Snowflake Grows 29% in 2024, AI Push Could Drive Future Gains
Mar 4, 2025
Snowflake, a data platform company, reported its fiscal year results, with sales growing 29% and free cash flow increasing 14%, resulting in a 24.5% FCF margin. The firm continues to expand primarily within large enterprise companies, as reflected in its 126% net retention rate—indicating that nearly all of its growth comes from existing customers. The number of customers spending over $1 million annually grew 26% to 580. Like many of the stocks we follow, Snowflake is aggressively investing in AI-driven solutions, launching its "Cortex AI" technology to help customers build data agents. Data analysis and comprehension are strong use cases for AI, and I believe these efforts could significantly impact Snowflake’s growth. This has always been a business I like, but it has rarely been priced attractively. That remains the case today, with the stock trading well above my $140 price target.
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