Snowflake’s shares trade at a 10.8x forward price/sales ratio, well above the software industry’s 3.9x average and peers’ 2.61x for Amazon and 10.37x for Oracle. Shares have fallen 8% over the past six months versus a 7.8% gain for the tech sector and a 22.4% decline in the software industry.

In fiscal Q3 2026 Snowflake grew its customer base 20% year-over-year to 12,621, including 688 clients with over $1 million in trailing-12-month product revenues and 766 Forbes Global 2,000 customers. The company maintained a 125% net revenue retention rate, reflecting strong usage growth among existing accounts.

Snowflake achieved a $100 million AI revenue run rate one quarter ahead of expectations as weekly adoption by over 7,300 customers drives platform usage. The company launched new AI tools including Semantic View Autopilot and an AI-powered BI agent for United Rentals, and expanded its integration with Google Cloud to bring Gemini models into its AI engine.

For fiscal Q4 2026 Snowflake forecasts product revenues of $1.195–1.2 billion, up about 27% year-over-year, and fiscal 2026 revenues of $4.446 billion, up 28%. Despite robust guidance, high valuation, rising infrastructure spending on GPUs, and competition from Oracle’s AI agents and AWS’s $10 billion custom chip business pose ongoing headwinds.