Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin-10.7%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-10.3%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt-25.8 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$608M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$2.8B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
N/A
Cash Flow
C
Free Cash Flow$121M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings-$61M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Key Margins
Gross Profit58.2%
Operating Margin-10.7%
Net Margin-10.3%
Company Info
Showing Key Metrics
Income Highlights
Metric
Q2 2026
Q4 2025
Gross Profit %
58.2%▼
59.1%
Operating Margin %
-10.7%▼
2.9%
Net Income %
-10.3%▼
2.6%
Diluted EPS
-0.10▼
0.03
Balance Sheet Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Total Assets
$7.5B
$7.7B
N/A
Total Debt
$4.2B▲
$4.1B•
N/A
Working Capital
$2.8B▼
$3.3B•
N/A
Years to Pay Debt
-25.77
91.64
N/A
Cash Flow Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Free Cash Flow
$121M▼
$206M•
N/A
Owner Earnings
-$61M
$153M
N/A
CapEx % of Net Income
N/A
141.6%
N/A
Income Statement
2026
2025
Tax Rate For Calcs
0
0
Normalized EBITDA
-77,602
117,839
Net Income From Continuing Operation Net Minority Interest
-163,960
45,209
Reconciled Depreciation
46,945
43,381
Reconciled Cost Of Revenue
667,885
702,443
EBITDA
-77,602
117,839
EBIT
-124,547
74,458
Net Interest Income
-12,269
-4,811
Interest Expense
36,941
36,498
Interest Income
24,672
31,687
Normalized Income
-163,960
45,209
Net Income From Continuing And Discontinued Operation
-163,960
45,209
Total Expenses
1,769,714
1,666,744
Total Operating Income As Reported
-170,721
49,717
Diluted Average Shares
1,663,449
1,720,347
Basic Average Shares
1,663,449
1,710,465
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-163,960
45,209
Net Income Common Stockholders
-163,960
45,209
Net Income
-163,960
45,209
Net Income Including Noncontrolling Interests
-163,960
45,209
Net Income Continuous Operations
-163,960
45,209
Tax Provision
2,472
-7,249
Pretax Income
-161,488
37,960
Other Income Expense
21,502
-6,946
Other Non Operating Income Expenses
21,502
-6,946
Net Non Operating Interest Income Expense
-12,269
-4,811
Interest Expense Non Operating
36,941
36,498
Interest Income Non Operating
24,672
31,687
Operating Income
-170,721
49,717
Operating Expense
1,101,829
964,301
Depreciation Amortization Depletion Income Statement
Depreciation And Amortization In Income Statement
Research And Development
542,092
472,693
Selling General And Administration
559,737
532,956
Selling And Marketing Expense
298,399
264,698
General And Administrative Expense
261,338
268,258
Other Gand A
261,338
268,258
Gross Profit
931,108
1,014,018
Cost Of Revenue
667,885
702,443
Total Revenue
1,598,993
1,716,461
Operating Revenue
1,282,522
2,229,911
Balance Sheet
2026
2025
2024
Treasury Shares Number
44,264
44,670
Ordinary Shares Number
1,682,281
1,711,554
Share Issued
1,726,545
1,756,224
Net Debt
2,575,759
2,506,394
Total Debt
4,225,747
4,143,131
Tangible Book Value
52,649
494,113
Invested Capital
5,461,695
5,818,324
Working Capital
2,773,700
3,298,006
Net Tangible Assets
52,649
494,113
Capital Lease Obligations
691,140
606,302
Common Stock Equity
1,927,088
2,281,495
Total Capitalization
5,308,536
5,771,355
Total Equity Gross Minority Interest
1,927,088
2,281,495
Stockholders Equity
1,927,088
2,281,495
Gains Losses Not Affecting Retained Earnings
8,741
26,692
Other Equity Adjustments
8,741
26,692
Treasury Stock
424,577
435,722
Retained Earnings
-14,800,691
-13,946,816
Additional Paid In Capital
17,143,598
16,637,324
Capital Stock
17
17
Common Stock
17
17
Total Liabilities Net Minority Interest
5,543,072
5,396,307
Total Non Current Liabilities Net Minority Interest
4,110,143
4,109,439
Other Non Current Liabilities
85,378
61,756
Long Term Debt And Capital Lease Obligation
4,024,765
4,047,683
Long Term Capital Lease Obligation
643,317
557,823
Long Term Debt
3,381,448
3,489,860
Current Liabilities
1,432,929
1,286,868
Other Current Liabilities
220,229
140,630
Current Deferred Liabilities
148,999
189,203
Current Deferred Revenue
145,210
112,769
Current Debt And Capital Lease Obligation
200,982
95,448
Current Capital Lease Obligation
47,823
48,479
Current Debt
153,159
46,969
Other Current Borrowings
153,159
46,969
Pensionand Other Post Retirement Benefit Plans Current
77,812
85,416
Payables And Accrued Expenses
1,231,947
744,380
Current Accrued Expenses
1,054,528
524,587
Payables
177,419
219,793
Accounts Payable
177,419
219,793
Total Assets
7,470,160
7,677,802
Total Non Current Assets
3,263,531
3,092,928
Other Non Current Assets
240,733
221,255
Goodwill And Other Intangible Assets
1,874,439
1,787,382
Other Intangible Assets
94,306
66,613
Goodwill
1,780,133
1,720,769
Net PPE
1,148,359
1,084,291
Accumulated Depreciation
-370,402
-328,923
Gross PPE
1,148,359
1,454,693
Leases
560,551
450,826
Construction In Progress
41,301
63,284
Other Properties
1,148,359
506,216
Machinery Furniture Equipment
325,139
282,415
Buildings And Improvements
21,486
21,486
Current Assets
4,206,629
4,584,874
Other Current Assets
309,533
272,065
Receivables
1,237,338
1,372,237
Accounts Receivable
1,237,338
1,372,237
Cash Cash Equivalents And Short Term Investments
2,659,758
2,940,572
Other Short Term Investments
1,700,910
1,910,137
Cash And Cash Equivalents
958,848
1,030,435
Cash Equivalents
630,862
698,284
Cash Financial
399,573
348,251
Cash Flow
2026
2025
2024
Free Cash Flow
120,538
205,556
Repurchase Of Capital Stock
-250,465
-250,293
Repayment Of Debt
0
0
Issuance Of Debt
0
0
Capital Expenditure
-55,676
-64,022
End Cash Position
960,491
1,031,397
Beginning Cash Position
1,063,338
955,499
Changes In Cash
-102,847
75,898
Financing Cash Flow
-254,906
-256,518
Cash Flow From Continuing Financing Activities
-254,906
-256,518
Net Other Financing Charges
-4,441
-6,599
Proceeds From Stock Option Exercised
374
0
Net Common Stock Issuance
-250,465
-250,293
Common Stock Payments
-250,465
-250,293
Net Issuance Payments Of Debt
0
0
Net Long Term Debt Issuance
0
0
Long Term Debt Payments
0
0
Long Term Debt Issuance
0
0
Investing Cash Flow
-24,155
62,838
Cash Flow From Continuing Investing Activities
-24,155
62,838
Net Other Investing Changes
-500
0
Net Investment Purchase And Sale
57,699
130,441
Sale Of Investment
271,497
393,420
Purchase Of Investment
-213,798
-262,979
Net Business Purchase And Sale
-25,678
0
Purchase Of Business
-25,678
0
Net PPE Purchase And Sale
-55,676
-64,022
Purchase Of PPE
-55,676
-64,022
Operating Cash Flow
176,214
269,578
Cash Flow From Continuing Operating Activities
176,214
269,578
Change In Working Capital
20,227
-88,095
Change In Other Current Liabilities
-9,446
-20,224
Change In Other Current Assets
15,893
15,036
Change In Payables And Accrued Expense
95,854
71,497
Change In Accrued Expense
155,599
3,761
Change In Payable
-59,745
67,736
Change In Account Payable
-59,745
67,736
Change In Prepaid Assets
-14,460
-20,545
Change In Receivables
-67,614
-133,859
Changes In Account Receivables
-67,614
-133,859
Other Non Cash Items
9,942
10,679
Stock Based Compensation
263,189
257,238
Depreciation Amortization Depletion
46,945
43,381
Depreciation And Amortization
46,945
43,381
Operating Gains Losses
-129
1,166
Gain Loss On Investment Securities
-129
1,166
Net Income From Continuing Operations
-163,960
45,209
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $1.3B▲ $1.6B+18.9%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 51.4%▲ 58.2%+6.8pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: -12.7%▲ -10.7%+2.0pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -19.5%▲ -10.3%+9.3pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$1.6B/qtr (≈$6.4B ann.)
vs > $1.5B annualised revenue
✅ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
2.94x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$121M
vs Positive
Operating Cash Flow
$176M
Latest quarter · Buffett's cash reality check
ROIC
-2.2%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
N/A
Net Assets: $1.9B
Peers & Industry
No auto-detected peers for this industry. You can manually compare SNAP against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
No management data available.
Risk Analysis
SNAP (SNAP) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 58.2%. Operating margin: -10.7%. Net margin: -10.3%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
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