ServiceNow: So Many Levers Left to Pull As the Company Doubles Down on Profitable Growth

We came away from wide-moat ServiceNow’s investor day incrementally more confident in the company’s long-term financial trajectory and competitive position driven by continued product innovation, proliferating use cases, an expanded target customer pool, a growing market, and efficient go-to-market execution. We think investors should be excited about the new sales order management solution, the company’s generative artificial intelligence roadmap, and the financial target update for 2026. Based on this event, we are maintaining our fair value estimate of $790 per share. We see the stock as undervalued.