ServiceNow, Inc. (NYSE: NOW) heads into the last month of 2025 with a strangely mixed profile: fundamentals that look textbook-strong, a share price still well below its highs, aggressive bets on generative AI, and fresh headlines about a potential $1+ billion cybersecurity acquisition.
Here’s a complete look at where ServiceNow stock stands as of November 30, 2025, and what the latest news means for investors watching NOW.
Where ServiceNow stock stands right now
Because U.S. markets were closed over the weekend, the latest trading snapshot for ServiceNow comes from Friday, November 28, 2025:
- Last close: $812.41, up 1.21% on the day. [1]
- Recent range: Intraday low of $805.01 and high of $814.00 on Friday. [2]
- 52‑week range: Roughly $678.66 – $1,198.09, with the peak hit in late January 2025. [3]
- Price vs high: About 32% below that 52‑week high, despite the recent bounce. [4]
Historical data from Investing.com and other trackers show the stock has oscillated around the low‑$800s throughout November, with daily moves often of 1–3% but no decisive trend higher. [5]
Several performance snapshots paint the same picture:
- Over the last 12 months, NOW is still up around low double digits in percentage terms.
- From mid‑September to November 30, it has fallen roughly 12%, with volatility picking up. [6]
- Year‑to‑date, various analyses peg the stock down roughly 20–25%, while the Nasdaq Composite is up about 20% over the same period. TS2 Tech+1
In short: ServiceNow is a large, profitable, growing software name whose stock is still stuck in a drawdown phase after a blowout run into early 2025.
Q3 2025: Big beat, bigger guidance, and a 5‑for‑1 stock split on deck
The current debate around NOW stock starts with Q3 2025 results, released on October 29.
Headline numbers (quarter ended September 30, 2025): [7]
- Total revenue: $3.41 billion, up ~22% year‑over‑year, and ahead of analyst estimates (~$3.35B).
- Subscription revenue: $3.30 billion, up 21.5% year‑over‑year.
- Adjusted EPS:$4.82, beating the consensus by about 14% and rising ~30% versus last year.
- Current remaining performance obligations (cRPO): $11.35 billion, up 21%.
- Total RPO: $24.3 billion, up 24%.
- Free cash flow: $592 million, with an FCF margin of 17.5%, improving versus the prior year.
Management also raised full‑year 2025 guidance:
- 2025 subscription revenue: $12.835–$12.845 billion, implying about 20.5% growth.
- Target non‑GAAP operating margin:31%.
- Target free cash flow margin:~34%. [8]
On the AI side, ServiceNow expects annual contract value (ACV) from AI products to exceed $0.5 billion in 2025, underscoring how central AI has become to its growth story. [9]
5‑for‑1 stock split
The same announcement included a shareholder‑friendly headline: the Board of Directors authorized a 5‑for‑1 stock split, contingent on shareholder approval at a special meeting scheduled for December 5, 2025. [10]
If approved, each existing share would be split into five, reducing the per‑share price and potentially making the stock more accessible to smaller investors, without changing the underlying value of the company. The exact effective date would be set by the board after the vote.
Despite all of this—beat, raise, and a proposed split—the stock sold off sharply after earnings and is still down mid‑teens since that report. [11]
ServiceNow’s AI strategy: Microsoft, NVIDIA, Figma, NTT DATA and FedEx
Behind all the stock‑price noise, ServiceNow is behaving like a company trying to cement itself as an AI operating system for enterprise workflows.
Deep integration with Microsoft’s AI stack
On November 18, ServiceNow announced a set of new integrations with Microsoft designed to make its AI agents and Microsoft’s AI tooling work together rather than in silos. [12]
Key elements include:
- Linking Microsoft Agent 365, Copilot Studio, and Microsoft’s Foundry environment with the ServiceNow AI Platform and AI Control Tower.
- Enabling cross‑platform “agentic AI” orchestration, where agents running on Microsoft 365 and ServiceNow can be discovered, governed, and monitored from a common control plane.
- A roadmap to trigger ServiceNow workflows directly from familiar Microsoft tools like Word, Outlook, and Teams via a Now Assist + Microsoft Agent 365 experience.
The message is straightforward: ServiceNow doesn’t just want to live alongside Microsoft—it wants to be the workflow brain that governs and coordinates those AI agents.
Apriel 2.0 and the NVIDIA partnership
In late October, the company announced Apriel 2.0, a Nemotron‑based open model developed with NVIDIA. [13]
According to ServiceNow:
- Apriel 2.0 is designed to match the reasoning of much larger models at a fraction of the size, making it cheaper and easier to deploy.
- It adds native multimodal input, so it can interpret screenshots, forms and diagrams—useful for IT tickets, complex workflows and compliance tasks.
- It’s built to power autonomous and semi‑autonomous AI agents at scale, with low‑latency, multi‑step reasoning across enterprise systems.
- The model is expected to enter production in Q1 2026, alongside tighter integration of ServiceNow’s Data Center and Network Asset Management offerings with NVIDIA AI Factory reference designs.
This is a clear attempt to offer enterprises a more “controllable” alternative to giant black‑box models while still claiming frontier‑level reasoning.
Figma, NTT DATA and FedEx: an AI ecosystem play
ServiceNow’s AI push also leans heavily on partnerships:
- Figma collaboration (Nov 6, 2025): A new integration lets designers trigger ServiceNow’s Build Agent directly from a Figma design, automatically generating secure, enterprise‑grade applications from design artifacts. Early results cited by the companies suggest over 80% reduction in initial UI and data‑model implementation time. [14]
- NTT DATA (Nov 5, 2025): NTT DATA becomes a strategic AI delivery partner, co‑developing and co‑selling AI‑powered solutions built on the ServiceNow AI Platform, and scaling its own internal use of ServiceNow AI agents. [15]
- FedEx Dataworks (Oct 29, 2025): A multi‑year collaboration integrates FedEx Dataworks’ shipment and disruption data with the ServiceNow AI Platform and source‑to‑pay workflows to create “AI‑powered supply chains of the future.” [16]
Taken together, these moves aim to position ServiceNow not just as ticketing/ITSM software, but as a central AI workflow platform that touches design, development, operations and logistics.
Security spotlight: Now Assist vulnerabilities and the Veza identity‑security gambit
When you start wiring AI agents into everything, security stops being a side quest.
Now Assist “second‑order” prompt injection risk
On November 19, cybersecurity firm AppOmni disclosed that ServiceNow’s Now Assist generative AI agents can be abused via “second‑order” prompt injection, taking advantage of default configuration settings. [17]
The Hacker News summary of the research highlights several points:
- The issue arises from agent discovery and agent‑to‑agent collaboration features in Now Assist.
- A benign agent that reads external content (like ticket fields or documents) can encounter a hidden malicious prompt.
- That agent can then recruit a more privileged agent to read or modify records, exfiltrate sensitive data or send emails—even if prompt‑injection protections are enabled.
- By default, Now Assist agents are discoverable and grouped into teams, and run with the privileges of the user who invoked them, increasing the blast radius of misconfigurations.
Importantly, this isn’t described as a traditional “bug” in the AI model, but as risky default configurations. ServiceNow has reportedly updated documentation to more clearly spell out the risks and recommended mitigations, such as supervised execution modes, restricting agent discoverability, and tighter monitoring of AI agent activity. [18]
For investors, the takeaway is two‑fold: AI agents are real productivity drivers, but they also expand the cybersecurity attack surface—and customers are already paying attention.
Reported $1+ billion bid for Veza
That security backdrop makes the next piece of news feel very on‑brand: multiple outlets report that ServiceNow is in advanced talks to acquire identity‑security startup Veza for more than $1 billion.
Key details across several reports: [19]
- The story was first widely circulated via The Information and then picked up by CIO, SDxCentral, Investing.com, GuruFocus and others.
- Veza provides identity‑security software that shows which users and AI agents can access which data, and what actions they can take—precisely the kind of control layer enterprises are worried about in the AI era.
- Sources describe the discussions as “advanced” and suggest the deal could be announced as soon as next week, though nothing has been finalized and ServiceNow has declined to comment.
- A price tag “over $1 billion” would make Veza one of ServiceNow’s largest security‑focused acquisitions, consistent with its push deeper into security, risk and observability.
If completed, Veza would plug directly into the questions raised by the Now Assist research: who (or what agent) can touch which data, and under what conditions? It also fits neatly alongside ServiceNow Ventures’ existing investments in identity and security startups. [20]
For now, Veza remains a rumored M&A catalyst, not a done deal—but markets are already baking it into the narrative around NOW.
So why is the stock still down? Valuation, sentiment and analyst views
Given the numbers and the AI‑heavy roadmap, the obvious question is why NOW is trading well below its highs.
Post‑earnings slide and underperformance vs the Nasdaq
Zacks, via Nasdaq, notes that ServiceNow shares are down about 14.1% since the Q3 report, underperforming the broader market. [21]
Barchart’s performance comparisons (summarized in recent analysis) show: TS2 Tech+1
- NOW is down roughly 24% year‑to‑date, while the Nasdaq Composite is up around 20%.
- Over the last 52 weeks, NOW is only up about 5%, versus ~21% for the Nasdaq.
- The shares have spent months below their 50‑ and 200‑day moving averages, a classic sign of technical weakness.
An Investor‑letter excerpt highlighted by Insider Monkey adds that the stock has lost nearly 23% of its value over the last 52 weeks, despite the company continuing to grow. [22]
So the market’s message is not that ServiceNow is broken—it’s that expectations were very high, and sentiment toward pricey SaaS has cooled.
Macquarie: “Great company but only a fair stock”
On November 28, a widely‑circulated note from Macquarie initiated coverage of ServiceNow at Neutral with a $860 price target. [23]
The firm called ServiceNow a “great company but only a fair stock” at current levels, citing:
- A premium valuation versus other software peers.
- A lack of obvious near‑term catalysts to re‑rate the shares higher.
- The risk that broader negative sentiment around legacy SaaS in an “AI‑native” world could take time to unwind.
In other words: the business is doing a lot right, but the bar is still high.
Zacks: strong growth, weak value score
Zacks currently assigns ServiceNow a Rank #3 (Hold). Their factor scores look like a personality test with mixed results: [24]
- Growth Score: B
- Momentum Score: A
- Value Score: F
Combined, that yields an aggregate VGM score of C, with analysts noting that earnings estimate revisions have trended downward in the past month despite the Q3 beat.
Simply Wall St: DCF says cheap, multiples say expensive
Simply Wall St’s November valuation breakdown captures the split personality of NOW’s valuation: [25]
- A discounted cash‑flow (DCF) model pegs fair value at about $936.54 per share, suggesting the stock is roughly 14% undervalued at current levels.
- However, ServiceNow’s current P/E ratio of ~96x is far above:
- The broader software industry average of about 31x, and
- A peer group average of about 53.5x.
- Their proprietary “fair ratio” multiple for NOW is 49.5x, implying the stock is overvalued on earnings multiples, even if long‑term cash‑flow assumptions justify more optimism.
They ultimately give ServiceNow just 2 out of 6 on their valuation checks, framing it as a classic high‑quality, high‑expectations growth story where your view on AI and long‑term margins heavily determines whether you think the stock is cheap or dear.
Broader backdrop: software vs the AI darlings
Zooming out, Morningstar and others have argued that software stocks, including large platforms like ServiceNow, have largely missed out on 2025’s “AI boom” in the market, with most of the multiple expansion going to chipmakers and infrastructure names. [26]
Their analysts see many software names as undervalued relative to long‑term fundamentals, even as near‑term sentiment remains cautious.
ServiceNow sits right in the middle of that argument: a premier software name with strong fundamentals whose stock is being priced with much more skepticism than, say, the biggest GPU vendors.
Key catalysts to watch after November 30, 2025
Looking beyond this weekend, several events and trends are likely to shape NOW’s trajectory:
- December 5 stock‑split vote
- If shareholders approve the 5‑for‑1 split, it won’t change intrinsic value, but could broaden the investor base and increase liquidity. [27]
- Formal announcement (or collapse) of the Veza deal
- A confirmed Veza acquisition would underline ServiceNow’s commitment to identity‑centric security for both human and AI agents—and raise new questions about integration, margins and cross‑sell. [28]
- Q4 2025 results and 2026 guidance
- Investors will want to see whether:
- Subscription growth stays near ~20%,
- Margin expansion continues, and
- AI‑related revenue (that >$0.5B ACV target) starts to show up clearly in the numbers. [29]
- Investors will want to see whether:
- Adoption and monetization of new AI features
- From Microsoft integrations to Apriel 2.0, NTT DATA, Figma and FedEx, the real test will be how quickly these innovations translate into incremental deals and higher ACV per customer. [30]
- AI security and regulation
- The Now Assist prompt‑injection findings, plus any fallout from identity‑security incidents industry‑wide, may influence how quickly large customers deploy fully autonomous agents versus more tightly supervised models. [31]
For now, ServiceNow is a high‑growth, high‑valuation, high‑expectation stock sitting at a crossroads: the company keeps shipping AI features and strategic deals, but the market wants proof that this AI platform story can support both its growth rates and its price tag.
References
1. www.marketwatch.com, 2. www.marketwatch.com, 3. www.macrotrends.net, 4. www.marketwatch.com, 5. www.investing.com, 6. artificall.com, 7. www.nasdaq.com, 8. www.nasdaq.com, 9. www.nasdaq.com, 10. www.stocktitan.net, 11. www.nasdaq.com, 12. newsroom.servicenow.com, 13. www.stocktitan.net, 14. www.stocktitan.net, 15. newsroom.servicenow.com, 16. newsroom.fedex.com, 17. thehackernews.com, 18. thehackernews.com, 19. www.cio.com, 20. veza.com, 21. www.nasdaq.com, 22. www.insidermonkey.com, 23. finviz.com, 24. www.nasdaq.com, 25. simplywall.st, 26. global.morningstar.com, 27. www.stocktitan.net, 28. www.gurufocus.com, 29. www.nasdaq.com, 30. www.stocktitan.net, 31. thehackernews.com
