ServiceNow - owner earnings, acquisition-adjusted bridge

Assumptions as of 2026-07-19

USD

Updated Jul 19, 2026

as of 2026-07-19

Fair value per share

$42.79

Upside to market

-58.6%

Implied 7-yr revenue CAGR

12.2%

Justified multiple of owner earnings

17.1

Annual relative growth decay

15.0%

Discount rate

10.0%

Entry growth (organic, ex-Moveworks)

19.0%

FCF margin (GAAP OCF less capex)

34.5%

GAAP gross margin

77.5%

Net cash after committed acquisitions

0.00$M

Market price

$103.24

FY2025 total revenue

13,278.00$M

SBC as pct of revenue

14.7%

Diluted shares (post 5-for-1 split)

1,047.00M

Terminal multiple cap

18.00

Total multiple cap

45.00

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