ServiceNow, Inc. (NOW)

Services-Prepackaged Software

Latest Price

$131.11

TTM P/E

Normalized P/E

33.28

Div Yield

Book Value

12.11

P/B Ratio

10.82

Valuation metrics

EPS: $1.67

Book value / share: $12.38

Formula: √(22.5 × EPS × BVPS)

Graham Number

$21.57

84% downside

Norm. op. income: $355M (median of 7yr)

Tax rate: 19%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$6.32

95% downside

Base FCF: $2.7B (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$195.71

+49% upside

EPS: $1.67

Target P/E: 33×

Formula: EPS × P/E

P/E Fair Value

$55.11

58% downside

84.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	96.06M	$9.54B	9.29%	-1.44M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	67.35M	$6.69B	6.51%	-628.4K	2026-06-30
STATE STREET CORP	49.04M	$4.87B	4.74%	+979.7K	2026-06-30
MORGAN STANLEY	26.63M	$2.64B	2.58%	+3.28M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	25.18M	$2.50B	2.44%	+12.2K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	24.27M	$2.41B	2.35%	-149.3K	2026-06-30
CITADEL ADVISORS LLC	18.30M	$1.82B	1.77%	+6.91M	2026-06-30
JANE STREET GROUP, LLC	17.59M	$1.75B	1.70%	+3.61M	2026-06-30
GOLDMAN SACHS GROUP INC	16.66M	$1.65B	1.61%	+8.10M	2026-06-30
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	16.64M	$1.65B	1.61%	+2.36M	2026-06-30