ServiceNow, Inc. (NOW) Stock Price & How to Invest

ServiceNow is one of the largest enterprise software companies in the world, providing a cloud-based platform for digital workflows. The original product (and still the largest revenue contributor) is IT Service Management (ITSM), which helps IT organizations manage incidents, problems, and changes. The platform has expanded into IT Operations Management, HR service delivery, customer service, security operations, and increasingly application development through low-code/no-code tooling.

ServiceNow's platform model means customers buy the underlying Now Platform and then activate different workflows (ITSM, HR, etc.) over time, expanding the relationship. Customer expansion (more workflows, more seats, more usage) drives a high proportion of revenue growth. Founded in 2004 by Fred Luddy, headquartered in Santa Clara, California. Bill McDermott has been CEO since 2019.

Premium valuation embeds high expectations for continued growth. Macroeconomic pressure can slow enterprise software spending in the near term. Competition from Microsoft (Power Platform, Copilot Studio) and Salesforce in adjacent workflows.

46 analysts publish price targets on NOW, averaging $142.23 against a $142.90 price as of September 2026, or -0.5%. The published targets run from $72.00 to $248.00, a wide spread, and the ratings split 45 buy, 2 hold, 2 sell. Over the last six months there have been 8 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full NOW forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on ServiceNow, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. AI agents and Now Assist. ServiceNow has been one of the more aggressive enterprise software companies in shipping AI features. The most optimistic published target, $248.00, assumes this works close to its best case.

The case against. Premium valuation embeds high expectations for continued growth. The most pessimistic target, $72.00, is roughly what NOW is worth if this bites instead.

Read the full bull and bear case on NOW, including what would have to change to break either one. Walnut is not an investment adviser.

Yes. ServiceNow, Inc. (NOW) has had one share split in the last 10 years:

• 5:1 on December 18, 2025, so every share held became 5 shares.

A split changes the share count and the price per share and leaves the value of a holding unchanged. Someone holding $1,000 of NOW the day before the 5:1 split held $1,000 the day after, in more shares at a proportionally lower price. Historical prices from before the date are normally shown split-adjusted, which is why a long-run chart shows no cliff.

Splits matter mainly because they make older price figures confusing to compare by hand, and because a board choosing to split is usually signalling that the price has run up far enough to feel awkward for smaller buyers. Neither is a reason to buy or sell.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see ServiceNow, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$12 billion
• Operating margin: ~30% (non-GAAP; GAAP is lower due to stock-based compensation)
• Net income (TTM): ~$1.5 billion (GAAP)
• EPS (TTM): ~$7.50 (GAAP)
• P/E (TTM): ~95x (GAAP); ~55x (non-GAAP)
• Price to sales: ~17x
• Dividend yield: None (share buybacks instead)
• Free cash flow: ~$4 billion annually
• Net retention rate: ~120%+

ServiceNow trades at one of the highest valuations in enterprise software, reflecting durable 20%+ revenue growth, high customer retention, expanding platform mix, and the AI revenue tailwind. The premium embeds high expectations; any growth deceleration would compress the multiple.

If you want NOW exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses NOW naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to NOW: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get NOW exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (IGV, CLOU), which spreads the position across many companies. Or build it into a focused thematic portfolio, so NOW sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where NOW fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

ServiceNow (NOW) is a sticky, multi-workflow SaaS leader whose durable 20%-plus growth, high renewal rates, and AI monetization justify one of the richest valuations in enterprise software. In a portfolio it behaves as a large-cap quality-growth anchor (often held with Microsoft and Palantir), paying no dividend and reinvesting through buybacks, with a premium multiple that compresses quickly on any growth deceleration.

Whether NOW is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NOW a buy or a sell?, and where the stock could go from here in the NOW stock forecast.

For income investors, whether NOW pays a dividend and how the payout looks is covered in does NOW pay a dividend? And to weigh NOW against a peer, read the full side-by-side comparisons: NOW vs MSFT and NOW vs GOOGL.