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ServiceNow（NOW）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是ServiceNow的1.2倍（$4.4B vs $3.8B），标普全球净利率更高（26.8% vs 12.4%，领先14.4%），标普全球同比增速更快（191.7% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
NOW vs VG — 直观对比
营收规模更大
VG
是对方的1.2倍
$3.8B
营收增速更快
VG
高出188.9%
2.8%
净利率更高
VG
高出14.4%
12.4%
自由现金流更多
NOW
多$3.2B
$-1.5B
两年增速更快
VG
近两年复合增速
19.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $4.4B |
| 净利润 | $469.0M | $1.2B |
| 毛利率 | 75.1% | — |
| 营业利润率 | 13.3% | 38.7% |
| 净利率 | 12.4% | 26.8% |
| 营收同比 | 2.8% | 191.7% |
| 净利润同比 | -53.7% | 20.3% |
| 每股收益（稀释后） | $1.04 | $0.41 |
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NOWVG
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $4.4B | ||
| Q3 25 | $3.4B | $3.3B | ||
| Q2 25 | $3.2B | $3.1B | ||
| Q1 25 | $3.1B | $2.9B | ||
| Q4 24 | $3.0B | $1.5B | ||
| Q3 24 | $2.8B | $926.0M | ||
| Q2 24 | $2.6B | $1.1B |
净利润NOWVG
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $1.2B | ||
| Q3 25 | $502.0M | $550.0M | ||
| Q2 25 | $385.0M | $475.0M | ||
| Q1 25 | $460.0M | $517.0M | ||
| Q4 24 | $384.0M | $990.0M | ||
| Q3 24 | $432.0M | $-294.0M | ||
| Q2 24 | $262.0M | $352.0M |
毛利率NOWVG
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | — | ||
| Q3 25 | 77.3% | — | ||
| Q2 25 | 77.5% | — | ||
| Q1 25 | 78.9% | — | ||
| Q4 24 | 78.7% | — | ||
| Q3 24 | 79.1% | — | ||
| Q2 24 | 79.0% | — |
营业利润率NOWVG
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 38.7% | ||
| Q3 25 | 16.8% | 39.7% | ||
| Q2 25 | 11.1% | 33.5% | ||
| Q1 25 | 14.6% | 37.3% | ||
| Q4 24 | 12.6% | 39.0% | ||
| Q3 24 | 14.9% | 20.4% | ||
| Q2 24 | 9.1% | 32.8% |
净利率NOWVG
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 26.8% | ||
| Q3 25 | 14.7% | 16.5% | ||
| Q2 25 | 12.0% | 15.3% | ||
| Q1 25 | 14.9% | 17.9% | ||
| Q4 24 | 13.0% | 65.0% | ||
| Q3 24 | 15.4% | -31.7% | ||
| Q2 24 | 10.0% | 31.8% |
每股收益（稀释后）NOWVG
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $0.41 | ||
| Q3 25 | $2.40 | $0.16 | ||
| Q2 25 | $1.84 | $0.14 | ||
| Q1 25 | $2.20 | $0.15 | ||
| Q4 24 | $1.84 | $0.35 | ||
| Q3 24 | $2.07 | $-0.15 | ||
| Q2 24 | $1.26 | $0.12 |
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 | $2.4B |
| 总债务越低越好 | — | $34.2B |
| 股东权益账面价值 | $11.7B | $6.7B |
| 总资产 | $24.4B | $53.4B |
| 负债/权益比越低杠杆越低 | — | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资NOWVG
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $2.4B | ||
| Q3 25 | $2.7B | $1.9B | ||
| Q2 25 | $3.1B | $2.2B | ||
| Q1 25 | $3.4B | $3.6B | ||
| Q4 24 | $2.3B | $3.6B | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $2.2B | — |
总债务NOWVG
| Q1 26 | — | — | ||
| Q4 25 | — | $34.2B | ||
| Q3 25 | — | $32.6B | ||
| Q2 25 | — | $30.0B | ||
| Q1 25 | — | $29.3B | ||
| Q4 24 | — | $29.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益NOWVG
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $6.7B | ||
| Q3 25 | $11.3B | $5.7B | ||
| Q2 25 | $10.9B | $5.3B | ||
| Q1 25 | $10.1B | $4.9B | ||
| Q4 24 | $9.6B | $2.9B | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | $8.7B | — |
总资产NOWVG
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $53.4B | ||
| Q3 25 | $21.8B | $50.1B | ||
| Q2 25 | $22.1B | $46.5B | ||
| Q1 25 | $21.0B | $45.1B | ||
| Q4 24 | $20.4B | $43.5B | ||
| Q3 24 | $18.4B | — | ||
| Q2 24 | $18.2B | — |
负债/权益比NOWVG
| Q1 26 | — | — | ||
| Q4 25 | — | 5.07× | ||
| Q3 25 | — | 5.73× | ||
| Q2 25 | — | 5.69× | ||
| Q1 25 | — | 6.01× | ||
| Q4 24 | — | 10.11× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $-1.5B |
| 自由现金流率自由现金流/营收 | 44.2% | -34.1% |
| 资本支出强度资本支出/营收 | — | 81.6% |
| 现金转化率经营现金流/净利润 | 3.56× | 1.77× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $-6.8B |
8季度趋势，按日历期对齐
经营现金流NOWVG
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $2.1B | ||
| Q3 25 | $813.0M | $1.9B | ||
| Q2 25 | $716.0M | $1.5B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $671.0M | — | ||
| Q2 24 | $620.0M | — |
自由现金流NOWVG
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $-1.5B | ||
| Q3 25 | $578.0M | $-1.4B | ||
| Q2 25 | $526.0M | $-1.5B | ||
| Q1 25 | $1.5B | $-2.4B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $469.0M | — | ||
| Q2 24 | $358.0M | — |
自由现金流率NOWVG
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | -34.1% | ||
| Q3 25 | 17.0% | -42.4% | ||
| Q2 25 | 16.4% | -49.1% | ||
| Q1 25 | 47.7% | -81.3% | ||
| Q4 24 | 46.7% | — | ||
| Q3 24 | 16.8% | — | ||
| Q2 24 | 13.6% | — |
资本支出强度NOWVG
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 81.6% | ||
| Q3 25 | 6.9% | 98.9% | ||
| Q2 25 | 5.9% | 96.1% | ||
| Q1 25 | 6.6% | 119.8% | ||
| Q4 24 | 8.6% | — | ||
| Q3 24 | 7.2% | — | ||
| Q2 24 | 10.0% | — |
现金转化率NOWVG
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 1.77× | ||
| Q3 25 | 1.62× | 3.42× | ||
| Q2 25 | 1.86× | 3.07× | ||
| Q1 25 | 3.65× | 2.15× | ||
| 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 | $99.0M | 3% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
