Snowflake Inc.

Hypergrowth data-cloud platform with elite FCF, but heavy GAAP losses from stock compensation.

Strengths

• Elite free cash flow — FCF $1.12B (86th), FCF margin 23.9%
• Strong growth — revenue +29.2% (80th)
• Adequate liquidity — current ratio 1.30 (35th)

Risks

• Heavy GAAP losses — operating margin -30.6%, net margin -28.4%
• Negative returns — ROE -69.2% on stock comp
• Premium valuation; consumption-model variability — per 10-K

Notable findings

• RestatementUnless otherwise noted, all references in this report to our common stock refer to our Class A common stock, which was renamed to “common stock” pursuant to our amended and restated certificate of inc 8-K ↗
• Net lossNet loss (net margin -28.4%)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Chronic dilutionShare count +64%/yr over 4y (dilution, book value/share -95%)
• Strong balance sheetStrong balance sheet — $4.8B cash & investments
• Insider sellingInsider selling — 166 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$509M, last 6mo) Form 4 ↗
• Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)