Snowflake Inc. (SNOW)

Executive Summary

Snowflake is, in our view at T&T Capital Management, one of the most consequential data-platform franchises in the AI era. The Data Cloud platform — combining data warehousing + data sharing + Snowpark + Cortex AI + Iceberg open-table-format support — sits at the intersection of enterprise data and the generative AI revolution. At $175.26 per share the stock trades at approximately 12 times consensus FY2027 revenue — compressed from peak multiples but reflecting both the consumption-pricing-model uncertainty and the Databricks competitive dynamic. Sridhar Ramaswamy became CEO in February 2024 (succeeding Frank Slootman) and has executed substantial operational discipline + AI product expansion.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers