ServiceNow Inc., current enterprise value calculation

Current share price (P)	$1,140.62
No. shares of common stock outstanding	206,000,000
US$ in millions
Common equity (market value)¹	234,968)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (per books)	—)
Total equity	234,968)
Add: Current debt, net (per books)	—)
Add: Long-term debt, net, less current portion (per books)	1,488)
Total equity and debt	236,456)
Less: Cash and cash equivalents	1,897)
Less: Short-term investments	2,980)
Enterprise value (EV)	231,579)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 1,140.62 × 206,000,000

ServiceNow Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$766.69	$455.13	$560.85	$591.29	$352.94
No. shares of common stock outstanding¹	205,000,000	203,000,000	200,000,000	196,100,000	189,800,000
US$ in millions
Common equity (market value)³	157,171)	92,391)	112,170)	115,952)	66,988)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Total equity	157,171)	92,391)	112,170)	115,952)	66,988)
Add: Current debt, net (book value)	—)	—)	92)	—)	—)
Add: Long-term debt, net, less current portion (book value)	1,488)	1,486)	1,484)	1,640)	695)
Total equity and debt	158,659)	93,877)	113,746)	117,592)	67,683)
Less: Cash and cash equivalents	1,897)	1,470)	1,728)	1,677)	776)
Less: Short-term investments	2,980)	2,810)	1,576)	1,415)	915)
Enterprise value (EV)	153,782)	89,597)	110,442)	114,500)	65,992)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of ServiceNow Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 766.69 × 205,000,000

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	ServiceNow Inc. EV decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

ServiceNow Inc. (NYSE:NOW)

Enterprise Value (EV)