SNOW · US
SNOW.US: Cloud data platform + AI workloads
Snowflake cloud data platform.
Cite a section with a deep link, e.g. /en/r/snow-us-research#thesis
Snapshot
- Price
- USD 293
- Mkt cap
- USD 102.0B
- Revenue
- USD 3.8B
- RPO (approx)
- USD 6.5B
Thesis
Snowflake Cloud data platform with consumption revenue under optimization pressure; AI/unstructured + apps are next growth story.
Business
Model: consumption cloud data platform. Flagships: warehouse; sharing; Snowpark/AI. Edge: multi-cloud, separated/compute. Strategy: broaden workloads + margins.
Value chain
Data platform layer; upstream hyperscalers; downstream analytics/AI teams. Risks: consumption optimization; cloud pricing; open source.
Valuation
High-growth data infra; extremely sensitive to consumption growth.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: compute consumption; price: rates + commits; cost: cloud COGS.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Product rev (approx) | ~$3.5B+ | +20%+ | Consumption |
| RPO | Elevated | — | Commits |
| Gross margin | ~65%+ | — | Cloud COGS |
| NRR | Still healthy | — | Watch trend |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| Snowflake (self) | Data cloud | ~65-70% GM | Multi-cloud UX | Optimization pressure |
| Databricks (priv) | Lakehouse | n/a | AI mindshare | Private |
| BigQuery | Cloud DW | Bundle | GCP attach | Multi-cloud |
| Fabric/Synapse | Microsoft | Bundle | Distribution | Competition |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Sridhar Ramaswamy | 2024+ | CEO change in 24m |
| CFO | Michael Scarpelli | long-tenured | No material change |
| Product | Product leads | ongoing | AI focus |
Stability: CEO transition—watch strategy and sales cadence.
Outlook
Track product revenue growth, NRR, AI products, path to profits.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
Not investment advice; defer to latest company filings.