Snowflake (SNOW) - earnings-basis valuation (fails 70% gross margin gate)

Assumptions as of 2026-09-02

USD

Updated Sep 2, 2026 · Revised 1 time

as of 2026-09-02

Max justified price per share

$43.68

Upside vs market

-85.7%

Earnings-basis multiple applied

14.00

Earnings-basis multiple of normalized FCF

14.00

Q2 FY2027 reported GAAP gross margin (gate is 70%)

67.0%

Mature FCF margin (AFTER charging SBC in full)

15.0%

Net cash incl. marketable securities ($M)

2,045$M

Market price ($)

$305.84

FY2027E total revenue ($M, guided product $6,070M + services run-rate)

6,290$M

Diluted shares (M, GAAP weighted avg)

349.3M

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