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ServiceNow, Inc (NOW19) fair value: what the stock is really worth

As of Sep 29, 2026: fair value of ServiceNow, Inc THB 3.10, price THB 4.40, upside -29.6%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Technology · TH · ISIN US81762P1021

SI Thin data Sep 24, 2026

ServiceNow, Inc

NOW19 · BK

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value 3.10 THB · Overvalued (−29.6%)
✓Quality 60/100
✓Healthy Growth (revenue 3y +22.4 %/yr)
✓Solidly profitable · 11.3% net margin (TTM)
✓Low debt · generates free cash flow
!Moderate moat 54/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

4.78 THB 2.82 THB Fair Value 3.10 THB Jan 2026 Sep 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.

How to read this chart

8‑month range 2.82 THB – 4.78 THB · fair‑value band 2.17 THB – 4.03 THB · the 4.40 THB price screens above the 3.10 THB fair value. As of Sep 24, 2026.

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Company profile

ServiceNow, Inc. provides cloud-based solution for digital workflows in the North America, Brazil, Europe, the Middle East and Africa, Asia Pacific, and internationally.

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ServiceNow, Inc. provides cloud-based solution for digital workflows in the North America, Brazil, Europe, the Middle East and Africa, Asia Pacific, and internationally. 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; and with ServiceNow to Advance Ai-Powered Solution for Mission-Critical Infrastructure Monitoring. The company was formerly known as Service-now.com and changed its name to ServiceNow, Inc. in May 2012. ServiceNow, Inc. has a strategic alliance with Accenture for integrated risk management and third-party risk management solutions. ServiceNow, Inc. was founded in 2004 and is headquartered in Santa Clara, California.

Stock analysis

ServiceNow, Inc (NOW19) currently trades at 4.40 THB, while our model-based Fair Value estimate is 3.10 THB, 29.6% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 3.82 THB per share, and 4 of the 24 models we run sit above the 4.40 THB price.

Bear case: the Asset-Based group reads lowest at 0.5235 THB, and 20 of the 24 models stay below the price. Evidence for this calculation is low.

Scenario range: 2.17 THB (bear) to 4.03 THB (bull), the price of 4.40 THB sits above 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 60/100 (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 $7.2B in FY2022, a compound +22.4%/yr. Reported net income was $1.7B in FY2025, compounding +75.2%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.

Key figures

Market cap 4.6B THB (≈ $137M) · P/E ratio 0.1 · P/S ratio 0.01 · EPS (TTM) 52.80 THB · Net margin 13.2% · Return on equity 14.2% · Return on assets (EBIT) 5.2% · Operating margin 4.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).

What moves the price

For context, the median of 10 Technology peers we cover trades at −8% fair-value upside, at −30%, NOW19 screens richer than that median.

Fair Value models

Bear 2.17 THB Fair Value 3.10 THB Bull 4.03 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (39.93 THB 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF 3.29 THB 4.69 THB 8.50 THB 75
Growth DCF 3.11 THB 4.90 THB 7.97 THB 74
EPV 0.7550 THB 0.8294 THB 0.8898 THB 71
All 24 models by family
DCF Models
FCF DCF 3.29 THB 4.69 THB 8.50 THB 75
Owner Earnings 1.20 THB 2.23 THB 4.03 THB 70
5Y Revenue Exit 1.92 THB 2.89 THB 4.74 THB 68
5Y EBITDA Exit 2.26 THB 3.60 THB 6.07 THB 70
5Y P/E Exit 2.33 THB 4.20 THB 6.57 THB 66
10Y Revenue Exit 2.36 THB 3.82 THB 5.02 THB 64
10Y EBITDA Exit 2.60 THB 4.38 THB 7.46 THB 63
10Y P/E Exit 2.64 THB 4.50 THB 7.58 THB 59
Earnings-Based
Graham-Dodd 0.7163 THB 5.00 THB 7.01 THB 60
Lynch FV 1.59 THB 2.27 THB 2.95 THB 58
PEG = 1.0 1.59 THB 2.27 THB 2.95 THB 55
EPV 0.7550 THB 0.8294 THB 0.8898 THB 71
Multiples
P/E Multiple 1.74 THB 2.32 THB 2.90 THB 63
P/S Multiple 1.34 THB 1.79 THB 2.24 THB 58
P/B Multiple 1.34 THB 1.79 THB 2.24 THB 55
EV/EBIT 1.54 THB 2.00 THB 2.47 THB 66
EV/EBITDA 1.76 THB 2.30 THB 2.84 THB 67
EV/Revenue 1.14 THB 1.56 THB 1.99 THB 54
Asset-Based
NCAV (Graham) 0.3906 THB 0.5235 THB 0.7813 THB 54
Growth DCF
Growth DCF 3.11 THB 4.90 THB 7.97 THB 74
Rev-Margin DCF 1.92 THB 3.18 THB 5.07 THB 68
Economic Profit
Residual Income 0.6753 THB 0.7645 THB 0.9884 THB 68
ROIC Compounder 0.7550 THB 0.8896 THB 1.03 THB 69
Growth Earnings
Growth-Adj P/E 2.17 THB 3.10 THB 4.03 THB 65

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Quality Score breakdown

Overall quality 60/100

Of which business quality 63 · Market factors (momentum, volatility) 55

Profitability 53
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 95
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 24
Disciplined investing over empire-building
Low Volatility 34
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 69
Share count: buybacks or dilution?

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Revenue & earnings trend

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%
What shareholders gained per year (last 3 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 3 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.
+18.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.4%
Dividend (yield on the price)0.0%
Profit margin 2022 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.5% → 14%

NOW19 screens overvalued: fair value 30% below the price. Compare with SAP SE →

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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 · 687 stocks

Beats the industry median on 9/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 58 · Above median
Fair Value upside +28.9% · Above median
Profitability
Return on equity (TTM) 14.2% · Above median
Return on assets 4.3% · Above median
Net margin (TTM) 11.3% · Above median
Operating margin (TTM) 4.1% · Below median
Growth and dividend
Revenue growth 24.0% · Top 25%
Balance sheet
Debt / equity 0.12× · Above median

Valuation Multiplesvs Software - Application median · lower = cheaper

P/E (TTM) 0.1× · Cheapest 25%
P/FCF 0.0× · Cheapest 25%
PEG 0.00× · Cheapest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
SAP SE SAP €186.74 €172.46 −8%
Salesforce, Inc CRM $229.57 $342.73 +49%
Shopify Inc SHOP $144.01 $64.36 −55%
Uber Technologies, Inc UBER $69.36 $103.69 +49%
Snowflake Inc SNOW $330.31 $74.36 −77%
Automatic Data Processing, Inc ADP $261.80 $150.01 −43%
Adobe Inc ADBE $239.94 $454.04 +89%
Datadog, Inc DDOG $268.70 $32.52 −88%
Cadence Design Systems, Inc CDNS $326.70 $225.48 −31%
Intuit Inc INTU $268.03 $459.14 +71%

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ServiceNow, Inc · Fair Value
3.10 THB −30%Fair Value
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Cite: Fair Value Calculator (2026). "ServiceNow, Inc Fair Value". https://www.fairvalue-calculator.com/stock/NOW19

Frequently asked questions

Is ServiceNow, Inc (NOW19) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3.10 THB versus a price of 4.40 THB, about −30% upside (overvalued).
What is the fair value of NOW19?
Our model-based fair value for ServiceNow, Inc is 3.10 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 4.40 THB.
What is the quality score of NOW19?
ServiceNow, Inc has a Quality Score of 60/100. 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 (NOW19)?
Our model-based price target is the fair value of 3.10 THB (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 2.17 THB, optimistic scenario 4.03 THB. 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 3.10 THB, about −30% upside versus a price of 4.40 THB (overvalued). Cautious scenario 2.17 THB, optimistic scenario 4.03 THB. The calculation is refreshed regularly with new filings.
What is the revenue of ServiceNow, Inc (NOW19)?
ServiceNow, Inc reported trailing-twelve-month revenue of about $14.7B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of ServiceNow, Inc (NOW19)?
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 3.10 THB per share (as of Sep 24, 2026), against a price of 4.40 THB. 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 Sep 24, 2026, NOW19 trades above its calculated fair value: price 4.40 THB, fair value 3.10 THB, a gap of about −30% (overvalued). 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 NOW19?
No. The price is what the market pays today (4.40 THB); the fair value is what the company's own numbers justify (3.10 THB). For ServiceNow, Inc the two are 1.30 THB 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 4.6B THB (market capitalisation, as of Sep 24, 2026). Per share that is 4.40 THB; our models calculate a fair value of 3.10 THB per share.
What do the bullish and bearish scenarios say about NOW19?
Our models span a range for ServiceNow, Inc: cautious scenario 2.17 THB, base 3.10 THB, optimistic 4.03 THB per share (as of Sep 24, 2026, price 4.40 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NOW19?
ServiceNow, Inc trades at a price-to-earnings ratio of 0.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.10 THB is built from several models across several years. Other multiples: PEG 0.0.
What is the PEG ratio of NOW19?
The PEG ratio of ServiceNow, Inc is 0.00 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of ServiceNow, Inc (NOW19)?
Balance-sheet figures for ServiceNow, Inc (as of Sep 24, 2026): return on equity 14.2%, debt of 0.12 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
Which stocks are comparable to ServiceNow, Inc?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify 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 Sep 24, 2026: price 4.40 THB, calculated fair value 3.10 THB (−30%), Quality Score 60/100, 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 NOW19 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 3.10 THB, 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 14.5 % above its aggregate fair value. ServiceNow, Inc itself currently trades above fair value. 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 (NOW19)?
The closing price on Sep 29, 2026 was 4.40 THB. Our model-based fair value is 3.10 THB, about −30% upside (overvalued). 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 above even our optimistic bull case (4.03 THB). The favourable scenario is already priced in. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (2.17 THB to 4.03 THB) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of ServiceNow, Inc

How large is the market capitalisation of ServiceNow, Inc (NOW19)?
The market capitalisation of ServiceNow, Inc is 4.6B THB (≈ $137M). 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 (NOW19)?
The price-to-sales ratio of ServiceNow, Inc is 0.01 (P/E × margin). 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 (NOW19)?
Earnings per share at ServiceNow, Inc are 52.80 THB (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ServiceNow, Inc (NOW19)?
The net margin of ServiceNow, Inc is 13.2% (fiscal year 2025). 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 (NOW19)?
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 (NOW19)?
On an EBIT basis the return on assets of ServiceNow, Inc is 5.2% (avg 4y). 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 (NOW19)?
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 (NOW19)?
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 (NOW19)?
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 free cash flow does ServiceNow, Inc (NOW19) generate?
The free cash flow of ServiceNow, Inc is $4.5B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ServiceNow, Inc (NOW19) carry?
The net debt of ServiceNow, Inc is $16.0M (fiscal year 2022, ≈ 0.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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