Snowflake Hot CoCo: Cortex Code Drives the FY27 Product Revenue Guidance Raise Alongside Acceleration in the Core

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Snowflake Hot CoCo: Cortex Code Drives the FY27 Product Revenue Guidance Raise Alongside Acceleration in the Core

Arti Vula, CFA AC North America Equity Research

(1-415) 315-5919 28 May 2026 J P M O R G A N

arti.vula@jpmchase.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Snowflake, at its core, is a massively scalable, highly elastic,

cloud-native data warehouse solution that has begun to disrupt

the cloud data management space. Snowflake’s highly

differentiated solution has pulled it into a wide variety of use

cases from data engineering to data science, and its simplicity

and compelling value proposition have led to its adoption

ranging from one-man operations up to Fortune 10 companies,

allowing it to pursue a $67-87B current TAM. Additionally,

Snowflake’s cloud-agnostic multi-region solution, with

YTD 1m 3m 12m intuitive and efficient data sharing capabilities, lays the

Abs -20.1% 21.5% 4.1% -15.1% foundation for a much broader vision of a new category called

Rel -30.0% 16.7% -5.3% -42.1%

the Data Cloud, potentially leading to an open-ended market

Company Data opportunity with strong inherent network effects. We expect

Shares O/S (mn) 375 Snowflake to continue to grow revenue at a rapid scale. We

52-week range ($) 280.67-118.30 believe the combination of alignment to secular trends like data

Market cap ($ mn) 65,730.39

Exchange rate 1.00 growth and digital transformation, very rapid revenue growth at

Free float (%) 94.9% scale, and a solid, efficient business model makes Snowflake an

3M ADV (mn) 7.00 exceptional asset among software companies. Considering the

3M ADV ($ mn) 1,077.8

Volatility (90 Day) 64 large TAM, superb management team, and impressive

Index S&P 500 trajectory, Snowflake could grow into and beyond the current