Research Feed
ServiceNow Q4 2025: AI Governance Layer Validates Application Winner Thesis at 50% Discount
ServiceNow delivered another beat-and-raise quarter (sub revenue +21%, CRPO +25%, OpM 31%, FY25 FCF $4.6B +34% YoY), yet trades at $117—down 50% from highs, RSI 25, forward P/E 23.6x. The market is pricing "AI kills SaaS" while operating data shows the opposite. 1. Now Assist monetization velocity