When [ServiceNow's crash](https://www.marketwatch.com/story/servicenows-stock-sinks-toward-worst-day-ever-taking-the-software-sector-down-with-it-77fd240d?mod=mw_rss_topstories) drags down the entire sector, you're witnessing pure panic — not analysis. Here's the absurdity: $MSFT trades at 9.5x EV/revenue on annual revenue with net margins. Think about that. You're getting enterprise software royalty at SaaS startup multiples.

Research these companies