Snowflake
Data & AI infrastructure · https://www.snowflake.com
Verdict: Buy · Confidence: high · Reviewed 2026-10-15
Public company with audited results: product revenue +37% YoY and 126% NRR in Q2 FY2027. Mature, durable vendor.
Rubric
| Dimension | Score (1–5) | Notes & sources |
|---|---|---|
| Real customers & revenue quality Are there named paying customers, recurring revenue, and retention evidence? | 5/5 | Q2 FY27 product revenue $1.49B (+37% YoY), NRR 126%.
|
| Unit economics Do gross margins survive inference/compute costs? Is pricing durable? | 4/5 | Non-GAAP product gross margin 74.7% (GAAP 70.9%) in Q2 FY27.
|
| Moat Proprietary data, distribution, switching costs, or tech that is hard to copy? | 4/5 | Sticky data warehouse; 733 customers >$1M TTM product revenue (Q4 FY26).
|
| Platform risk Could a model provider or incumbent ship this as a feature? (higher score = lower risk) | 3/5 | Competes with Databricks and hyperscaler-native services on the clouds it runs on. |
| Team & execution Shipping cadence, leadership track record, stability. | 4/5 | Growth re-accelerated from ~30% to 37% over FY26–FY27.
|
| Funding vs. traction Is capital raised justified by verifiable traction? | 4/5 | Public company; valuation set by market, revenue audited.
|
| Hype signals Demo-driven marketing, vague metrics, valuation outrunning evidence? (higher score = fewer red flags) | 4/5 | Low hype risk; disclosures are GAAP-reconciled.
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Listing source: https://www.snowflake.com. Revenue, users, and valuation figures appear only when publicly sourced; otherwise they are marked unknown.