The company maintains a conservative capital structure with a debt-to-equity ratio stable between 0.21 and 0.30, though the current ratio has compressed to 0.85 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Jun'11 | Jun'10 |
|---|
| Total Current Assets | 8.44B | 9.88B | 9.19B | 7.78B | 6.65B | 5.22B | 4.52B | 2.83B | 2.34B | 2.42B | 1.34B | 1.09B | 906.99M | 797.75M | 422.09M | 130.51M | 96.89M |
| Cash & Short-Term Investments | 5.18B | 6.28B | 5.76B | 4.88B | 4.28B | 3.3B | 3.09B | 1.69B | 1.5B | 1.78B | 899.36M | 801.25M | 668.79M | 634.55M | 314.69M | 68.09M | 59.85M |
| Cash Only | 2.7B | 3.73B | 2.3B | 1.9B | 1.47B | 1.73B | 1.68B | 775.78M | 566.2M | 726.5M | 401.24M | 412.31M | 252.46M | 366.3M | 118.99M | 68.09M | 59.85M |
| Short-Term Investments | 2.48B | 2.56B | 3.46B | 2.98B | 2.81B | 1.58B | 1.42B | 915.32M | 931.72M | 1.05B | 498.12M | 388.94M | 416.34M | 268.25M | 195.7M | 0 | 0 |
| Accounts Receivable | 1.71B | 2.63B | 2.24B | 2.04B | 1.73B | 1.39B | 1.01B | 835.28M | 574.81M | 437.05M | 322.76M | 203.33M | 159.17M | 108.34M | 78.16M | 50.13M | 29.76M |
| Days Sales Outstanding | 49.57 | 72.21 | 74.44 | 82.84 | 86.9 | 86.05 | 81.49 | 88.1 | 80.42 | 82.53 | 84.72 | 73.81 | 85.12 | 93.12 | 117.06 | 197.5 | 250.71 |
| Inventory | -28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | -0.78 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 619M | 970M | 1.19B | 864M | 649M | 303M | 229M | 175.04M | 139.89M | 109.64M | 76.78M | 51.98M | 43.23M | 31.12M | 14.98M | 12.29M | -1.3M |
| Total Non-Current Assets | 15.07B | 16.16B | 11.2B | 9.61B | 6.64B | 5.58B | 4.19B | 3.2B | 1.53B | 1.13B | 691.23M | 721.42M | 517.77M | 370.73M | 56.02M | 25.82M | 11.85M |
| Property, Plant & Equipment | 2.25B | 3.1B | 2.46B | 2.07B | 1.74B | 1.36B | 1.11B | 870.51M | 347.22M | 245.12M | 181.62M | 144.71M | 104.24M | 75.56M | 42.34M | 20.7M | 9.47M |
| Fixed Asset Turnover | 5.04x | 4.29x | 4.47x | 4.33x | 4.18x | 4.34x | 4.06x | 3.98x | 7.51x | 7.89x | 7.66x | 6.95x | 6.55x | 5.62x | 5.76x | 4.48x | 4.58x |
| Goodwill | 4.54B | 3.58B | 1.27B | 1.23B | 824M | 777M | 241M | 156.76M | 148.84M | 128.73M | 82.53M | 55.67M | 55.02M | 8.72M | 0 | 0 | 0 |
| Intangible Assets | 1.48B | 1.12B | 209M | 224M | 232M | 287M | 153M | 143.85M | 100.58M | 86.92M | 65.85M | 43.01M | 54.53M | 5.8M | 596K | 0 | 0 |
| Long-Term Investments | 16.55B | 5.32B | 4.11B | 3.2B | 2.12B | 1.63B | 1.47B | 1.01B | 581.86M | 391.44M | 262.66M | 422.67M | 266.77M | 255.36M | 0 | 0 | 0 |
| Other Non-Current Assets | 1.42B | 1.99B | 1.76B | 1.37B | 1.1B | 835M | 544M | 411.44M | 335.31M | 276.08M | 98.57M | 55.36M | 37.22M | 25.29M | 13.09M | 5.12M | 2.39M |
| Total Assets | 24.38B | 26.04B | 20.38B | 17.39B | 13.3B | 10.8B | 8.71B | 6.02B | 3.88B | 3.55B | 2.03B | 1.81B | 1.42B | 1.17B | 478.11M | 156.32M | 108.75M |
| Asset Turnover | 0.59x | 0.51x | 0.54x | 0.52x | 0.54x | 0.55x | 0.52x | 0.57x | 0.67x | 0.54x | 0.68x | 0.56x | 0.48x | 0.36x | 0.51x | 0.59x | 0.40x |
| Asset Growth % | 83.31% | 27.74% | 17.23% | 30.74% | 23.16% | 23.9% | 44.71% | 55.25% | 9.26% | 74.56% | 12.55% | 26.83% | 21.93% | 144.39% | 205.85% | 43.75% | - |
| Total Current Liabilities | 9.96B | 10.44B | 8.36B | 7.37B | 6B | 4.95B | 3.74B | 2.75B | 2.01B | 2.04B | 1.07B | 731.64M | 507M | 328.09M | 211.63M | 126.56M | 87.99M |
| Accounts Payable | 427M | 204M | 68M | 126M | 274M | 89M | 34M | 52.96M | 30.73M | 32.11M | 38.08M | 37.37M | 17.83M | 7.41M | 9.6M | 9.41M | 2.1M |
| Days Payables Outstanding | 27.55 | 24.96 | 10.85 | 23.94 | 63.58 | 24.01 | 12.57 | 24.26 | 18.02 | 23.45 | 34.86 | 41.41 | 26.16 | 17.41 | 33.7 | 108.79 | 47.3 |
| Short-Term Debt | 0 | 112M | 102M | 89M | 96M | 92M | 0 | 0 | 0 | 543.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 29.49B | 8.31B | 6.82B | 5.79B | 4.66B | 3.84B | 2.96B | 2.19B | 1.65B | 1.21B | 861.78M | 593M | 409.67M | 252.55M | 153.96M | 91.09M | 66.89M |
| Other Current Liabilities | 0 | 1.81B | 311M | 425M | 226M | 305M | 238M | 192.4M | 137.12M | 97.24M | 84.91M | 59.06M | 43.64M | 41.62M | 35.12M | 10.66M | 6.73M |
| Current Ratio | 0.85x | 0.95x | 1.10x | 1.06x | 1.11x | 1.05x | 1.21x | 1.03x | 1.17x | 1.19x | 1.25x | 1.48x | 1.79x | 2.43x | 1.99x | 1.03x | 1.10x |
| Quick Ratio | 0.85x | 0.95x | 1.10x | 1.06x | 1.11x | 1.05x | 1.21x | 1.03x | 1.17x | 1.19x | 1.25x | 1.48x | 1.79x | 2.43x | 1.99x | 1.03x | 1.10x |
| Cash Conversion Cycle | 21.24 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.67B | 2.63B | 2.42B | 2.39B | 2.26B | 2.15B | 2.14B | 1.14B | 755.37M | 713.14M | 572.15M | 508.6M | 489.41M | 446.13M | 0 | 87.19M | 76.94M |
| Long-Term Debt | 1.49B | 2.29B | 1.49B | 1.49B | 1.49B | 1.48B | 1.64B | 694.98M | 661.71M | 630.02M | 507.81M | 474.53M | 443.44M | 414.78M | 0 | 0 | 0 |
| Capital Lease Obligations | 3.24B | 800M | 687M | 707M | 650M | 556M | 423M | 383.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 254M | -580M | 145M | 118M | 56M | 51M | 36M | 23.46M | 55.06M | 65.88M | 34.18M | 23.32M | 33.08M | 17.18M | 6.68M | 73.64M | 71.39M |
| Total Liabilities | 12.62B | 13.07B | 10.77B | 9.76B | 8.27B | 7.1B | 5.88B | 3.89B | 2.77B | 2.77B | 1.65B | 1.24B | 996.08M | 774.22M | 234.71M | 213.75M | 167.13M |
| Total Debt | 2.43B | 3.2B | 2.28B | 2.28B | 2.23B | 2.21B | 2.13B | 1.13B | 661.71M | 1.17B | 507.81M | 474.53M | 443.44M | 414.78M | 0 | 0 | 0 |
| Net Debt | -271M | -523M | -26M | 387M | 762M | 486M | 458M | 355.09M | 95.5M | 446.94M | 106.57M | 62.23M | 190.98M | 48.47M | -118.99M | -68.09M | -59.85M |
| Debt / Equity | 0.21x | 0.25x | 0.24x | 0.30x | 0.44x | 0.60x | 0.75x | 0.53x | 0.60x | 1.51x | 1.31x | 0.84x | 1.03x | 1.05x | - | - | - |
| Debt / EBITDA | 0.90x | 1.25x | 1.25x | 1.73x | 3.20x | 3.04x | 4.54x | 4.63x | 6.26x | 102.16x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.10x | -0.20x | -0.01x | 0.29x | 1.09x | 0.67x | 0.97x | 1.45x | 0.90x | 38.91x | - | - | - | - | - | -5.66x | - |
| Interest Coverage | 185.08x | - | 76.57x | 43.00x | 15.78x | 9.18x | 5.55x | 3.02x | 0.26x | -1.18x | -11.39x | -5.26x | -5.09x | -13.77x | - | - | - |
| Total Equity | 11.73B | 12.96B | 9.61B | 7.63B | 5.03B | 3.69B | 2.83B | 2.13B | 1.11B | 778.74M | 386.96M | 566.81M | 428.68M | 394.26M | 243.41M | -57.43M | -58.38M |
| Equity Growth % | 98.38% | 34.92% | 25.97% | 51.59% | 36.18% | 30.38% | 33.18% | 91.5% | 42.69% | 101.25% | -31.73% | 32.22% | 8.73% | 61.98% | 523.86% | 1.64% | - |
| Book Value per Share | 11.28 | 12.38 | 9.22 | 7.42 | 4.94 | 3.64 | 2.80 | 2.16 | 1.25 | 0.91 | 0.47 | 0.73 | 0.59 | 0.58 | 0.38 | -0.10 | -0.10 |
| Total Shareholders' Equity | 11.73B | 12.96B | 9.61B | 7.63B | 5.03B | 3.69B | 2.83B | 2.13B | 1.11B | 778.74M | 386.96M | 566.81M | 428.68M | 394.26M | 243.41M | -57.43M | -58.38M |
| Common Stock | 1M | 1M | 0 | 0 | 0 | 0 | 0 | 189K | 180K | 174K | 167K | 160K | 150K | 140K | 126K | 22K | 21K |
| Retained Earnings | 5.71B | 5.24B | 3.49B | 2.07B | 338M | -4M | -234M | -352.24M | -978.78M | -958.56M | -997.39M | -557.01M | -358.58M | -179.2M | -105.49M | -68.14M | -61.46M |
| Treasury Stock | -5.38B | -3.04B | -1.22B | -535M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 7M | 19M | -68M | -37M | -102M | 34M | 94M | 25.25M | -4.04M | 5.77M | -21.13M | -16.88M | -12.11M | -476K | -36K | 899K | 118K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Stock-based compensation dilution
As reported in recent financial statements, ServiceNow has grown total assets from $17.4 billion in 2023Q4 to $24.4 billion in 2026Q1, a trend that suggests the company is successfully scaling its infrastructure to support a broader, more complex enterprise software ecosystem and increased customer demand.
The consistent growth in total assets reflects the company's aggressive investment in both internal platform capabilities and strategic acquisitions. This trajectory indicates a business model that is successfully reinvesting its cash flows to deepen its competitive moat rather than stagnating.
Based on the company's reported figures, the debt-to-equity ratio has remained stable between 0.21 and 0.30 over the last ten quarters, indicating that management is utilizing debt as a strategic tool rather than a necessity-driven requirement for operational survival or liquidity maintenance.
The modest leverage profile suggests that ServiceNow maintains significant financial flexibility to navigate potential market downturns or pursue opportunistic M&A. Investors should monitor whether this conservative debt posture persists as the company continues to scale its global operations and AI-focused infrastructure.
According to quarterly filings, the current ratio has compressed from 1.06 in 2023Q4 to 0.85 in 2026Q1, a shift that warrants further investigation into whether this reflects a structural change in working capital management or the impact of aggressive short-term investment in platform expansion.
While the current ratio remains near parity, the downward trend suggests that the company is operating with a thinner liquidity buffer than in previous periods. This may imply that cash is being deployed more rapidly into growth initiatives, potentially reducing the margin for error during periods of unexpected operational volatility.
As indicated by the balance sheet data, equity has grown to $11.7 billion in 2026Q1, yet this expansion is partially offset by the persistent issuance of equity-based compensation, which appears to be a significant factor in the company's ongoing capital structure management strategy.
The reliance on stock-based compensation to attract and retain talent creates a persistent dilutive pressure on existing shareholders. While this strategy aligns employee incentives with long-term growth, it necessitates careful scrutiny of the true economic cost of the company's human capital investments.
Based on reported financial statements, goodwill has increased from $1.2 billion in 2023Q4 to $4.5 billion in 2026Q1, which may indicate a shift toward inorganic growth strategies that could introduce future impairment risks if acquired technologies fail to integrate seamlessly into the platform.
The rapid rise in goodwill suggests that the company is increasingly relying on acquisitions to accelerate its product roadmap, particularly in emerging areas like AI. Investors should monitor the performance of these acquired assets, as any failure to achieve expected synergies could lead to significant non-cash write-downs.
Quick answers to the most common questions about buying NOW stock.
As of 2025, ServiceNow, Inc. (NOW) had total assets of $26.04B including $9.88B in current assets.
ServiceNow, Inc. (NOW) carries total debt of $3.20B, offset by $6.28B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ServiceNow, Inc. (NOW) has total shareholders' equity (book value) of $12.96B ($12.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ServiceNow, Inc. (NOW) reported a current ratio of 0.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.