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As of Q4'25, ServiceNow's EV/Sales ratio stands at 44.46, marking a notable decrease from the previous quarter's 56.97. This latest data point reflects a significant contraction in valuation relative to sales at the end of the observed period. From Q1'23 to Q4'25, the EV/Sales ratio exhibited considerable volatility, peaking at 70.58 in Q3'24 before declining sharply to the current level. The trend shows periods of rapid expansion, particularly between Q3'23 and Q4'24, followed by a pronounced downward correction over the subsequent quarters, indicating shifting market sentiment and valuation pressures throughout the timeframe.