Saturday 31 October 2026
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Snowflake Inc.
SNOW Technology Software Application
Snowflake Inc.’s revenue for fiscal 2026 (year ended January 2026) was $4.7 billion, up 29.2% from fiscal 2025. In the quarter to July 2026, revenue grew 35.1%, EPS grew 38.2%, free cash flow grew 47.2% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.
306.20
24.07
−7.29%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to January
| Ten-year view | Analyst estimates Powerpack | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Price, $ | |||||||||||||||||
| Price, $ | Low | — | — | — | 208.55 | 184.71 | 110.27 | 119.27 | 107.13 | 120.10 | 118.30 | (9.0%) | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | |
| High | — | — | — | 429.00 | 405.00 | 344.00 | 202.83 | 237.72 | 280.67 | 384.56 | (1.8%) | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ||
| People | |||||||||||||||||
| People | Employees | — | — | — | 2,037 | 2,495 | 3,992 | 5,884 | 7,004 | 7,834 | 9,060 | +28.2% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | |
| Revenue/emp, $m | — | — | 0.00 | 0.13 | 0.24 | 0.31 | 0.35 | 0.40 | 0.46 | 0.52 | n/m | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ||
| Income, $m | |||||||||||||||||
| Income, $m | Revenue | — | — | 97 | 265 | 592 | 1,219 | 2,066 | 2,806 | 3,626 | 4,684 | +74.1% | 6,320 | 8,120 | 10,412 | +30.5% | |
| Gross margin, % | — | — | 46.46 | 55.97 | 59.03 | 62.40 | 65.26 | 67.98 | 66.50 | 67.17 | +20.7 pt | ||||||
| EBT | — | — | (177) | (348) | (537) | (677) | (816) | (849) | (1,285) | (1,312) | +33.1% | ||||||
| EBT margin, % | — | — | (183.32) | (131.27) | (90.71) | (55.52) | (39.50) | (30.26) | (35.44) | (28.01) | +155.3 pt | ||||||
| Net income | — | 0 | (178) | (349) | (539) | (680) | (798) | (838) | (1,289) | (1,329) | n/m | ||||||
| Depreciation | — | — | 2 | 15 | 47 | 107 | 124 | 133 | 235 | 347 | +108.5% | ||||||
| Per share, $ | |||||||||||||||||
| Per share, $ | Revenue | — | — | 2.53 | 5.90 | 4.18 | 4.06 | 6.48 | 8.56 | 10.90 | 13.88 | +27.5% | |||||
| Earnings | — | — | (4.67) | (7.77) | (3.81) | (2.26) | (2.50) | (2.55) | (3.86) | (3.95) | (2.3%) | ||||||
| Cash flow | — | — | (3.77) | (3.94) | (0.32) | 0.37 | 1.71 | 2.59 | 2.88 | 3.62 | n/m | ||||||
| Capex | — | — | (0.11) | (0.51) | (0.34) | (0.18) | (0.16) | (0.30) | (0.23) | (0.31) | +16.7% | ||||||
| Free cash flow | — | — | (3.88) | (4.45) | (0.66) | 0.19 | 1.56 | 2.29 | 2.66 | 3.31 | n/m | ||||||
| Book value | — | — | 0.00 | (12.15) | 34.86 | 16.81 | 17.16 | 15.82 | 9.04 | 5.70 | n/m | ||||||
| Shares, m | — | — | 38 | 45 | 142 | 300 | 319 | 328 | 333 | 337 | +36.5% | ||||||
| Valuation, × | |||||||||||||||||
| Valuation, × | P/E | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | 0.00 | 0.00 | 135.33 | 67.94 | 24.14 | 22.86 | 16.65 | 13.74 | 35.1 | ||||||
| P/B | — | — | 0.00 | 0.00 | 16.23 | 16.41 | 9.12 | 12.36 | 20.09 | 33.45 | 13.5 | ||||||
| EV/Sales | — | — | 0.00 | 0.00 | 129.04 | 64.93 | 22.31 | 21.58 | 16.00 | 13.37 | 33.4 | ||||||
| EV/FCF | — | — | (36.33) | (36.33) | (811.71) | 1,392.64 | 92.94 | 80.75 | 65.73 | 56.04 | 100.5 | ||||||
| Cash, $m | |||||||||||||||||
| Cash, $m | Operating cash flow | — | — | (144) | (177) | (45) | 110 | 546 | 848 | 960 | 1,222 | n/m | |||||
| Capex | — | — | (4) | (23) | (49) | (53) | (50) | (98) | (76) | (105) | +59.3% | ||||||
| Free cash flow | — | — | (148) | (199) | (94) | 57 | 496 | 750 | 884 | 1,117 | n/m | ||||||
| Balance, $m | |||||||||||||||||
| Balance, $m | Working capital | — | — | 542 | 249 | 3,511 | 3,202 | 2,991 | 2,308 | 2,568 | 1,321 | +13.6% | |||||
| Total debt | — | — | 13 | 193 | 185 | 181 | 224 | — | 2,272 | 2,280 | +109.2% | ||||||
| Net debt | — | — | (602) | (241) | (3,723) | (3,671) | (3,784) | (3,846) | (2,366) | (1,750) | +16.5% | ||||||
| Shareholders’ equity | — | — | — | (545) | 4,936 | 5,049 | 5,469 | 5,191 | 3,007 | 1,924 | n/m | ||||||
| Returns, % | |||||||||||||||||
| Returns, % | ROA | — | — | 0.00 | (68.83) | (15.55) | (10.82) | (11.09) | (10.49) | (14.90) | (14.66) | (14.7) pt | |||||
| ROIC | — | — | 0.00 | 0.00 | (28.02) | (32.43) | (31.25) | (50.90) | (142.08) | (514.79) | (514.8) pt | ||||||
| ROE | — | — | 41.55 | 81.36 | (24.55) | (13.62) | (15.15) | (15.69) | (31.37) | (54.01) | (95.6) pt | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jan 2026 · latest quarter Jul 2026
Snowflake Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CRM Salesforce, Inc. | $190.0B | 20.8× | 23.8× | +10.83% (above 0%: growing) | +118.27% (above 0%: growing) | +81.49% (above 0%: growing) | 76.65% | 20.55% | Compare |
| UBER Uber Technologies, Inc. | $134.3B | 14.1× | 21.0× | +12.17% (above 0%: growing) | +81.54% (above 0%: growing) | +12.81% (above 0%: growing) | 44.93% | 13.32% | Compare |
| SNOW Snowflake Inc. | $116.5B | — (loss-making) | — (loss-making) | +35.09% (above 0%: growing) | n/m | +47.23% (above 0%: growing) | 67.02% | (17.00%) | |
| NOW ServiceNow, Inc. | $113.8B | 65.1× | 101× | +24.01% (above 0%: growing) | −22.04% (below 0%: shrinking) | −10.08% (below 0%: shrinking) | 70.68% | 4.06% | Compare |
| ADP Automatic Data Processing, Inc. | $113.4B | 26.8× | 24.9× | +6.77% (above 0%: growing) | +9.37% (above 0%: growing) | −5.49% (below 0%: shrinking) | 45.88% | 23.00% | Compare |
| ADBE Adobe Inc. | $96.6B | 14.0× | 14.5× | +12.89% (above 0%: growing) | +10.77% (above 0%: growing) | +14.68% (above 0%: growing) | 88.71% | 34.82% | Compare |
| DDOG Datadog, Inc. | $95.5B | 461× | 486× | +35.64% (above 0%: growing) | +1,610.53% (above 0%: growing) | +68.55% (above 0%: growing) | 78.59% | 0.49% | Compare |
| CDNS Cadence Design Systems, Inc. | $94.0B | 64.9× | 65.8× | +24.23% (above 0%: growing) | +127.12% (above 0%: growing) | +72.50% (above 0%: growing) | 84.90% | 28.42% | Compare |
| INTU Intuit Inc. | $88.5B | 20.7× | 16.9× | +13.65% (above 0%: growing) | −1.47% (below 0%: shrinking) | +253.37% (above 0%: growing) | 78.11% | 10.91% | Compare |
| Median of peers | $105.0B | 23.8× | 24.4× | +13.27% | +46.16% | +41.62% | 77.38% | 16.94% |
Business profile
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
79.39%
Held by the ten largest
34.46%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 31.41m | 9.06% | +3.44m |
| Vanguard | 31.17m | 8.99% | +469.33k |
| JPMorgan Chase | 9.22m | 2.66% | −1.97m |
| State Street | 7.96m | 2.30% | +295.31k |
| Fidelity (FMR) | 7.65m | 2.21% | −3.09m |
| T. Rowe Price | 7.20m | 2.08% | +5.74m |
| Geode Capital Management | 6.42m | 1.85% | +1.61m |
| Jennison Associates | 6.34m | 1.83% | −823.62k |
| UBS | 6.14m | 1.77% | +69.06k |
| Franklin Templeton | 5.94m | 1.71% | +2.07m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 18 May 2026
Ownership
Directors and executive officers, together
4.80%
Vanguard Capital Management
5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Snowflake sells a cloud-based platform that helps organizations bring data together, analyze it, build applications and use artificial intelligence. Its customers range from small organizations to large enterprises across industries. Sridhar Ramaswamy is chief executive officer.
The platform powers what Snowflake calls the AI Data Cloud: a network connecting customers, partners, developers, data providers and data consumers. Users can share data within their organizations or with outside parties, generally without copying or moving the underlying data. The Snowflake Marketplace lets customers access third-party data and applications and offer their own data products.