$NOW (ServiceNow): premium valuation, but elite fundamentals

($NOW) and I’m curious why it gets relatively little attention compared to more visible AI or semiconductor names. A few fundamentals that stand out to me: • \~20–21% subscription revenue growth at large scale • Renewal rate consistently around 97–98% • Non-GAAP operating margin above 30% • Strong free cash flow generation (\~30%+ FCF margin annually) • RPO and cRPO both growing >20% YoY, giving solid revenue visibility What I like is that this isn’t an “AI hype” story. AI is embedded into existing enterprise workflows (IT, HR, finance, customer operations) that companies already rely on. These are mission-critical systems with high switching costs, which explains the low churn and steady expansion within accounts. Valuation is clearly premium, so this isn’t a cheap stock. But the combination of durable growth, margin expansion and predictable cash flow makes it look more like a long-term compounder than a short-term trade. I recently started building a position and plan to add on pullbacks rather than chase momentum. Curious how others here see $NOW: • Worth the premium vs peers like Salesforce? • Any long-term risks I might be underestimating? Not investment advice, just sharing research and looking for different perspectives.