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Snowflake Inc. SNOW

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At $332.78 you are paying 121.8 times what the street thinks Snowflake earns in the fiscal year ending January 2028, and 55.8 times what it might earn in 2031.

The setup turns on one accounting fact: stock compensation of $1.60 billion is 34.2% of revenue and exceeds the $1.12 billion of free cash flow the multiple is built on.

Key data

ItemValue
Price, market capitalization$332.78 on 2026-08-21, $115.3B
FY2026 revenue, growth$4.68B, up 29.2%
FY2026 GAAP net loss, diluted EPSnegative $1.33B, negative $3.95
FY2026 free cash flow, margin$1.12B, 23.9% of revenue
Gross margin, non-GAAP operating margin67.1%, 10%
Cash, convertible debt, tangible book per share$2.86B, $2.3B, negative $0.14
FY2026 stock compensation$1.60B, 34.2% of revenue
Price to sales, price to free cash flow22.9x, 98.6x

SNOW · price with moving averages

Daily · 6MWeekly · 3Y
$91$156$221$286$351 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

Snowflake sells a place to put company data and a way to ask it questions. Large enterprises used to buy, size, and maintain those warehouses themselves. Snowflake separated storage from computing, ran both in the cloud, and charges by consumption rather than by licence, so a customer stores everything and pays only when a query runs. Product revenue reached $4.47 billion in the year ended January 2026, up 29%.

Because the meter runs on usage, revenue moves with what customers actually do rather than what they signed. That is also why AI lands here directly: training and querying models against corporate data runs on exactly this substrate. What changed is the shape of the curve. Growth ran 35.9%, 29.2%, then 29.2% across three fiscal years, and the April quarter printed 33% on $1.39 billion with net revenue retention at 126%.

Inside the complete One Pager

  1. 01The business
  2. 02Things you might not know
  3. 03Fundamentals
  4. 04Valuation
  5. 05Management
  6. 06Compensation
  7. 07The linchpins
  8. 08Last word

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