# NOW – Relative valuation (2026-11-10)

Sample run by the Fair Value Coordinator. Forward multiples where public consensus exists (Fwd P/E, Fwd EV/Sales = Fwd P/S x EV/market cap, Fwd P/FCF = market cap / FY1 consensus FCF); EV/EBITDA is TTM because forward EBITDA consensus is not on the free source (data gap). Low/mid/high = peer Q1/median/Q3. TSM excluded from Fwd P/FCF (source forecast in TWD).

### Peer set: peers CRM, ADBE, ORCL, SAP, INTU, WDAY, ADSK, MSFT

| Peer | Fwd P/E | Fwd EV/Sales | EV/EBITDA (TTM) | Fwd P/FCF |
|---|---|---|---|---|
| CRM | 14.6x | 4.3x | 16.0x | 11.7x |
| ADBE | 8.8x | 3.3x | 9.4x | 8.8x |
| ORCL | 13.8x | 5.1x | 14.5x | n/a |
| SAP | 26.2x | 5.5x | 19.4x | 26.8x |
| INTU | 14.3x | 3.9x | 13.5x | 10.4x |
| WDAY | 15.7x | 4.1x | 28.9x | 14.5x |
| ADSK | 20.0x | 6.1x | 23.5x | 19.8x |
| MSFT | 25.7x | 9.7x | 19.6x | 121.1x |

| Multiple | NOW now | Peer Q1 / median / Q3 (n) | Implied $/share low / mid / high |
|---|---|---|---|
| Fwd P/E | 21.9x | 14.2x / 15.1x / 21.4x (8) | $64.38 / $68.56 / $97.29 |
| Fwd EV/Sales | 5.7x | 4.1x / 4.7x / 5.7x (8) | $70.74 / $81.41 / $99.34 |
| EV/EBITDA (TTM) | 32.4x | 14.3x / 17.7x / 20.6x (8) | $43.10 / $53.93 / $62.83 |
| Fwd P/FCF | 17.9x | 11.1x / 14.5x / 23.3x (7) | $61.52 / $80.85 / $129.31 |

**Implied range (Peer set): $59.94 / $71.19 / $97.19** (equal-weight average of usable multiples)


Sources: stockanalysis.com statistics + forecast pages for NOW and each peer (S&P Global Market Intelligence data), fetched 2026-11-10 ~8:45 PM MST (Phoenix).