Salesforce vs ServiceNow (CRM vs NOW)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Salesforce is the larger company by revenue ($41.5B vs $13.3B) and market value ($185.2B vs $142.6B). ServiceNow has grown revenue faster over the last 4 fiscal years (+125.2% cumulative vs +56.7%). Salesforce runs the higher operating margin (20.1% vs 13.7%). Salesforce trades at the lower trailing P/E (20.6x vs 85.2x).
About Salesforce
Salesforce, Inc. provides customer relationship management technology through its AI-powered Agentforce 360 Platform, which integrates sales, service, marketing, commerce, collaboration, data management, and analytics on a unified platform. The company offers solutions such as Agentforce Sales and Agentforce Service to help businesses automate processes, improve productivity, and deliver personalized customer experiences. Salesforce serves organizations worldwide across various industries, primarily through subscription-based sales and partnerships.
About ServiceNow
ServiceNow, Inc. provides a cloud-based AI platform that helps organizations automate workflows, integrate systems, and manage artificial intelligence securely across various departments. Its products include AI-powered applications and tools for technology, customer relationship management, industry-specific solutions, and core business functions such as HR, legal, finance, supply chain, and facilities. ServiceNow serves public and private organizations aiming to improve collaboration, productivity, and operational efficiency through digital transformation.
Head to head (CRM FY2025 vs NOW FY2025)
| Metric | CRMFY2025 | NOWFY2025 |
|---|---|---|
| Revenue | $41.52B | $13.28B |
| Revenue growth (YoY) | 9.6% | 20.9% |
| Gross margin | 77.7% | 77.5% |
| Operating margin | 20.1% | 13.7% |
| Net margin | 18.0% | 13.2% |
| Net income | $7.46B | $1.75B |
| Diluted EPS | $7.80 | $1.67 |
| FCF margin | 34.7% | 34.5% |
| ROE | 12.6% | 13.5% |
| Long-term debt / equity | 0.18× | 0.12× |
| Market cap | $185.17B | $142.64B |
| P/E | 20.6× | 85.2× |
Fundamentals are from each company’s SEC filings (CRM FY2025, NOW FY2025). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| CRM | $26.49B | $31.35B | $34.86B | $37.90B | $41.52B |
| NOW | $5.90B | $7.25B | $8.97B | $10.98B | $13.28B |
Peer standing
Where each company ranks among the 331 software companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | CRM | NOW |
|---|---|---|
| Gross margin | 77.7%77th percentile of 264 | 77.5%76th percentile of 264 |
| Operating margin | 20.1%84th percentile of 302 | 13.7%77th percentile of 302 |
| Net margin | 18.0%81st percentile of 306 | 13.2%74th percentile of 306 |
| FCF margin | 34.7%93rd percentile of 284 | 34.5%92nd percentile of 284 |
| Revenue growth (YoY) | +9.6%46th percentile of 324 | +20.9%75th percentile of 324 |
| ROE | 12.6%69th percentile of 285 | 13.5%70th percentile of 285 |
| P/E | 20.6×40th percentile of 169 | 85.2×90th percentile of 169 |
| Long-term debt / equity | 0.18×30th percentile of 126 | 0.12×23rd percentile of 126 |
| Short interest (days to cover) | 2.47d30th percentile of 328 | 1.99d22nd percentile of 328 |
Short interest
| FINRA settlement data | CRM | NOW |
|---|---|---|
| Shares sold short | 32.3M | 28.8M |
| Change vs prior settlement | +10.7% | -5.1% |
| Days to cover | 2.47 | 1.99 |
| As of settlement | 2026-09-15 | 2026-09-15 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | CRM | NOW |
|---|---|---|
| Buys | 1 ($999,451) | 0 |
| Sells | 2 ($1.2M) | 4 ($1.9M) |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
Held by the same investors
7 tracked 13F managers hold both Salesforce and ServiceNow as of their latest quarterly filings: AQR Capital Management, Akre Capital Management, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Millennium Management, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.