Does the reason you own SERVICENOW, INC. still hold?
Review the position using today's evidence. Identify what still supports it, what has changed, and what deserves another decision.
Price as of Nov 1, 2026, 10:31 AM UTC (polygon last daily bar) · Evidence through Oct 30, 2026
The current case for continuing to hold
The stored model values SERVICENOW, INC. at $105.49 per share against $105.12, versus $42.86 at the previous review on Oct 25, 2026. The case rests on the conditions below.
| Reason to hold | Supporting evidence | Contrary evidence | Condition to review |
|---|---|---|---|
| Revenue growth (yr 1): 22.38%Contradictory evidence requires review | Trailing 4-year revenue CAGR of 22.4%, faded toward terminal growth over 5 years. | ServiceNow guidance reset pressures software multiples | Re-underwrite if revenue growth, margins, or the cost of capital diverge materially from the stored assumptions. |
| Operating margin (steady-state): 9.89%Supported by the reviewed evidence | Anchored to mean operating margin of 9.9% across the last 4 reported periods. | None in the last 45 days | Re-underwrite if revenue growth, margins, or the cost of capital diverge materially from the stored assumptions. |
| Discount rate (WACC): 8.74%Changed since the previous review | CAPM baseline: 4.98% risk-free + β0.68 × 5.5% ERP = 8.74%. | None in the last 45 days | Re-underwrite if revenue growth, margins, or the cost of capital diverge materially from the stored assumptions. |
What changed since the previous review?
- Nov 1, 2026 · model $105.49 vs price $105.12 · discount rate 8.74% · Fair
- Oct 25, 2026 · model $42.86 vs price $158.96 · discount rate 8.25% · Overvalued
- Oct 18, 2026 · model $41.32 vs price $141.97 · discount rate 8.53% · Overvalued
- Oct 30, 2026 · ServiceNow guidance reset pressures software multiples
Review your holding.
The observation that deserves your attention
Revenue growth (yr 1): contradictory evidence requires review.
Evidence to inspect: 10-yr UST (risk-free) (FRED DGS10); Equity beta (vs SPY, 1y) (Polygon daily bars); Equity risk premium (Damodaran (institutional consensus)).
Make your next review start with what changed.
Save your reasons for holding, the assumptions they depend on, and the conditions you want monitored. When relevant evidence changes, reopen the position with the previous and revised cases side by side.
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