Price to Sales (P/S)
since 2012
Calculation
ServiceNow Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | 9.20 | = | 116.73 | ÷ | 12.69 | 12.69 | = | 13,278 | ÷ | 1,046,000,000 | |
| Jan 30, 2025 | 18.99 | = | 202.55 | ÷ | 10.66 | 10.66 | = | 10,984 | ÷ | 1,030,000,000 | |
| Jan 25, 2024 | 17.52 | = | 153.34 | ÷ | 8.75 | 8.75 | = | 8,971 | ÷ | 1,025,000,000 | |
| Jan 31, 2023 | 12.75 | = | 91.03 | ÷ | 7.14 | 7.14 | = | 7,245 | ÷ | 1,015,000,000 | |
| Feb 3, 2022 | 19.02 | = | 112.17 | ÷ | 5.90 | 5.90 | = | 5,896 | ÷ | 1,000,000,000 | |
| Feb 12, 2021 | 25.66 | = | 118.26 | ÷ | 4.61 | 4.61 | = | 4,519 | ÷ | 980,500,000 | |
| Feb 20, 2020 | 19.36 | = | 70.59 | ÷ | 3.65 | 3.65 | = | 3,460 | ÷ | 949,000,000 | |
| Feb 27, 2019 | 16.63 | = | 48.06 | ÷ | 2.89 | 2.89 | = | 2,609 | ÷ | 902,500,000 | |
| Feb 28, 2018 | 14.55 | = | 32.20 | ÷ | 2.21 | 2.21 | = | 1,933 | ÷ | 873,500,000 | |
| Feb 28, 2017 | 10.50 | = | 17.38 | ÷ | 1.66 | 1.66 | = | 1,391 | ÷ | 840,000,000 | |
| Feb 25, 2016 | 8.69 | = | 10.83 | ÷ | 1.25 | 1.25 | = | 1,005 | ÷ | 807,000,000 | |
| Feb 27, 2015 | 16.81 | = | 15.25 | ÷ | 0.91 | 0.91 | = | 683 | ÷ | 752,500,000 | |
| Feb 28, 2014 | 22.61 | = | 13.61 | ÷ | 0.60 | 0.60 | = | 425 | ÷ | 705,500,000 | |
| Mar 8, 2013 | 19.84 | = | 7.33 | ÷ | 0.37 | 0.37 | = | 244 | ÷ | 659,500,000 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of ServiceNow Inc. Annual Report.
The Price-to-Sales (P/S) ratio, calculated from the provided financial information, exhibits considerable fluctuation over the observed period. Initially, the ratio demonstrated an increasing trend from 2013 through 2014, followed by a significant decline in 2016, before exhibiting renewed growth and subsequent volatility.
- Initial Growth & Subsequent Decline (2013-2016)
- From March 2013 to February 2014, the P/S ratio increased from 19.84 to 22.61. This was followed by a decrease to 16.81 in 2015. A more substantial decline occurred in 2016, with the ratio falling to 8.69. This period suggests a potential shift in market valuation relative to sales during this timeframe.
- Recovery and Peak (2017-2021)
- Following the 2016 low, the P/S ratio experienced a recovery, rising to 10.50 in 2017, 14.55 in 2018, and continuing to 16.63 in 2019. The ratio then accelerated, reaching a peak of 25.66 in 2021. This indicates a period of increased investor confidence and potentially higher growth expectations.
- Recent Volatility (2022-2026)
- The P/S ratio decreased to 19.02 in 2022, then to 12.75 in 2023. A significant increase to 17.52 was observed in 2024, followed by a substantial decline to 9.20 projected for 2026. This recent period demonstrates increased volatility, potentially reflecting changing market conditions or company-specific factors influencing investor sentiment.
The share price and sales per share both consistently increased throughout the period, however, the P/S ratio’s movement was not always directly correlated with these increases, indicating that market perception of the company’s sales played a significant role in valuation. The fluctuations in the P/S ratio suggest that investor expectations regarding future sales growth and profitability have varied considerably over the years.
Comparison to Competitors
ServiceNow Inc., P/S, long-term trends, comparison to competitors
| ServiceNow Inc. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | 9.20 | 2.15 | 5.25 | — | — | 19.36 | — | — | 9.90 | 13.54 | 10.32 | — | 13.82 | 7.40 | 13.05 | 7.65 |
| Jan 30, 2025 | 18.99 | 3.48 | 8.27 | 23.14 | 15.26 | 26.10 | 16.12 | 3.81 | 10.72 | 12.82 | 7.44 | 102.00 | 13.62 | 8.45 | 12.45 | 9.61 |
| Jan 25, 2024 | 17.52 | 2.98 | 13.88 | 6.14 | 20.02 | 12.81 | 20.19 | 2.73 | 10.72 | 11.60 | 6.63 | 23.27 | 10.87 | 5.84 | 14.75 | 7.71 |
| Jan 31, 2023 | 12.75 | 2.56 | 8.95 | 1.80 | 14.23 | 30.15 | 14.64 | 1.94 | 9.30 | 10.40 | 4.25 | 9.34 | 9.62 | 7.40 | 10.03 | 11.19 |
| Feb 3, 2022 | 19.02 | 4.28 | 14.94 | 5.99 | 12.55 | 48.70 | 49.25 | 1.94 | 16.09 | 12.81 | 5.38 | 15.58 | 10.72 | 9.24 | 13.22 | 13.95 |
| Feb 12, 2021 | 25.66 | 3.26 | 17.04 | — | 13.85 | 22.79 | 49.57 | 1.47 | 11.78 | 10.85 | 4.33 | 39.86 | 6.66 | 8.88 | 10.08 | 10.65 |
| Feb 20, 2020 | 19.36 | 2.72 | 15.11 | — | 8.56 | — | 36.28 | 1.63 | 11.05 | 8.38 | 4.74 | — | 7.06 | 9.00 | 6.27 | 14.75 |
| Feb 27, 2019 | 16.63 | 2.35 | 13.23 | — | 7.53 | — | — | 1.56 | 9.52 | 7.51 | 4.41 | — | 9.75 | 8.89 | 4.10 | 13.73 |
| Feb 28, 2018 | 14.55 | 2.45 | 13.32 | — | 5.85 | — | — | 1.82 | 6.99 | 6.19 | 5.56 | — | 7.49 | 6.96 | 4.80 | 11.06 |
| Feb 28, 2017 | 10.50 | 2.13 | 9.34 | — | 4.53 | — | — | 2.12 | 6.17 | 5.13 | 4.45 | — | 9.69 | 7.09 | 3.71 | 12.08 |
| Feb 25, 2016 | 8.69 | 2.11 | 9.27 | — | 3.73 | — | — | 1.56 | 5.56 | 3.99 | 4.66 | — | 16.88 | 7.82 | 3.07 | 19.97 |
| Feb 27, 2015 | 16.81 | 1.61 | 8.59 | — | 3.42 | — | — | 1.76 | 5.32 | 4.10 | 4.67 | — | 13.17 | 9.54 | 3.15 | 35.87 |
| Feb 28, 2014 | 22.61 | 1.64 | 7.45 | — | 2.96 | — | — | 1.91 | 4.47 | 3.41 | 3.75 | — | 8.38 | 8.92 | 3.12 | 37.91 |
| Mar 8, 2013 | 19.84 | 1.54 | 4.30 | — | 3.02 | — | — | 2.12 | 4.27 | 3.32 | 3.66 | — | 17.50 | 8.91 | 2.76 | — |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Sector (Software & Services)
ServiceNow Inc., P/S, long-term trends, comparison to sector (software & services)
| ServiceNow Inc. | Software & Services | |
|---|---|---|
| Jan 29, 2026 | 9.20 | — |
| Jan 30, 2025 | 18.99 | 10.40 |
| Jan 25, 2024 | 17.52 | 8.78 |
| Jan 31, 2023 | 12.75 | 7.45 |
| Feb 3, 2022 | 19.02 | 9.54 |
| Feb 12, 2021 | 25.66 | 7.74 |
| Feb 20, 2020 | 19.36 | 6.11 |
| Feb 27, 2019 | 16.63 | 5.24 |
| Feb 28, 2018 | 14.55 | 4.65 |
| Feb 28, 2017 | 10.50 | 3.95 |
| Feb 25, 2016 | 8.69 | 3.41 |
| Feb 27, 2015 | 16.81 | 3.34 |
| Feb 28, 2014 | 22.61 | 2.89 |
| Mar 8, 2013 | 19.84 | 2.79 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Industry (Information Technology)
ServiceNow Inc., P/S, long-term trends, comparison to industry (information technology)
| ServiceNow Inc. | Information Technology | |
|---|---|---|
| Jan 29, 2026 | 9.20 | — |
| Jan 30, 2025 | 18.99 | 9.34 |
| Jan 25, 2024 | 17.52 | 7.33 |
| Jan 31, 2023 | 12.75 | 6.01 |
| Feb 3, 2022 | 19.02 | 7.00 |
| Feb 12, 2021 | 25.66 | 6.13 |
| Feb 20, 2020 | 19.36 | 4.62 |
| Feb 27, 2019 | 16.63 | 4.31 |
| Feb 28, 2018 | 14.55 | 4.19 |
| Feb 28, 2017 | 10.50 | 3.47 |
| Feb 25, 2016 | 8.69 | 3.04 |
| Feb 27, 2015 | 16.81 | 3.32 |
| Feb 28, 2014 | 22.61 | 2.86 |
| Mar 8, 2013 | 19.84 | 2.89 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).