Snap Inc.SNAP
NYSE•Communication Services•Internet Content & Information
Snap Inc. operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and snaps. It also provides Snapchat+, Lens+, and Snapchat Platinum, a subscription service that provides subscribers access to exclusive, experimental, and pre-release features; Spectacles, an augmented reality (AR) glasses; and advertising products, including AR ads and Snap ads comprises a single image or video ads, collection ads, dynamic ads, story ads, commercials, sponsored snaps, and promoted places. In addition, the company offers campaign management and delivery, an advertising platform that provides automated, sophisticated, and scalable ad buying and campaign management; and measuring advertising effectiveness solutions. The company was formerly known as Snapchat, Inc. and changed its name to Snap Inc. in September 2016. Snap Inc. was founded in 2010 and is headquartered in Santa Monica, California.
Snap Inc. (SNAP) reported trailing twelve months revenue of $6.10B as of March 2026, a 10.3% increase year-over-year. Quarterly revenue reached $1.53B, reflecting continued top-line momentum.
Snap Inc. reported a TTM net loss of $409.85M, with quarterly EBITDA of $-29.75M. The operating margin expanded from -14.2% to -4.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-4.9%) and net margin (-5.8%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -10.2% a year ago, signaling stronger bottom-line efficiency.
SNAP trades at a P/S of 1.1x. The price-to-book ratio of 3.3x reflects a moderate premium to book value.
The company generated $286.01M in free cash flow over the trailing twelve months, a 150.0% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $7.50B in total assets with $3.49B in long-term debt against $2.08B in stockholders equity for a debt-to-equity ratio of 1.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -9.9%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~22.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg 2.4x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 1.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 2.6% — mild dilution. Compare to earnings growth to assess net per-share impact.