ServiceNow
NOW on NYSE. ServiceNow sells workflow automation software to organizations. Market value $140.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.25 of spare cash in the past 12 months. A savings account pays about $4.
You pay 86.7 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 71 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.
$136.08 a share, 68% above its 1-year low
Over the past year the price has ranged from $81.24 to $192.97.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $5.9bn | $7.2bn | $9.0bn | $11.0bn | $13.3bn |
| Operating margin | |||||
| Operating margin | 4.4% | 4.9% | 8.5% | 12.4% | 13.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.20bn | 0.20bn | 0.21bn | 1.05bn | 1.03bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 24.1% a year
- Buying back its own sharesNo, 409% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4 billion last quarter, up 24% on a year ago.
- Profit: $298 million, down 23% on a year ago.
- It keeps 11 cents of each $1 of sales as operating profit, down from 13 cents a year earlier.
- Spare cash over the past 12 months: $4.6 billion, up from $3.8 billion.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.8bn |
| December 2024 | $3.0bn |
| March 2025 | $3.1bn |
| June 2025 | $3.2bn |
| September 2025 | $3.4bn |
| December 2025 | $3.6bn |
| March 2026 | $3.8bn |
| June 2026 | $4.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $432m |
| December 2024 | $384m |
| March 2025 | $460m |
| June 2025 | $385m |
| September 2025 | $502m |
| December 2025 | $401m |
| March 2026 | $469m |
| June 2026 | $298m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 29 January 2026
- Next quarterly (estimated, 10-Q)
- 22 October 2026
Who owns it
13 long-term investors we follow own it, up from 11 last quarter. 2,232 funds in all.
- Hillman Capital ManagementMark Hillman
- Value
- $339,041
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $533m | 4.6% | Cut |
| Akre Capital ManagementChuck Akre | $124m | 2.4% | Added |
| Vulcan Value PartnersC.T. Fitzpatrick | $57m | 1.7% | Added |
| Mawer Investment ManagementMawer team | $33m | 0.2% | New |
| Gotham Asset ManagementJoel Greenblatt | $15m | <0.1% | Added |
| Torray Investment PartnersRobert Torray (founder) | $5m | 0.7% | Cut |
| Platinum Investment ManagementPlatinum team | $2m | 0.5% | New |
| Clarkston Capital PartnersJeff Hakala | $919,829 | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $496,896 | <0.1% | Cut |
| Hillman Capital ManagementMark Hillman | $339,041 | 0.2% | |
| GAMCO InvestorsMario Gabelli | $322,164 | <0.1% | Cut |
| Scharf InvestmentsBrian Krawez | $285,827 | <0.1% | Cut |
| Boston PartnersBoston Partners team | $247,649 | <0.1% | New |
Sold out this quarter
Largest holders overall
- BlackRock$9.5bn
- Vanguard Capital Management$6.7bn
- State Street$4.9bnAdded
- Morgan Stanley$2.6bnAdded
- Vanguard Portfolio Management$2.5bn
- Geode Capital Management$2.4bn
- UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS$1.7bnAdded
- Price T Rowe Associates$1.6bnCut
- JPMorgan Chase$1.4bnCut
- Norges Bank$1.2bnNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor8.9%Since 31 December 2024
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 8.9% | 31 December 2024 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $3m of shares on the open market. 10 sold $9m, $6m of it under preset trading plans.
- Fipps PaulPresident, Global Customer OpsSold
- Date
- 31 August 2026
- Shares
- 2,034
- Price
- $147.87
- Value
- $300,777
- Canney Jacqueline PChief People & AI Enblmt. Off.Soldunder a preset trading plan
- Date
- 28 August 2026
- Shares
- 7,847
- Price
- $138.00
- Value
- $1m
- Chamberlain Paul EdwardDirectorSold
- Date
- 27 August 2026
- Shares
- 2,700
- Price
- $135.50
- Value
- $365,851
- Chamberlain Paul EdwardDirectorSoldunder a preset trading plan
- Date
- 13 August 2026
- Shares
- 1,500
- Price
- $125.60
- Value
- $188,400
- Briggs TeresaDirectorSold
- Date
- 28 May 2026
- Shares
- 1,595
- Price
- $108.70
- Value
- $173,377
- Fipps PaulPresident, Global Customer OpsSoldunder a preset trading plan
- Date
- 18 May 2026
- Shares
- 1,048
- Price
- $98.51
- Value
- $103,238
- Chamberlain Paul EdwardDirectorSoldunder a preset trading plan
- Date
- 14 May 2026
- Shares
- 1,500
- Price
- $87.23
- Value
- $130,845
- Sands Anita MDirectorSold
- Date
- 14 May 2026
- Shares
- 16,445
- Price
- $90.14
- Value
- $1m
- Fipps PaulPresident, Global Customer OpsSoldunder a preset trading plan
- Date
- 8 May 2026
- Shares
- 151
- Price
- $90.47
- Value
- $13,661
- Canney Jacqueline PChief People & AI Enblmt. Off.Sold
- Date
- 24 April 2026
- Shares
- 8,927
- Price
- $89.60
- Value
- $799,859
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 31 August 2026 | Fipps Paul President, Global Customer Ops | Sold | 2,034 | $147.87 | $300,777 |
| 28 August 2026 | Canney Jacqueline P Chief People & AI Enblmt. Off. | Sold under a preset trading plan | 7,847 | $138.00 | $1m |
| 27 August 2026 | Chamberlain Paul Edward Director | Sold | 2,700 | $135.50 | $365,851 |
| 13 August 2026 | Chamberlain Paul Edward Director | Sold under a preset trading plan | 1,500 | $125.60 | $188,400 |
| 28 May 2026 | Briggs Teresa Director | Sold | 1,595 | $108.70 | $173,377 |
| 18 May 2026 | Fipps Paul President, Global Customer Ops | Sold under a preset trading plan | 1,048 | $98.51 | $103,238 |
| 14 May 2026 | Chamberlain Paul Edward Director | Sold under a preset trading plan | 1,500 | $87.23 | $130,845 |
| 14 May 2026 | Sands Anita M Director | Sold | 16,445 | $90.14 | $1m |
| 8 May 2026 | Fipps Paul President, Global Customer Ops | Sold under a preset trading plan | 151 | $90.47 | $13,661 |
| 24 April 2026 | Canney Jacqueline P Chief People & AI Enblmt. Off. | Sold | 8,927 | $89.60 | $799,859 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 29 Jan 2026, plus the 10-Q filed 23 Jul 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 86.7× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.