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.
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Snowflake Inc. (SNOW) Beneish M-score
Snowflake Inc.'s Beneish M-score for fiscal 2026 is −3.50; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −3.50 | 0.43 |
| FY2025 | −3.92 | (0.76) |
| FY2024 | −3.16 | (0.29) |
| FY2023 | −2.87 | (0.58) |
| FY2022 | −2.29 | (0.45) |
| FY2021 | −1.84 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.09 | — | 1.01 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.08 | — | 0.44 | |
| Sales growth index | 1.29 | — | 1.15 | |
| Depreciation index | 0.76 | — | 0.09 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.28) | — | −1.31 | |
| Leverage index | 1.19 | — | −0.39 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.50 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SNOW Snowflake Inc. | −3.5× |
| NOW ServiceNow, Inc. compare | −2.9× |
| ADBE Adobe Inc. compare | −2.9× |
| INTU Intuit Inc. compare | −2.8× |
| DDOG Datadog, Inc. compare | −2.7× |
| CRM Salesforce, Inc. compare | −2.7× |
| ADP Automatic Data Processing, Inc. compare | −2.6× |
| CDNS Cadence Design Systems, Inc. compare | −2.4× |
| UBER Uber Technologies, Inc. compare | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI