US · NYSE · SNOW
Snowflake (SNOW) stock analysis: valuation and financials
Technology · Computer Software: Prepackaged Software
$356.38 -1.1% Price as of Oct 13, 2026
Elite consumption-led growth ($4.68B FY2026 revenue, +29.2%) with 22% FCF margins and $2.35B net cash, but a 22.7x EV/sales price discounts delivery: base case value $50.6B versus $125.8B market cap.
- Market cap
- $125.8B
- P/E
- —
- EV/Sales
- 22.7x
- FCF yield
- 1.0%
- 52-week range
- $121.11 – $368.89
- Next earnings
- Dec 2, 2026
Research as of Oct 14, 2026
Business quality scorecard
- Growth99
- Profitability43
- Cash flow44
- Balance sheet37
- Capital allocation44
- Innovation71
- Valuation45
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Enterprises pay consumption fees for compute, storage and data transfer on the AI Data Cloud; product revenue is 95.5% of FY2026 revenue and the profit engine, though the company still reports a -30.6% operating margin.
Financials by year
| FY2022Feb 2021–Jan 2022 | FY2023Feb 2022–Jan 2023 | FY2024Feb 2023–Jan 2024 | FY2025Feb 2024–Jan 2025 | FY2026Feb 2025–Jan 2026 | |
|---|---|---|---|---|---|
| Revenue | $1.2B | $2.1B | $2.8B | $3.6B | $4.7B |
| Revenue growth | +106.0% | +69.4% | +35.9% | +29.2% | +29.2% |
| Gross margin | 62.4% | 65.3% | 68.0% | 66.5% | 67.2% |
| Operating margin | -58.6% | -40.8% | -39.0% | -40.2% | -30.6% |
| Net income | -$679.9M | -$796.7M | -$836.1M | -$1.3B | -$1.3B |
| Free cash flow | $94.0M | $520.5M | $813.0M | $913.5M | $1.1B |
| FCF margin | 7.7% | 25.2% | 29.0% | 25.2% | 23.9% |
Amounts in USD · What is free cash flow?
Margins Gross margin held near 67% (66.5% FY2025, 67.2% FY2026; 67.0% TTM, 67.0% in Q2 FY2027). Operating margin improved 951bps to -30.6% in FY2026 and -17.0% in Q2 FY2027, driven by operating leverage on R&D and opex rather than gross margin.
- Cash flow WatchOCF of $1,253M TTM exceeds net income of -$1,091M by about $2.3B, so cash generation is far above accounting losses; FY2026 OCF was $1,222M versus net loss of $1,332M.
- Debt LowNet cash of $2.345B; FY2026 cash of $2,828M plus short-term investments of $1,202M ($638M TTM). Debt balances are not disclosed in the provided data, and leverage classifies as net cash.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- $2.3B
- Total debt
- —
- Net cash
- $2.3B
- Current ratio
- 0.9x
As of Jul 31, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management AdequateGrowth execution strong: revenue rose from $592M FY2021 to $4.684B FY2026 (51.2% 5Y CAGR); FY2026 growth 29.2% and gross margin 67.2%.
- Credibility HighProduct revenue beat guidance in each of the last several quarters: Q2 FY2027 $1.49B vs $1.42B guided; Q1 FY2027 $1.33B vs $1.27B; Q3 FY2026 $1.16B vs $1.13B.
Of 4 guided figures checked: 4 beat, 0 in range, 0 missed.
Valuation range
Implied value per share · Price when researched: $356.38
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.