ServiceNow Fiscal 2024 Update
Jan 30, 2025
ServiceNow (NOW) reported a good fiscal 2024, with revenues up over 22%, along with strong cash flow margins and excellent efficiency metrics. The firm is lining itself up as a leader in AI-based solutions for enterprise business, particularly in the service space, which I think is a "slam-dunk" application of the technology. 12-month backlog grew 19%, signaling continued out-sized revenue growth, and $5 million dollar customers were up 21%, further strengthening the company's switching cost moat. I continue to believe ServiceNow is one of the highest quality companies in our entire portfolio. The fair value gets a substantial increase up to $828, although the stock is a bit too hot right now for new money.
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Watch List
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| RDDT | 2.56% |
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| NTNX | 50.78% |
| CRWD | 101.94% |
| SNOW | 30.63% |
vs. Fair Value Estimates
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| PAYC | -0.88% |
| MNDY | 27.46% |
| ZS | 54.57% |
| V | 1.06% |
| ADSK | 9.57% |
| NOW | 23.41% |
| MELI | -22.85% |
| FTNT | 3.75% |
| TEAM | -7.55% |
vs. Fair Value Estimates