As of Q4'25, ServiceNow's latest P/E ratio stands at 99.23, marking a notable decrease from the previous quarter's 112.31. This recent value reflects a moderation in valuation compared to the elevated levels seen earlier in the period. Over the period from Q1'23 to Q4'25, the P/E ratio has exhibited significant volatility. After peaking at 231.71 in Q1'23, the ratio sharply declined to 71.21 by Q3'23, followed by a rebound to 148.98 in Q2'24. Subsequent quarters saw a gradual decrease, with the ratio stabilizing below 125 from Q1'25 onward. This trend suggests fluctuating investor sentiment and valuation adjustments over the observed timeframe.