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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| NTNX | 29.15% |
| CRWD | 94.58% |
| SEMR | 10.97% |
| SNOW | 23.53% |
| SE | 72.46% |
vs. Fair Value Estimates
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| FLYW | -8.26% |
| CELH | 1.94% |
| TOST | 25.67% |
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| TEAM | 25.43% |
vs. Fair Value Estimates