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

Assumptions as of 2026-07-19

USD

Updated Jul 19, 2026

as of 2026-07-19

Max justified price per share

$34.57

Upside vs market

-87.1%

Earnings-basis multiple applied

14.00

Earnings-basis multiple of normalized FCF

14.00

FY2026 reported gross margin (gate is 70%)

67.2%

Mature FCF margin (AFTER charging SBC in full)

15.0%

Net cash incl. marketable securities ($M)

2,106$M

Market price ($)

$268.90

FY2026 revenue ($M)

4,684$M

Diluted shares (M)

345.4M

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