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  "method": "10-year FCFF DCF with terminal perpetuity; all money/shares in millions",
  "valuation_date": "2026-10-02",
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    "title": "ServiceNow：企业流程的“总管家”，AI 智能体的“调度中心”",
    "period": "2026 Q2",
    "fyend": "December 31",
    "exchange": "NYSE",
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    "other_assets": 1036.5,
    "post_adjust": 0,
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    "capital_ratio": 3,
    "colors": [
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  "reverse_constant_first_five_year_growth": 0.23333889675995506,
  "sensitivity": [
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      "margin_delta": -0.03,
      "wacc_delta": -0.01,
      "value": 108.2701116756382
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  "limitations": [
    "TTM fiscal-end baseline carried to valuation date; cash/debt/shares use latest disclosed dates, not live balances.",
    "Model is an assumption-based valuation range, not a price target or probability forecast.",
    "5-year reverse growth is held constant; years 6-10 fade linearly to terminal growth.",
    "SBC stays in forecast GAAP margins; share reserve covers existing awards only; no second deduction of future SBC.",
    "R&D remains an expense; maintenance capex equals depreciation in forecast; incremental reinvestment explicitly deducted."
  ]
}