Tag: NOW
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Has ServiceNow really gotten cheaper due to the GPT-6 shock? I took a closer look at the 28x forward P/E.
ServiceNow (NOW) has a 12-month baseline target of $118 (approx. 157,294 KRW) and maintains a Hold rating (Medium confidence). While Q2 2026 revenue increased by 241 TP3T year-over-year, the gross profit margin fell from 77.51 TP3T to 70.71 TP3T. This result is attributed to the combined impact of the $7.75 billion acquisition of Amis and AI inference costs; however, the forward P/E of 28x remains at double the levels of Salesforce (15.5x), Workday (14.0x), and Adobe (9.1x). Base exchange rate is 1,333 KRW per dollar (2026-09-13).