Palo Alto networks, Salesforce vs Servicenow operating margin chart
| Fiscal Year | CRM | NOW | PANW |
|---|---|---|---|
| 2019 | 4.0% | 1.2% | -1.9% |
| 2020 | 1.2% | 4.4% | -5.3% |
| 2021 | 2.1% | 4.4% | -7.1% |
| 2022 | 7.0% | 3.1% | -3.4% |
| 2023 | 11.7% | 3.4% | 1.2% |
| 2024 | 19.7% | 7.5% | 8.3% |
| 2025 | 32.1% | 10.0% | 11.0% |
Salesforce (CRM) has dramatically expanded margins from ~4% in FY19 to 32% in FY25 — the strongest margin story here. Palo Alto Networks (PANW) transformed from negative margins to 11% in FY25, flipping to profitability and now neck-and-neck with ServiceNow. ServiceNow (NOW) has been the steadiest, grinding from ~1% to 10% with consistent year-over-year improvement but a more gradual trajectory than CRM's explosive expansion.
Give PE ratio chart also for these 3 companies
- Palo Alto Networks (PANW) — Trades at the highest multiple, historically ranging from ~40x to well over 100x. The stock has re-rated significantly higher since 2023 as profitability improved and the market rewarded its platform shift.
- ServiceNow (NOW) — Also commands a premium, typically between ~50x and 90x. The multiple has stayed elevated given its consistent subscription revenue growth and expanding margins.
- Salesforce (CRM) — The cheapest of the three on a P/E basis, compressing from lofty levels in 2020–21 down to the ~25–40x range more recently, reflecting its massive margin expansion but slower top-line growth relative to the others.
There is a data rendering issue - due to labels mismatch probably.
Let me reload the data and align the fiscal years properly for all three companies.I see the issue — the three companies have different fiscal year-ends: CRM (Jan), NOW (Dec), PANW (Jul). The x-axis labels don't align. Let me normalize them to a common calendar year label.The issue is that each company has its own fiscal year-end dates, so they show up as separate x-axis points. Let me normalize all dates to a common calendar-year label so they align on the same x-axis grid.
| Calendar Year | CRM | NOW | PANW |
|---|---|---|---|
| 2019 | 1.2% | 1.2% | -1.9% |
| 2020 | 2.1% | 4.4% | -5.3% |
| 2021 | 7.0% | 4.4% | -7.1% |
| 2022 | 9.3% | 4.9% | -3.4% |
| 2023 | 14.4% | 8.5% | 5.6% |
| 2024 | 19.0% | 12.4% | 8.5% |
| 2025 | 21.5% | 13.7% | 13.5% |
Salesforce leads with the highest margins, reaching 21.5% in 2025. ServiceNow and Palo Alto Networks are now neck-and-neck at ~13.5–13.7%. PANW's turnaround is the most dramatic — from negative margins in 2019–22 to matching NOW by 2025.
I want PE ratio
- PANW — Highest P/E of the group, currently ~45–50x, down from peaks above 80x in 2023–24 as earnings growth catches up.
- NOW — Consistently premium, hovering ~65–75x, reflecting durable subscription growth and margin expansion.
- CRM — The value play here at ~25–30x, having compressed dramatically from 50–60x levels in 2021 as the market re-rated it alongside its margin-driven earnings surge.
Fix the data labels on PE ratio chart and give again