NOW // ServiceNow Inc.

Technology • Computer Software: Prepackaged Software

$105.12 ▼ -4.55 (-4.15%)

MKT CAP: $113.84B • VOL: 35.23M

52W L $81 52W H $184

ALTMAN Z

6.25 SAFE

PIOTROSKI

9 / 9

NOW // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

NOW // ServiceNow Inc.

GROSS MARGIN

77.5%

OP MARGIN

13.7%

ROIC %

9.8%

MKT CAP

$113.84B

UPSTREAM INPUTS ──► NOW OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
NOW ★	ServiceNow Inc.	$105.12	$113.84B	77.5%	13.7%	9.8%	45.1x	+20.9%	SUBJECT ISSUER
NVDA	NVIDIA Corporation	$213.66	$5.15T	74.7%	65.2%	65.1%	23.2x	+83.4%	NOW VS NVDA <GO>
AAPL	Apple Inc.	$348.91	$5.09T	48.6%	33.2%	81.4%	30.1x	+14.2%	NOW VS AAPL <GO>
MSFT	Microsoft Corporation	$530.14	$3.94T	67.7%	47.1%	26.5%	19.9x	+17.9%	NOW VS MSFT <GO>
TSM	Taiwan Semiconductor Manufacturing Company Ltd.	$431.81	$2.24T	—	21.1%	14.9%	14.9x	-3.3%	NOW VS TSM <GO>
SPCX	Space Exploration Technologies Corp.	$143.89	$1.95T	—	21.1%	58.3%	14.3x	+20.9%	NOW VS SPCX <GO>