As of Q4'25, ServiceNow's P/B Ratio stands at 12.28, marking the lowest point in the observed period from Q1'23 to Q4'25. This represents a significant decrease from the previous quarter's value of 17.20 and a notable drop from the recent peak of 21.71 in Q4'24. Over the covered period, the P/B Ratio exhibited considerable volatility, with values generally fluctuating between 15.73 and 21.71. The ratio peaked at 21.71 in Q4'24 before experiencing a sharp decline throughout 2025, culminating in the substantial decrease to 12.28 in Q4'25. This downward trend in the latter quarters suggests a potential shift in market sentiment or company fundamentals impacting ServiceNow's valuation.