ServiceNow Inc., current enterprise value calculation

Current share price (P)	$910.31
No. shares of common stock outstanding	206,000,000
US$ in millions
Common equity (market value)¹	187,524)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (per books)	—)
Total equity	187,524)
Add: Current debt, net (per books)	—)
Add: Long-term debt, net, less current portion (per books)	1,489)
Total equity and debt	189,013)
Less: Cash and cash equivalents	2,304)
Less: Short-term investments	3,458)
Enterprise value (EV)	183,251)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 910.31 × 206,000,000

ServiceNow Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$1,012.75	$766.69	$455.13	$560.85	$591.29
No. shares of common stock outstanding¹	206,000,000	205,000,000	203,000,000	200,000,000	196,100,000
US$ in millions
Common equity (market value)³	208,627)	157,171)	92,391)	112,170)	115,952)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Total equity	208,627)	157,171)	92,391)	112,170)	115,952)
Add: Current debt, net (book value)	—)	—)	—)	92)	—)
Add: Long-term debt, net, less current portion (book value)	1,489)	1,488)	1,486)	1,484)	1,640)
Total equity and debt	210,116)	158,659)	93,877)	113,746)	117,592)
Less: Cash and cash equivalents	2,304)	1,897)	1,470)	1,728)	1,677)
Less: Short-term investments	3,458)	2,980)	2,810)	1,576)	1,415)
Enterprise value (EV)	204,354)	153,782)	89,597)	110,442)	114,500)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 1,012.75 × 206,000,000

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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 increased from 2022 to 2023 and from 2023 to 2024.

ServiceNow Inc. (NYSE:NOW)

Enterprise Value (EV)