Snowflake (SNOW)


Market Price (11/10/2026): $294.3 | Market Cap: $103.8 BilSector: Information Technology | Industry: Application Software

Snowflake (SNOW)


Market Price (11/10/2026): $294.3
Market Cap: $103.8 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%

Stock buyback support
Stock Buyback 3Y Total is 3.5 Bil

Megatrend and thematic drivers
Megatrends include Cloud Computing, and Artificial Intelligence. Themes include Software as a Service (SaaS), Platform as a Service (PaaS), Show more.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.2 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 81x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 81%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.4%

Key risks
SNOW key risks include [1] intense competition from major cloud providers and specialists like Databricks, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%
2 Stock buyback support
Stock Buyback 3Y Total is 3.5 Bil
3 Megatrend and thematic drivers
Megatrends include Cloud Computing, and Artificial Intelligence. Themes include Software as a Service (SaaS), Platform as a Service (PaaS), Show more.
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.2 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23%
5 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 81x
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 81%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.4%
9 Key risks
SNOW key risks include [1] intense competition from major cloud providers and specialists like Databricks, Show more.

SNOW in ETFs

Weight = SNOW's share of each fund

VTI0.15%
ITOT0.13%
IWB0.15%
VUG0.32%
VO0.55%
IWP3.1%
AGIX1.5%
VOT1.3%
+18 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Prices as of 11/9/2026

Nov 9: up 5.5% in one day (S&P 500 up 2.4%)
The stock rose as part of a broad market relief rally, with market headlines reporting significant jumps across global markets. This broad positive sentiment offset recent news about Snowflake's former revenue chief.

Down 26.9% from its Oct 9 high to Nov 5, up 8.0% since (S&P 500 down 5.9%)
The stock fell significantly amid a broad market sell-off that particularly affected tech and AI stocks, with no company news provided. This decline included major drops on October 16 and October 30, both driven by widespread concerns over tech valuations and Federal Reserve policy.

Sep 3: up 16.6% the day after its Sep 2 earnings report (S&P 500 up 1.0%)
The stock jumped following strong Q2 FY2027 financial results that blew past estimates, with product revenue growth accelerating to 37%. The company also raised its annual product revenue forecast, citing robust demand for its AI offerings and a significant AI revenue contribution.

Show more
Prices as of 11/9/2026

Nov 9: up 5.5% in one day (S&P 500 up 2.4%)
The stock rose as part of a broad market relief rally, with market headlines reporting significant jumps across global markets. This broad positive sentiment offset recent news about Snowflake's former revenue chief.

Down 26.9% from its Oct 9 high to Nov 5, up 8.0% since (S&P 500 down 5.9%)
The stock fell significantly amid a broad market sell-off that particularly affected tech and AI stocks, with no company news provided. This decline included major drops on October 16 and October 30, both driven by widespread concerns over tech valuations and Federal Reserve policy.

Sep 3: up 16.6% the day after its Sep 2 earnings report (S&P 500 up 1.0%)
The stock jumped following strong Q2 FY2027 financial results that blew past estimates, with product revenue growth accelerating to 37%. The company also raised its annual product revenue forecast, citing robust demand for its AI offerings and a significant AI revenue contribution.

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Stock Movement Drivers

Fundamental Drivers

The -0.7% change in SNOW stock from 7/31/2026 to 11/9/2026 was primarily driven by a -7.0% change in the company's P/S Multiple.
(LTM values as of)731202611092026Change
Stock Price ($)293.28291.14-0.7%
Change Contribution By: 
Total Revenues ($ Mil)5,0335,4358.0%
P/S Multiple20.118.7-7.0%
Shares Outstanding (Mil)345349-1.1%
Cumulative Contribution-0.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/9/2026
ReturnCorrelation
SNOW-0.7% 
Market (SPY)0.8%60.1%
Sector (XLK)-2.5%62.0%

Fundamental Drivers

The 113.3% change in SNOW stock from 4/30/2026 to 11/9/2026 was primarily driven by a 87.6% change in the company's P/S Multiple.
(LTM values as of)430202611092026Change
Stock Price ($)136.47291.14113.3%
Change Contribution By: 
Total Revenues ($ Mil)4,6845,43516.0%
P/S Multiple10.018.787.6%
Shares Outstanding (Mil)342349-2.0%
Cumulative Contribution113.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/9/2026
ReturnCorrelation
SNOW113.3% 
Market (SPY)5.0%28.7%
Sector (XLK)7.3%30.2%

Fundamental Drivers

The 5.9% change in SNOW stock from 10/31/2025 to 11/9/2026 was primarily driven by a 32.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511092026Change
Stock Price ($)274.88291.145.9%
Change Contribution By: 
Total Revenues ($ Mil)4,1165,43532.0%
P/S Multiple22.418.7-16.4%
Shares Outstanding (Mil)335349-4.0%
Cumulative Contribution5.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/9/2026
ReturnCorrelation
SNOW5.9% 
Market (SPY)11.3%30.1%
Sector (XLK)14.1%34.2%

Fundamental Drivers

The 100.6% change in SNOW stock from 10/31/2023 to 11/9/2026 was primarily driven by a 122.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311092026Change
Stock Price ($)145.13291.14100.6%
Change Contribution By: 
Total Revenues ($ Mil)2,4445,435122.4%
P/S Multiple19.418.7-3.8%
Shares Outstanding (Mil)327349-6.3%
Cumulative Contribution100.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/9/2026
ReturnCorrelation
SNOW100.6% 
Market (SPY)86.2%40.9%
Sector (XLK)112.1%43.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SNOW Return20%-58%39%-22%42%33%3%
Peers Return27%-37%79%99%48%-4%302%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
SNOW Win Rate50%33%50%17%50%36% 
Peers Win Rate60%30%68%65%57%45% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
SNOW Max Drawdown-40%-67%-26%-54%-32%-48% 
Peers Max Drawdown-20%-46%-20%-19%-33%-34% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, AMZN, GOOGL, ORCL, PLTR. See SNOW Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)

How Low Can It Go

EventSNOWS&P 500
2025 US Tariff Shock
  % Loss-30.0%-18.8%
  % Gain to Breakeven42.9%23.1%
  Time to Breakeven48 days79 days
2024 Yen Carry Trade Unwind
  % Loss-18.1%-7.8%
  % Gain to Breakeven22.1%8.5%
  Time to Breakeven108 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.4%-9.5%
  % Gain to Breakeven27.3%10.5%
  Time to Breakeven35 days24 days
2023 SVB Regional Banking Crisis
  % Loss-18.8%-6.7%
  % Gain to Breakeven23.2%7.1%
  Time to Breakeven60 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-65.9%-24.5%
  % Gain to Breakeven193.0%32.4%
  Time to Breakeven1519 days427 days

Compare to MSFT, AMZN, GOOGL, ORCL, PLTR

In The Past

Snowflake's stock fell -30.0% during the 2025 US Tariff Shock. Such a loss loss requires a 42.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventSNOWS&P 500
2025 US Tariff Shock
  % Loss-30.0%-18.8%
  % Gain to Breakeven42.9%23.1%
  Time to Breakeven48 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.4%-9.5%
  % Gain to Breakeven27.3%10.5%
  Time to Breakeven35 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-65.9%-24.5%
  % Gain to Breakeven193.0%32.4%
  Time to Breakeven1519 days427 days

Compare to MSFT, AMZN, GOOGL, ORCL, PLTR

In The Past

Snowflake's stock fell -30.0% during the 2025 US Tariff Shock. Such a loss loss requires a 42.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Snowflake (SNOW)

Snowflake Inc. (SNOW) provides a sophisticated cloud-based data platform known as the Data Cloud. This core offering is designed to help businesses consolidate their vast amounts of data into a single, unified source. By centralizing data, Snowflake enables its customers to overcome data silos and establish a comprehensive foundation for advanced analytics and strategic decision-making.

The primary function of Snowflake's platform is to empower organizations to drive meaningful business insights, build powerful data-driven applications, and facilitate secure data sharing. The company serves a diverse range of customers, including organizations of all sizes across various industries, both domestically and internationally. Essentially, Snowflake provides the critical infrastructure for businesses to effectively manage, analyze, and leverage their data to improve operational efficiency and foster innovation.

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1. The Oracle of the cloud.

2. Salesforce for all your company's data.

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  • Data Cloud: A cloud-based platform that enables customers to consolidate data into a single source of truth to drive business insights, build data-driven applications, and share data.

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Snowflake primarily sells its cloud-based data platform to other companies. Major customers include:

  • Adobe (ADBE)
  • Capital One (COF)
  • Expedia Group (EXPE)
  • Warner Bros. Discovery (WBD)
  • Salesforce (CRM)

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Sridhar Ramaswamy, Chief Executive Officer

Sridhar Ramaswamy was appointed CEO of Snowflake in February 2024, succeeding Frank Slootman. He joined Snowflake in May 2023 with the company's acquisition of Neeva, an AI-powered search engine that he co-founded in 2019. Before Neeva, Ramaswamy spent over 15 years at Google, where he served as Senior Vice President of Ads & Commerce and was instrumental in growing Google's advertising business from $1.5 billion to over $100 billion. He also held research positions at Bell Labs, Lucent Technologies, and Bell Communications Research (Bellcore), and was a Venture Partner at Greylock Partners.

Mike Scarpelli, Chief Financial Officer

Mike Scarpelli has served as Snowflake's Chief Financial Officer since August 2019. Prior to joining Snowflake, he served as CFO at ServiceNow from 2011 to 2019, guiding the company through its IPO. Earlier in his career, Scarpelli was the CFO of Data Domain for three years, where he led the company through its IPO in 2007 and its subsequent acquisition by EMC in 2009 for $2.4 billion. He has a track record of leading multiple companies through successful IPOs and acquisitions. Scarpelli began his career in public accounting at Coopers and Lybrand and also served as CFO of HPL Technologies, Inc.

Frank Slootman, Chairman of the Board

Frank Slootman became the Chairman of the Board for Snowflake in February 2024, after serving as CEO from 2019. He led Snowflake through its blockbuster IPO in 2020. Slootman is recognized for growing companies founded by others and has successfully taken three companies public. Before Snowflake, he was CEO of ServiceNow from 2011 to 2017, taking it public in 2012. From 2003 to 2009, he was CEO of Data Domain, which he took public in 2007 and sold to EMC for $1.8 billion or $2.4 billion.

Benoit Dageville, Co-Founder & Chief Architect, President of Product

Benoit Dageville is a Co-Founder of Snowflake and currently serves as its Chief Architect and President of Product. He has been a member of Snowflake's board of directors since August 2012. Before co-founding Snowflake, Dageville held various engineering roles at Oracle Corporation, including Architect in the Manageability Group from 2002 to 2012.

Christian Kleinerman, Executive Vice President of Product

Christian Kleinerman is the Executive Vice President of Product at Snowflake, having joined the company in 2018. He is a database expert with over 20 years of experience. Prior to Snowflake, Kleinerman worked at Google, where he led YouTube's infrastructure and data systems. He also served as General Manager of the Data Warehousing product unit at Microsoft.

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Here are the key risks to Snowflake's business:

  1. Intense Competition: Snowflake operates in a highly competitive market for cloud-based data platforms. The company faces significant competition from major cloud providers like Amazon Web Services (AWS), Google Cloud, and Microsoft Azure, which offer their own integrated data warehousing and analytics solutions. Additionally, specialized data platform companies such as Databricks pose a direct threat, particularly in areas like machine learning and AI workloads. This intense competition can lead to pricing pressures, the need for continuous and substantial investment in innovation, and potential erosion of market share.
  2. Volatility of Consumption-Based Revenue Model: Snowflake's revenue is predominantly generated through a consumption-based model, meaning its financial performance is directly tied to customer usage of its Data Cloud platform. While this model can align costs with value for customers, it also makes Snowflake's revenue highly sensitive to customer optimization efforts and broader macroeconomic spending slowdowns. The company has experienced a deceleration in its product revenue growth rate, and forecasting future results remains challenging due to a limited operating history and external economic factors. Snowflake has also historically reported operating losses and may face challenges in achieving or sustaining profitability.
  3. Security and Data Breach Risks: As a cloud-based data platform, Snowflake is inherently exposed to cybersecurity threats, including unauthorized access to customer data. Recent high-profile incidents have highlighted vulnerabilities arising from compromised customer credentials and the absence of multi-factor authentication (MFA) on customer accounts, leading to the exposure of sensitive data for numerous organizations. Although Snowflake has stated that these incidents were not due to a breach of its own system or platform vulnerabilities, such events can severely damage the company's reputation, reduce demand for its platform, and result in significant liabilities and potential customer churn.
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Intensified competition from hyperscale cloud providers' native data and artificial intelligence (AI) services.

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Snowflake (SNOW) operates within significant and expanding addressable markets, primarily driven by its cloud-based data platform.

  • In 2020, Snowflake's total addressable market (TAM) for its Cloud Data Platform was estimated at $81 billion. This expanded significantly, tripling to $248 billion within 2.5 years, as of March 2023.
  • More recently, in December 2025, Snowflake's overall market opportunity was projected to increase from $170 billion to over $350 billion within five years.
  • The broader data cloud market, where Snowflake's Data Cloud platform is a key player, is projected to reach $1 trillion globally by 2028.
  • Specifically, the global cloud data warehouse market is anticipated to grow from $36.31 billion in 2025 to $155.66 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 17.55%.

These market size estimates are generally global, as no specific regional limitations were indicated in the provided data, with the "global cloud data warehouse market" explicitly stated.

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Here are the expected drivers of future revenue growth for Snowflake (SNOW) over the next 2-3 years:

  1. Expansion of AI Portfolio: Snowflake's growing suite of AI-driven products and services, including Snowflake Intelligence, Cortex Code, and Snowflake Arctic, is a primary driver of future revenue. These offerings are accelerating enterprise adoption of AI agent capabilities and the development and deployment of AI-powered applications. Snowflake Intelligence, providing enterprise-grade agent capabilities, scaled rapidly to over 2,500 accounts in Q4 FY26, nearly doubling quarter-over-quarter. Cortex Code, a coding agent, is being utilized by over 4,400 customers to accelerate AI application development.
  2. Customer Acquisition and Expansion: The company continues to demonstrate strong growth in its customer base and increased spending from existing clients. Snowflake added 740 net new customers in Q4 FY26, marking a 40% year-over-year increase, and reported a healthy net revenue retention rate of 125%. Furthermore, the number of customers spending over $1 million annually grew by 27% year-over-year to 733, with 56 customers now spending over $10 million annually, up 56% year-over-year.
  3. Strategic Product Development and Innovation: Snowflake is consistently enhancing its platform through continuous product innovation and strategic acquisitions. Key innovations like Iceberg, Snowpark container services, and hybrid tables are designed to fuel future revenue growth by expanding capabilities and strengthening its competitive advantage. Strategic acquisitions, such as Crunchy Data for PostgreSQL expansion and Observe and TensorStax for observability and AI-driven data engineering, further integrate advanced features into the platform.
  4. Multi-Cloud Strategy and Strategic Partnerships: Snowflake's robust multi-cloud strategy, enabling seamless operations across major public clouds like AWS, Azure, and Google Cloud, offers significant flexibility and helps businesses avoid vendor lock-in. Additionally, strategic partnerships with leading AI companies such as OpenAI, Anthropic, and Google Cloud are expanding its ecosystem and market reach, facilitating seamless data integration and broadening the availability of models for users.

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Share Repurchases

  • Snowflake announced a $2 billion stock repurchase program in June 2023.
  • During the fiscal year ending January 31, 2025, Snowflake repurchased 14.8 million shares for $1.9 billion, under an authorized program of up to $4.5 billion, with $2.0 billion remaining available.
  • From August 1, 2025, to October 31, 2025, the company completed repurchases of 23,034,000 shares for $3,247.59 million under a buyback plan announced on March 1, 2023.

Outbound Investments

  • Snowflake acquired Neeva in Q1 FY2024, adding 40 employees, primarily in research and development, to integrate search capabilities with generative AI across the Data Cloud.
  • The company has also made acquisitions such as Applica to enhance its AI capabilities.

Capital Expenditures

  • Snowflake's capital expenditures for the fiscal year ending January 2026 peaked at $101.6 million.
  • Annual capital expenditures were $97.963 million in 2024 and $75.712 million in 2025.
  • The company had aggressively spent on purchasing GPUs for AI capabilities, with R&D expenses surging to $1.28 billion in Fiscal 2024, but plans to slow down AI investments until previous investments yield revenue growth.

Better Bets vs. Snowflake (SNOW)

Peer Outperformance in Application Software

SNOW has outperformed 67% of its 125 Application Software peers over 5Y. Among the peers that beat it are GRND and SHOP. Application Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that SNOW has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
72%
of 151 industry peers · 10.8% return
3Y
82%
of 136 industry peers · 81.5% return
5Y
67%
of 125 industry peers · -22.7% return
Application Software peers with revenue growth within 4pp of SNOW's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
SNOW Snowflake 30.5% -93.2x 10.8%81.5%-22.7% —
GRND Grindr 30.3% 40.0x -11.3%130.3%31.8% +55pp
SHOP Shopify 28.7% 92.0x -0.2%147.9%-2.2% +21pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is SNOW's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 10 15.6%110.8%187.8% FLEX 499% · TTMI 428% · JBL 303%
Technology Distributors 9 50.7%59.2%59.9% AVT 146% · SNX 118% · CNXN 77%
Semiconductor Materials & Equipment 28 39.5%48.2%43.1% AXTI 370% · KLAC 281% · LRCX 274%
Communications Equipment 36 10.5%99.8%38.1% AAOI 806% · LITE 546% · ANET 461%
Electronic Components 24 20.6%78.5%33.8% CLS 1838% · BELFA 1082% · APH 310%
Electronic Equipment & Instruments 27 -5.1%32.8%-0.4% PI 129% · OSIS 112% · MIR 70%
Semiconductors 55 12.1%44.0%-5.3% MU 893% · AVGO 526% · NVDA 485%
Technology Hardware, Storage & Peripherals 21 13.0%88.7%-8.8% WDC 592% · DELL 581% · SMCI 538%
IT Consulting & Other Services 30 -17.7%-7.7%-25.2% APLD 293% · IBM 142% · GIB -10%
Internet Services & Infrastructure 6 -9.8%38.8%-29.7% GDDY 56% · VRSN 33% · AKAM -27%
Systems Software 70 -7.3%17.7%-52.9% ZETA 227% · CRWD 212% · CVLT 145%
Application Software ← 126 -11.5%-11.7%-55.7% PLTR 598% · FROG 180% · AGYS 141%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
Mkt Price294.30534.50271.27288.13118.75169.42279.70
Mkt Cap102.83,969.22,928.93,531.3-407.62,928.9
Rev LTM5,435346,445797,455471,098-7,288346,445
Op Inc LTM-1,237163,191104,366156,976-3,326104,366
FCF LTM1,19359,957-46,89219,747-4,0544,054
FCF 3Y Avg91470,2122,20749,707-2,2762,276
CFO LTM1,253195,878168,300179,551-4,097168,300
CFO 3Y Avg994155,021137,232145,359-2,303137,232

Growth & Margins

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
Rev Chg LTM32.0%17.9%15.4%22.2%-87.1%22.2%
Rev Chg 3Y Avg30.5%16.6%12.9%16.7%-52.9%16.7%
Rev Chg Q35.1%18.8%12.1%24.7%-95.9%24.7%
QoQ Delta Rev Chg LTM8.0%4.4%2.8%5.7%-18.4%5.7%
Op Inc Chg LTM19.7%20.0%37.0%26.5%-291.5%26.5%
Op Inc Chg 3Y Avg-9.3%20.2%64.1%26.0%-442.9%26.0%
Op Mgn LTM-22.8%47.1%13.1%33.3%-45.6%33.3%
Op Mgn 3Y Avg-32.9%46.0%11.3%32.1%-27.1%27.1%
QoQ Delta Op Mgn LTM3.4%0.3%1.0%0.2%-2.8%1.0%
CFO/Rev LTM23.1%56.5%21.1%38.1%-56.2%38.1%
CFO/Rev 3Y Avg23.7%51.5%19.4%36.1%-46.8%36.1%
FCF/Rev LTM22.0%17.3%-5.9%4.2%-55.6%17.3%
FCF/Rev 3Y Avg21.7%24.1%0.9%13.2%-46.2%21.7%

Valuation

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
Mkt Cap102.83,969.22,928.93,531.3-407.62,928.9
P/S18.911.53.77.5-55.911.5
P/Op Inc-83.124.328.122.5-122.524.3
P/EBIT-96.422.016.412.1-122.516.4
P/E-94.227.821.715.0-111.121.7
P/CFO82.020.317.419.7-99.520.3
Total Yield-1.1%4.2%4.7%7.0%-0.9%4.2%
Dividend Yield0.0%0.7%0.0%0.3%-0.0%0.0%
FCF Yield 3Y Avg1.4%2.0%0.3%1.9%-0.8%1.4%
D/E0.00.00.10.0-0.00.0
Net D/E0.0-0.00.1-0.0--0.0-0.0

Returns

SNOWMSFTAMZNGOOGLORCLPLTRMedian
NameSnowflakeMicrosoftAmazon.c.Alphabet Oracle Palantir. 
1M Rtn-20.2%-0.1%3.4%-18.1%-16.0%-19.0%-17.0%
3M Rtn-12.1%5.8%-2.5%-19.4%-21.1%-3.3%-7.7%
6M Rtn94.3%30.1%0.8%-25.8%-38.3%23.8%12.3%
12M Rtn12.0%8.5%11.0%3.6%-49.7%-4.8%6.0%
3Y Rtn83.5%48.0%89.0%119.4%8.8%761.3%86.2%
1M Excs Rtn-14.6%5.3%9.0%-12.5%-10.5%-13.4%-11.5%
3M Excs Rtn-7.3%10.7%4.3%-11.6%-13.6%1.4%-3.0%
6M Excs Rtn94.7%30.5%1.3%-25.3%-37.8%24.2%12.8%
12M Excs Rtn1.3%-1.2%1.7%-8.3%-60.3%-13.0%-4.7%
3Y Excs Rtn34.5%-12.4%24.5%57.3%-55.1%771.9%29.5%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Product revenue4,4723,4622,6671,9391,140
Professional services and other revenue21216414012779
Total4,6843,6262,8062,0661,219


Price Behavior

Price Behavior
Market Price$291.14 
Market Cap ($ Bil)101.7 
First Trading Date09/16/2020 
Distance from 52W High-21.1% 
   50 Days200 Days
DMA Price$327.38$241.44
DMA Trendupup
Distance from DMA-11.1%20.6%
 3M1YR
Volatility58.5%66.9%
Downside Capture271.52156.92
Upside Capture234.55144.96
Correlation (S&P 500)54.7%29.5%
SNOW Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta3.563.343.091.451.431.51
Up Beta1.484.503.431.171.071.23
Down Beta4.604.344.111.061.211.45
Up Capture275%299%323%337%204%614%
Bmk +ve Days12182862130427
Stock +ve Days10182962121396
Down Capture346%266%234%64%135%111%
Bmk -ve Days10253664121325
Stock -ve Days12253564130355

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SNOW
SNOW10.0%66.9%0.39-
Sector ETF (XLK)18.7%28.5%0.5933.9%
Equity (SPY)13.3%13.7%0.6529.8%
Gold (GLD)3.7%28.8%0.1210.0%
Commodities (DBC)38.2%21.3%1.422.2%
Real Estate (VNQ)13.7%14.3%0.65-0.5%
Bitcoin (BTCUSD)-25.3%43.6%-0.5526.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SNOW
SNOW-4.8%62.8%0.17-
Sector ETF (XLK)17.1%26.5%0.5851.3%
Equity (SPY)11.8%17.3%0.5149.6%
Gold (GLD)17.8%19.1%0.756.6%
Commodities (DBC)8.0%19.6%0.296.6%
Real Estate (VNQ)1.5%18.9%-0.0328.9%
Bitcoin (BTCUSD)4.4%51.6%0.2729.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SNOW
SNOW1.0%62.1%0.27-
Sector ETF (XLK)23.1%25.3%0.8349.3%
Equity (SPY)15.3%18.0%0.7246.6%
Gold (GLD)12.1%16.5%0.607.7%
Commodities (DBC)7.6%18.1%0.338.0%
Real Estate (VNQ)6.1%20.7%0.2526.4%
Bitcoin (BTCUSD)60.0%66.3%1.0023.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity18.6 Mil
Short Interest: % Change Since 93020263.6%
Average Daily Volume4.3 Mil
Days-to-Cover Short Interest4.4 days
Basic Shares Quantity349.3 Mil
Short % of Basic Shares5.3%

Earnings Returns History

Updated 10/6/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/2/202616.6%7.8%11.5%
5/27/202636.5%37.7%42.1%
2/25/20265.1%2.9%-0.3%
12/3/20252.0%-14.3%-13.6%
8/27/202520.3%10.7%12.1%
5/21/202513.4%12.9%19.3%
2/26/20251.2%5.7%-2.7%
11/20/2024-0.9%31.5%26.1%
...
SUMMARY STATS   
# Positive141512
# Negative10912
Median Positive4.9%7.8%11.6%
Median Negative-5.3%-14.3%-11.5%
Max Positive36.5%37.7%42.1%
Max Negative-16.5%-28.3%-31.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/2/202616.6%7.8%11.5%
5/27/202636.5%37.7%42.1%
2/25/20265.1%2.9%-0.3%
12/3/20252.0%-14.3%-13.6%
8/27/202520.3%10.7%12.1%
5/21/202513.4%12.9%19.3%
2/26/20251.2%5.7%-2.7%
11/20/2024-0.9%31.5%26.1%
8/21/2024-14.7%-17.4%-18.4%
5/22/2024-5.4%-13.7%-23.6%
2/28/2024-1.7%-28.3%-31.6%
11/29/20232.2%8.5%17.3%
8/23/2023-5.2%-0.2%-3.9%
5/24/2023-16.5%-5.6%-4.1%
3/1/20230.1%-7.7%-11.0%
11/30/20224.6%0.1%4.3%
8/24/202223.1%13.5%7.9%
5/25/2022-4.5%4.1%11.6%
3/2/20220.6%-27.2%-12.0%
12/1/2021-8.6%6.8%0.1%
8/25/20217.6%6.1%11.5%
5/26/20214.2%1.4%5.0%
3/3/2021-8.7%-15.0%-15.3%
12/2/2020-4.2%27.6%-7.9%
SUMMARY STATS   
# Positive141512
# Negative10912
Median Positive4.9%7.8%11.6%
Median Negative-5.3%-14.3%-11.5%
Max Positive36.5%37.7%42.1%
Max Negative-16.5%-28.3%-31.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
07/31/202609/04/202610-Q
04/30/202605/29/202610-Q
01/31/202603/20/202610-K
10/31/202512/05/202510-Q
07/31/202509/05/202510-Q
04/30/202505/30/202510-Q
01/31/202503/21/202510-K
10/31/202411/27/202410-Q
07/31/202408/29/202410-Q
04/30/202405/31/202410-Q
01/31/202403/26/202410-K
10/31/202312/01/202310-Q
07/31/202308/31/202310-Q
04/30/202306/02/202310-Q
01/31/202303/29/202310-K
10/31/202212/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
07/31/202609/04/202610-Q
04/30/202605/29/202610-Q
01/31/202603/20/202610-K
10/31/202512/05/202510-Q
07/31/202509/05/202510-Q
04/30/202505/30/202510-Q
01/31/202503/21/202510-K
10/31/202411/27/202410-Q
07/31/202408/29/202410-Q
04/30/202405/31/202410-Q
01/31/202403/26/202410-K
10/31/202312/01/202310-Q
07/31/202308/31/202310-Q
04/30/202306/02/202310-Q
01/31/202303/29/202310-K
10/31/202212/02/202210-Q
07/31/202209/01/202210-Q
04/30/202206/03/202210-Q
01/31/202203/30/202210-K
10/31/202112/03/202110-Q
07/31/202109/02/202110-Q
04/30/202106/04/202110-Q
01/31/202103/31/202110-K
10/31/202012/03/202010-Q
07/31/202009/16/2020424B4

Recent Forward Guidance

Updated 10/26/2026

Latest: Q2 2027 Earnings Reported 9/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2027 Product RevenueReported1.59 Bil1.59 Bil1.59 Bil   
Q3 2027 Non-GAAP Operating MarginReported 15.5%    
2027 Product RevenueReported 6.07 Bil 3.9% RaisedGuidance: 5.84 Bil for 2027
2027 Non-GAAP Product Gross MarginReported 74.0%  -1.0%LoweredGuidance: 75.0% for 2027
2027 Non-GAAP Operating MarginReported 14.5%  1.0%RaisedGuidance: 13.5% for 2027
2027 Non-GAAP Adjusted Free Cash Flow MarginReported 23.0%  0.0%AffirmedGuidance: 23.0% for 2027


Prior: Q1 2027 Earnings Reported 5/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2027 Weighted-average sharesReported 375.00 Mil    
Q2 2027 Product RevenueReported1.42 Bil1.42 Bil1.42 Bil   
Q2 2027 Non-GAAP Operating MarginReported 12.5%    
2027 Weighted-average sharesReported 376.00 Mil    
2027 Product RevenueReported 5.84 Bil 3.2% RaisedGuidance: 5.66 Bil for 2027
2027 Non-GAAP Product Gross MarginReported 75.0%    
2027 Non-GAAP Operating MarginReported 13.5%  1.0%RaisedGuidance: 12.5% for 2027
2027 Non-GAAP Adjusted Free Cash Flow MarginReported 23.0%  0.0%AffirmedGuidance: 23.0% for 2027

Q4 2026 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2027 Product RevenueReported1.26 Bil1.26 Bil1.27 Bil5.6% Higher NewActual: 1.20 Bil for Q4 2026
Q1 2027 Non-GAAP product gross profit marginReported 75.0%    
Q1 2027 Non-GAAP operating income marginReported 9.0%  2.0%Higher NewActual: 7.0% for Q4 2026
2027 Product RevenueReported 5.66 Bil 27.3% Higher NewActual: 4.45 Bil for 2026
2027 Non-GAAP operating income marginReported 12.5%  3.5%Higher NewActual: 9.0% for 2026
2027 Non-GAAP adjusted free cash flow marginReported 23.0%  -2.0%Lower NewActual: 25.0% for 2026

Q3 2026 Earnings Reported 12/3/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Product RevenueReported1.20 Bil1.20 Bil1.20 Bil6.2% Higher NewActual: 1.13 Bil for Q3 2026
Q4 2026 Operating Income MarginReported 7.0%  -2.0%Lower NewActual: 9.0% for Q3 2026
2026 Product RevenueReported 4.45 Bil 1.2% RaisedGuidance: 4.39 Bil for 2026
2026 Product Gross Profit MarginReported 75.0%  0AffirmedGuidance: 75.0% for 2026
2026 Operating Income MarginReported 9.0%  0AffirmedGuidance: 9.0% for 2026
2026 Adjusted Free Cash Flow MarginReported 25.0%  0AffirmedGuidance: 25.0% for 2026

Insider Activity

Updated 11/10/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Speiser, Michael L Trust (WWS-21)Sell11102026275.92840231,7766,488,625Form
2Speiser, Michael L DirectSell11102026275.92403111,1965,894,767Form
3Speiser, Michael L Trust (Rev Tr)Sell11102026275.9334,0059,382,914304,551,093Form
4Speiser, Michael L Ltd PartnershipSell11102026275.9312,9733,579,602100,224,446Form
5Speiser, Michael L Trust (AMS-21)Sell11102026275.92840231,7766,488,625Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Speiser, Michael L Trust (WWS-21)Sell11102026275.92840231,7766,488,625Form
2Speiser, Michael L DirectSell11102026275.92403111,1965,894,767Form
3Speiser, Michael L Trust (Rev Tr)Sell11102026275.9334,0059,382,914304,551,093Form
4Speiser, Michael L Ltd PartnershipSell11102026275.9312,9733,579,602100,224,446Form
5Speiser, Michael L Trust (AMS-21)Sell11102026275.92840231,7766,488,625Form
6Speiser, Michael L Trust (LES-21)Sell11102026275.92840231,7766,488,625Form
7Speiser, Michael L Trust (ESS-21)Sell11102026275.92840231,7766,488,625Form
8Dageville, Benoit TrustSell11052026292.3550,00014,617,500653,365,706Form
9Kleinerman, ChristianEVP, Product ManagementDirectSell11042026306.0110,0003,060,10092,946,865Form
10Dageville, Benoit TrustSell10232026321.7450,00016,087,000740,498,445Form
11Slootman, Frank DirectSell10212026316.43300,00094,930,1766,019,839Form
12Dageville, Benoit TrustSell10082026333.4250,00016,671,000795,166,356Form
13Speiser, Michael L DirectSell10022026344.00403138,6327,487,848Form
14Speiser, Michael L Ltd PartnershipSell10022026344.0012,9734,462,712129,413,144Form
15Speiser, Michael L Trust (AMS-21)Sell10022026344.00840288,9608,378,464Form
16Speiser, Michael L Trust (WWS-21)Sell10022026344.00840288,9608,378,464Form
17Speiser, Michael L Trust (LES-21)Sell10022026344.00840288,9608,378,464Form
18Speiser, Michael L Trust (ESS-21)Sell10022026344.00840288,9608,378,464Form
19Speiser, Michael L Trust (Rev Tr)Sell10022026344.0034,00511,697,720391,382,904Form
20Kleinerman, ChristianEVP, Product ManagementDirectSell10022026341.5715,0005,123,550107,163,489Form
21Dageville, Benoit TrustSell9242026339.0850,00016,954,000825,618,771Form
22Beaulier, Jonathan MeadChief Revenue OfficerDirectSell9242026336.36755253,95371,180,590Form
23Kleinerman, ChristianEVP, Product ManagementDirectSell9222026344.502,622903,279113,250,241Form
24Slootman, Frank DirectSell9222026335.22102,79134,457,2936,377,169Form
25Slootman, Frank DirectSell9222026334.10197,20965,888,2486,355,988Form
26Beaulier, Jonathan MeadChief Revenue OfficerDirectSell9162026336.1212,2924,131,63671,622,983Form
27Ho, EmilyChief Accounting OfficerDirectSell9162026332.93768255,69313,303,337Form
28Kleinerman, ChristianEVP, Product ManagementDirectSell9162026318.512,986951,071106,386,481Form
29Slootman, Frank DirectSell9162026318.518,1912,608,9156,059,334Form
30Raghunathan, VivekSVP, EngineeringDirectSell9162026318.513,8761,234,54576,586,685Form
31Kleinerman, ChristianEVP, Product ManagementDirectSell9102026335.722,730916,516107,392,464Form
32Dageville, Benoit TrustSell9102026335.7250,00016,786,000878,987,140Form
33Garrett, Mark DirectSell9092026350.0050,00017,500,0003,525,900Form
34Speiser, Michael LDirectSell9092026353.87403142,6107,845,320Form
35Speiser, Michael LLtd PartnershipSell9092026353.8712,9734,590,768137,717,393Form
36Speiser, Michael LTrust (AMS-21)Sell9092026353.87840297,2528,916,134Form
37Speiser, Michael LTrust (WWS-21)Sell9092026353.87840297,2528,916,134Form
38Speiser, Michael LTrust (LES-21)Sell9092026353.87840297,2528,916,134Form
39Speiser, Michael LTrust (ESS-21)Sell9092026353.87840297,2528,916,134Form
40Speiser, Michael LTrust (Rev Tr)Sell9092026353.8734,00512,033,383414,646,929Form
41Kleinerman, ChristianEVP, Product ManagementLLCSell9032026380.0010,0003,800,0007,055,840Form
42Kleinerman, ChristianEVP, Product ManagementDirectSell9032026325.5715,0004,883,550105,933,641Form
43Dageville, Benoit TrustSell8282026309.4450,00015,472,000830,810,196Form
44Slootman, Frank DirectSell8202026320.7848,99015,715,0049,153,452Form
45Slootman, Frank DirectSell8202026325.53251,01081,710,0619,288,859Form
46Dageville, Benoit TrustSell8142026335.7050,00016,785,000923,695,671Form
47Kleinerman, ChristianEVP, Product ManagementDirectSell8112026325.0025,0008,125,000110,623,175Form
48Kleinerman, ChristianEVP, Product ManagementLLCSell8112026325.005,0001,625,0009,284,600Form
49Speiser, Michael L DirectSell8112026324.06403130,5967,315,006Form
50Speiser, Michael L Ltd PartnershipSell8112026324.0612,9734,204,030130,319,757Form
51Speiser, Michael L Trust (AMS-21)Sell8112026324.06840272,2108,437,226Form
52Speiser, Michael L Trust (WWS-21)Sell8112026324.06840272,2108,437,226Form
53Speiser, Michael L Trust (LES-21)Sell8112026324.06840272,2108,437,226Form
54Speiser, Michael L Trust (ESS-21)Sell8112026324.06840272,2108,437,226Form
55Speiser, Michael L Trust (Rev Tr)Sell8112026324.0634,00511,019,660366,595,792Form
56Kleinerman, ChristianEVP, Product ManagementDirectSell8052026297.0010,0002,969,950108,515,736Form
57Kleinerman, ChristianEVP, Product ManagementDirectSell8032026300.0020,0006,000,000112,613,700Form
58Kleinerman, ChristianEVP, Product ManagementLLCSell8032026300.009,986  Form
59Dageville, Benoit TrustSell7302026280.0050,00014,000,000789,101,320Form
60Slootman, Frank DirectSell7222026275.1010,3152,837,6347,849,916Form
61Slootman, Frank DirectSell7222026274.39289,68579,486,0577,829,659Form
62Dageville, Benoit TrustSell7162026276.5350,00013,826,500797,757,802Form
63Kleinerman, ChristianEVP, Product ManagementDirectSell7162026275.002,500687,500108,729,225Form
64Speiser, Michael L Trust (WWS-21)Sell7082026257.91840216,6426,931,511Form
65Speiser, Michael L Trust (AMS-21)Sell7082026257.91840216,6426,931,511Form
66Speiser, Michael L Trust (ESS-21)Sell7082026257.91840216,6426,931,511Form
67Speiser, Michael L Trust (LES-21)Sell7082026257.91840216,6426,931,511Form
68Speiser, Michael L Trust (Rev Tr)Sell7082026257.9134,0058,770,104300,528,951Form
69Speiser, Michael L DirectSell7082026257.92403103,9405,925,877Form
70Speiser, Michael L Ltd PartnershipSell7082026257.9112,9733,345,823107,062,198Form
71Briggs, Teresa DirectSell7062026255.1134387,5031,290,857Form
72Dageville, Benoit DirectSell7062026254.64140,81935,858,15046,079,145Form
73Dageville, Benoit TrustSell7062026254.6450,00012,732,000751,583,965Form
74Briggs, Teresa DirectSell7062026254.6434487,5961,375,820Form
75Kleinerman, ChristianEVP, Product ManagementDirectSell7062026258.562,500646,400102,875,594Form
76Slootman, Frank DirectSell7012026251.7399,90025,147,5627,183,040Form
77Slootman, Frank DirectSell6292026250.0010025,0007,133,750Form
78Ho, EmilyChief Accounting OfficerDirectSell6262026232.251,860431,9769,587,770Form
79Kleinerman, ChristianEVP, Product ManagementDirectSell6242026228.452,621598,76791,466,583Form
80Beaulier, Jonathan MeadChief Revenue OfficerDirectSell6242026231.989,3672,172,95754,466,816Form
81Slootman, Frank DirectSell6222026224.27200,00044,854,0366,399,550Form
82Kleinerman, ChristianEVP, Product ManagementDirectSell6172026240.002,986716,64097,356,480Form
83Raghunathan, VivekSVP, EngineeringDirectSell6172026240.003,876930,24062,085,360Form
84Slootman, Frank DirectSell6172026240.008,0661,935,8406,848,400Form
85Kleinerman, ChristianEVP, Product ManagementDirectSell6102026239.002,729652,23198,707,478Form
86Speiser, Michael L DirectSell6082026245.2140398,8185,420,524Form
87Speiser, Michael L Ltd PartnershipSell6082026245.2112,9733,181,057104,970,972Form
88Speiser, Michael L Trust (Rev Tr)Sell6082026245.2134,0058,338,230294,067,954Form
89Speiser, Michael L Trust (AMS-21)Sell6082026245.21840205,9736,796,129Form
90Speiser, Michael L Trust (ESS-21)Sell6082026245.21840205,9736,796,129Form
91Speiser, Michael L Trust (LES-21)Sell6082026245.21840205,9736,796,129Form
92Speiser, Michael L Trust (WWS-21)Sell6082026245.21840205,9736,796,129Form
93Kleinerman, ChristianEVP, Product ManagementDirectSell6032026272.0010,0002,720,000113,830,368Form
94Slootman, Frank DirectSell6032026263.70162,92442,962,77510,032,664Form
95Slootman, Frank DirectSell6012026252.43437,076110,332,8539,604,105Form
96Garrett, Mark DirectSell6012026250.00100,00025,000,2002,200,268Form
97Kleinerman, ChristianEVP, Product ManagementDirectSell5292026236.775,0001,183,850125,131,524Form
98Kleinerman, ChristianEVP, Product ManagementLLCSell5292026236.7710023,6771,180,535Form
99Slootman, Frank DirectSell5292026233.42400,00093,366,5798,880,562Form
100Slootman, Frank DirectSell5282026176.5255,3509,770,4566,715,931Form
101Slootman, Frank DirectSell5202026175.45144,65025,378,3956,675,053Form
102Speiser, Michael L DirectSell5042026141.5940357,0633,187,148Form
103Speiser, Michael L Ltd PartnershipSell5042026141.6012,9731,836,91662,452,877Form
104Speiser, Michael L Trust (Rev Tr)Sell5042026141.6034,0054,814,951174,625,916Form
105Speiser, Michael L Trust (AMS-21)Sell5042026141.60840118,9404,043,399Form
106Speiser, Michael L Trust (ESS-21)Sell5042026141.60840118,9404,043,399Form
107Speiser, Michael L Trust (LES-21)Sell5042026141.60840118,9404,043,399Form
108Speiser, Michael L Trust (WWS-21)Sell5042026141.60840118,9404,043,399Form
109Speiser, Michael L DirectSell4062026148.2140359,7273,395,673Form
110Speiser, Michael L Ltd PartnershipSell4062026148.2112,9731,922,66367,290,850Form
111Speiser, Michael L Trust (AMS-21)Sell4062026148.21840124,4924,356,634Form
112Speiser, Michael L Trust (WWS-21)Sell4062026148.21840124,4924,356,634Form
113Speiser, Michael L Trust (LES-21)Sell4062026148.21840124,4924,356,634Form
114Speiser, Michael L Trust (ESS-21)Sell4062026148.21840124,4924,356,634Form
115Speiser, Michael L Trust (Rev Tr)Sell4062026148.2134,0055,039,711187,817,084Form
116Raghunathan, VivekSVP, EngineeringDirectSell4022026152.803,876592,25341,763,754Form
117Ho, EmilyChief Accounting OfficerDirectSell3242026173.972,141372,4657,750,796Form
118Dageville, BenoitFounder and Chief ArchitectDirectSell3242026170.01874148,58911,176,797Form
119Kleinerman, ChristianEVP, Product ManagementDirectSell3242026170.012,621445,59690,699,315Form
120Slootman, Frank DirectSell3202026175.2511,2991,980,1726,667,638Form
121Slootman, Frank DirectSell3202026175.9388,70115,605,3706,693,520Form
122Slootman, Frank DirectSell3182026175.347,8741,380,6276,670,986Form
123Kleinerman, ChristianEVP, Product ManagementDirectSell3182026175.342,986523,56586,977,758Form
124Dageville, BenoitFounder and Chief ArchitectDirectSell3182026175.341,919336,4779,338,959Form
125Slootman, Frank DirectSell3112026182.442,042372,5428,676,482Form
126Kleinerman, ChristianEVP, Product ManagementDirectSell3112026182.44550100,34291,554,777Form
127Dageville, BenoitFounder and Chief ArchitectDirectSell3112026182.444,183763,14710,421,703Form
128Speiser, Michael L DirectSell3092026175.1940370,6014,084,494Form
129Speiser, Michael L Ltd PartnershipSell3092026175.1912,9732,272,74881,816,122Form
130Speiser, Michael L Trust (AMS-21)Sell3092026175.19840147,1625,297,114Form
131Speiser, Michael L Trust (WWS-21)Sell3092026175.19840147,1625,297,114Form
132Speiser, Michael L Trust (LES-21)Sell3092026175.19840147,1625,297,114Form
133Speiser, Michael L Trust (ESS-21)Sell3092026175.19840147,1625,297,114Form
134Speiser, Michael L Trust (Rev Tr)Sell3092026175.1934,0055,957,355227,972,686Form
135Kleinerman, ChristianEVP, Product ManagementDirectSell3032026165.0110,0001,650,10084,233,810Form
136Slootman, Frank DirectSell2192026176.91100,00017,690,8238,903,614Form
137Speiser, Michael L DirectSell2062026165.2240366,5843,918,727Form
138Speiser, Michael L Ltd PartnershipSell2062026165.2212,9732,143,44579,304,829Form
139Speiser, Michael L Trust (AMS-21)Sell2062026165.22840138,7885,134,490Form
140Speiser, Michael L Trust (WWS-21)Sell2062026165.22840138,7885,134,490Form
141Speiser, Michael L Trust (LES-21)Sell2062026165.22840138,7885,134,490Form
142Speiser, Michael L Trust (ESS-21)Sell2062026165.22840138,7885,134,490Form
143Speiser, Michael L Trust (Rev Tr)Sell2062026165.2234,0055,618,427220,621,195Form
144Kleinerman, ChristianEVP, Product ManagementDirectSell2032026197.0910,0001,970,90090,927,669Form
145Slootman, Frank DirectSell1222026206.77200,00041,353,98410,406,523Form
146Kleinerman, ChristianEVP, Product ManagementDirectSell1062026219.9010,0002,199,000103,650,085Form
147Speiser, Michael L DirectSell1052026221.1640389,1285,334,634Form
148Speiser, Michael L Trust (Rev Tr)Sell1052026221.1634,0057,520,622285,780,320Form
149Speiser, Michael L Ltd PartnershipSell1052026221.1612,9732,869,138109,023,700Form
150Speiser, Michael L Trust (AMS-21)Sell1052026221.16840185,7767,058,618Form
151Speiser, Michael L Trust (ESS-21)Sell1052026221.16840185,7767,058,618Form
152Speiser, Michael L Trust (LES-21)Sell1052026221.16840185,7767,058,618Form
153Speiser, Michael L Trust (WWS-21)Sell1052026221.16840185,7767,058,618Form
154Raghunathan, VivekSVP, Engineering and SupportDirectSell1052026220.4411,8012,601,35348,059,239Form
155Ho, EmilyChief Accounting OfficerDirectSell12232025223.631,072239,7319,797,007Form
156Kleinerman, ChristianEVP, Product ManagementDirectSell12232025224.304,7551,066,546120,356,464Form
157Dageville, BenoitFounder and Chief ArchitectDirectSell12232025224.30870195,1419,700,975Form
158Ho, EmilyChief Accounting OfficerDirectSell12222025222.91586130,62410,248,195Form
159Slootman, Frank DirectSell12222025221.83200,00044,366,31511,164,561Form
160Dageville, BenoitFounder and Chief ArchitectDirectSell12162025212.451,912406,2049,562,162Form
161Slootman, Frank DirectSell12162025212.457,7281,641,81429,943,765Form
162Kleinerman, ChristianEVP, Product ManagementDirectSell12162025212.452,975632,039107,165,516Form
163Kleinerman, ChristianEVP, Product ManagementDirectSell12102025223.31548122,374113,985,240Form
164Dageville, BenoitFounder and Chief ArchitectDirectSell12102025223.31814181,77410,913,606Form
165Slootman, Frank DirectSell12102025223.311,993445,05733,598,329Form
166Speiser, Michael L DirectSell12082025230.6540392,9525,656,453Form
167Speiser, Michael L Trust (Rev Tr)Sell12082025230.6534,0057,843,401305,889,175Form
168Speiser, Michael L Ltd PartnershipSell12082025230.6512,9732,992,281116,695,270Form
169Speiser, Michael L Trust (AMS-21)Sell12082025230.65840193,7507,555,331Form
170Speiser, Michael L Trust (ESS-21)Sell12082025230.65840193,7507,555,331Form
171Speiser, Michael L Trust (LES-21)Sell12082025230.65840193,7507,555,331Form
172Speiser, Michael L Trust (WWS-21)Sell12082025230.65840193,7507,555,331Form
173Kleinerman, ChristianEVP, Product ManagementDirectSell12032025249.5310,0002,495,300127,871,648Form
174Dageville, BenoitFounder and Chief ArchitectDirectSell12012025249.6525,0006,241,25012,612,068Form
175Dageville, BenoitFounder and Chief ArchitectDirectSell11142025264.4525,0006,611,25013,359,750Form
176Speiser, Michael L Trust (Rev Tr)Sell11102025257.3034,0058,749,585349,979,550Form
177Speiser, Michael L DirectSell11102025257.29403103,6886,413,466Form
178Speiser, Michael L Ltd PartnershipSell11102025257.3012,9733,337,993133,515,613Form
179Speiser, Michael L Trust (AMS-21)Sell11102025257.30840216,1368,644,417Form
180Speiser, Michael L Trust (ESS-21)Sell11102025257.30840216,1368,644,417Form
181Speiser, Michael L Trust (LES-21)Sell11102025257.30840216,1368,644,417Form
182Speiser, Michael L Trust (WWS-21)Sell11102025257.30840216,1368,644,417Form
183Kleinerman, ChristianEVP, Product ManagementDirectSell11042025277.7310,0002,777,300145,100,038Form
184Kleinerman, ChristianEVP, Product ManagementLLCSell11042025275.005,0001,375,00010,606,200Form
185Dageville, BenoitFounder and Chief ArchitectDirectSell10312025265.0025,0006,625,00013,387,535Form

Investor Activity (13F)

Updated Nov 10, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Optimus Prime Fund Management Co., Ltd.$140.6 Mil13.5%27ADD +28.1%13F
Manchester Global Management (UK) Ltd$38.3 Mil5.1%23ADD +51.1%13F
Altimeter Capital Management, LP$290.5 Mil5.1%13Hold13F
Spyglass Capital Management LLC$53.1 Mil3.8%25ADD +7.1%13F
Jericho Capital Asset Management L.P.$240.1 Mil3.5%23Hold13F
Generali Powszechne Towarzystwo Emerytalne$19.7 Mil3.5%28Hold13F
Nepsis Inc.$8.3 Mil2.8%29Hold13F
Scge Management, L.P.$80.7 Mil2.4%21TRIM -32.9%13F
Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group$5.9 Mil2.2%28New13F
Cypress Point Investment Management LP$9.4 Mil2.2%32ADD +123.7%13F
Stony Point Capital LLC$12.4 Mil1.0%31Hold13F
Comprehensive Financial Management LLC$8.2 Mil0.3%38Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group$5.9 Mil2.2%28New13F
Cypress Point Investment Management LP$9.4 Mil2.2%32ADD +123.7%13F
Manchester Global Management (UK) Ltd$38.3 Mil5.1%23ADD +51.1%13F
Optimus Prime Fund Management Co., Ltd.$140.6 Mil13.5%27ADD +28.1%13F
Spyglass Capital Management LLC$53.1 Mil3.8%25ADD +7.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Melqart Asset Management (UK) Ltd$31.7 Mil3.2%44ExitedDec 31, 202513F
Anomaly Capital Management, LP$29.1 Mil1.0%32ExitedDec 31, 202513F
Avantyr Capital Partners, LP$20.1 Mil1.2%25ExitedDec 31, 202513F
Once Capital Management, LLC$16.9 Mil4.3%19ExitedDec 31, 202513F
Benchstone Capital Management LP$13.3 Mil1.5%43ExitedDec 31, 202513F
Kinetic Partners Management, LP$10.9 Mil0.5%44ExitedDec 31, 202513F
TB Alternative Assets Ltd.$10.0 Mil1.6%50ExitedDec 31, 202513F
Napean Trading & Investment Co (Singapore) PTE Ltd$7.4 Mil1.4%37ExitedDec 31, 202513F
Scge Management, L.P.$80.7 Mil2.4%21TRIM -32.9%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Altimeter Capital Management, LP$290.5 Mil5.1%13Hold13F
Jericho Capital Asset Management L.P.$240.1 Mil3.5%23Hold13F
Optimus Prime Fund Management Co., Ltd.$140.6 Mil13.5%27ADD +28.1%13F
Scge Management, L.P.$80.7 Mil2.4%21TRIM -32.9%13F
Spyglass Capital Management LLC$53.1 Mil3.8%25ADD +7.1%13F
Manchester Global Management (UK) Ltd$38.3 Mil5.1%23ADD +51.1%13F
Generali Powszechne Towarzystwo Emerytalne$19.7 Mil3.5%28Hold13F
Stony Point Capital LLC$12.4 Mil1.0%31Hold13F
Cypress Point Investment Management LP$9.4 Mil2.2%32ADD +123.7%13F
Nepsis Inc.$8.3 Mil2.8%29Hold13F
Comprehensive Financial Management LLC$8.2 Mil0.3%38Hold13F
Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group$5.9 Mil2.2%28New13F
Core Cache Last Updated: 11/9/2026