Snap
SNAP on NYSE. Snap sells advertising to businesses seeking to reach Snapchat users. Market value $11.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.95 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -14 cents a year. Above 10 is good.
Quality score: 54 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$5.78 a share, 52% above its 1-year low
Over the past year the price has ranged from $3.81 to $9.13.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $706 million in the past 12 months, $437 million in the year to December 2025.
| Revenue | |||||
| Revenue | $4.1bn | $4.6bn | $4.6bn | $5.4bn | $5.9bn |
| Operating margin | |||||
| Operating margin | -17.1% | -30.3% | -30.4% | -14.7% | -9.0% |
| Debt to equity | |||||
| Debt to equity | 0.59 | 1.45 | 1.55 | 1.50 | 1.57 |
| Shares outstanding | |||||
| Shares outstanding | 1.62bn | 1.63bn | 1.69bn | 1.74bn | 1.76bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)No
- Debt1.57× equity
- Revenue growth, five yearsStrong, 18.8% a year
- Buying back its own sharesNo, 8% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.6 billion last quarter, up 19% on a year ago.
- A loss of $164 million, compared with a loss of $263 million a year ago.
- It loses 5 cents on each $1 of sales, compared with 12 cents a year earlier.
- Spare cash over the past 12 months: $706 million, up from $392 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $2.7 billion more than cash, up from $2.6 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.4bn |
| December 2024 | $1.6bn |
| March 2025 | $1.4bn |
| June 2025 | $1.3bn |
| September 2025 | $1.5bn |
| December 2025 | $1.7bn |
| March 2026 | $1.5bn |
| June 2026 | $1.6bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$153m |
| December 2024 | $9m |
| March 2025 | -$140m |
| June 2025 | -$263m |
| September 2025 | -$104m |
| December 2025 | $45m |
| March 2026 | -$89m |
| June 2026 | -$164m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 533 funds in all.
- Irenic CapitalAdam Katz
- Value
- $133m
- Share of fund
- 9.6%
- Mairs & PowerAndy Adams
- Value
- $100,011
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Irenic CapitalAdam Katz | $133m | 9.6% | |
| Mairs & PowerAndy Adams | $100,011 | <0.1% |
Largest holders overall
- FMR$295mCut
- Vanguard Capital Management$208m
- Vanguard Portfolio Management$206m
- BlackRock$195mCut
- Irenic Capital$133m
- AQR Capital Management$129mAdded
- TWO Sigma Investments, LP$91mAdded
- UBS Group AG$76mCut
- Invesco$74mAdded
- Geode Capital Management$58mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- FMR LLCPassive investorat least 4.8%−1.9 pts(filed with 1 related holder)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 4.8%−1.9 pts (filed with 1 related holder) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $111m, $105m of it under preset trading plans.
- Mohan AjitChief Business OfficerSold
- Date
- 16 September 2026
- Shares
- 6,797
- Price
- $5.82
- Value
- $39,576
- Morrow RebeccaChief Accounting OfficerSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 20,000
- Price
- $5.35
- Value
- $106,984
- Briers Zachary MGeneral CounselSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 11,257
- Price
- $6.00
- Value
- $67,542
- Briers Zachary MGeneral CounselSoldunder a preset trading plan
- Date
- 19 August 2026
- Shares
- 67,540
- Price
- $5.08
- Value
- $343,144
- Hott DouglasChief Financial OfficerSold
- Date
- 17 August 2026
- Shares
- 131,884
- Price
- $5.20
- Value
- $685,454
- Briers Zachary MGeneral CounselSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 136,504
- Price
- $5.20
- Value
- $709,452
- Mohan AjitChief Business OfficerSold
- Date
- 17 August 2026
- Shares
- 54,608
- Price
- $5.20
- Value
- $283,825
- Morrow RebeccaChief Accounting OfficerSold
- Date
- 17 August 2026
- Shares
- 17,336
- Price
- $5.20
- Value
- $90,114
- Murphy Robert C.Chief Technology Officer, DirectorSoldunder a preset trading plan
- Date
- 6 August 2026
- Shares
- 2,000,000
- Price
- $5.25
- Value
- $11m
- Murphy Robert C.Chief Technology Officer, DirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 2,000,000
- Price
- $5.55
- Value
- $11m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 September 2026 | Mohan Ajit Chief Business Officer | Sold | 6,797 | $5.82 | $39,576 |
| 9 September 2026 | Morrow Rebecca Chief Accounting Officer | Sold under a preset trading plan | 20,000 | $5.35 | $106,984 |
| 3 September 2026 | Briers Zachary M General Counsel | Sold under a preset trading plan | 11,257 | $6.00 | $67,542 |
| 19 August 2026 | Briers Zachary M General Counsel | Sold under a preset trading plan | 67,540 | $5.08 | $343,144 |
| 17 August 2026 | Hott Douglas Chief Financial Officer | Sold | 131,884 | $5.20 | $685,454 |
| 17 August 2026 | Briers Zachary M General Counsel | Sold under a preset trading plan | 136,504 | $5.20 | $709,452 |
| 17 August 2026 | Mohan Ajit Chief Business Officer | Sold | 54,608 | $5.20 | $283,825 |
| 17 August 2026 | Morrow Rebecca Chief Accounting Officer | Sold | 17,336 | $5.20 | $90,114 |
| 6 August 2026 | Murphy Robert C. Chief Technology Officer, Director | Sold under a preset trading plan | 2,000,000 | $5.25 | $11m |
| 5 August 2026 | Murphy Robert C. Chief Technology Officer, Director | Sold under a preset trading plan | 2,000,000 | $5.55 | $11m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.