SNOW
SNOWSnowflake provides a cloud-based data platform, operating in the software application industry.
It enables companies to centralize and analyze vast amounts of data, distinguishing itself with its unique architecture that separates storage and compute for exceptional scalability and flexibility.
更新时间：December 28, 2025, 16:00 EST
投资观点：SNOW值得买吗？
Analysis of Snowflake (SNOW)
Technical Analysis: SNOW shows resilience by trading 41% above its 52-week low, but persistent declines over the past month indicate weakening momentum. Elevated beta and recent underperformance suggest ongoing volatility, presenting near-term headwinds despite its long-term uptrend.
Fundamentals: Revenue growth remains robust, underscoring strong demand for Snowflake's cloud data platform. However, profitability is a concern, with persistent net losses and high operating expenses offsetting solid gross margins. Healthy liquidity and manageable debt provide stability, but negative ROE reflects inefficiency in translating assets to earnings.
Valuation & Peer Comparison: SNOW trades at a significant premium, with a P/S ratio of 17 and P/B of 36 far exceeding typical software sector benchmarks. Such lofty multiples imply high growth expectations, yet negative earnings metrics question the sustainability of this valuation without near-term profit improvement.
Risk Assessment: The stock’s beta above 1 signals amplified volatility relative to the market, compounded by a substantial historical drawdown. Low short interest reduces squeeze risks, but execution missteps or competitive pressures in the cloud sector remain key concerns.
Investment Recommendation: Snowflake is a compelling growth story with leading technology and expanding revenue, but its risk-reward profile is challenging. While the long-term potential in data cloud services is significant, current valuation appears stretched amid ongoing losses and volatility. Investors with high risk tolerance may consider accumulating on dips, but those seeking stability should await clearer profitability signals or a more attractive entry point.
SNOW未来12个月走势预测
RockFlow 模型预测：2026年三种情景
Based on comprehensive analysis, the 12-month outlook for Snowflake (SNOW) is cautiously optimistic, balancing strong growth catalysts against significant valuation and execution risks.
Key catalysts include continued robust revenue growth driven by enterprise adoption of its cloud data platform and expansion into new AI and machine learning workloads. However, investors face potential risks from the stock's premium valuation demanding flawless execution, persistent profitability challenges, and competitive pressures in the crowded cloud data space. With analyst targets around $283.52 representing approximately 28% upside from current levels, the stock offers substantial potential reward but requires tolerance for volatility; achieving this target range hinges on Snowflake demonstrating improved operational efficiency alongside its impressive top-line growth.
华尔街共识
大多数华尔街分析师对SNOW未来12个月的走势持乐观态度，主流目标价集中在$0.00左右，表明普遍预期公司仍有上涨空间。
投资SNOW的利好利空
综合来看，SNOW具备一定的投资价值，但也面临多重挑战。以下是投资该股票前需要权衡的主要因素。
利好
- Analyst Price Target Increase: UBS raised Snowflake's price target to $310, signaling strong confidence.
- Strong Revenue Growth: The company exhibits strong revenue growth and high free cash flow margins.
- Strategic Product Launches: Launch of first industry-specific solutions expands market opportunities.
- Positive AI Partnerships: Deal with Anthropic AI enhances its artificial intelligence capabilities.
利空
- Disappointing Margin Forecast: Issued underwhelming margin outlook, raising concerns over profitability.
- AI Investment Profit Squeeze: Heavy AI investments could squeeze near-term profits.
- Mixed Analyst Sentiment Post-Earnings: Some analysts expressed caution despite beating Q3 targets.
- Underwhelming Future Outlook: Stock fell after earnings due to disappointing future guidance.
SNOW 技术面分析
SNOW has demonstrated strong long-term performance from its 52-week lows despite recent weakness. Overall, the stock remains substantially above its yearly low but faces near-term pressure amid recent declines.
The stock has underperformed the market over the past three months, posting a -0.72% return with a significant -5.12% relative weakness. Recent one-month performance shows加速的 weakness with an -8.29% decline, indicating building downward momentum.
SNOW currently trades at approximately 41% above its 52-week low, positioning it in the upper half of its yearly range but well below recent highs. While not deeply oversold, the stock's elevated beta and recent drawdown suggest it remains vulnerable to continued volatility despite the pullback from peak levels.
| 时间段 | SNOW涨跌幅 | 标普500 |
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SNOW 基本面分析
Revenue & Profitability SNOW delivered strong revenue growth with Q3 revenue reaching $1.21 billion, up from $1.14 billion in Q2, reflecting continued demand for its cloud data platform. However, profitability remains challenging, with a net loss of $294 million (-24% margin) in Q3, though this improved slightly from Q2's $298 million loss. The company maintains a healthy gross margin of 68%, but high R&D and marketing expenses continue to pressure operating results.
Financial Health SNOW maintains a solid liquidity position with a current ratio of 1.37 and substantial cash per share of $9.98. The debt ratio stands at 33% with a debt-to-equity ratio of 1.22, indicating moderate leverage. Operating cash flow remains positive at $0.41 per share, providing adequate coverage for ongoing operations despite the current unprofitability.
Operational Efficiency Operational metrics show challenges, with negative ROE of -13.4% and negative ROA of -3.6% reflecting the current unprofitable state. Asset turnover remains low at 0.15, typical for high-value SaaS platforms, while days sales outstanding of 70 indicates reasonable collection efficiency. The cash conversion cycle of 25 days demonstrates effective working capital management despite the growth-oriented cost structure.
最近两年营收 & 净利润走势
公司主要靠什么赚钱？
估值分析：SNOW是否被高估？
Valuation Level: SNOW exhibits exceptionally high valuation metrics across multiple measures, with a forward P/E of 136, P/B of 36, and P/S of 17. These ratios all suggest significant overvaluation, particularly when paired with a negative EV/EBITDA and a PEG ratio above 3, which indicates the company's growth expectations are not justifying its current premium pricing. The combination of negative profitability metrics and elevated multiples points to a stock priced for perfection despite current financial performance.
Peer Comparison: Without specific industry average data available for comparison, we can only assess SNOW's valuation in absolute terms. However, a P/S ratio of 17 and P/B ratio of 36 would typically rank among the highest valuation tiers across most technology and software sectors. These multiples suggest SNOW trades at a substantial premium to typical software companies, which generally exhibit P/S ratios in the single digits and P/B ratios below 10 for established players.
投资风险提示
Volatility Risk: With a beta of 1.092, SNOW exhibits volatility slightly higher than the broader market, suggesting it will likely amplify market movements. This is corroborated by a significant one-year maximum drawdown of -32.29%, indicating the shareholder experienced substantial peak-to-trough declines, highlighting heightened price volatility risk.
Other Risks: The notably low short interest of 1.9% suggests minimal skepticism from bearish investors, which generally reduces the risk of a short squeeze. However, this metric does not eliminate other potential risks, such as execution challenges or competitive pressures in the cloud data platform sector.
常见问题
Neutral to bearish. While SNOW has strong revenue growth and favorable analyst targets, its extremely high valuation and persistent lack of profitability create significant risk. Heavy AI investments are also pressuring near-term margins, leading to recent stock weakness. This stock is suitable only for aggressive, growth-oriented investors who can tolerate high volatility and are focused on long-term potential over current financial performance.
Based on the metrics provided, SNOW appears significantly overvalued. Its valuation multiples are exceptionally high, with a forward P/E of 136, a P/B of 36, and a P/S of 17, which are substantially above typical levels for even high-growth software companies (where P/S ratios are often in the single digits). The primary reason for this overvaluation is that the stock's price reflects extremely optimistic future growth expectations that are not supported by current profitability, as evidenced by its negative ROE and a PEG ratio of 3.36, which suggests the growth premium is excessive.
Based on the provided information, here are the key risks of holding SNOW stock, ordered by importance:
1. Profitability Risk: The company's significant and persistent net losses (-$294 million in Q3) demonstrate a fundamental challenge in achieving profitability despite strong revenue growth. 2. High Volatility Risk: With a beta of 1.092 and a substantial maximum drawdown of -32.29%, the stock is prone to amplified price swings and significant peak-to-trough declines. 3. Competitive & Execution Risk: Operating in the competitive cloud data platform sector, the company faces pressure from rivals and must successfully execute its growth strategy while managing high R&D and marketing expenses.
Of course. Here is the SNOW stock forecast through 2026, based on the provided data and strategic analysis.
SNOW Stock Forecast (2024-2026)
1. Target Price Range: * Base Case (Late 2026): $320 - $380. This scenario assumes successful execution on current growth plans and measured AI monetization. * Bull Case (Late 2026): $450 - $550. This scenario requires Snowflake to become the dominant platform for enterprise AI data workloads, leading to accelerated market share gains.
2. Key Growth Drivers: * Enterprise AI Adoption: Snowflake's core value is unifying siloed data. Its ability to serve as the clean, governed data foundation for AI and machine learning projects is its primary long-term growth lever. * Platform Expansion: Moving beyond data warehousing into areas like data engineering, applications (via Snowpark), and cybersecurity analytics expands its total addressable market and increases customer spending. * Productivity Gains: Features like Snowflake's Native App Framework and improving performance-to-cost ratio drive higher consumption and stickiness within its existing large enterprise customer base.
3. Main Assumptions: * Revenue growth stabilizes in the 20-30% range by 2026, down from hyper-growth levels but still robust. * The company makes meaningful progress toward GAAP profitability, improving its net loss margin significantly. * The macro-environment for cloud and AI spending remains favorable, without major regulatory hurdles.
4. Forecast Uncertainty: This forecast is highly sensitive to Snowflake's ability to monetize the AI opportunity and achieve profitability. The stock's premium valuation means any stumbles in growth or a significant shift in market sentiment toward cash-burning tech companies could lead to substantial downside volatility, making the path to these targets non-linear.