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ServiceNow, Inc. (NOW) 财务分析 | 估值·财报 | 100Baggers.club

ServiceNow, Inc.

NOW

ServiceNow, Inc. provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools. The company also provides information technology (IT) service management applications; IT service management product suite for enterprise's employees, customers, and partners; IT business management product suite; IT operations management product that connects a customer's physical and cloud-based IT infrastructure; IT Asset Management to automate IT asset lifecycles; and security operations that connects with internal and third party. In addition, it offers governance, risk, and compliance product to manage risk and resilience; human resources, legal, and workplace service delivery products; safe workplace applications; customer service management product; and field service management applications. Further, it provides App Engine product; IntegrationHub enables application to extend workflows; and professional, industry solutions, and customer support services. It serves government, financial services, healthcare, telecommunications, manufacturing, IT services, technology, oil and gas, education, and consumer products through direct sales team and resale partners. It has a strategic partnership with Celonis to help customers identify and prioritize processes that are suitable for automation. The company was formerly known as Service-now.com and changed its name to ServiceNow, Inc. in May 2012. The company was founded in 2004 and is headquartered in Santa Clara, California.

深度研究阅读完整报告

ServiceNow(NOW)股票深度分析 — CEO砸两千万美元买入，市场为何不买账

CEO砸下两千万美元巨额自购，而市场仍在恐惧AI颠覆，为何最强的看涨信号会失灵？因为华尔街低估了其从IT服务垄断，到企业AI工作流入口的终极价值。

📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

75.07%

毛利润 = $2.83B

营业收入 = $3.77B

Operating Profit Margini营业利润率

13.34%

营业利润 = $0.50B

营业收入 = $3.77B

EBITDA MarginiEBITDA利润率

20.19%

EBITDA = $0.76B

营业收入 = $3.77B

EBIT MarginiEBIT利润率

13.34%

EBIT = $0.67B

营业收入 = $3.77B

Net Profit Margini净利率

12.44%

净利润 = $0.47B

营业收入 = $3.77B

Pretax Profit Margini税前利润率

17.85%

税前利润 = $0.67B

营业收入 = $3.77B

E

运营效率指标

Interest Coveragei利息保障倍数

185.08x

EBIT (TTM) = $2.22B

利息费用 (TTM) = $0.01B

82.2x

88.2x

95.9x

126.6x

185.1x

SG&A / Revenuei销管费率

39.89%

销售及管理费用 = $1.50B

营业收入 = $3.77B

R&D / Revenuei研发占比

21.83%

研发费用 = $0.82B

营业收入 = $3.77B

R

回报率指标 (TTM)

ROAi总资产回报率

7.75%

净利润 = $1.76B

平均总资产 = $22.68B

ROEi净资产收益率

14.82%

净利润 = $1.76B

平均股东权益 = $11.86B

ROICi投入资本回报率

45.31%

NOPAT (TTM) = $1.39B

平均投入资本 = $3.06B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

22.09%

当期营收 = $3.77B

去年同期营收 = $3.09B

+18.6%

+22.4%

+21.8%

+20.7%

+22.1%

Operating Cash Flow/Sharei每股经营现金流

$5.23

经营现金流 = $5.44B

流通股数 = 1.04B

$21.98

$22.45

$4.61

$5.20

$5.23

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+22.1%	$3.77B	↑
毛利	+16.1%	$2.83B, 75.07%	↑
营业利润	+11.5%	$0.50B, 13.34%	↑
EBITDA	+5.5%	$0.76B, 20.19%	↑
税前利润	+21.3%	$0.67B, 17.85%	↑
净利润	+2.0%	$0.47B, 12.44%	↑
稀释每股收益	-79.5%	0.45	↓

L

流动性指标

Current Ratioi流动比率

0.85

关注

流动资产 = $8.44B

流动负债 = $9.96B

Quick Ratioi速动比率

0.75

关注

速动资产 = $8.46B

流动负债 = $9.96B

Cash Ratioi现金比率

0.52

健康

现金及等价物 = $5.18B

流动负债 = $9.96B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.21

健康

总债务 = $2.43B

总权益 = $11.73B

Liabilities to Assetsi资产负债率 (总负债)

51.8%

正常

总负债 = $12.62B

总资产 = $24.38B

Equity Multiplieri权益乘数

2.08

正常

总资产 = $24.38B

总权益 = $11.73B

E

效率指标

Asset Turnoveri总资产周转率

0.62

正常

营收 (TTM) = $13.96B

平均总资产 = $22.68B

Inventory Turnoveri存货周转率

-233.71

关注

营业成本 (TTM) = $3.27B

平均存货 = $-0.01B

Receivables Turnoveri应收账款周转率

6.43

正常

营收 (TTM) = $13.96B

平均应收账款 = $2.17B

S

偿债能力

Interest Coveragei利息保障倍数

185.08

健康

EBIT (TTM) = $2.22B

利息费用 (TTM) = $0.01B

Net Debt to EBITDAi净债务/EBITDA

-0.09

健康

净债务 = $-0.27B

EBITDA (TTM) = $3.03B

Debt Service Coveragei偿债覆盖率

247.14

健康

经营现金流 (TTM) = $5.44B

债务偿付 = $0.02B

V

价值指标

Goodwill %i商誉占比

18.6%

正常

商誉 = $4.54B

总资产 = $24.38B

Working Capital Ratioi营运资本比率

-0.06

关注

营运资本 = $-1.52B

总资产 = $24.38B

C

现金流指标

经营现金流 TTMi

$5.44B

自由现金流 TTMi

$4.63B

FCF = OCF - CapEx

经营现金流 (TTM) = $5.44B

资本支出 (TTM) = $-0.80B

自由现金流收益率i

4.29%

关注

FCF (TTM) = $4.63B

市值 = $108.10B

经营现金流/销售比i

38.95%

健康

经营现金流 (TTM) = $5.44B

营业收入 (TTM) = $13.96B

Q

质量与覆盖指标

收益质量i

3.09x

健康

经营现金流 (TTM) = $5.44B

净利润 (TTM) = $1.76B

现金流/债务比i

2.24x

健康

经营现金流 (TTM) = $5.44B

总负债 = $2.43B

短期覆盖率i

0.55x

正常

经营现金流 (TTM) = $5.44B

流动负债 = $9.96B

资本支出覆盖率i

6.76x

健康

经营现金流 (TTM) = $5.44B

资本支出 (TTM) = $0.80B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

85.21%

健康

自由现金流 (TTM) = $4.63B

经营现金流 (TTM) = $5.44B

资本支出/营收比i

5.76%

正常

资本支出 (TTM) = $0.80B

营业收入 (TTM) = $13.96B

净债务/EBITDAi

-0.09

健康

净债务 = $-0.27B

EBITDA (TTM) = $3.03B

G

增长指标

经营现金流增长率i

-0.42%

关注

当期OCF (TTM) = $1.67B

上期OCF = $1.68B

股东盈余i

$1.79B

健康

净利润 (TTM) = $1.76B

+ 折旧摊销 (TTM) = $0.84B

- 资本支出 (TTM) = $-0.80B