NOW ServiceNow Rich Indicative confidence

Fair-value build for 2026-11-11. Every number below comes from the team's files for this day; steps marked "computed here" are simple arithmetic on those numbers.

DCF bear–bull (tick = base)Relative low–high (tick = mid)Price◆ Blended FV

$24.76$104.97

1 · Price

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5 · Margin of safety → call

-70.8% → Rich

1Inputs: price, shares, balance sheet, consensussources & timestamps

Price used for the call

$100.67

$100.67 @9:16 (close $99.61)

Shares (diluted / implied)

1.038B

Net cash (debt)

-$1.45B

Beta (5Y)

0.98

Market cap

$103.39B

TTM revenue

$15.43B

TTM FCF (OCF − capex)

$4.75B

Collected by Financial Data Collector. Public sources only. Figures fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix) / Nov 11, 2026, 7:24 AM ET. Every figure is sourced below; anything not found is marked n/a (not found) — no numbers were invented.

Not available from the public sources used:

None of the requested core fields were missing from the public sources used.

Forward EBITDA consensus: n/a (not found) on the free stockanalysis and Yahoo modules used.

Full input file (Financial Data Collector) · data/2026-11-11/NOW.md

Price and trading

Field	Value	Source / as-of
Last regular-session close	$99.61 at Nov 10, 2026, 4:00 PM ET (-3.15, -3.07% vs previous close $102.76). Exchange: NYSE; quote type: EQUITY.	Yahoo Finance quoteSummary `regularMarketPrice` / `regularMarketTime`; cross-checked vs stockanalysis close $99.61 at Nov 10, 2026, 4:00 PM EST and Yahoo chart API
Pre-market	$100.55 (+0.95, +0.95%) as of Nov 11, 2026, 7:23 AM ET (Yahoo Finance quoteSummary `preMarket*` vs regular-session close $99.61). Cross-check stockanalysis pre-market: $100.53 (+0.92, +0.92%) at Nov 11, 2026, 7:08 AM EST.	Yahoo Finance quoteSummary, fetched Nov 11, 2026, 7:24 AM ET
Market cap	$103.39B	Yahoo `price.marketCap` (stockanalysis: $103.39B)
Enterprise value	stockanalysis EV: $104.84B; Yahoo `defaultKeyStatistics.enterpriseValue`: $107.19B; Material EV difference is mostly from cash definition (cash+marketable securities vs narrower cash). Prefer the EV that matches the cash/debt figures you use in a DCF.	See cash-definition note

Shares, cash, debt, beta

Field	Value	Source / as-of
Shares outstanding (basic)	1.038B	Yahoo `defaultKeyStatistics.sharesOutstanding` (stockanalysis shares outstanding: 1.040B; stats updated Nov 11, 2026)
Diluted / implied shares	1.038B	Yahoo `defaultKeyStatistics.impliedSharesOutstanding`. This is the share count implied by market cap / last price (1.038B) and is the figure to use for per-share DCF / relative work.
Float	1.035B	Yahoo `defaultKeyStatistics.floatShares`
Cash	$4.61B (Cash & Cash Equivalents)	Primary: stockanalysis, stats updated Nov 11, 2026; Yahoo totalCash $4.61B
Total debt	$8.42B	stockanalysis / Yahoo `financialData.totalDebt` (Yahoo: $8.42B)
Net cash (debt)	-$1.45B	Negative = net debt. stockanalysis definition uses the cash line above minus total debt.
Beta (5Y)	0.98	Yahoo `defaultKeyStatistics.beta` 0.98; stockanalysis Beta (5Y) 0.98

Cash / debt detail:

stockanalysis “Cash & Cash Equivalents”: $4.61B (stats updated Nov 11, 2026)
Yahoo Finance financialData.totalCash: $4.61B (typically cash & short-term investments; may be narrower than SA’s cash + marketable securities)
stockanalysis total debt: $8.42B
Yahoo financialData.totalDebt: $8.42B (agrees with stockanalysis)
stockanalysis net cash (debt): -$1.45B → net debt $1.45B [consistent with SA EV vs market cap]
Yahoo totalCash − totalDebt: -$3.81B → net debt $3.81B (may differ from SA if cash definitions differ)

TTM financials

Field	Value	Source / as-of
TTM revenue	$15.43B	stockanalysis Income Statement (stats updated Nov 11, 2026); Yahoo `financialData.totalRevenue` $15.43B
TTM EBITDA	$3.24B	stockanalysis; Yahoo `financialData.ebitda` $3.24B
TTM net income	$1.45B	stockanalysis; Yahoo `netIncomeToCommon` $1.44B
TTM EPS (GAAP)	1.39	stockanalysis; Yahoo `trailingEps` 1.39
TTM operating cash flow	$5.33B	stockanalysis; Yahoo `operatingCashflow` $5.33B
TTM capex	-$584.00M	stockanalysis (sign is cash outflow, negative)
TTM D&A	$1.27B	stockanalysis
TTM free cash flow (OCF − capex)	$4.75B	stockanalysis
Yahoo / levered FCF (do not mix with the line above)	$5.75B	Yahoo `financialData.freeCashflow`
TTM operating margin	12.8%	stockanalysis
YoY revenue growth (latest reported quarter / Yahoo)	20.5%	Yahoo `financialData.revenueGrowth`
YoY earnings growth (Yahoo)	-44.2%	Yahoo `financialData.earningsGrowth`

stockanalysis TTM FCF (OCF − capex): $4.75B (OCF $5.33B + capex -$584.00M = $4.75B). Yahoo financialData.freeCashflow: $5.75B — this often matches stockanalysis levered FCF, not OCF−capex. Use OCF−capex for a standard FCF DCF unless you explicitly want levered FCF.

Recent historical annual figures

Fiscal year calendar: January - December. Figures in USD from stockanalysis.com financials / cash-flow pages (S&P Global Market Intelligence; source pages fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)). Values originally displayed in millions.

Period	Revenue	Operating income	EBITDA (OpInc + D&A, approx.)	Net income	EPS (GAAP)	OCF	Capex	FCF (OCF − capex)
FY 2025	$13.28B	$2.00B	$2.74B	$1.75B	1.67	$5.44B	-$868.00M	$4.58B
FY 2024	$10.98B	$1.40B	$1.96B	$1.43B	1.37	$4.27B	-$852.00M	$3.42B
FY 2023	$8.97B	$800.00M	$1.36B	$1.73B	1.68	$3.40B	-$694.00M	$2.70B
FY 2022	$7.25B	$379.00M	$812.00M	$325.00M	0.32	$2.72B	-$550.00M	$2.17B
FY 2021	$5.90B	$257.00M	$729.00M	$230.00M	0.23	$2.19B	-$392.00M	$1.80B

Note: Annual EBITDA is not published as a separate line on the free income-statement page, so the OpInc + D&A figure is an approximation (does not add other non-cash items). TTM EBITDA above is the source-reported figure.

Consensus estimates and growth

Field	Value	Source / as-of
Consensus revenue FY1 (FY ending Dec 31, 2026)	$16.23B	stockanalysis forecast, updated Oct 30, 2026; FY0 / last year on that page $13.28B → FY1 growth 22.2%
Consensus revenue FY2	$19.26B	stockanalysis forecast, updated Oct 30, 2026; FY1→FY2 growth 18.7%
Consensus EPS FY1 (typically non-GAAP on this source)	3.95	stockanalysis forecast
Consensus EPS FY2	4.80	stockanalysis forecast
Consensus FCF FY1	$5.77B	stockanalysis forecast (FCF column, last period); prior-year column on that table $4.64B
Revenue growth forecast (3Y CAGR)	19.7%	stockanalysis statistics
EPS growth forecast (3Y CAGR)	18.8%	stockanalysis statistics
Analyst average price target	$155.82 (49 analysts on stockanalysis; Yahoo targetMeanPrice $155.82 from 46 opinions)	stockanalysis / Yahoo, forecast updated Oct 30, 2026

Yahoo Finance earningsTrend (cross-check; periods as labeled by Yahoo):

Yahoo period	End date	Consensus revenue	Consensus EPS	# analysts (EPS)	Growth (Yahoo)
Current quarter (0q)	2026-12-31	$4.37B (low $4.35B, high $4.44B)	1.07 (low 0.99, high 1.21)	38	16.5%
Next quarter (+1q)	2027-03-31	$4.50B (low $4.43B, high $4.57B)	1.11 (low 0.95, high 1.22)	34	14.6%
Current FY (0y)	2026-12-31	$16.23B (low $16.21B, high $16.30B)	3.95 (low 3.86, high 4.36)	45	12.7%
Next FY (+1y)	2027-12-31	$19.26B (low $19.00B, high $20.09B)	4.80 (low 4.27, high 5.27)	45	21.4%

Caution: Yahoo’s “forward P/E” and forwardEps sometimes correspond to FY2 / a later year, not FY1. stockanalysis “Forward PE” is generally price / FY1 consensus EPS. Do not mix them. Also, for names that just reported, Yahoo’s 0q/0y rows can lag the print.

Current multiples

Primary set is stockanalysis (S&P GMI), which is internally consistent with that source’s price, market cap, EV, and TTM/FY1 figures (stats updated Nov 11, 2026, forecast updated Oct 30, 2026). Computed cross-checks use Yahoo last close $99.61 and Yahoo market cap $103.39B.

Multiple	stockanalysis	Computed cross-check	Notes
P/E TTM	71.65x	71.66x (close / TTM GAAP EPS 1.39); Yahoo trailing P/E 71.66x	GAAP trailing
Forward P/E (FY1 EPS 3.95)	21.94x	25.22x	Preferred forward multiple
Yahoo stated forward P/E	20.74x	uses Yahoo `forwardEps` 4.80	Often FY2/NTM, not FY1
P/S TTM	6.70x	6.70x
Forward P/S (FY1 revenue)	5.61x	6.37x
P/FCF TTM (OCF−capex)	21.77x	21.77x	Blank/n/a if FCF ≤ 0
Forward P/FCF (FY1 FCF)	n/a (not a labeled SA field)	17.92x	market cap / FY1 consensus FCF
EV/Sales TTM	6.79x	6.79x using SA EV $104.84B
EV/EBITDA TTM	32.41x	32.36x	Forward EBITDA consensus was not on these free pages
EV/FCF TTM	22.07x	22.07x	Blank/n/a if FCF ≤ 0

Earnings date

stockanalysis: last: Wednesday, October 28, 2026 after market close (stats updated Nov 11, 2026); Yahoo Finance calendarEvents: 2027-01-27 (Yahoo flagged as estimate); Yahoo consensus for that report: EPS 1.07 (low 0.99, high 1.21); revenue $4.37B (low $4.35B, high $4.44B)

Notable recent news

Headlines from Yahoo Finance news search, fetched Nov 11, 2026, 7:24 AM ET. These are the source’s recent items (not a complete news file) and have not been independently verified beyond the headline list.

Nov 10, 2026, 8:56 PM ET — Trefis: Should You Buy The Dip In Datadog Stock?
Nov 10, 2026, 5:13 PM ET — Trefis: What Are ServiceNow Stock Bears Missing?
Nov 10, 2026, 4:01 PM ET — Trefis: Why Has Workday Stock Trailed Cadence?
Nov 10, 2026, 3:14 PM ET — CorpGov.com: Supporting Your CFO in the AI Era, 6th Palm Beach CorpGov Forum
Nov 10, 2026, 3:02 PM ET — 24/7 Wall St.: ServiceNow Just Dropped 30% in a Month: Stay the Course, or Just Stay Away?
Nov 10, 2026, 2:38 PM ET — Zacks: FJTSY vs. NOW: Which Stock Should Value Investors Buy Now?

Missing / not available from public sources used

None of the requested core fields were missing from the public sources used.

Forward EBITDA consensus: n/a (not found) on the free stockanalysis and Yahoo modules used.

Sources

Yahoo Finance quoteSummary API (price, summaryDetail, defaultKeyStatistics, financialData, calendarEvents, earningsTrend, incomeStatementHistory): https://query2.finance.yahoo.com/v10/finance/quoteSummary/NOW — fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix) / Nov 11, 2026, 7:24 AM ET
Yahoo Finance chart API (pre/post included) close/pre-market cross-check: https://query1.finance.yahoo.com/v8/finance/chart/NOW — fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)
stockanalysis.com statistics (S&P Global Market Intelligence): https://stockanalysis.com/stocks/now/statistics/ — stats updated Nov 11, 2026, fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)
stockanalysis.com forecast (S&P Global Market Intelligence): https://stockanalysis.com/stocks/now/forecast/ — forecast updated Oct 30, 2026, fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)
stockanalysis.com financials & cash-flow statement pages: https://stockanalysis.com/stocks/now/financials/ and .../financials/cash-flow-statement/ — fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)
Yahoo Finance news search: https://query1.finance.yahoo.com/v1/finance/search?q=NOW — fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)
10-year Treasury (for WACC context): 4.98% on Nov 10, 2026 (latest; Nov 11 is Veterans Day and the Treasury auction/bond market is closed). Source: https://home.treasury.gov daily par yield curve, November 2026 view.

2DCF buildprojections · WACC · terminal value · bridge · sensitivity

Bear

$29.06

Base

$48.15

Bull

$59.40

WACC (base)

9.5%

WACC build-up via CAPM

Cost of equity = risk-free + β × ERP
Ke = 10Y UST 5.0% + 0.98 × 5.0% = 9.9%
Beta note: 5Y observed (Data Collector)
Cost of debt (assumption: 10Y + 1.0%) = 6.0% pre-tax → 4.7% after 21% tax
Market-value weights: equity 92.5% / debt 7.5%
WACC = 92.5% × 9.9% + 7.5% × 4.7% = 9.5%

WACC lines exactly as in the DCF file

Risk-free: 10Y UST 5.0% (Nov 10, 2026 close per Data Collector; bond market closed Nov 11 for Veterans Day)
Beta: 0.98 (5Y observed (Data Collector)); ERP 5.0% → cost of equity 9.9%
Cost of debt: 10Y + 1.0% spread (assumption; no interest-rate data in inputs) = 6.0% pre-tax, 4.7% after 21% tax
Weights (market): equity 92.5% / debt 7.5% (mkt cap $103.4B, debt $8.4B)
WACC 9.5% → 9.5%

SBC treatment

TTM SBC: $2.3B (15.1% of rev; 48.9% of FCF). Starting FCF after SBC (OCF − capex − SBC): $2.4B = 15.7% margin.

Revenue and FCF projections (base case)

Year	Rev growth	Revenue	FCF margin	FCF	PV
1	16.8%	18.0	15.7%	2.8	2.6
2	13.9%	20.5	15.7%	3.2	2.7
3	11.1%	22.8	15.7%	3.6	2.7
4	8.2%	24.7	15.7%	3.9	2.7
5	5.4%	26.0	15.7%	4.1	2.6

Terminal value (Gordon growth, cross-checked with an exit multiple)

Gordon TV $60.0B, PV $38.1B; EV $51.4B; TV share of EV 74.1%
Implied exit multiple 14.7x year-5 FCF vs current EV/FCF TTM 22.1x (pre-SBC)
FCF margin (after SBC, flat, base growth/WACC) needed to justify $99.61: 32.1% vs TTM 15.7%

Enterprise value → equity → per share

PV of 5 years of FCF (computed here: EV − PV of TV)	$13.3B
+ PV of terminal value	$38.1B
= Enterprise value (file)	$51.4B
+ Net cash (debt) (file; negative = net debt)	-$1.4B
= Equity value (computed here)	$50.0B
÷ Diluted / implied shares (file)	1,038M
= Value per share (computed here from rounded file values)	$48.17 vs file base $48.15

Reverse-DCF check

Price implies an after-SBC FCF margin of 32.1% vs TTM 15.7% (DCF summary.json).

Sensitivity grid (base case, $/share)

WACC \ g	2.0%	2.5%	3.0%
8.5%	$52.99	$56.65	$60.97
9.0%	$49.00	$52.07	$55.66
9.5%	$45.53	$48.15	$51.17
10.0%	$42.51	$44.75	$47.32
10.5%	$39.84	$41.78	$43.99

Bear / base / bull scenarios

Scenario	$/share	vs price	Start rev growth	FCF margin (after SBC) yr1→yr5	WACC	g
Bear	$29.06	-71%	9.3% fading to 3.9%	13.4% → 13.4%	10.5%	2.5%
Base	$48.15	-52%	16.8% fading to 5.4%	15.7% → 15.7%	9.5%	2.5%
Bull	$59.40	-40%	18.7% fading to 5.7%	15.7% → 15.7%	8.5%	2.5%

Key assumptions

Item	Value	Basis
TTM revenue	$15.4B	Data Collector
TTM OCF / capex / FCF	$5.3B / $-0.6B / $4.8B	Data Collector
TTM SBC	$2.3B (15.1% of rev; 48.9% of FCF)	stockanalysis cash-flow, TTM to Sep 30 2026
FCF after SBC (base yr-0)	$2.4B = 15.7% margin	OCF − capex − SBC
Consensus revenue	FY1 (FY ending Dec 31, 2026): $16.2B; FY2 $19.3B (FY2/FY1 18.7%); 3Y CAGR 19.7%	Data Collector
Consensus FCF FY1	$5.8B	Data Collector (pre-SBC)
Consensus-level start growth	18.7% = lower of 3Y CAGR and FY2/FY1	conservative
Base / bear / bull start growth	16.8% (90%) / 9.3% (50%) / 18.7% (100%) of consensus; linear fade toward g
Net cash (debt)	$-1.4B	Data Collector
Margin	Base/bull flat at TTM after-SBC margin; bear 85% of it	team default

DCF caveats:

SBC treated as a cash cost (subtracted from FCF) – conservative; pre-SBC values would be materially higher.
Shares are Yahoo implied/diluted (rerun by Coordinator on data/2026-11-11); cost of debt is a 10Y+100bp assumption.
Revenue start point is TTM; consensus FY1/FY2 periods may not align with TTM. Mid-year discounting not applied (end-year, conservative).

Full DCF file (DCF Analyst) · dcf/2026-11-11-rerun/NOW.md

DCF Analyst model, rerun by Fair Value Coordinator on today's data. Input file: data/2026-11-11/NOW.md. Generated 2026-11-11 07:16 MST (Phoenix).

Price used: $99.61 (regular-session close Nov 10, 2026). Shares 1,038M (diluted/implied, Yahoo impliedSharesOutstanding per Data Collector 2026-11-11).

Scenario	$/share	vs price	Start rev growth	FCF margin (after SBC) yr1→yr5	WACC	g
Bear	$29.06	-71%	9.3% fading to 3.9%	13.4% → 13.4%	10.5%	2.5%
Base	$48.15	-52%	16.8% fading to 5.4%	15.7% → 15.7%	9.5%	2.5%
Bull	$59.40	-40%	18.7% fading to 5.7%	15.7% → 15.7%	8.5%	2.5%

WACC build

Risk-free: 10Y UST 5.0% (Nov 10, 2026 close per Data Collector; bond market closed Nov 11 for Veterans Day)
Beta: 0.98 (5Y observed (Data Collector)); ERP 5.0% → cost of equity 9.9%
Cost of debt: 10Y + 1.0% spread (assumption; no interest-rate data in inputs) = 6.0% pre-tax, 4.7% after 21% tax
Weights (market): equity 92.5% / debt 7.5% (mkt cap $103.4B, debt $8.4B)
WACC 9.5% → 9.5%

Key assumptions

Item	Value	Basis
TTM revenue	$15.4B	Data Collector
TTM OCF / capex / FCF	$5.3B / $-0.6B / $4.8B	Data Collector
TTM SBC	$2.3B (15.1% of rev; 48.9% of FCF)	stockanalysis cash-flow, TTM to Sep 30 2026
FCF after SBC (base yr-0)	$2.4B = 15.7% margin	OCF − capex − SBC
Consensus revenue	FY1 (FY ending Dec 31, 2026): $16.2B; FY2 $19.3B (FY2/FY1 18.7%); 3Y CAGR 19.7%	Data Collector
Consensus FCF FY1	$5.8B	Data Collector (pre-SBC)
Consensus-level start growth	18.7% = lower of 3Y CAGR and FY2/FY1	conservative
Base / bear / bull start growth	16.8% (90%) / 9.3% (50%) / 18.7% (100%) of consensus; linear fade toward g
Net cash (debt)	$-1.4B	Data Collector
Margin	Base/bull flat at TTM after-SBC margin; bear 85% of it	team default

Base-case 5-year FCF ($B)

Year	Rev growth	Revenue	FCF margin	FCF	PV
1	16.8%	18.0	15.7%	2.8	2.6
2	13.9%	20.5	15.7%	3.2	2.7
3	11.1%	22.8	15.7%	3.6	2.7
4	8.2%	24.7	15.7%	3.9	2.7
5	5.4%	26.0	15.7%	4.1	2.6

Terminal value check (base)

Gordon TV $60.0B, PV $38.1B; EV $51.4B; TV share of EV 74.1%
Implied exit multiple 14.7x year-5 FCF vs current EV/FCF TTM 22.1x (pre-SBC)
FCF margin (after SBC, flat, base growth/WACC) needed to justify $99.61: 32.1% vs TTM 15.7%

Sensitivity – base case $/share (WACC vs terminal g)

WACC \ g	2.0%	2.5%	3.0%
8.5%	$52.99	$56.65	$60.97
9.0%	$49.00	$52.07	$55.66
9.5%	$45.53	$48.15	$51.17
10.0%	$42.51	$44.75	$47.32
10.5%	$39.84	$41.78	$43.99

Sources

Yahoo Finance quoteSummary API (price, summaryDetail, defaultKeyStatistics, financialData, calendarEvents, earningsTrend, incomeStatementHistory): https://query2.finance.yahoo.com/v10/finance/quoteSummary/NOW — fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix) / Nov 11, 2026, 7:24 AM ET
Yahoo Finance chart API (pre/post included) close/pre-market cross-check: https://query1.finance.yahoo.com/v8/finance/chart/NOW — fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)
stockanalysis.com statistics (S&P Global Market Intelligence): https://stockanalysis.com/stocks/now/statistics/ — stats updated Nov 11, 2026, fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)
stockanalysis.com forecast (S&P Global Market Intelligence): https://stockanalysis.com/stocks/now/forecast/ — forecast updated Oct 30, 2026, fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)
stockanalysis.com financials & cash-flow statement pages: https://stockanalysis.com/stocks/now/financials/ and .../financials/cash-flow-statement/ — fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)
Yahoo Finance news search: https://query1.finance.yahoo.com/v1/finance/search?q=NOW — fetched Nov 11, 2026, 5:24 AM MST (America/Phoenix)
10-year Treasury (for WACC context): 4.98% on Nov 10, 2026 (latest; Nov 11 is Veterans Day and the Treasury auction/bond market is closed). Source: https://home.treasury.gov daily par yield curve, November 2026 view.
TTM SBC: https://stockanalysis.com/stocks/now/financials/cash-flow-statement/?p=trailing (fetched 2026-11-11 ~05:25 MST)

Caveats

SBC treated as a cash cost (subtracted from FCF) – conservative; pre-SBC values would be materially higher.
Shares are Yahoo implied/diluted (rerun by Coordinator on data/2026-11-11); cost of debt is a 10Y+100bp assumption.
Revenue start point is TTM; consensus FY1/FY2 periods may not align with TTM. Mid-year discounting not applied (end-year, conservative).

3Relative valuation build (comps)peers · multiples · median/IQR · weights

Comps basis: Adjusted basis. Adjusted basis: comps use consensus (mostly non-GAAP, SBC-excluded) EPS and pre-SBC FCF. This run predates the GAAP / SBC-consistent default.

Low (peer 25th pct)

$58.86

Mid (peer median)

$69.75

High (peer 75th pct)

$98.23

Price used: $99.61 at Nov 10, 2026, 4:00 PM EST close (not pre-market) · Shares: 1.04B basic shares outstanding (S&P GMI via stockanalysis; not a fully diluted count)

How the multiples combine: equal-weight average of 4 usable multiples (NTM P/E, NTM EV/Sales, EV/EBITDA (TTM), FY1 P/FCF).

Each multiple: peer 25th / median / 75th → implied $/share

Multiple	NOW now	Peer 25th / median / 75th (n)	Implied $/share low / mid / high
NTM P/E	21.3x	13.0x / 14.3x / 20.3x (8)	$60.95 / $66.95 / $94.95
NTM EV/Sales	5.6x	3.9x / 4.4x / 6.0x (8)	$70.08 / $77.77 / $106.62
EV/EBITDA (TTM)	32.4x	14.3x / 17.6x / 20.6x (8)	$43.03 / $53.59 / $62.66
FY1 P/FCF	18.0x	11.1x / 14.5x / 23.2x (7)	$61.40 / $80.69 / $128.67

Peer set and multiples

Large-cap enterprise application / platform software: NOW sits with CRM and ADBE as the closest workflow/platform comps; MSFT, ORCL, SAP, INTU, ADSK and WDAY complete a large-cap software set with similar subscription models.

Peer	NTM P/E	NTM EV/Sales	EV/EBITDA (TTM)	FY1 P/FCF
NOW (subject)	21.3x	5.6x	32.4x	18.0x
CRM	13.2x	4.2x	16.0x	11.7x
ADBE	8.7x	3.2x	9.4x	8.8x
MSFT	24.7x	9.5x	19.6x	121.1x
ORCL	12.5x	4.6x	14.5x	n/a
INTU	13.8x	3.8x	13.5x	10.4x
ADSK	18.8x	5.9x	23.5x	19.8x
WDAY	14.8x	4.0x	28.9x	14.5x
SAP	28.1x	6.0x	19.3x	26.6x

FY1 ends Dec 31, 2026 (w on FY1 = 0.137). Consensus FY1/FY2 non-GAAP EPS 3.95 / 4.8; NTM EPS 4.684. NTM sales $18.85B (FY1 $16.23B, FY2 $19.26B). TTM EBITDA $3.24B. Consensus FY1 FCF $5.77B.

Peer cells marked n/a (and why):

ORCL FY1 P/FCF: FY1 P/FCF n/a (consensus FY1 FCF is negative or zero)

Method notes (analyst)

Multiples are computed from the same source financials for the ticker and every peer (not the vendor's black-box "Forward PE / Forward PS", which is not always consistent with consensus FY1/FY2 EPS and sales).
NTM P/E and NTM EV/Sales use day-weighted NTM = w×FY1 + (1−w)×FY2, with w = days remaining to FY1 period end from 2026-11-11 ÷ 365.25. If FY2 is missing, FY1 is used and labeled as such.
EV/EBITDA is trailing-twelve-month; forward EBITDA consensus is not on the free source.
P/FCF uses consensus FY1 FCF (FY2 FCF is gated). Dropped when FY1 FCF is ≤ 0 or the implied P/FCF exceeds 150x (FCF too small to capitalize).
P/E is dropped when NTM/FY1 EPS is ≤ 0.05 or the multiple exceeds 150x.
Low / mid / high = peer 25th percentile / median / 75th percentile (linear interpolation, inclusive), applied to the ticker's own NTM EPS, NTM sales, TTM EBITDA, or FY1 FCF. EV multiples are converted to equity as (implied EV + net cash) / basic shares.
A multiple enters the blended range only if at least three peers have a usable figure and the ticker's own denominator is meaningful.
5-year average and range of the ticker's own multiples are not available from the provided free source (the stockanalysis "Financial Ratio History" section is present as a heading with no figures in the scrape).

Adjustments and judgment

NOW trades at a premium to the software peer median on TTM EV/EBITDA and at or above the median on the forward sales and earnings multiples, consistent with faster top-line growth (3Y revenue CAGR in the high teens vs low-double-digit for CRM/ADBE).
Applying the peer-median EV/EBITDA (which is pulled down by ADBE, ORCL and INTU) therefore gives a low implied value relative to NOW’s own growth and margin profile. The other three multiples are more informative here.
Same ADBE (low) and MSFT P/FCF (high) caveats as in the CRM write-up.

5-year own-multiple history: not available in the free sources used.

Full relative-valuation file (Relative Valuation Analyst) · relative/2026-11-11/NOW.md

Analyst: Relative Valuation Analyst Company: ServiceNow Price used: $99.61 at Nov 10, 2026, 4:00 PM EST close (not pre-market) Shares: 1.04B basic shares outstanding (S&P GMI via stockanalysis; not a fully diluted count) Net cash (debt): $-1.45B Computed EV: $105.04B (= price × shares − net cash; may differ slightly from the rounded published EV)

Method

Multiples are computed from the same source financials for the ticker and every peer (not the vendor's black-box "Forward PE / Forward PS", which is not always consistent with consensus FY1/FY2 EPS and sales).
NTM P/E and NTM EV/Sales use day-weighted NTM = w×FY1 + (1−w)×FY2, with w = days remaining to FY1 period end from 2026-11-11 ÷ 365.25. If FY2 is missing, FY1 is used and labeled as such.
EV/EBITDA is trailing-twelve-month; forward EBITDA consensus is not on the free source.
P/FCF uses consensus FY1 FCF (FY2 FCF is gated). Dropped when FY1 FCF is ≤ 0 or the implied P/FCF exceeds 150x (FCF too small to capitalize).
P/E is dropped when NTM/FY1 EPS is ≤ 0.05 or the multiple exceeds 150x.
Low / mid / high = peer 25th percentile / median / 75th percentile (linear interpolation, inclusive), applied to the ticker's own NTM EPS, NTM sales, TTM EBITDA, or FY1 FCF. EV multiples are converted to equity as (implied EV + net cash) / basic shares.
A multiple enters the blended range only if at least three peers have a usable figure and the ticker's own denominator is meaningful.
5-year average and range of the ticker's own multiples are not available from the provided free source (the stockanalysis "Financial Ratio History" section is present as a heading with no figures in the scrape).

Peer set

Peer	NTM P/E	NTM EV/Sales	EV/EBITDA (TTM)	FY1 P/FCF
NOW (subject)	21.3x	5.6x	32.4x	18.0x
CRM	13.2x	4.2x	16.0x	11.7x
ADBE	8.7x	3.2x	9.4x	8.8x
MSFT	24.7x	9.5x	19.6x	121.1x
ORCL	12.5x	4.6x	14.5x	n/a
INTU	13.8x	3.8x	13.5x	10.4x
ADSK	18.8x	5.9x	23.5x	19.8x
WDAY	14.8x	4.0x	28.9x	14.5x
SAP	28.1x	6.0x	19.3x	26.6x

FY1 ends Dec 31, 2026 (w on FY1 = 0.137). Consensus FY1/FY2 non-GAAP EPS 3.95 / 4.8; NTM EPS 4.684. NTM sales $18.85B (FY1 $16.23B, FY2 $19.26B). TTM EBITDA $3.24B. Consensus FY1 FCF $5.77B.

Peer cells marked n/a (and why):

ORCL FY1 P/FCF: FY1 P/FCF n/a (consensus FY1 FCF is negative or zero)

Implied per-share value

Multiple	NOW now	Peer 25th / median / 75th (n)	Implied $/share low / mid / high
NTM P/E	21.3x	13.0x / 14.3x / 20.3x (8)	$60.95 / $66.95 / $94.95
NTM EV/Sales	5.6x	3.9x / 4.4x / 6.0x (8)	$70.08 / $77.77 / $106.62
EV/EBITDA (TTM)	32.4x	14.3x / 17.6x / 20.6x (8)	$43.03 / $53.59 / $62.66
FY1 P/FCF	18.0x	11.1x / 14.5x / 23.2x (7)	$61.40 / $80.69 / $128.67

Current multiples vs own history

5-year average and range: n/a. The provided stockanalysis statistics scrape includes a “Financial Ratio History” heading with no figures (likely gated). No 5-year P/E, EV/EBITDA, EV/Sales or P/FCF average was invented or taken from another unpaid-login source in time for this run.

Blended range

Weights: equal-weight average of 4 usable multiples (NTM P/E, NTM EV/Sales, EV/EBITDA (TTM), FY1 P/FCF).

Low / mid / high: $58.86 / $69.75 / $98.23 Vs close $99.61: mid is 30.0% below the close.

Adjustments and judgment

NOW trades at a premium to the software peer median on TTM EV/EBITDA and at or above the median on the forward sales and earnings multiples, consistent with faster top-line growth (3Y revenue CAGR in the high teens vs low-double-digit for CRM/ADBE).
Applying the peer-median EV/EBITDA (which is pulled down by ADBE, ORCL and INTU) therefore gives a low implied value relative to NOW’s own growth and margin profile. The other three multiples are more informative here.
Same ADBE (low) and MSFT P/FCF (high) caveats as in the CRM write-up.

Data sources and as-of dates

Prices: regular-session close Nov 10, 2026, 4:00 PM EST close (not pre-market), from stockanalysis.com pages (S&P Global Market Intelligence), cross-checked in the coordinator input files vs the Yahoo Finance chart API.
Fundamentals and consensus: stockanalysis.com statistics (stats last updated on the pages on Nov 11, 2026) and forecast (this ticker's forecast page last updated Oct 30, 2026) for NOW and each peer. Forecast update dates differ by ticker.
Raw files: /workspace/fair-value/coordinator/2026-11-11/raw/ (fetched 2026-11-11 05:23 MST (America/Phoenix)). Official collector folder data/2026-11-11/ did not yet have ticker files when this run started; coordinator fallback input files were used.
5-year multiple history: n/a (not in the free scrape).
Public web was used only to attempt WMT/COST for AMZN (stockanalysis Cloudflare 403; Yahoo quoteSummary unauthorized). No paid logins.
Peer forecast update dates:

NOW: stats Nov 11, 2026, forecast Oct 30, 2026
CRM: stats Nov 11, 2026, forecast Nov 10, 2026
ADBE: stats Nov 11, 2026, forecast Nov 4, 2026
MSFT: stats Nov 11, 2026, forecast Nov 6, 2026
ORCL: stats Nov 11, 2026, forecast Nov 10, 2026
INTU: stats Nov 11, 2026, forecast Nov 9, 2026
ADSK: stats Nov 11, 2026, forecast Nov 10, 2026
WDAY: stats Nov 11, 2026, forecast Oct 16, 2026
SAP: stats Nov 11, 2026, forecast Oct 30, 2026

4Blending50/50 DCF base + relative mid

Blended fair value = 50% DCF base + 50% relative mid
0.5 × $48.15 + 0.5 × $69.75 = $58.95 (report: $58.95)
Divergence check: |DCF base − relative mid| ÷ relative mid
|$48.15 − $69.75| ÷ $69.75 = 31.0% → above 25%: blended value is indicative

5Margin of safety → callRich

Margin of safety = (FV − price) ÷ FV
($58.95 − $100.67) ÷ $58.95 = -70.8% (report: -70.8%)
Upside / downside = FV ÷ price − 1 = -41.4%; price vs FV = +70.8%
Rule: Cheap if MoS ≥ 20% · Rich if price ≥ 15% above FV · otherwise Fair
→ Rich Indicative confidence

6Flags and notes2 flag(s)

Flags

⚑ DCF vs relative differ 31% (>25%): indicative only.

⚑ Next earnings not confirmed (Yahoo estimate Jan 27, 2027).

Coordinator notes

Relative mid $69.75 (NTM P/E 21.3x vs software peer median 14.3x) and DCF base $48.15 are both below price.
DCF: WACC 9.49%, TTM after-SBC FCF margin 15.7% (SBC is a large cost here); price implies 32.1%. Sensitivity $39.84–$60.97.

Source files: data/2026-11-11/NOW.md dcf/2026-11-11-rerun/NOW.md relative/2026-11-11/NOW.md