SNOW
Snowflake
Usage-based SaaS
★ Quality 28/100Price today
$337.18
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What this business is made of
The business
Snowflake is the taxi meter of data: you pay for every query.
Snowflake is a cloud data warehouse. Companies dump their information there and pay by usage —compute and storage— not by fixed license. Revenue $4.7B (+29%), with NRR of 124%: existing customers spend more every year.
The data lives inside Snowflake and moving it is expensive and painful. Its Data Sharing turns every customer into a network node that pulls in others. The moat is real but not a wide one: AWS, Databricks and Google push hard on the same turf.
Revenue history
From $1.2B to $4.7B in 4 years — nearly 3.9x its size. Selling more and more is the base of everything else.
Catalysts and risks
RPO of $9.77B (+42%): revenue already under contract but not yet recognized.
Cortex AI adoption on data already stored —monetization without migration.
Operating leverage: FCF $1.1B with revenue growing 29%.
SBC of $5.03 per share exceeds FCF of $2.25 —real FCF after dilution is negative.
Net Income of -$1.3B: the consumption model doesn't yet produce accounting profit.
Databricks and the hyperscalers compete on price and product at the same time.
Charlie's note
“A genuinely quality business —the data stays and the customer spends more every year— but the multiple they're asking prices in a decade of good times with AWS and Databricks right on its heels. Here you pay to grow, not for the moat; better to wait until the price respects the competitor too.”
Analysis · June 2026
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