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As of the most recent data point for Q4'26 (2026-01-31), Snowflake's EV/Sales ratio stands at 51.30. This represents a notable decrease from the previous quarter, where the ratio was 65.16, indicating a significant contraction in valuation relative to sales. Over the period from Q1'24 to Q4'26, the EV/Sales ratio for SNOW has exhibited considerable volatility. The metric peaked at 90.93 in Q1'24, followed by a general downward trend with intermittent rebounds, such as a rise to 67.46 in Q2'26 after a low of 42.92 in Q2'25. Despite these fluctuations, the overall trajectory suggests a declining valuation multiple, reflecting either faster sales growth, a decrease in enterprise value, or a combination of both. This trend highlights shifting market sentiment and evolving expectations for Snowflake's future growth.