ServiceNow, Inc.
NOW 7Price and target zones价格与目标区间
What the company does公司做什么
ServiceNow makes software that automates a company's internal work — IT help-desk tickets, HR requests, and customer service — on one shared platform. A worker raises a request and the software routes and handles it.ServiceNow生产的软件把公司内部的工作自动化——IT服务台的工单、人力资源的请求、客户服务——都放在同一个共享平台上。一名员工提出一个请求，软件就负责分派并处理它。
Earns from营收来源 cloud subscriptions. In FY2025, 97% of the $13.3 billion revenue was recurring subscription.云订阅费。2025财年，133亿美元收入中有97%是持续性的订阅费。
Read the full description查看完整介绍
ServiceNow, Inc. provides cloud-based solution for digital workflows in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company provides asset management, integrated risk management, IT service management, Operational Technology management, Security Operations, strategic portfolio management, IT operations management products; customer service management product; field service management applications; and sales and order management services. It also offers human resources delivery; legal and contract operations; workplace service delivery products; app engine product; automation engine; platform privacy and security product; and source-to-pay operations. In addition, the company provides RaptorDB, a database built to manage workloads at scale; ServiceNow Impact that provides customers with software tools, guided plans, and AI-driven recommendations; customer support; and workflow data fabric. It serves government, financial services, healthcare and life science, manufacturing, Public Sector, retail, technology, and Telecom sectors through service providers and resale partners. The company has a strategic collaboration with Cohesity, Inc. to develop, operate, and safeguard autonomous AI agents and data with enterprise-grade reliability; and with ServiceNow to Advance Ai-Powered Solution for Mission-Critical Infrastructure Monitoring. The company was formerly known as Service-now.com and changed its name to ServiceNow, Inc. in May 2012. ServiceNow, Inc. has a strategic alliance with Accenture for integrated risk management and third-party risk management solutions. ServiceNow, Inc. was founded in 2004 and is headquartered in Santa Clara, California.
What the company sells公司卖什么
One platform with a single store of data that runs every department's workflows.一个平台，用单一的数据存储运行每个部门的工作流。
- IT Service ManagementIT服务管理
- The IT help-desk engine. It logs faults and automates how requests are handled.IT服务台引擎。它记录故障并自动处理请求的流转。
- IT Operations ManagementIT运维管理
- Watches a company's computers and cloud systems and flags problems.监视一家公司的计算机和云系统，并标记出问题。
- HR Service DeliveryHR服务交付
- A portal where staff get HR answers and complete routine requests.一个门户，员工在这里获得HR答复并完成日常请求。
- Customer Service Management客户服务管理
- Routes and resolves customer support cases.对客户支持工单进行分派和解决。
- App Engine
- Low-code tools to build custom workflow apps without deep programming.低代码工具，无需深厚编程即可搭建自定义工作流应用。
Company facts公司资料
- Founded成立时间
- 2004
- Headquarters总部
- Santa Clara, California
- Employees员工人数
- 29,187
- Industry行业
- Software - Application
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
🟡 RE-ANALYZED 8/04 — DOWNGRADED [8.0] → [7.0], FV $105-150 (central $130). HOLD, do not chase.
What's working
- Genuinely elite and why this stays a 7: 98% renewal with a 20-30% price uplift on the new AI tiers, cRPO +21% (2pts above guide), AI ACV crossed $1B with the 2026 target raised to $1.5B, 50% of net new business already non-seat-based, 658 customers >$5M ACV (+23%)
- 23.6x fwd non-GAAP is the cheapest it has ever been (5yr range 45-60x)
Red flags
- GAAP gross margin has fallen five straight quarters: 77.5% → 70.7%, accelerating. In Q2 revenue rose +$217M while COGS rose +$229M — gross profit went BACKWARDS; incremental gross margin was negative. GAAP op margin 4.1%
- The cause is only ~⅓ acquisition amortisation. Management blames the −250bps non-GAAP subscription GM decline (83.0% → 80.5%) on "increased customer utilization of hyperscaler partnerships and accelerated AI adoption" — cash, structural, recurring. SBC is non-cash; amortisation is non-cash; hyperscaler COGS is a wire transfer. Same dynamic as GOOGL — except Alphabet owns TPUs and NOW rents.
- Most damaging: the FY26 guide of 81% subscription GM implies H2 prints BELOW Q2's 80.5% — the company is guiding to further decline.
- $11.6B of M&A in 24 months (Armis $7.6B closed 4/20 → 70% goodwill, Moveworks $2.85B, Veza ~$1B), debt-funded: interest expense $6M → $66M in one quarter, $4.0B senior notes at 4.25-6.30%, current ratio 0.70. Only Armis (~125bps) is quantified — organic growth cannot be computed from public data.
- Zero buybacks in Q2 at the lowest-ever EV/EBITDA (cash went to Armis); share count still +0.75%/yr after $3.41B of ttm buybacks
- FY26 FCF guide needs H2 +46% after H1 grew +2.0%.
- Q2's $272M "other income" is a mark on private AI stakes — strip it and GAAP net income is ~break-even
Watch
- The prior verdict's own mitigating argument has broken, and the stock is +18.8% since. March said "SBC is clearly improving" — SBC/FCF went 64.6% → 59.4% → 51.7% → 43.2% → and REVERSED to 47.7% ttm (SBC +11.5%, FCF +0.9%). Both terms of a rating moved against the holder at once
- Yahoo's "+40% net shares purchased" is false (RSU vests); real 2026 net open-market flow is −$1.4M, incl. a director selling 16,445sh at $90.14 near the lows. Trim 30x fwd. ⏳ Q3 prints ~10/22 — watch subscription gross margin, not revenue. Upgrade back to 7.5 if Q3 subscription GM ≥81% with cRPO ≥20% cc.
🟡 [7.0] ⬇️ (原 8.0) 8/04 重新分析 — 下调 [8.0] → [7.0]，合理估值 $105-150（中值 $130）。持有，不要追高。 ⚠️ 上一次评级自己的缓解论据已经破了，而且股价还涨了 +18.8%。 3 月的文件说"股权激励占比在明显改善" — 股权激励/自由现金流 64.6% → 59.4% → 51.7% → 43.2%，然后掉头回到过去十二个月的 47.7%（股权激励 +11.5%，自由现金流仅 +0.9%）。评级的两个要素——公司质量和价格吸引力——同时向持有人不利的方向移动。 🚩 GAAP 毛利率已连续五个季度下滑：77.5% → 70.7%，而且在加速。 第二季度收入增加 +$217M，而营业成本增加 +$229M — 毛利润倒退了；边际毛利率为负。GAAP 营业利润率 4.1%。 🚩 原因只有约三分之一是收购摊销。管理层把 非 GAAP 订阅毛利率下滑 250 个基点（83.0% → 80.5%）归因于"客户对超大规模云合作伙伴的使用增加以及 AI 采用加速" — 这是现金支出、结构性的、且会持续。股权激励是非现金的；摊销是非现金的；付给云厂商的成本是真金白银的电汇。 与 GOOGL 是同一个动力学 — 只不过 Alphabet 自己有 TPU，而 NOW 是租的。 🚩 最伤的一点：2026 财年 81% 的订阅毛利率指引意味着下半年会低于第二季度的 80.5% — 公司自己在指引进一步下滑。 🚩 24 个月内 $11.6B 的并购（Armis $7.6B 于 4/20 完成 → 70% 是商誉，Moveworks $2.85B，Veza 约 $1B），靠举债：利息支出一个季度内从 $6M 升到 $66M，5 月发行 $4.0B 优先票据、票息 4.25-6.30%，流动比率 0.70。只有 Armis（约 125 个基点）被量化 — 内生增长无法从公开数据算出来。 🚩 第二季度零回购，而当时估值处于历史最低（现金给了 Armis）；即便过去十二个月回购了 $3.41B，股数仍在 每年 +0.75%。 🚩 2026 财年自由现金流指引需要下半年增长 +46%，而上半年只增长了 +2.0%。 🚩 第二季度那 $272M 的"其他收入"是对私有 AI 股权的重估 — 剔除后 GAAP 净利润接近盈亏平衡。 ✅ 确实优秀，也是维持 7 分的原因：98% 的续约率，同时新 AI 版本涨价 20-30%；cRPO +21%（超指引 2 个百分点）；AI 年度合同价值突破 $1B，2026 年目标上调到 $1.5B；新增业务中已有 50% 不再按席位收费；ACV 超 $5M 的客户 658 家（+23%）。 ✅ 23.6 倍前瞻非 GAAP 市盈率是历史最便宜的（五年区间 45-60 倍）。 ⚠️ 更正：CEO 买入的是 $3.0M，不是 $20M — 2026-02-27 以 $104.597 买入 28,682 股，非 10b5-1 计划，且高管同时取消了各自的 10b5-1 卖出计划。 ⚠️ Yahoo 显示的"净买入 +40%"是错的（那是 RSU 归属）；2026 年真实的公开市场净流向是 −$1.4M，其中一位董事在接近低点的 $90.14 卖出 16,445 股。 两个账户都持有：自有 5 股 @ $104.42 · Beta 15 股 @ $100.09 = 20 股，+16.8%。 加仓区间 $95-110，强烈买入 <$95。Trim 30x fwd。 ⏳ 第三季度财报约 10/22 — 要看订阅毛利率，不是收入。 A2026-08-04
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 14%
- Revenue growth营收增长
- +24%
Competitors竞争对手
Why customers stay客户为什么留下
Adopt one workflow and the others bolt on without new integration, because they share one data model. That makes it hard to leave and easy to sell more. At year-end 2025, 603 customers each paid more than $5 million a year, up from 502.采用了其中一项工作流程，其他的就能直接接上，不需要新的对接，因为它们共用同一个数据模型。这让客户既难离开，又容易被追加销售。到2025年末，有603个客户每年各付超过500万美元，高于此前的502个。
Recent news近期新闻 last 7 days近7天
- ServiceNow Showing Signs of Life But Still Down 25% YTD: 115% Returns Coming If This Analyst is Correct24/7 Wall St.
- Has ServiceNow (NOW) Fallen Far Enough To Look Cheap?Simply Wall St.
- Exclusive: ServiceNow to cut up to 1K jobs as part of planned rightsizingInvesting.com
- Analyzing ServiceNow’s (NOW) Unique Position in Workflow AutomationInsider Monkey
- ServiceNow CEO admits there's a solution to AI's biggest problemTheStreet