ServiceNow, Inc. NOW

Name: NOW Crucible Score
Creator: Kaladin Capital Intelligence

TechnologySoftware - ApplicationNYSE📅 Scored April 23, 2026

Price at analysis: $88.64

Crucible Score

66.3

B-

Quality × Value Composite

KQI — Quality

70.7

Fundamental Quality Index

KVI — Value

60.6

C+

Valuation Attractiveness Index

Crucible Verdict — NOW

ServiceNow (NOW) demonstrates strong competitive positioning with an 88 moat durability score and robust 83 growth profile, though management effectiveness lags at just 51. The stock trades at a significant 34% discount to fair value despite consistent earnings beats and insider buying activity. NOW's enterprise software dominance should drive continued premium valuations as digital transformation spending accelerates.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

65.7

Growth Profile

82.9

Moat Durability

87.7

Management Effectiveness

50.9

Diversification & Resilience

53.2

Market Position

71.0

Weakest dimension: Management Effectiveness (50.9)

◆ KVI Value Dimensions

DCF Margin of Safety

64.8

FCF Yield & Cash Returns

42.0

Relative Valuation

44.8

Growth-Adjusted Value

78.6

Historical Valuation

94.5

Macro Context

38.2

◆ DCF Valuation Scenarios

Bear Case

$78.52

Base Case

$118.45

Bull Case

$172.30

Price at Analysis

$88.64

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$78.52	13.0%	22.0%	9.5%
🟢 Base	$118.45	17.0%	26.0%	9.0%
🟢 Bull	$172.30	20.0%	30.0%	8.5%

Key Assumptions: Revenue growth anchored to trailing 5-year CAGR of ~22% but decelerating as NOW scales past $13B; operating margins trending from ~14% toward 22-30% terminal range reflecting SaaS operating leverage. WACC derived from CAPM with 5.0-5.5% ERP applied to beta of 1.02; tax rate normalized to 20% given historical volatility. Capex intensity of 6.5% reflects recent trend of ~6.5% of revenue, with D&A converging over time.

◆ Financial Snapshot

Profitability

Gross Margin76.6%

Operating Margin13.4%

Net Margin12.6%

ROIC9.0%

ROE-4.1%

Balance Sheet

Balance SheetCR: 0.84

Cash ConversionFCF/EPS: 2.64x

Capital IntensityCapex/Rev: 6.5%

Altman Z-Score6.78 (Safe)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR22.5% CAGR

Earnings CAGR66.0% CAGR

Growth ConsistencyCV: 0.21

Segment Breadth1/1 growing (100%)

Quarterly TrendMargin↘, WC↓

Earnings CredibilityTends to Beat

◆ Revenue Breakdown — FY2025

By Segment

License and Service97.0%

Technology Service3.0%

By Geography

North America62.9%

EMEA25.6%

Asia Pacific And Other11.5%

Total Revenue

$13.3B

Fiscal Year 2025

◆ Analyst Consensus & Leadership

Analyst Price Targets

Avg Target (Last Quarter)$161.37

Analysts Covering (Quarter)19

Avg Target (Last Year)$197.98

Analysts (Year)58

Leadership & Governance

CEO Ownership< 1%

Compensation91% performance-based

Insider ActivityBuying

Capital AllocationROIC 9.0% vs WACC 10.0%

Earnings Beat Rate78% (18/22)

◆ Company Profile

ServiceNow, Inc. provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide.

CEO

William R. McDermott

Employees

26293

Headquarters

Santa Clara, CA, US

IPO Date

June 29, 2012

Exchange

NYSE

Website

servicenow.com

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ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted April 23, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.