Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>ServiceNow is no longer presenting itself as a conventional software vendor riding the next AI cycle.</li><li>The more important shift is that management is increasingly framing the business as a control layer for enterprise execution, where artificial intelligence, data, workflows, governance, and security converge into one operating fabric.</li><li>That distinction matters because the market is actively reassessing where value will accrue in an AI-first stack.</li></ul>

ServiceNow is no longer presenting itself as a conventional software vendor riding the next AI cycle.The more important shift is that management is increasingly framing the business as a control layer for enterprise execution, where artificial intelligence, data, workflows, governance, and security converge into one operating fabric.That distinction matters because the market is actively reassessing where value will accrue in an AI-first stack.

The Silent Death Of SaaS: Is ServiceNow Building A $600 Billion Post-Software Empire?

<ul><li>ServiceNow, a significant player in the enterprise software sector, recently reported its fourth quarter and full-year 2025 financial results, demonstrating robust performance and forward-thinking strategic initiatives.</li><li>The company's Q4 results exceeded expectations, showcasing solid growth in net new annual contract value (NNACV) and subscription revenue.</li><li>Specifically, subscription revenue grew by 21% year-over-year, surpassing guidance, and the current remaining performance obligation (cRPO) demonstrated a 25% growth.</li></ul>

ServiceNow, a significant player in the enterprise software sector, recently reported its fourth quarter and full-year 2025 financial results, demonstrating robust performance and forward-thinking strategic initiatives.The company's Q4 results exceeded expectations, showcasing solid growth in net new annual contract value (NNACV) and subscription revenue.Specifically, subscription revenue grew by 21% year-over-year, surpassing guidance, and the current remaining performance obligation (cRPO) demonstrated a 25% growth.

ServiceNow Is Cracking the Public Sector Code—And the Growth Runway Looks Long!

<ul><li>ServiceNow has recently entered advanced discussions to acquire cybersecurity specialist Armis Inc. in a deal that could be valued at up to $7 billion, representing a major strategic inflection point for the enterprise workflow platform provider as it continues to embed AI and security into its core offerings.</li><li>This development follows ServiceNow’s strong Q3 2025 performance with subscription revenue growth outpacing guidance and meaningful acceleration in AI‑driven product adoption, including Now Assist, which is on pace to exceed $0.5 billion in annual contract value.</li><li>In parallel, ServiceNow has been investing in generative AI capabilities, forward‑deployed engineering models, and expanding its ecosystem through initiatives like the proposed Moveworks acquisition, reinforcing its platform play.</li></ul>

ServiceNow has recently entered advanced discussions to acquire cybersecurity specialist Armis Inc. in a deal that could be valued at up to $7 billion, representing a major strategic inflection point for the enterprise workflow platform provider as it continues to embed AI and security into its core offerings.This development follows ServiceNow’s strong Q3 2025 performance with subscription revenue growth outpacing guidance and meaningful acceleration in AI‑driven product adoption, including Now Assist, which is on pace to exceed $0.5 billion in annual contract value.In parallel, ServiceNow has been investing in generative AI capabilities, forward‑deployed engineering models, and expanding its ecosystem through initiatives like the proposed Moveworks acquisition, reinforcing its platform play.

ServiceNow Eyes Armis: The AI & Security Merger That Could Reshape IT!

<ul><li>ServiceNow delivered a robust set of results for Q3 2025, demonstrating strong performance across key metrics and highlighting significant advances in their AI-driven strategy.</li><li>The company reported subscription revenue growth of 20.5% year-over-year in constant currency, surpassing the top end of their guidance.</li><li>The current remaining performance obligations (cRPO) matched this growth rate, exceeding expectations.</li></ul>

ServiceNow delivered a robust set of results for Q3 2025, demonstrating strong performance across key metrics and highlighting significant advances in their AI-driven strategy.The company reported subscription revenue growth of 20.5% year-over-year in constant currency, surpassing the top end of their guidance.The current remaining performance obligations (cRPO) matched this growth rate, exceeding expectations.

ServiceNow’s Next AI Leap Starts With Veza—Here’s What Analysts Are Missing!

<ul><li>ServiceNow Inc. delivered a robust performance in its third quarter of 2025, demonstrating strong subscription revenue growth, exceeding expectations by reporting a year-over-year increase of 20.5% in constant currency.</li><li>This was a point above the high end of their guidance, reflecting the solid demand for its platforms and services.</li><li>The company recorded an operating margin of 33.5%, surpassing the anticipated margin by 3 points, showcasing significant operational efficiencies that further bolstered profitability with a free cash flow margin hitting 17.5%.</li></ul>

ServiceNow Inc. delivered a robust performance in its third quarter of 2025, demonstrating strong subscription revenue growth, exceeding expectations by reporting a year-over-year increase of 20.5% in constant currency.This was a point above the high end of their guidance, reflecting the solid demand for its platforms and services.The company recorded an operating margin of 33.5%, surpassing the anticipated margin by 3 points, showcasing significant operational efficiencies that further bolstered profitability with a free cash flow margin hitting 17.5%.

ServiceNow’s AI Explosion: How Its 55x Usage Growth Is Reshaping Enterprise Workflow!

United States

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

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Servicenow Inc (NOW US)

The Silent Death Of SaaS: Is ServiceNow Building A $600 Billion Post-Software Empire?

ServiceNow is no longer presenting itself as a conventional software vendor riding the next AI cycle. The more important shift is that management...

Baptista Research

ServiceNow Is Cracking the Public Sector Code—And the Growth Runway Looks Long!

ServiceNow, a significant player in the enterprise software sector, recently reported its fourth quarter and full-year 2025 financial results,...

Baptista Research

ServiceNow Eyes Armis: The AI & Security Merger That Could Reshape IT!

ServiceNow has recently entered advanced discussions to acquire cybersecurity specialist Armis Inc. in a deal that could be valued at up to $7...

Baptista Research

ServiceNow’s Next AI Leap Starts With Veza—Here’s What Analysts Are Missing!

ServiceNow delivered a robust set of results for Q3 2025, demonstrating strong performance across key metrics and highlighting significant...

Baptista Research

ServiceNow’s AI Explosion: How Its 55x Usage Growth Is Reshaping Enterprise Workflow!

ServiceNow Inc. delivered a robust performance in its third quarter of 2025, demonstrating strong subscription revenue growth, exceeding...

Baptista Research

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