Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

ServiceNow Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	1,425)	1,731)	325)	230)	119)
Net noncash charges	2,907)	1,768)	2,224)	1,903)	1,387)
Changes in operating assets and liabilities, net of effect of business combinations	(65)	(101)	174)	58)	281)
Net cash provided by operating activities	4,267)	3,398)	2,723)	2,191)	1,787)
Purchases of property and equipment	(852)	(694)	(550)	(392)	(419)
Purchases of other intangibles	(40)	(3)	—)	—)	—)
Net proceeds from borrowings on 2030 Notes	—)	—)	—)	—)	1,482)
Repayments of convertible senior notes attributable to principal	—)	—)	(94)	(61)	(1,628)
Net proceeds from unwind of 2022 Note Hedge	—)	—)	—)	—)	1,106)
Free cash flow to equity (FCFE)	3,375)	2,701)	2,079)	1,738)	2,327)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to ServiceNow Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	ServiceNow Inc. FCFE increased from 2022 to 2023 and from 2023 to 2024.

Price to FCFE Ratio, Current

ServiceNow Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	206,000,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,375)
FCFE per share	16.38
Current share price (P)	967.98
Valuation Ratio
P/FCFE	59.08
Benchmarks
P/FCFE, Competitors¹
Accenture PLC	25.51
Adobe Inc.	20.05
Cadence Design Systems Inc.	64.63
CrowdStrike Holdings Inc.	115.62
International Business Machines Corp.	14.45
Intuit Inc.	35.68
Microsoft Corp.	41.44
Oracle Corp.	60.47
Palantir Technologies Inc.	218.40
Palo Alto Networks Inc.	63.68
Salesforce Inc.	39.64
Synopsys Inc.	63.16
P/FCFE, Sector
Software & Services	43.50
P/FCFE, Industry
Information Technology	53.76

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

ServiceNow Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	206,000,000	205,000,000	203,000,000	200,000,000	196,100,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,375)	2,701)	2,079)	1,738)	2,327)
FCFE per share³	16.38	13.18	10.24	8.69	11.87
Share price^1, 4	1,012.75	766.69	455.13	560.85	591.29
Valuation Ratio
P/FCFE⁵	61.82	58.19	44.44	64.54	49.83
Benchmarks
P/FCFE, Competitors⁶
Accenture PLC	23.91	21.01	17.87	25.76	19.01
Adobe Inc.	18.02	41.83	21.32	34.26	41.36
Cadence Design Systems Inc.	—	71.40	33.41	36.31	45.86
CrowdStrike Holdings Inc.	85.82	42.65	99.63	41.38	880.68
International Business Machines Corp.	—	9.97	11.97	48.45	9.43
Intuit Inc.	38.43	38.74	13.86	86.74	17.36
Microsoft Corp.	42.11	43.32	36.73	42.54	42.74
Oracle Corp.	48.38	15.47	—	8.36	6.27
Palantir Technologies Inc.	256.11	74.28	96.89	198.12	—
Palo Alto Networks Inc.	52.90	79.75	29.54	32.91	8.11
Salesforce Inc.	38.33	31.06	16.56	49.52	50.40
Synopsys Inc.	63.08	57.04	33.41	40.55	45.07
P/FCFE, Sector
Software & Services	—	33.05	30.87	33.78	26.47
P/FCFE, Industry
Information Technology	—	33.30	26.87	27.27	23.30

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,375,000,000 ÷ 206,000,000 = 16.38

⁴ Closing price as at the filing date of ServiceNow Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 1,012.75 ÷ 16.38 = 61.82

⁶ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	ServiceNow Inc. P/FCFE ratio increased from 2022 to 2023 and from 2023 to 2024.

ServiceNow Inc. (NYSE:NOW)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical