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Snowflake Inc. (SNOW) 财务分析 | 估值·财报 | 100Baggers.club

Snowflake Inc.

SNOW

Snowflake Inc. provides a cloud-based data platform in the United States and internationally. The company's platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data. Its platform is used by various organizations of sizes in a range of industries. The company was formerly known as Snowflake Computing, Inc. and changed its name to Snowflake Inc. in April 2019. Snowflake Inc. was incorporated in 2012 and is based in Bozeman, Montana.

深度研究阅读完整报告

Snowflake(SNOW)股票深度分析 — 数据云的护城河战争

市场将其誉为数据云的“瑞士”，但其中立性护城河正沦为云巨头围攻下的最大弱点。这种“强者困境”揭示了其高增长背后潜藏的商业模式悖论与估值陷阱。

行业研究阅读行业报告

AI 软件平台的四种控制点：DDOG / NOW / CRM / SNOW 横向深度分析

同样叫 AI 软件平台，DDOG、NOW、CRM、SNOW 却卡在四个完全不同的利润层。真正要看的是谁拥有写回权、收费权，以及新增价值最后留在谁的账上。

行业研究阅读行业报告

解读净收入留存与SaaS定价错配

120%净收入留存率（NRR），这个被华尔街奉为圭臬的增长指标，为何常常成为价值陷阱？因为错误的定价模型让「客户成功」无法转化为「股东价值」，这才是多数SaaS公司被长期错杀的核心。

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利润瀑布图分析

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现金流瀑布图

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流入

流出

小计

起止点

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

66.61%

毛利润 = $0.93B

营业收入 = $1.39B

Operating Profit Margini营业利润率

-22.18%

营业利润 = $-0.31B

营业收入 = $1.39B

EBITDA MarginiEBITDA利润率

-17.32%

EBITDA = $-0.24B

营业收入 = $1.39B

EBIT MarginiEBIT利润率

-22.18%

EBIT = $-0.30B

营业收入 = $1.39B

Net Profit Margini净利率

-21.25%

净利润 = $-0.30B

营业收入 = $1.39B

Pretax Profit Margini税前利润率

-21.33%

税前利润 = $-0.30B

营业收入 = $1.39B

E

运营效率指标

Interest Coveragei利息保障倍数

-78.52x

EBIT (TTM) = $-1.30B

利息费用 (TTM) = $0.02B

-296.2x

-198.6x

-87.2x

-85.4x

-78.5x

SG&A / Revenuei销管费率

51.60%

销售及管理费用 = $0.72B

营业收入 = $1.39B

R&D / Revenuei研发占比

38.46%

研发费用 = $0.53B

营业收入 = $1.39B

R

回报率指标 (TTM)

ROAi总资产回报率

-14.33%

净利润 = $-1.20B

平均总资产 = $8.36B

ROEi净资产收益率

-53.58%

净利润 = $-1.20B

平均股东权益 = $2.23B

ROICi投入资本回报率

-922.27%

NOPAT (TTM) = $-1.02B

平均投入资本 = $0.11B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

33.48%

当期营收 = $1.39B

去年同期营收 = $1.04B

+25.8%

+31.8%

+28.8%

+30.1%

+33.5%

Operating Cash Flow/Sharei每股经营现金流

$3.58

经营现金流 = $1.24B

流通股数 = 0.35B

$2.50

$2.51

$2.60

$3.57

$3.58

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+33.5%	$1.39B	↑
毛利	+33.6%	$0.93B, 66.61%	↑
营业利润	+31.0%	$-0.31B, -22.18%	↑
EBITDA	+35.5%	$-0.24B, -17.32%	↑
税前利润	+30.1%	$-0.30B, -21.33%	↑
净利润	+31.3%	$-0.30B, -21.25%	↑
稀释每股收益	+33.3%	-0.86	↑

L

流动性指标

Current Ratioi流动比率

1.05

正常

流动资产 = $3.98B

流动负债 = $3.78B

Quick Ratioi速动比率

1.05

健康

速动资产 = $3.98B

流动负债 = $3.78B

Cash Ratioi现金比率

0.78

健康

现金及等价物 = $2.95B

流动负债 = $3.78B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

1.43

关注

总债务 = $2.77B

总权益 = $1.94B

Liabilities to Assetsi资产负债率 (总负债)

75.9%

关注

总负债 = $6.49B

总资产 = $8.55B

Equity Multiplieri权益乘数

4.41

关注

总资产 = $8.55B

总权益 = $1.94B

E

效率指标

Asset Turnoveri总资产周转率

0.60

正常

营收 (TTM) = $5.03B

平均总资产 = $8.36B

Inventory Turnoveri存货周转率

N/A

正常

营业成本 (TTM) = $1.65B

平均存货 = $0.00B

Receivables Turnoveri应收账款周转率

5.34

正常

营收 (TTM) = $5.03B

平均应收账款 = $0.94B

S

偿债能力

Interest Coveragei利息保障倍数

-78.52

关注

EBIT (TTM) = $-1.30B

利息费用 (TTM) = $0.02B

Net Debt to EBITDAi净债务/EBITDA

-0.61

健康

净债务 = $0.69B

EBITDA (TTM) = $-1.12B

Debt Service Coveragei偿债覆盖率

22.17

健康

经营现金流 (TTM) = $1.24B

债务偿付 = $0.06B

V

价值指标

Goodwill %i商誉占比

18.0%

正常

商誉 = $1.54B

总资产 = $8.55B

Working Capital Ratioi营运资本比率

0.02

关注

营运资本 = $0.20B

总资产 = $8.55B

C

现金流指标

经营现金流 TTMi

$1.24B

自由现金流 TTMi

$1.17B

FCF = OCF - CapEx

经营现金流 (TTM) = $1.24B

资本支出 (TTM) = $-0.07B

自由现金流收益率i

1.93%

关注

FCF (TTM) = $1.17B

市值 = $60.53B

经营现金流/销售比i

24.57%

健康

经营现金流 (TTM) = $1.24B

营业收入 (TTM) = $5.03B

Q

质量与覆盖指标

收益质量i

-1.03x

关注

经营现金流 (TTM) = $1.24B

净利润 (TTM) = $-1.20B

现金流/债务比i

0.45x

正常

经营现金流 (TTM) = $1.24B

总负债 = $2.77B

短期覆盖率i

0.33x

关注

经营现金流 (TTM) = $1.24B

流动负债 = $3.78B

资本支出覆盖率i

18.43x

健康

经营现金流 (TTM) = $1.24B

资本支出 (TTM) = $0.07B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

94.58%

健康

自由现金流 (TTM) = $1.17B

经营现金流 (TTM) = $1.24B

资本支出/营收比i

1.33%

健康

资本支出 (TTM) = $0.07B

营业收入 (TTM) = $5.03B

净债务/EBITDAi

-0.61

健康

净债务 = $0.69B

EBITDA (TTM) = $-1.12B

G

增长指标

经营现金流增长率i

6.50%

正常

当期OCF (TTM) = $0.24B

上期OCF = $0.23B

股东盈余i

$-1.02B

关注

净利润 (TTM) = $-1.20B

+ 折旧摊销 (TTM) = $0.24B

- 资本支出 (TTM) = $-0.07B