Forensic Analysis · Technology / Software · as of Aug 7, 2026
Servicenow, Inc. (NOW)
A forensic read on Servicenow, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
10.9
Distress distance
Clean
Earnings quality
3
Forensic signals
72.7
P / E (ttm)
13.5%
ROE
$131.6B
Market cap
20.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Servicenow, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 10.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+38.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +38.0% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +30% against revenue +21% and receivables up +17% against revenue +21%. This is the third straight fiscal year of building accruals — a multi-year streak is a materially stronger tell than a single year's move. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 41% of net operating assets, diverging from the balance-sheet accrual read.
11.9%
FY2025
Return on invested capital.Return on invested capital is 11.9% in the latest fiscal year and rising from 5% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +414% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +72.6%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$13.28B
Revenue Growth YoY+20.9%
Revenue CAGR (3yr)+22.4%
Net Margin13.2%
Free Cash Flow$4.58B
Return on Equity13.5%
Debt / Equity0.42x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Servicenow, Inc.'s actual 10-K/10-Q/8-K filings?