Price to FCFE (P/FCFE)
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- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2012
- Current Ratio since 2012
- Price to Operating Profit (P/OP) since 2012
- Price to Book Value (P/BV) since 2012
- Price to Sales (P/S) since 2012
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
ServiceNow Inc., FCFE calculation
US$ in millions
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).
Net cash provided by operating activities and free cash flow to equity (FCFE) both demonstrate consistent growth over the five-year period. The growth in FCFE appears to be generally aligned with the growth in operating cash flow, suggesting a stable relationship between core business operations and cash available to equity holders.
- Net Cash from Operations
- Net cash provided by operating activities increased steadily from US$2,191 million in 2021 to US$5,444 million in 2025. This represents a cumulative increase of approximately 148.2% over the period. The rate of increase appears to accelerate in later years, with a larger jump between 2023 and 2024, and again between 2024 and 2025.
- Free Cash Flow to Equity (FCFE)
- FCFE also exhibited consistent growth, rising from US$1,738 million in 2021 to US$4,533 million in 2025. This signifies a cumulative increase of approximately 160.8% over the five-year timeframe. Similar to operating cash flow, the growth rate in FCFE appears to be increasing, with more substantial gains observed in the later years of the period. The difference between operating cash flow and FCFE remains relatively consistent across the years, indicating a stable capital structure and financing activity.
The observed trends suggest a strengthening financial position, with increasing cash generation capabilities. The accelerating growth in both operating cash flow and FCFE in recent years could indicate improving operational efficiency, increased profitability, or a combination of both. Continued monitoring of these trends will be important to assess the sustainability of this performance.
Price to FCFE Ratio, Current
ServiceNow Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| 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. | |
| P/FCFE, Sector | |
| Software & Services | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
ServiceNow Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| 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. | ||||||
| P/FCFE, Sector | ||||||
| Software & Services | ||||||
| P/FCFE, Industry | ||||||
| Information Technology | ||||||
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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of ServiceNow Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initial values demonstrate a decrease followed by an increase, and then a significant decline. Share price and FCFE per share both generally increased, but at differing rates, influencing the P/FCFE ratio’s trajectory.
- Share Price
- The share price decreased from US$112.17 in 2021 to US$91.03 in 2022, representing a decline. A substantial increase followed, reaching US$153.34 in 2023 and peaking at US$202.55 in 2024. However, the share price experienced a significant decrease in 2025, falling to US$116.73.
- FCFE per Share
- FCFE per share consistently increased throughout the period. From US$1.74 in 2021, it rose to US$2.05 in 2022, US$2.64 in 2023, US$3.28 in 2024, and further to US$4.33 in 2025. This indicates a steady improvement in the cash flow available to equity holders on a per-share basis.
- P/FCFE Ratio
- The P/FCFE ratio began at 64.54 in 2021, decreased to 44.44 in 2022, and then increased to 58.19 in 2023 and 61.82 in 2024. The most notable change occurred in 2025, with the ratio falling sharply to 26.94. This final decrease is attributable to the combination of a declining share price and a continuing increase in FCFE per share. The initial decrease in 2022 was driven by a larger decrease in share price than the increase in FCFE per share.
The observed fluctuations in the P/FCFE ratio suggest changing investor sentiment and valuation dynamics. The increasing FCFE per share throughout the period is a positive indicator, but the significant share price decline in 2025, and the resulting lower P/FCFE ratio, warrants further investigation to understand the underlying causes.