNow Inc stock $120, price $109, upside +10.0%, quality 68 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $68.35 – $234.08 · fair‑value band $68.75 – $155.61 · the $108.81 price screens below the $119.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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ServiceNow, Inc. provides cloud-based solution for digital workflows in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally.
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The company provides asset management, integrated risk management, IT service management, Operational Technology management, Security Operations, strategic portfolio management, IT operations management products; customer service management product; field service management applications; and sales and order management services.
It also offers human resources delivery; legal and contract operations; workplace service delivery products; app engine product; automation engine; platform privacy and security product; and source-to-pay operations.
In addition, the company provides RaptorDB, a database built to manage workloads at scale; ServiceNow Impact that provides customers with software tools, guided plans, and AI-driven recommendations; customer support; and workflow data fabric.
It serves government, financial services, healthcare and life science, manufacturing, Public Sector, retail, technology, and Telecom sectors through service providers and resale partners.
The company has a strategic collaboration with Cohesity, Inc. to develop, operate, and safeguard autonomous AI agents and data with enterprise-grade reliability. The company was formerly known as Service-now.com and changed its name to ServiceNow, Inc. in May 2012.
ServiceNow, Inc. was founded in 2004 and is headquartered in Santa Clara, California.
Stock analysis
ServiceNow Inc (NOW) currently trades at $108.81, while our model-based Fair Value estimate is $119.69, so the stock looks roughly fairly valued today (gap 9.1%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $85.45 per share, and 4 of the 24 models we run sit above the $108.81 price.
Bear case: the Economic Profit group reads lowest at $14.98, and 20 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $68.75 (bear) to $155.61 (bull), the price of $108.81 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
ServiceNow Inc reported revenue of $13.3B in FY2025 versus $5.9B in FY2021, a compound +22.5%/yr. Reported net income was $1.7B in FY2025, compounding +66.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $155B Large · P/E ratio 78.3 · P/S ratio 10.5 · EPS (TTM) $1.39 · Net margin 11.3% · Return on equity 14.2% · Return on assets (EBIT) 4.6% · Operating margin 4.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 39% below its 52-week high and 31% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −20% fair-value upside, at 10%, NOW screens cheaper than that median.
Fair Value models
Bear$68.75Fair Value $119.69Bull$155.61
Price $108.81 · Upside +10.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.18 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 5 officers or directors sold shares worth $3.8M and none bought.
SalePaul FippsPresident, Global Customer Ops6× since Nov 18, 2025: 16,875 shares, avg. $122.34$2.1MAug 31, 2026
SaleJacqueline P CanneyChief People & AI Enblmt. Off.5× since Nov 10, 2025: 17,336 shares, avg. $136.22$2.4MAug 28, 2026
SalePaul Edward ChamberlainDirector5× since Nov 28, 2025: 7,500 shares, avg. $143.90$1.1MAug 27, 2026
SaleTeresa BriggsDirector1,595 shares at $108.70$173,377May 28, 2026
SaleAnita M SandsDirector16,445 shares at $90.14$1.5MMay 14, 2026
BuyWilliam R McDermottChairman & CEO, Director28,682 shares at $104.60$3.0MFeb 27, 202610b5-1 plan
SaleKevin Thomas McBridePrincipal Accounting Officer2× since Nov 14, 2025: 1,680 shares, avg. $228.51$383,888Feb 13, 202610b5-1 plan
SaleGina MastantuonoPresident and CFO2× since Nov 28, 2025: 832 shares, avg. $828.95$689,686Dec 5, 202510b5-1 plan
SaleLawrence JacksonDirector265 shares at $810.22$214,708Nov 28, 2025
SaleRussell S ElmerGeneral Counsel3× since Nov 10, 2025: 444 shares, avg. $851.35$378,000Nov 18, 202510b5-1 plan
Plus 1 more entries from the last 12 months.
Plus 39 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+20.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.1%
Start year 2020 (pandemic). Over 10 years: +29.4% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+59.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+65.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+65.0%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 14%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+17.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +8.7% a year for the price and +14.2% for the forecasts.
AI conclusion: Evidence points to a solid platform moat through margins and cash flow but moderate durability due to thin signals on ownership and insider activity.
Main risk: Generative and agentic AI tools might enable direct automation or fewer human users, reducing demand for ServiceNow's traditional workflow platform and eroding its seat-based subscription revenue.
Bull case: ServiceNow could leverage its AI Workflow Factory and governance tools to become the essential control layer for agentic AI across enterprises, expanding its orchestration role and consumption-based revenue.
Bear case: If AI commoditizes workflows and cheaper rivals win modules, ServiceNow's platform could see compressed pricing, slower adoption of new agents, and reduced need for its core implementation cycles over time.
ServiceNow is expanding its AI footprint rapidly, with AI net new annual contract value up 65 percent year over year and the 2026 target raised for the second time. At the same time, management guided to only 18.5 percent growth in current remaining performance obligations for the fourth quarter. Does this reflect short-term effects from early renewals and accounting shifts, or does it point to a broader moderation in enterprise AI spending momentum?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 634 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Above median
Fair Value upside+10.0% · Above median
Profitability
Return on equity (12 months)14.2% · Above median
Return on assets6.7% · Above median
Net margin (12 months)11.3% · Above median
Operating margin (12 months)4.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)24.0% · Top 25%
Balance sheet
Debt / equity0.12× · Above median
Valuation Multiplesvs Software - Application median · lower = cheaper
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Cite: Fair Value Calculator (2026). "ServiceNow Inc Fair Value". https://www.fairvalue-calculator.com/stock/NOW
Frequently asked questions
Is ServiceNow Inc (NOW) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $119.69 versus a price of $108.81, about +10% upside (fairly valued).
What is the fair value of NOW?
Our model-based fair value for ServiceNow Inc is $119.69 (as of Nov 5, 2026), built from audited fundamentals. The current price: $108.81.
What is the quality score of NOW?
ServiceNow Inc has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ServiceNow Inc (NOW)?
Our model-based price target is the fair value of $119.69 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario $68.75, optimistic scenario $155.61. It is a calculation from audited fundamentals, not an analyst target.
What is the ServiceNow Inc stock forecast for 2026?
Our models put fair value at $119.69, about +10% upside versus a price of $108.81 (fairly valued). Cautious scenario $68.75, optimistic scenario $155.61. The calculation is refreshed regularly with new filings.
What is the revenue of ServiceNow Inc (NOW)?
ServiceNow Inc reported trailing-twelve-month revenue of about $14.7B (latest available figure, as of Nov 5, 2026).
What growth is priced into ServiceNow Inc (NOW)?
For today's price to be fair in a discounted-cash-flow model, ServiceNow Inc would have to grow free cash flow by +11.3 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +24.1 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of NOW use?
Our models discount ServiceNow Inc at 9.2 %: a base by market capitalisation (large), damped by beta 0.99, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For ServiceNow Inc that is +11.3 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has ServiceNow Inc (NOW) delivered so far?
Over the past 5 years revenue at ServiceNow Inc grew +24.1 % a year. The price currently implies +11.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of ServiceNow Inc (NOW) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into ServiceNow Inc (+11.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ServiceNow Inc (NOW)?
The free-cash-flow yield on the price is 4.06 %: that much free cash flow ServiceNow Inc produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ServiceNow Inc (NOW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ServiceNow Inc it is $119.69 per share (as of Nov 5, 2026), against a price of $108.81. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is ServiceNow Inc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, NOW trades below its calculated fair value: price $108.81, fair value $119.69, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NOW?
No. The price is what the market pays today ($108.81); the fair value is what the company's own numbers justify ($119.69). For ServiceNow Inc the two are $10.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is ServiceNow Inc worth?
The market values ServiceNow Inc at about $155B (market capitalisation, as of Nov 5, 2026). Per share that is $108.81; our models calculate a fair value of $119.69 per share.
What do the bullish and bearish scenarios say about NOW?
Our models span a range for ServiceNow Inc: cautious scenario $68.75, base $119.69, optimistic $155.61 per share (as of Nov 5, 2026, price $108.81). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NOW?
ServiceNow Inc trades at a price-to-earnings ratio of 78.3 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $119.69 is built from several models across several years. Other multiples: PEG 1.1, P/B 12.0, P/S 10.5, EV/EBITDA 52.8.
What is the PEG ratio of NOW?
The PEG ratio of ServiceNow Inc is 1.12 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of ServiceNow Inc (NOW)?
Balance-sheet figures for ServiceNow Inc (as of Nov 5, 2026): return on equity 14.2%, debt of 0.12 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is NOW from its 52-week high?
ServiceNow Inc trades at $108.81, about 39% below its 52-week high of $177.51 and 31% above the low of $83.00 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $119.69 is for.
Which stocks are comparable to ServiceNow Inc?
From the same area (Technology) we also value SAP SE, Shopify Inc, Salesforce, Inc, Uber Technologies, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ServiceNow Inc stock attractive at the current price?
The data as of Nov 5, 2026: price $108.81, calculated fair value $119.69 (+10%), Quality Score 68/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NOW calculated?
We run ServiceNow Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $119.69, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. ServiceNow Inc currently trades 9% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ServiceNow Inc (NOW)?
The closing price on Nov 4, 2026 was $108.81. Our model-based fair value is $119.69, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ServiceNow Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($68.75 to $155.61) leaves room in how you read the outcome.
Key figures of ServiceNow Inc
How large is the market capitalisation of ServiceNow Inc (NOW)?
The market capitalisation of ServiceNow Inc is $155B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ServiceNow Inc (NOW)?
The price-to-sales ratio of ServiceNow Inc is 10.5 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ServiceNow Inc (NOW)?
Earnings per share at ServiceNow Inc are $1.39 (price ÷ EPS = P/E 78.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ServiceNow Inc (NOW)?
The net margin of ServiceNow Inc is 11.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ServiceNow Inc (NOW)?
The return on equity (ROE) of ServiceNow Inc is 14.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ServiceNow Inc (NOW)?
On an EBIT basis the return on assets of ServiceNow Inc is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ServiceNow Inc (NOW)?
The operating margin of ServiceNow Inc is 4.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ServiceNow Inc (NOW)?
Revenue at ServiceNow Inc is growing +24.0% versus a year earlier (3y avg +22.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ServiceNow Inc (NOW)?
Earnings per share at ServiceNow Inc are growing −21.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does ServiceNow Inc (NOW) hold?
ServiceNow Inc holds more cash than debt, $1.3B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 5, 2026