ServiceNow, Inc. (NOW): A Bull Case Theory

Company Overview - ServiceNow, Inc. is recognized as a leading AI platform for enterprise transformation, showcasing strong execution with a revenue growth of 22.5% in Q2 2025, driven by the adoption of workflow AI and offerings like Now Assist and Pro Plus [2][5] - The company's stock was trading at $822.07 as of December 1st, with trailing and forward P/E ratios of 98.24 and 39.53 respectively [1] Financial Performance - ServiceNow closed 21 large deals involving five or more Now Assist products, indicating robust demand for its AI solutions [2] - AI Pro Plus usage across ITSM, CSM, and HR increased over 50% sequentially, appearing in 18 of the top 20 deals [2] Product Development - The Workflow Data Fabric was featured in 17 major deals, highlighting the company's deep enterprise integration capabilities [3] - New capabilities such as Voice and Web Agents for task automation, Data Explorer for natural-language insights, and AI Lens for intelligent data capture have broadened the platform's reach [4] Strategic Partnerships - ServiceNow's partnerships with major companies like Microsoft and NVIDIA enhance its competitive position and ecosystem strength [4] Market Position and Future Outlook - As AI becomes more integrated into customer workflows, the focus is on maintaining attractive unit economics from AI add-ons and expanding within the existing enterprise base [5] - The company is well-positioned for growth in the 19–24% range as enterprises transition to an "agentic operating system" [5] - The bullish thesis on ServiceNow remains intact, emphasizing the acceleration of AI monetization and product traction [5]