Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Price at writing: ~$98 per share (July 24, 2026 intraday; prior close $91.94). Approximately 1,034 million shares outstanding → market capitalization of roughly $101 billion. 52-week range: $81.24–$210.20 (all figures reflect the 5-for-1 stock split effective December 17, 2025). The stock is down roughly 38% year-to-date and about 55% from its 52-week high. Warren here, with Charlie chiming in throughout. We spent our time on the June 30, 2026 Form 10-Q, the Q2 2026 earnings release and call (July 22, 2026), and the recent record. Our conclusion is straightforward: ServiceNow is a genuinely wonderful business — one of perhaps a dozen enterprise software franchises with a demonstrated, durable moat — and Mr. Market has spent 2026 in a panic about whether artificial intelligence will make it obsolete.
Recent filings analysed: 10-Q (2026-07-23), 8-K (2026-07-22), 8-K (2026-05-22), 8-K (2026-05-15).
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