Enterprise workflow AI (Now Assist agents)
ServiceNow
The No.1 in enterprise-workflow SaaS. 2025 subscription revenue $12.8B (+21%), with its Now Assist AI assistant surpassing $750M ACV and targeting $1.5B+ in 2026. It is shifting to consumption-based pricing by bundling AI agents into Pro Plus and Enterprise Plus, with renewing customers expanding ACV 3x on average. A flagship of the agent-native application demand layer, buying cloud and GPUs to sell AI agents to enterprises.
NOW Updated Jul 10, 2026 3 AI consumers
Per the valuechain.wiki graph, ServiceNow is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 36 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-10).
Financials & Segments
- Total revenue · 2025 subscription $12.8B (+21%)
- Customer concentration · Now Assist ACV $750M to $1.5B (2026E).
- Segments · Workflow subscriptions · Now Assist AI agents
Revenue from
- Enterprises (workflow SaaS subscription) High confidence
Workflow-SaaS subscriptions to global enterprises ($12.8B in 2025, +21%). - Now Assist AI agent (ACV) High confidence
Now Assist AI agents to enterprises (ACV $750M to $1.5B).
Pays to
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| ServiceNow | node | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +162.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
ServiceNow operates across Enterprise workflow AI (Now Assist agents). It remained weak at -27.7% in 2025 and -29% in 2026. The supply side (avg -5.7%) leads the stock (-29%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is NVIDIA (+8.7%) and the furthest behind is Microsoft (-20.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A flagship of the agent-native application demand layer, buying cloud and GPUs to sell AI agents to enterprises.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target $130 · Price $107.71 (07-10) · Upside +21%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Truist Securities | Buy | $130 | Jul 9, 2026 | Report ↗ |
| Benchmark · Yi Fu Lee | Buy | $130 | Jun 15, 2026 | Report ↗ |
On a post-split basis (5-for-1 in December 2025), Truist and Benchmark both raised targets to $130 in June-July 2026 on accelerating enterprise AI adoption, maintaining Buy ratings.
Analyses covering this node
- Orders are measured, revenue is narrative: on every frontier, infrastructure re-rates first Jun 23, 2026