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ServiceNow

NOW
57
Software - Application · Technology
Also trades as: 0L5N.L GBP 1.58 (+1.09%)
Price
$158.96
+1.96 (+1.25%)
Market Cap
$164.34B
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Strong
15/20
Cash Flow
Exceptional
10/10
Stability
Strong
8/10
Valuation
Good
5/10
Ownership
Weak
1/15
Dividends
Not counted
n/a

54 of 95 counted points = Winston Score 57. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+3.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.02B (2021) → 1.05B (2025)

§Winston Score History

The full picture

ServiceNow makes software that helps large companies manage their internal operations. Its main product is a cloud-based platform that tracks and automates tasks like IT support tickets, employee requests, and business workflows. Large enterprises, governments, and healthcare organizations are its primary customers.

The company earns money almost entirely through subscriptions, where customers pay a recurring annual fee to use its platform. ServiceNow operates globally, with strong revenue across North America and Europe, and generates over $10 billion in annual revenue. Its competitive moat comes from how deeply embedded its platform becomes inside a customer's daily operations, making it costly and disruptive to switch to a competitor. The key growth driver is the expansion of artificial intelligence features within its platform, which ServiceNow is betting will push existing customers to upgrade to higher-priced subscription tiers — though slowing enterprise IT budgets remain a real risk to that growth.

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51 trades / 12mo

26 Congressional buys and 25 sells on NOW in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+24.0% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

-21.6% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.37

30 Jun 2026: $0.29

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$3.0B/ year

↑ Rising (+16% vs prior year)

22.3% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$8.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

ServiceNow is putting 22% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
70.7%
Premium pricing power — 70.7% gross margin
Profit after running costs
Operating Margin
4.1%
Thin — 4.1% operating margin
Return on the money invested
ROCE
8.0%
Below par — 8.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+22.2%
Fast-growing sales (+22.2% YoY)
Profit growth
EPS YoY
+0.6%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
318%
Turns 318% of profit into real cash
Spare cash per sale
FCF Margin
31.1%
Converts sales into free cash efficiently (31.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.68
Moderate — manageable debt (0.68)
Covers its interest
Interest Cover
20.24x
Comfortably covers interest (20.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
98.7x
Expensive — P/E 98.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+77.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (98.7 → 21.7)

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Dividends

Not applicable for this business.
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