Snap Inc.

SNAP Communication Services Internet Content & Information

Snap Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.9 billion, up 10.6% from fiscal 2024.

Revenue
+14.3%
EPS
+150.0%
Free cash flow
+76.0%
Total debt
−1.45%

Quarter to September 2026, against a year earlier

5.03 0.06 −1.18%
Market cap
$8.6B
P/E
0.0×
Fwd P/E
−82.4×
Dividend yield
—
F-score
6/9
Altman Z
0.04
Beneish M
−3.12
Dividend safety
n/a

Snap Inc. (SNAP) valuation and DCF model

What the price implies · reverse DCF

At $5.03 the price implies revenue of $11.01 billion by year ten, growing 5.3% a year, at a 10% free-cash-flow margin then.

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
5.3% a year for ten years
$5.03
today’s price
Its base case
40.0% a year for five years, then 24.0%
$48.66
868.3% above today’s price

Both are growth in revenue, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Snap Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Revenue and margin
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in revenue. It usually slows as the company matures.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
negative is net cash
new shares the cash flow does not pay for

Against Snap Inc.’s own cost of capital: risk-free 4.3% + beta 1.23 × equity premium 4.5% = 9.8% cost of equity; weighted, 9.8%.

Use 9.8%
Equity value $82.06b ▲ above market cap $8.47b
Base case value per share $48.66 equity value ÷ 1.69b shares
Current price $5.03 market price per share
Above today’s price 868.3% upside at the base case’s assumptions

How we got there$13.80b 10 years of cash to equity+$68.97b terminal value−$715.77m net debt=$82.06b equity value÷1.69b shares=$48.66 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Internet Content & Information).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/FCF 11.39× 304.58× 311.34× 96% below 10.76× 6% above
P/B 3.91× 6.70× 10.30× 62% below 1.24× 216% above
EV/EBITDA 165.29× 165.29× 165.29× 0% above 10.74× 1439% above
EV/Sales 1.44× 3.20× 9.83× 85% below 1.20× 20% above
97.16×391.98×686.80×981.62×10Y avg 311.34×202120222023202420252026

SNAP trades at 11.39× P/FCF, against a 10-year average of 311.34× (range 11.39×–1,075.27×). That is cheaper than 100% of the last 5 year-end readings; re-rating to the average implies $137.39 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.