Based on the latest data from August 2025, NOW is trading at $917.46, positioning it well below the lowest PE boundary of 71.2 times at $572.23. This places the stock in severe undervaluation territory, trading at approximately 1.6 times the 71.2x PE threshold. The current price significantly exceeds all PE stream boundaries, with the stock trading above the highest PE multiple of 926.5 times ($7,446.92), indicating the stock is in the "Warning" zone - a state of severe overvaluation where potential returns are extremely low and investment risk is heightened. Analyzing the historical trend reveals a dramatic valuation expansion story. From 2020 to early 2023, NOW traded predominantly in undervalued to fair value ranges, with prices generally staying below the 413.3x PE boundary ($817-2,899 range). A significant inflection point occurred in mid-2023 when the stock broke above the 413.3x PE level and began trading in overvalued territory. The most dramatic expansion occurred from late 2023 through 2025, where the stock price surged from around $699 in December 2023 to over $1,100 in December 2024, before settling at current levels around $917. Throughout this period, the PE stream boundaries also expanded substantially, with the highest boundary growing from around $1,832 in early 2023 to $7,447 by August 2025. This suggests either significant earnings growth or multiple expansion, though the stock's position in the warning zone indicates investors are paying premium valuations that may not be sustainable long-term.