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The Moat Index

SNOWFLAKE INC.

SNOW · Technology · $93.0B mkt cap · FY2026 filings · No moat ·

Doesn't clear the bar

37/ 100
No moat

The four filters

Pricing power90

Median gross margin 63.8% over 8y, stable.

Returns on capital0

Median ROIC -14.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -173x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$268.90
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

SNOWFLAKE INC. booked $4.7B of revenue in FY2026 in the Technology sector and kept 67.2% of it as gross profit — a high-margin business by that measure. After every other cost, −28.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $96.7M (FY2019) to $4.7B (FY2026) — about 74.1% a year compounded over 7 years.

It earned −309.9% on invested capital in FY2025, with a median of −14.7% across 5 filed years. The Returns on Capital filter above scores it 0/100.

SNOW's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 19.7% between FY2021 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (90/100) and Returns on Capital the weakest (0/100), which is how SNOW lands at 37/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2018–FY2026 · 9 fiscal years, normalized from SNOW’s SEC filings

RevenueSales, as filed$4.7B FY2026
$0$2B$4B2018202120242026
Gross marginRevenue kept after cost of goods67.2% FY2026
0%25%50%2018202120242026
Return on invested capitalOperating profit on the capital employed−309.9% FY2025
−200%0%2018202120242026
Owner earningsCash an owner could take out−$1.2B FY2026
−$1B−$500M$02018202120242026

Gaps in a line mean that item isn’t in SNOW’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale37.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — SNOW has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#346 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #344SOUN SoundHound AI, Inc.37.4No moat
  2. #345DJT Trump Media & Technology Group Corp.37.4No moat
  3. #347HPE HEWLETT PACKARD ENTERPRISE COMPANY37.2No moat
  4. #348NVVE NUVVE HOLDING CORP.37.2No moat

Compare SNOW with its nearest peers →All Technology companies on the Index →

Common questions about SNOW

Does SNOWFLAKE INC. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores SNOWFLAKE INC. (SNOW) 37.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 90, returns on capital 0, balance-sheet safety 28, capital discipline 24.
How has SNOW's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 37.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SNOW. See the disclaimer.

SNOWFLAKE INC. (SNOW) Moat Score — The Moat Index · Buy Like Buffett