vs
ServiceNow（NOW）与Snowflake Inc.（SNOW）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是Snowflake Inc.的3.1倍（$3.8B vs $1.2B），ServiceNow净利率更高（12.4% vs -24.2%，领先36.7%），Snowflake Inc.同比增速更快（28.7% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $113.6M），过去两年Snowflake Inc.的营收复合增速更高（25.1% vs 19.8%）
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
Snowflake Inc.是美国云数据平台服务商，创立于加利福尼亚州圣马特奥，总部位于蒙大拿州博兹曼。旗下平台支持数据分析功能，可实现数据集的低延迟并发访问，服务运行在亚马逊云科技、微软Azure、谷歌云三大公有云平台上。
NOW vs SNOW — 直观对比
营收规模更大
NOW
是对方的3.1倍
$1.2B
营收增速更快
SNOW
高出26.0%
2.8%
净利率更高
NOW
高出36.7%
-24.2%
自由现金流更多
NOW
多$1.6B
$113.6M
两年增速更快
SNOW
近两年复合增速
19.8%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $1.2B |
| 净利润 | $469.0M | $-294.0M |
| 毛利率 | 75.1% | 67.8% |
| 营业利润率 | 13.3% | -27.2% |
| 净利率 | 12.4% | -24.2% |
| 营收同比 | 2.8% | 28.7% |
| 净利润同比 | -53.7% | 9.4% |
| 每股收益（稀释后） | $1.04 | $-0.87 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NOWSNOW
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $1.2B | ||
| Q3 25 | $3.4B | $1.1B | ||
| Q2 25 | $3.2B | $1.0B | ||
| Q1 25 | $3.1B | $986.8M | ||
| Q4 24 | $3.0B | $942.1M | ||
| Q3 24 | $2.8B | $868.8M | ||
| Q2 24 | $2.6B | $828.7M |
净利润NOWSNOW
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $-294.0M | ||
| Q3 25 | $502.0M | $-298.0M | ||
| Q2 25 | $385.0M | $-430.1M | ||
| Q1 25 | $460.0M | $-327.5M | ||
| Q4 24 | $384.0M | $-324.3M | ||
| Q3 24 | $432.0M | $-316.9M | ||
| Q2 24 | $262.0M | $-317.0M |
毛利率NOWSNOW
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | 67.8% | ||
| Q3 25 | 77.3% | 67.5% | ||
| Q2 25 | 77.5% | 66.5% | ||
| Q1 25 | 78.9% | 66.2% | ||
| Q4 24 | 78.7% | 65.9% | ||
| Q3 24 | 79.1% | 66.8% | ||
| Q2 24 | 79.0% | 67.1% |
营业利润率NOWSNOW
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | -27.2% | ||
| Q3 25 | 16.8% | -29.7% | ||
| Q2 25 | 11.1% | -42.9% | ||
| Q1 25 | 14.6% | -39.2% | ||
| Q4 24 | 12.6% | -38.8% | ||
| Q3 24 | 14.9% | -40.9% | ||
| Q2 24 | 9.1% | -42.1% |
净利率NOWSNOW
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | -24.2% | ||
| Q3 25 | 14.7% | -26.0% | ||
| Q2 25 | 12.0% | -41.3% | ||
| Q1 25 | 14.9% | -33.2% | ||
| Q4 24 | 13.0% | -34.4% | ||
| Q3 24 | 15.4% | -36.5% | ||
| Q2 24 | 10.0% | -38.3% |
每股收益（稀释后）NOWSNOW
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $-0.87 | ||
| Q3 25 | $2.40 | $-0.89 | ||
| Q2 25 | $1.84 | $-1.29 | ||
| Q1 25 | $2.20 | $-0.98 | ||
| Q4 24 | $1.84 | $-0.98 | ||
| Q3 24 | $2.07 | $-0.95 | ||
| Q2 24 | $1.26 | $-0.95 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.7B | $1.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $11.7B | $2.1B |
| 总资产 | $24.4B | $8.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NOWSNOW
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $1.9B | ||
| Q3 25 | $2.7B | $1.9B | ||
| Q2 25 | $3.1B | $2.2B | ||
| Q1 25 | $3.4B | $2.6B | ||
| Q4 24 | $2.3B | $2.1B | ||
| Q3 24 | $1.9B | $1.3B | ||
| Q2 24 | $2.2B | $1.3B |
股东权益NOWSNOW
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $2.1B | ||
| Q3 25 | $11.3B | $2.4B | ||
| Q2 25 | $10.9B | $2.4B | ||
| Q1 25 | $10.1B | $3.0B | ||
| Q4 24 | $9.6B | $2.9B | ||
| Q3 24 | $9.3B | $4.1B | ||
| Q2 24 | $8.7B | $4.6B |
总资产NOWSNOW
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $8.2B | ||
| Q3 25 | $21.8B | $8.2B | ||
| Q2 25 | $22.1B | $8.2B | ||
| Q1 25 | $21.0B | $9.0B | ||
| Q4 24 | $20.4B | $8.2B | ||
| Q3 24 | $18.4B | $6.9B | ||
| Q2 24 | $18.2B | $7.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.7B | $137.5M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $113.6M |
| 自由现金流率自由现金流/营收 | 44.2% | 9.4% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | 3.56× | — |
| 过去12个月自由现金流最近4个季度 | $4.8B | $776.7M |
8季度趋势，按日历期对齐
经营现金流NOWSNOW
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $137.5M | ||
| Q3 25 | $813.0M | $74.9M | ||
| Q2 25 | $716.0M | $228.4M | ||
| Q1 25 | $1.7B | $432.7M | ||
| Q4 24 | $1.6B | $101.7M | ||
| Q3 24 | $671.0M | $69.9M | ||
| Q2 24 | $620.0M | $355.5M |
自由现金流NOWSNOW
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $113.6M | ||
| Q3 25 | $578.0M | $58.2M | ||
| Q2 25 | $526.0M | $183.4M | ||
| Q1 25 | $1.5B | $421.4M | ||
| Q4 24 | $1.4B | $88.3M | ||
| Q3 24 | $469.0M | $64.8M | ||
| Q2 24 | $358.0M | $338.9M |
自由现金流率NOWSNOW
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 9.4% | ||
| Q3 25 | 17.0% | 5.1% | ||
| Q2 25 | 16.4% | 17.6% | ||
| Q1 25 | 47.7% | 42.7% | ||
| Q4 24 | 46.7% | 9.4% | ||
| Q3 24 | 16.8% | 7.5% | ||
| Q2 24 | 13.6% | 40.9% |
资本支出强度NOWSNOW
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 2.0% | ||
| Q3 25 | 6.9% | 1.5% | ||
| Q2 25 | 5.9% | 4.3% | ||
| Q1 25 | 6.6% | 1.1% | ||
| Q4 24 | 8.6% | 1.4% | ||
| Q3 24 | 7.2% | 0.6% | ||
| Q2 24 | 10.0% | 2.0% |
现金转化率NOWSNOW
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | — | ||
| Q3 25 | 1.62× | — | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | 3.65× | — | ||
| Q4 24 | 4.26× | — | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 2.37× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
