Final thoughts on $NOW

NOW (update): Fastest enterprise software to $15B rev, still growing >20% at scale toward $30B target. Q1 showed stabilization with early deceleration signs—large deals slipping (Middle East), sales cycles lengthening, margins pressured til 2027 from Armis acquisition. AI tailwind but usage-based pricing reduces predictability vs fixed subscriptions. Not broken, just less clean execution. At ~$90B mkt cap, paying for great biz showing cracks vs peak perfection. Key watch: if sales cycles stretch further or margin recovery path fails. Deep enterprise integration positions for hundreds of billions valuation long-term if remains core system in AI-driven world.

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