Forensic Analysis · Technology / Software · as of Sep 25, 2026
Snowflake Inc. (SNOW)
A forensic read on Snowflake Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
9.1
Distress distance
Clean
Earnings quality
3
Forensic signals
-104.5
P / E (ttm)
-69.2%
ROE
$118.1B
Market cap
0.00%
Dividend yield
29.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Snowflake Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 9.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-60.2%
FY2026
Return on invested capital.Return on invested capital is -60.2% in the latest fiscal year and slipping across FY2024–FY2026 from -23.2%. After-tax operating profit was ($865M) in FY2024 and ($1.1B) in FY2026, with operating income at -39.0% of revenue in FY2024, -40.2% in FY2025 and -30.6% in FY2026. The capital base behind it came down -50% across FY2024–FY2026, from $3.7B to $1.9B, so this is a return struck on a smaller base rather than a record of money put to work.
+1.4%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +3% over the last 2 years to FY2026 (+1.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~3%.
n/m (sign flip)
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2025→FY2026 (FY2025 $+377.8M to FY2026 $-904.1M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
Key fundamentals
Latest Revenue$4.68B
Revenue Growth YoY+29.2%
Revenue CAGR (2yr)+29.2%
Net Margin-28.4%
Free Cash Flow$1.12B
Return on Equity-69.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Snowflake Inc.'s actual 10-K/10-Q/8-K filings?