What is ServiceNow, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on ServiceNow, Inc.'s reported free cash flow gives $141.53 per share. The share price was $99.61 on November 10, 2026, 30% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $84.85 | -15% |
| Base | 15.0% | 9.0% | $141.53 | +42% |
| Bull | 20.0% | 8.0% | $247.07 | +148% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $184.45 | $197.83 | $214.18 | $234.62 | $260.91 |
| 8.0% | $152.21 | $160.89 | $171.14 | $183.45 | $198.49 |
| 9.0% | $128.76 | $134.69 | $141.53 | $149.52 | $158.96 |
| 10.0% | $110.97 | $115.19 | $119.97 | $125.44 | $131.74 |
| 11.0% | $97.06 | $100.15 | $103.61 | $107.49 | $111.90 |
Where the presets come from
Base: years 1 to 5 grow at ServiceNow, Inc.'s revenue growth rate over the last 5 fiscal years (24.1% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions