CRM vs NOW: Salesforce.com and ServiceNow compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Salesforce.com is the larger company, worth $196.1B, close to ServiceNow's $169.9B.
- ServiceNow grew revenue faster over the last year (+24.0% vs +10.8%).
- Salesforce.com keeps more of each dollar of revenue as operating profit (19.9% vs 11.4%).
- On earnings, Salesforce.com is the cheaper stock (30.7x vs 98.1x).
- ServiceNow's price assumes faster free cash flow growth: about 13% a year, against -0% for Salesforce.com (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CRM | NOW |
|---|---|---|
| Market cap | $196.1B | $169.9B |
| Share price | $229.13 | $140.86 |
| Revenue (last fiscal year) | $41.5B | $13.3B |
| Free cash flow (last fiscal year) | $14.4B | $4.6B |
| Revenue growth, last year | +10.8% | +24.0% |
| Revenue growth per year, last 5 fiscal years | +11.9% | +22.5% |
| Operating margin | 19.9% | 11.4% |
| Net margin | 22.0% | 11.3% |
| Return on equity | 25.2% | 13.3% |
| P/E (trailing) | 30.7x | 98.1x |
| Price / free cash flow | 13.6x | 37.1x |
| EV / EBITDA | 12.2x | 48.0x |
| FCF growth the price implies | -0.05% | 13.1% |
| Dividend yield | 0.72% | — |
| Debt / equity | 1.86x | 1.53x |
| Fundamental grade | B | D |
| Superinvestors holding it | 13 | 8 |
| Insider purchases, last 12 months | 10 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Salesforce.com
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $26.5B | $5.3B | 2.1% |
| 2023 | $31.4B | $6.3B | 3.3% |
| 2024 | $34.9B | $9.5B | 14.4% |
| 2025 | $37.9B | $12.4B | 19.0% |
| 2026 | $41.5B | $14.4B | 20.1% |
ServiceNow
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.9B | $1.8B | 4.4% |
| 2022 | $7.2B | $2.2B | 4.9% |
| 2023 | $9.0B | $2.7B | 8.5% |
| 2024 | $11.0B | $3.4B | 12.4% |
| 2025 | $13.3B | $4.6B | 13.7% |
Where the revenue comes from
Salesforce.com · by products, 2026
Subscription and support$39.4B95%
Professional services and other$2.1B5%
ServiceNow · by products, 2025
License and Service$12.9B97%
Professional services and other$395M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CRM in InvestinglyQuestions
Which is bigger, Salesforce.com or ServiceNow?
Salesforce.com (CRM), at $196.1B against $169.9B.
Is CRM or NOW cheaper?
By trailing P/E, Salesforce.com (30.7x) is cheaper than ServiceNow (98.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, CRM or NOW?
ServiceNow: revenue grew +24.0% over the last year, against +10.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.