Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
ServiceNow Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial ratios indicate noticeable trends and fluctuations over the analyzed quarters.
- Price to Earnings (P/E) Ratio
- The P/E ratio started from very high levels around 978.47 in early 2021 and showed a general declining trend over the subsequent quarters. From a peak, it decreased steeply to approximately 284.28 by the first quarter of 2023, continuing to decline further to about 71.21 in mid-2023. After this, the ratio showed some volatility, increasing to around 90.8 in the third quarter of 2023 and fluctuating moderately thereafter. Toward the end of the timeline, the ratio hovered in the range of roughly 146 to 109, suggesting a stabilization but still at values lower than the initial peaks, indicating a significant reduction in market valuation relative to earnings over time.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio reflected a broadly similar pattern to the P/E ratio, beginning very high at around 583.07 and declining over time. The ratio decreased to about 260.26 by early 2023 and continued decreasing to around 174.57 in late 2023. The trend then showed moderate fluctuations between approximately 156 to 206 during 2024, ending near 113.44 by the first quarter of 2025. This indicates an improvement in operating profit relative to price, with the ratio moving toward more moderate values, implying a possible increase in operating profitability or a reduction in market valuation relative to operating profits.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated a decreasing trend from about 25.66 in early 2021 to a low of roughly 12.13 by the last quarter of 2022, signaling a decrease in market price relative to sales during this period. Following this dip, the ratio increased again, reaching approximately 17.52 in early 2024 and fluctuating moderately near 18.99 by early 2025. This pattern suggests changes in market sentiment or sales performance, with the ratio showing some recovery after the initial decline.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio began at 29.58 in the first quarter of 2020, gradually increasing to a peak near 40.91 in late 2020 before starting a notable decline. By mid-2023, the ratio had decreased to around 16.49. Thereafter, it showed some fluctuation, rising to about 20.6 in late 2023 and maintaining a range roughly between 16.5 and 21.7 through early 2025. The general downtrend from its peak suggests a reduction in market valuation relative to the company's book value, indicating either an increase in book value, a decrease in market price, or both over the period.
In summary, the data reflects a pronounced downward normalization of valuation multiples from extremely high levels, consistent with market adjustments. The volatility observed in later periods may indicate shifting investor expectations or changes in the company's financial performance dynamics.
Price to Earnings (P/E)
ServiceNow Inc., historical P/E calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 207,000,000 | 206,000,000 | 206,000,000 | 206,000,000 | 205,000,000 | 205,000,000 | 205,000,000 | 204,000,000 | 204,000,000 | 203,000,000 | 202,000,000 | 202,000,000 | 200,000,000 | 200,000,000 | 199,000,000 | 198,100,000 | 197,400,000 | 196,100,000 | 195,100,000 | 191,800,000 | 190,700,000 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (in millions) | 460) | 384) | 432) | 262) | 347) | 295) | 242) | 1,044) | 150) | 150) | 80) | 20) | 75) | 26) | 63) | 59) | 82) | 17) | 13) | 41) | 48) | |||||||
| Earnings per share (EPS)2 | 7.43 | 6.92 | 6.49 | 5.56 | 9.40 | 8.44 | 7.74 | 6.98 | 1.96 | 1.60 | 1.00 | 0.91 | 1.12 | 1.15 | 1.11 | 0.86 | 0.77 | 0.60 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 812.70 | 1,012.75 | 956.58 | 828.79 | 726.56 | 766.69 | 550.95 | 559.89 | 454.34 | 455.13 | 415.67 | 436.50 | 504.02 | 560.85 | 687.70 | 586.43 | 505.00 | 591.29 | 510.59 | 431.40 | 351.54 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 109.38 | 146.40 | 147.50 | 148.98 | 77.25 | 90.80 | 71.21 | 80.21 | 231.71 | 284.28 | 417.74 | 479.20 | 452.04 | 487.70 | 620.23 | 681.34 | 654.66 | 978.47 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Accenture PLC | 30.76 | 31.07 | 27.59 | 30.87 | 31.14 | 27.81 | 27.07 | 24.73 | 23.64 | 22.93 | 27.30 | 31.69 | 40.88 | 36.58 | 32.02 | 31.11 | 31.97 | 28.32 | 27.95 | 20.33 | 27.24 | |||||||
| Adobe Inc. | 25.11 | 31.98 | 42.53 | 46.15 | 47.07 | 49.64 | 44.69 | 45.30 | 36.72 | 33.15 | 27.18 | 35.27 | 45.03 | 48.90 | 47.07 | 49.98 | 40.82 | 41.69 | 58.43 | 55.97 | 45.60 | |||||||
| Cadence Design Systems Inc. | 75.17 | 67.09 | 76.54 | 69.10 | 72.17 | 78.64 | 68.16 | 73.71 | 67.89 | 59.70 | 55.98 | 59.24 | 56.00 | 53.88 | 66.92 | 59.14 | 61.38 | 62.89 | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 632.51 | 892.67 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | 81.19 | 99.26 | 81.98 | 61.32 | 70.49 | 54.13 | 48.82 | 47.89 | 42.08 | 29.67 | 32.23 | 22.83 | 28.46 | 27.12 | 39.89 | 51.31 | 53.58 | 56.83 | 54.83 | 44.64 | 57.71 | |||||||
| International Business Machines Corp. | 38.94 | 39.68 | 29.62 | 20.87 | 18.66 | 22.50 | 19.07 | 63.16 | 62.36 | 71.56 | 95.23 | 20.78 | 22.19 | 19.40 | 23.26 | 23.99 | 23.63 | 19.30 | — | — | — | |||||||
| Intuit Inc. | 65.11 | 58.94 | 60.26 | 66.50 | 61.19 | 64.61 | 56.26 | 59.38 | 56.80 | 57.31 | 40.47 | 63.28 | 85.13 | 75.17 | 56.40 | 62.56 | 48.28 | 49.52 | 56.56 | 45.75 | 44.67 | |||||||
| Microsoft Corp. | 35.53 | 35.67 | 34.41 | 36.78 | 31.86 | 33.96 | 29.67 | 26.71 | 26.77 | 28.34 | 27.89 | 30.38 | 34.30 | 35.14 | 35.22 | 34.15 | 33.95 | 35.04 | 29.08 | 28.84 | 25.48 | |||||||
| Oracle Corp. | 39.36 | 37.63 | 32.94 | 27.34 | 32.03 | 38.96 | 27.11 | 24.69 | 35.29 | 26.85 | 27.46 | 26.70 | 17.45 | 15.84 | 15.15 | 17.19 | 17.88 | 16.69 | — | — | — | |||||||
| Palantir Technologies Inc. | 450.16 | 632.38 | 244.40 | 147.19 | 159.62 | 246.77 | 279.03 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 47.73 | 42.42 | 41.23 | 37.18 | 127.17 | 170.35 | 290.26 | 1,656.49 | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 38.62 | 71.24 | 94.07 | 136.55 | 547.14 | 879.57 | 528.78 | 324.46 | 174.67 | 135.68 | 147.95 | 110.94 | 48.91 | 48.20 | 58.10 | 104.23 | — | 1,204.70 | — | — | — | |||||||
| Synopsys Inc. | 34.48 | 33.69 | 55.30 | 63.08 | 62.39 | 70.08 | 62.65 | 67.52 | 57.28 | 51.76 | 53.76 | 46.52 | 48.45 | 73.37 | 64.13 | 45.71 | 56.52 | 55.92 | 51.53 | 54.36 | 46.45 | |||||||
| Workday Inc. | 37.68 | 50.53 | 934.29 | — | — | — | — | — | — | 1,957.29 | 2,418.34 | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024
+ Net incomeQ2 2024)
÷ No. shares of common stock outstanding
= (460,000,000 + 384,000,000 + 432,000,000 + 262,000,000)
÷ 207,000,000 = 7.43
3 Closing price as at the filing date of ServiceNow Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 812.70 ÷ 7.43 = 109.38
5 Click competitor name to see calculations.
The share price exhibits a general upward trend over the analyzed periods with some fluctuations. Initially, the price increased steadily from $351.54 in March 2020 to a peak around $687.70 in September 2021, followed by a decline to approximately $415.67 by September 2022. Subsequently, the share price recovered strongly, reaching a high of $1,012.75 in March 2025 before experiencing a decrease to $812.70 by the end of the period.
Earnings per share (EPS) data, which starts from December 2020, shows consistent growth. The EPS rose from $0.60 to a peak of $9.40 in December 2024, reflecting improving profitability. Although there was a dip in the first quarter of 2024 to $5.56, EPS generally demonstrates a positive upward trajectory through the given timeframe.
The price-to-earnings (P/E) ratio follows a downward trend from extremely high levels, suggesting that the stock was initially priced with strong growth expectations. Starting at 978.47 in March 2021, the P/E ratio declines steadily to a more moderate range around 109.38 by the end of the observation period. The trend indicates that either earnings growth is beginning to catch up with the share price appreciation or the market has adjusted its valuation expectations to a more sustainable level.
- Share Price
- Overall growth with notable volatility; peak reached early 2025 but corrected by period end.
- Earnings Per Share
- Consistent upward trend with significant acceleration in growth, especially in 2023 and 2024.
- Price-to-Earnings Ratio
- Marked decrease from extremely high ratios to more normalized values, indicating earnings growth is improving relative to share price.
Price to Operating Profit (P/OP)
ServiceNow Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 207,000,000 | 206,000,000 | 206,000,000 | 206,000,000 | 205,000,000 | 205,000,000 | 205,000,000 | 204,000,000 | 204,000,000 | 203,000,000 | 202,000,000 | 202,000,000 | 200,000,000 | 200,000,000 | 199,000,000 | 198,100,000 | 197,400,000 | 196,100,000 | 195,100,000 | 191,800,000 | 190,700,000 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Income from operations (in millions) | 451) | 374) | 418) | 240) | 332) | 270) | 231) | 117) | 144) | 155) | 91) | 22) | 87) | 35) | 74) | 51) | 97) | 18) | 69) | 62) | 49) | |||||||
| Operating profit per share2 | 7.16 | 6.62 | 6.12 | 5.21 | 4.63 | 3.72 | 3.16 | 2.49 | 2.02 | 1.75 | 1.16 | 1.08 | 1.24 | 1.29 | 1.21 | 1.19 | 1.25 | 1.01 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 812.70 | 1,012.75 | 956.58 | 828.79 | 726.56 | 766.69 | 550.95 | 559.89 | 454.34 | 455.13 | 415.67 | 436.50 | 504.02 | 560.85 | 687.70 | 586.43 | 505.00 | 591.29 | 510.59 | 431.40 | 351.54 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 113.44 | 152.95 | 156.39 | 159.12 | 156.78 | 206.26 | 174.57 | 225.28 | 224.96 | 260.26 | 357.30 | 404.46 | 408.11 | 436.46 | 570.38 | 493.80 | 404.36 | 583.07 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Accenture PLC | 23.34 | 23.52 | 20.96 | 24.43 | 24.40 | 21.69 | 21.16 | 18.24 | 17.50 | 16.83 | 19.98 | 23.62 | 31.03 | 28.35 | 25.67 | 24.96 | 25.29 | 22.21 | 21.16 | 15.44 | 20.55 | |||||||
| Adobe Inc. | 21.20 | 26.38 | 34.93 | 37.61 | 37.84 | 40.52 | 35.69 | 35.47 | 28.49 | 25.85 | 21.47 | 28.50 | 36.67 | 40.64 | 49.83 | 54.24 | 47.80 | 51.75 | 56.53 | 54.83 | 41.99 | |||||||
| Cadence Design Systems Inc. | 55.59 | 52.42 | 64.64 | 62.16 | 64.10 | 65.43 | 57.98 | 59.96 | 53.91 | 47.21 | 41.53 | 46.31 | 46.60 | 48.13 | 60.37 | 53.96 | 56.52 | 57.54 | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 3,413.25 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | 58.01 | 69.38 | 55.87 | 42.81 | 48.81 | 36.15 | 33.43 | 31.94 | 28.65 | 20.43 | 22.70 | 16.86 | 21.12 | 21.03 | 30.64 | 39.21 | 42.38 | 45.39 | 45.28 | 36.51 | 46.59 | |||||||
| International Business Machines Corp. | 22.11 | 25.48 | 20.07 | 18.25 | 16.26 | 17.99 | 14.81 | 15.22 | 13.98 | 14.35 | 15.37 | 15.24 | 17.07 | 16.23 | 19.92 | 19.33 | 17.63 | 15.90 | — | — | — | |||||||
| Intuit Inc. | 52.88 | 48.11 | 48.74 | 53.07 | 46.91 | 49.04 | 41.32 | 43.34 | 43.50 | 46.05 | 33.22 | 53.54 | 71.64 | 62.00 | 46.48 | 52.54 | 39.99 | 41.56 | 49.11 | 39.04 | 37.66 | |||||||
| Microsoft Corp. | 28.44 | 28.73 | 28.04 | 30.20 | 26.16 | 27.76 | 24.15 | 21.76 | 22.07 | 24.72 | 24.66 | 27.51 | 31.35 | 30.79 | 30.72 | 29.13 | 28.71 | 29.30 | 25.90 | 25.91 | 22.91 | |||||||
| Oracle Corp. | 26.92 | 25.65 | 23.67 | 19.36 | 21.82 | 25.30 | 16.87 | 15.50 | 20.25 | 16.51 | 18.93 | 24.87 | 15.78 | 14.31 | 12.98 | 12.20 | 12.88 | 12.17 | — | — | — | |||||||
| Palantir Technologies Inc. | 633.43 | 941.61 | 318.98 | 203.93 | 242.24 | 431.61 | 1,130.92 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 172.78 | 159.88 | 144.37 | 140.84 | 132.93 | 193.40 | 418.85 | 2,481.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 33.49 | 58.80 | 65.09 | 79.66 | 145.83 | 177.62 | 295.77 | 2,318.80 | 818.64 | 357.52 | 280.57 | 236.57 | 228.93 | 431.39 | 914.43 | 3,682.10 | — | 511.08 | — | — | — | |||||||
| Synopsys Inc. | 57.97 | 56.25 | 56.16 | 63.80 | 64.29 | 67.90 | 61.35 | 62.50 | 50.41 | 43.85 | 48.91 | 42.54 | 47.17 | 75.64 | 65.25 | 49.28 | 59.98 | 59.90 | 58.40 | 54.81 | 48.73 | |||||||
| Workday Inc. | 210.15 | 381.31 | 4,065.25 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Income from operationsQ1 2025
+ Income from operationsQ4 2024
+ Income from operationsQ3 2024
+ Income from operationsQ2 2024)
÷ No. shares of common stock outstanding
= (451,000,000 + 374,000,000 + 418,000,000 + 240,000,000)
÷ 207,000,000 = 7.16
3 Closing price as at the filing date of ServiceNow Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 812.70 ÷ 7.16 = 113.44
5 Click competitor name to see calculations.
The data reveals several key trends in the company's quarterly financial performance, specifically focusing on share price, operating profit per share, and the price-to-operating-profit (P/OP) ratio over multiple periods from March 2020 to March 2025.
- Share Price Trends
- The share price exhibited a general upward trajectory with notable fluctuations. Starting at $351.54 in March 2020, it increased significantly, reaching peaks above $950 by the end of 2024, and then slightly declining to $812.70 in the first quarter of 2025. Early growth was relatively steady through 2020 and 2021, with some volatility in late 2021. The price dipped during mid-2022 but resumed a strong upward trend from late 2022 through 2024, with the highest values recorded during the last year of the period.
- Operating Profit Per Share (OPPS) Trends
- Operating profit per share data is available starting from March 2021. The figure has demonstrated a consistent and robust increase over the observed periods, growing from $1.01 to $7.16 by March 2025. This steady upward trend indicates improved profitability on a per-share basis, with the most rapid gains occurring from 2022 onwards. The growth pattern suggests enhanced operational efficiency or revenue increases contributing directly to profit generation.
- Price-to-Operating-Profit (P/OP) Ratio Trends
- The P/OP ratio has been generally declining since its first availability in early 2021, starting at a very high value of 583.07 and decreasing substantially to 113.44 by March 2025. This decline suggests the market price of the shares is increasing at a slower rate relative to operating profit per share, indicating that the stock might be becoming more reasonably valued in terms of operating profits over time. The ratio's fall also reflects growing investor confidence in earnings quality as profitability improves, reducing the premium investors place on current earnings.
In summary, the company’s financial data shows strong and sustained growth in operating profitability accompanied by significant increases in share price, albeit with some volatility. The falling P/OP ratio points to a relative market repricing towards earnings fundamentals, highlighting an evolving valuation landscape that may be viewed as increasingly supported by operational results.
Price to Sales (P/S)
ServiceNow Inc., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 207,000,000 | 206,000,000 | 206,000,000 | 206,000,000 | 205,000,000 | 205,000,000 | 205,000,000 | 204,000,000 | 204,000,000 | 203,000,000 | 202,000,000 | 202,000,000 | 200,000,000 | 200,000,000 | 199,000,000 | 198,100,000 | 197,400,000 | 196,100,000 | 195,100,000 | 191,800,000 | 190,700,000 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenues (in millions) | 3,088) | 2,957) | 2,797) | 2,627) | 2,603) | 2,437) | 2,288) | 2,150) | 2,096) | 1,940) | 1,831) | 1,752) | 1,722) | 1,615) | 1,512) | 1,409) | 1,360) | 1,250) | 1,152) | 1,071) | 1,046) | |||||||
| Sales per share2 | 55.41 | 53.32 | 50.80 | 48.33 | 46.23 | 43.76 | 41.34 | 39.30 | 37.35 | 35.69 | 34.26 | 32.68 | 31.29 | 29.48 | 27.80 | 26.10 | 24.48 | 23.05 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 812.70 | 1,012.75 | 956.58 | 828.79 | 726.56 | 766.69 | 550.95 | 559.89 | 454.34 | 455.13 | 415.67 | 436.50 | 504.02 | 560.85 | 687.70 | 586.43 | 505.00 | 591.29 | 510.59 | 431.40 | 351.54 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 14.67 | 18.99 | 18.83 | 17.15 | 15.71 | 17.52 | 13.33 | 14.25 | 12.17 | 12.75 | 12.13 | 13.36 | 16.11 | 19.02 | 24.74 | 22.46 | 20.63 | 25.66 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Accenture PLC | 3.51 | 3.48 | 2.98 | 3.36 | 3.32 | 2.98 | 3.05 | 2.72 | 2.67 | 2.56 | 3.04 | 3.57 | 4.72 | 4.28 | 3.86 | 3.72 | 3.75 | 3.26 | 3.11 | 2.26 | 3.01 | |||||||
| Adobe Inc. | 7.69 | 8.27 | 10.88 | 11.47 | 11.33 | 13.88 | 12.12 | 11.93 | 9.66 | 8.95 | 7.61 | 10.33 | 13.47 | 14.94 | 18.20 | 19.39 | 16.61 | 17.04 | 18.15 | 17.19 | 12.64 | |||||||
| Cadence Design Systems Inc. | 16.68 | 15.26 | 18.27 | 17.52 | 18.53 | 20.02 | 16.65 | 17.25 | 15.77 | 14.23 | 12.80 | 13.99 | 13.21 | 12.55 | 15.59 | 13.88 | 14.33 | 13.85 | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 25.36 | 26.10 | 19.77 | 14.73 | 15.27 | 12.81 | 13.55 | 23.24 | 22.99 | 30.15 | 37.35 | 54.14 | 46.77 | 48.70 | 46.83 | 43.35 | 37.61 | 22.79 | — | — | — | |||||||
| Fair Isaac Corp. | 24.89 | 29.64 | 23.73 | 18.39 | 20.58 | 15.36 | 13.88 | 12.91 | 11.61 | 8.05 | 8.72 | 7.20 | 8.38 | 8.08 | 10.75 | 10.72 | 10.97 | 10.38 | 10.37 | 8.44 | 9.99 | |||||||
| International Business Machines Corp. | 3.39 | 3.81 | 3.03 | 2.82 | 2.46 | 2.73 | 2.16 | 2.11 | 1.89 | 1.94 | 1.99 | 1.95 | 2.10 | 1.94 | 1.82 | 1.96 | 1.83 | 1.47 | — | — | — | |||||||
| Intuit Inc. | 11.46 | 10.72 | 11.71 | 12.20 | 10.73 | 10.72 | 8.95 | 8.44 | 8.01 | 9.30 | 7.87 | 12.04 | 17.26 | 16.09 | 13.50 | 14.16 | 12.12 | 11.78 | 11.03 | 10.47 | 10.18 | |||||||
| Microsoft Corp. | 12.65 | 12.82 | 12.54 | 13.34 | 11.25 | 11.60 | 9.86 | 8.83 | 9.20 | 10.40 | 10.50 | 11.70 | 13.21 | 12.81 | 12.33 | 11.43 | 10.96 | 10.85 | 9.70 | 9.52 | 8.07 | |||||||
| Oracle Corp. | 8.03 | 7.44 | 6.68 | 5.37 | 5.89 | 6.63 | 4.73 | 4.71 | 4.64 | 4.25 | 4.96 | 6.62 | 5.96 | 5.38 | 4.90 | 4.53 | 4.67 | 4.33 | — | — | — | |||||||
| Palantir Technologies Inc. | 82.47 | 102.00 | 44.01 | 24.02 | 20.42 | 23.27 | 19.34 | 17.93 | 10.19 | 9.34 | 7.98 | 11.62 | 9.27 | 15.58 | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 15.74 | 13.62 | 12.95 | 11.25 | 10.83 | 10.87 | 9.63 | 9.23 | 8.70 | 9.62 | 9.22 | 9.68 | 11.48 | 10.72 | 8.85 | 9.71 | 7.64 | 6.66 | 7.03 | 6.29 | 7.16 | |||||||
| Salesforce Inc. | 5.91 | 8.45 | 7.18 | 6.52 | 6.44 | 5.84 | 4.85 | 5.93 | 6.27 | 7.40 | 10.30 | 11.09 | 9.72 | 9.24 | 10.19 | 12.73 | 8.72 | 8.88 | — | — | — | |||||||
| Synopsys Inc. | 11.98 | 12.45 | 13.60 | 14.87 | 14.65 | 14.75 | 11.72 | 11.75 | 10.44 | 10.03 | 11.21 | 9.86 | 9.78 | 13.22 | 11.85 | 9.27 | 10.69 | 10.08 | 9.21 | 7.59 | 6.65 | |||||||
| Workday Inc. | 7.41 | 9.61 | 8.94 | 8.77 | 7.93 | 7.71 | 6.19 | 7.33 | 7.91 | 11.19 | 15.28 | 13.10 | 13.09 | 13.95 | 12.07 | 14.47 | 11.23 | 10.65 | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ No. shares of common stock outstanding
= (3,088,000,000 + 2,957,000,000 + 2,797,000,000 + 2,627,000,000)
÷ 207,000,000 = 55.41
3 Closing price as at the filing date of ServiceNow Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 812.70 ÷ 55.41 = 14.67
5 Click competitor name to see calculations.
The share price demonstrated an overall increasing trend from March 31, 2020, to March 31, 2025, with notable fluctuations throughout the period. Starting at $351.54, the price rose steadily until reaching a peak of $687.7 in September 2021, followed by a decline and moderate recovery phases. A significant surge occurred later, with the price peaking at $1,012.75 by December 31, 2024, before experiencing a correction down to $812.7 by March 31, 2025.
Sales per share showed a consistent upward trajectory across the available data, starting at $23.05 in March 31, 2021, and growing steadily to $55.41 by March 31, 2025. This reflects continuous revenue growth on a per-share basis without any interruptions or declines.
The Price-to-Sales (P/S) ratio exhibited more volatility. Initially recorded at 25.66 in March 31, 2021, it declined substantially over the next year, reaching a low of 12.13 by December 31, 2022, indicating that the share price was becoming more aligned with sales growth or that the stock was becoming more reasonably valued relative to sales. After this period, the P/S ratio fluctuated between approximately 12 and 19, with noticeable increases in some quarters, peaking at 18.99 in December 31, 2024, before settling back to 14.67 in March 31, 2025. These fluctuations suggest varying investor sentiment or changing market conditions affecting valuation multiples despite steady sales growth.
Overall, the data indicates robust and continuous growth in sales per share, while share price movements reflect more complex dynamics, including significant price appreciation and corrections. The P/S ratio trends suggest that valuation multiples have compressed and expanded at different periods, possibly signaling shifts in perceived value or changing expectations about future growth potential.
- Share Price
- Increased from $351.54 to a high of $1,012.75 before retreating to $812.7, displaying volatility with an overall upward trend.
- Sales per Share
- Showed steady and uninterrupted growth from $23.05 to $55.41 over the analyzed timeline.
- Price-to-Sales Ratio (P/S)
- Experienced significant variation, initially declining from 25.66 to 12.13, then oscillating between 12 and 19, reflecting changing market valuation conditions.
Price to Book Value (P/BV)
ServiceNow Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 207,000,000 | 206,000,000 | 206,000,000 | 206,000,000 | 205,000,000 | 205,000,000 | 205,000,000 | 204,000,000 | 204,000,000 | 203,000,000 | 202,000,000 | 202,000,000 | 200,000,000 | 200,000,000 | 199,000,000 | 198,100,000 | 197,400,000 | 196,100,000 | 195,100,000 | 191,800,000 | 190,700,000 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 10,139) | 9,609) | 9,290) | 8,666) | 8,107) | 7,628) | 7,182) | 6,926) | 5,600) | 5,032) | 4,523) | 4,194) | 3,997) | 3,695) | 3,534) | 3,275) | 3,037) | 2,834) | 2,674) | 2,479) | 2,266) | |||||||
| Book value per share (BVPS)2 | 48.98 | 46.65 | 45.10 | 42.07 | 39.55 | 37.21 | 35.03 | 33.95 | 27.45 | 24.79 | 22.39 | 20.76 | 19.99 | 18.48 | 17.76 | 16.53 | 15.39 | 14.45 | 13.70 | 12.92 | 11.88 | |||||||
| Share price1, 3 | 812.70 | 1,012.75 | 956.58 | 828.79 | 726.56 | 766.69 | 550.95 | 559.89 | 454.34 | 455.13 | 415.67 | 436.50 | 504.02 | 560.85 | 687.70 | 586.43 | 505.00 | 591.29 | 510.59 | 431.40 | 351.54 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 16.59 | 21.71 | 21.21 | 19.70 | 18.37 | 20.60 | 15.73 | 16.49 | 16.55 | 18.36 | 18.56 | 21.02 | 25.22 | 30.36 | 38.72 | 35.47 | 32.82 | 40.91 | 37.26 | 33.38 | 29.58 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Accenture PLC | 7.98 | 7.98 | 6.92 | 8.00 | 8.03 | 7.44 | 7.65 | 7.22 | 7.26 | 7.13 | 8.46 | 9.85 | 12.45 | 11.06 | 9.57 | 9.27 | 9.38 | 8.51 | 8.64 | 6.53 | 8.73 | |||||||
| Adobe Inc. | 12.95 | 12.61 | 15.67 | 15.79 | 14.62 | 16.31 | 14.51 | 14.82 | 12.24 | 11.22 | 9.10 | 12.33 | 15.78 | 15.94 | 19.07 | 20.14 | 16.77 | 16.53 | 19.27 | 19.03 | 14.08 | |||||||
| Cadence Design Systems Inc. | 17.02 | 15.15 | 17.43 | 17.12 | 21.18 | 24.05 | 20.96 | 22.55 | 19.75 | 18.46 | 16.23 | 17.49 | 15.10 | 13.68 | 17.63 | 15.94 | 15.79 | 14.90 | 13.22 | 12.81 | 10.07 | |||||||
| CrowdStrike Holdings Inc. | 32.84 | 34.61 | 27.75 | 21.18 | 23.27 | 19.61 | 20.98 | 34.78 | 34.12 | 42.67 | 50.64 | 68.13 | 55.02 | 48.91 | 43.84 | 35.86 | 28.17 | 14.78 | 14.59 | 23.58 | 235.40 | |||||||
| Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 116.79 | 63.97 | 44.30 | 40.58 | 51.41 | 48.35 | 49.58 | |||||||
| International Business Machines Corp. | 7.93 | 8.75 | 7.75 | 7.32 | 6.56 | 7.49 | 5.72 | 5.76 | 5.29 | 5.34 | 5.99 | 5.98 | 6.43 | 5.90 | 4.99 | 5.83 | 5.93 | 5.24 | 4.65 | 5.39 | 5.61 | |||||||
| Intuit Inc. | 10.48 | 9.47 | 9.87 | 10.89 | 9.31 | 8.92 | 7.16 | 7.29 | 6.64 | 7.20 | 5.97 | 8.81 | 18.30 | 15.71 | 12.05 | 12.32 | 18.11 | 17.71 | 15.95 | 20.02 | 19.43 | |||||||
| Microsoft Corp. | 11.18 | 11.71 | 11.72 | 12.74 | 11.13 | 11.92 | 10.52 | 9.84 | 10.77 | 12.38 | 12.40 | 13.52 | 15.32 | 15.16 | 14.67 | 13.45 | 13.07 | 13.11 | 11.75 | 11.61 | 9.87 | |||||||
| Oracle Corp. | 39.94 | 45.25 | 62.34 | 71.68 | 126.71 | 308.71 | — | — | — | — | — | — | — | 41.57 | 21.84 | 22.54 | 19.31 | 14.01 | 10.62 | 11.23 | 9.59 | |||||||
| Palantir Technologies Inc. | 47.36 | 58.42 | 25.89 | 14.70 | 12.62 | 14.90 | 12.89 | 12.41 | 7.43 | 6.94 | 6.12 | 8.63 | 6.46 | 10.48 | 21.63 | 23.50 | 19.63 | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 22.07 | 21.15 | 22.59 | 19.43 | 35.97 | 42.84 | 50.71 | 77.94 | 99.68 | 252.00 | 141.27 | 399.29 | 100.84 | 71.88 | 35.40 | 35.42 | 36.65 | 20.61 | 30.82 | 12.21 | 14.24 | |||||||
| Salesforce Inc. | 3.54 | 4.94 | 4.20 | 3.71 | 3.61 | 3.13 | 2.48 | 2.89 | 2.98 | 3.37 | 4.51 | 4.70 | 5.10 | 4.73 | 5.13 | 6.42 | 4.60 | 4.48 | 4.17 | 7.74 | 7.48 | |||||||
| Synopsys Inc. | 7.82 | 8.48 | 10.75 | 12.58 | 13.16 | 14.02 | 10.87 | 10.66 | 9.58 | 9.24 | 9.90 | 8.43 | 8.17 | 10.50 | 9.38 | 7.26 | 8.37 | 7.57 | 7.04 | 6.04 | 5.41 | |||||||
| Workday Inc. | 6.87 | 8.63 | 9.42 | 9.39 | 8.63 | 8.58 | 6.81 | 8.11 | 8.93 | 12.68 | 17.74 | 15.82 | 17.19 | 18.38 | 16.33 | 20.36 | 16.49 | 15.54 | 16.40 | 18.29 | 22.98 | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 10,139,000,000 ÷ 207,000,000 = 48.98
3 Closing price as at the filing date of ServiceNow Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 812.70 ÷ 48.98 = 16.59
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price demonstrates an overall upward trend from March 31, 2020, starting at 351.54 US$, and reaching a peak of 1,012.75 US$ by March 31, 2025. The trajectory shows significant growth with some fluctuations; initial increments brought the price up to 591.29 US$ by December 31, 2020, followed by moderate oscillations throughout 2021 and 2022. A sharp rise is evident from late 2022 into 2024, peaking in December 2024 before a slight decline to 812.7 US$ by March 31, 2025.
- Book Value Per Share (BVPS)
- BVPS exhibits a consistent positive trend, increasing steadily from 11.88 US$ at the first quarter of 2020 to 48.98 US$ by the first quarter of 2025. This growth suggests an ongoing strengthening in the company's net asset value per share over the period, with no observable reversals or stagnations.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio starts very high at 29.58 in March 2020, indicating the market price was significantly above the book value per share at that time. It peaks early at 40.91 in December 2020, then follows a downward trend through 2021 and 2022, reaching a low of approximately 15.73 in September 2023. Subsequently, the ratio increases moderately, fluctuating in the range of 16 to 21 throughout late 2023 and into 2024, before declining again to 16.59 by March 31, 2025. This pattern reflects a market valuation becoming more aligned with the book value per share over time, after an initial period of premium valuation.
Overall, the data indicates strong growth in the intrinsic value of the company as reflected by the steady increase in BVPS. The share price corroborates this growth but with more volatility, reflecting market sentiment and external factors influencing valuation. The P/BV ratio's movement from a high premium to more moderate levels suggests an adjustment in market perception, potentially signaling increasing investor confidence in the fundamental value or a correction from earlier overvaluation.