ServiceNow Inc (NOW) is slightly undervalued and Snowflake Inc (SNOW) is overvalued.
Against our estimates of intrinsic value, NOW trades at the wider discount: a margin of safety of +9%, against -453% for SNOW.
Values as of the 22 Sept 2026 close.
A 10.4x revenue multiple, adjusted for growth and margin, values the shares at $150.34; the price of $137.00 is 9% below that value.
Leak Score 58/100 on 10 of 12 signals
A 3.6x revenue multiple, discounted for its losses, values the shares at $60.85; the price of $336.59 is 453% above that value.
Leak Score 30/100 on 6 of 12 signals
| Metric | NOW | SNOW |
|---|---|---|
| Verdict | Slightly undervalued | Overvalued |
| Price | $137.00 | $336.59 |
| Intrinsic value | $150.34 | $60.85 |
| Margin of safety | +9% | -453% |
| Leak Score | 58/100 (10/12) | 30/100 (6/12) |
| Market cap | $141.7B | $118.7B |
| Revenue growth, 5 years | 24.1% | 51.2% |
| Operating margin | 13.6% | -22.3% |
| Net margin | 11.3% | -20.1% |
| Return on equity | 14.2% | -48.2% |
| Debt to equity | 0.68 | 1.29 |
| P/E | 85.6x | — |
| Forward P/E | 27.3x | 111.3x |
| P/B | 11.3x | 55.2x |