Reddit vs Snap
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The short version
- Snap is the larger business, with $5.9B of revenue in fiscal 2025 against $2.2B for Reddit, about 2.7 times as much.
- Reddit grew revenue faster (69.4%, against 10.6%).
- Reddit kept more of each dollar of sales as operating profit (20.1% operating margin, against β9.0%).
- Reddit turned more of its sales into free cash flow (31.1% FCF margin, against 7.4%).
- Reddit earned a higher return on the capital invested in it (119.1%, against β14.8%).
| Latest fiscal year | RDDT Β· FY25 | SNAP Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.1B | $10.5B |
| Revenue | $2.2B | $5.9B |
| Free cash flow | $684M | $437M |
| Net income | $530M | β$461M |
| Growth | ||
| Revenue growth | 69.4% | 10.6% |
| 5-year growth | β | 18.8% |
| Share count change | 38.9% | 2.1% |
| Profitability | ||
| Gross margin | 91.2% | 55.0% |
| Operating margin | 20.1% | β9.0% |
| Net margin | 24.1% | β7.8% |
| FCF margin | 31.1% | 7.4% |
| Return on capital | 119.1% | β14.8% |
| Return on equity | 20.9% | β19.5% |
| Balance sheet | ||
| Net debt | β$2.5B | $643M |
| Net debt / EBITDA | β5.4x | β |
| Dividends and buybacks | $0.0M | $751M |
| Valuation & quality | ||
| P/E | 33.5x | β |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
RDDT β
SNAP $405M
FY17
RDDT β
SNAP $825M
FY18
RDDT β
SNAP $1.2B
FY19
RDDT β
SNAP $1.7B
FY20
RDDT β
SNAP $2.5B
FY21
RDDT β
SNAP $4.1B
FY22
RDDT $667M
SNAP $4.6B
FY23
RDDT $804M
SNAP $4.6B
FY24
RDDT $1.3B
SNAP $5.4B
FY25
RDDT $2.2B
SNAP $5.9B
RDDT
SNAP
Operating margin
FY16
RDDT β
SNAP β128.7%
FY17
RDDT β
SNAP β422.5%
FY18
RDDT β
SNAP β107.5%
FY19
RDDT β
SNAP β64.3%
FY20
RDDT β
SNAP β34.4%
FY21
RDDT β
SNAP β17.1%
FY22
RDDT β25.8%
SNAP β30.3%
FY23
RDDT β17.4%
SNAP β30.4%
FY24
RDDT β43.1%
SNAP β14.7%
FY25
RDDT 20.1%
SNAP β9.0%
RDDT
SNAP
Free cash flow
FY16
RDDT β
SNAP β$678M
FY17
RDDT β
SNAP β$819M
FY18
RDDT β
SNAP β$810M
FY19
RDDT β
SNAP β$341M
FY20
RDDT β
SNAP β$225M
FY21
RDDT β
SNAP $223M
FY22
RDDT β$100M
SNAP $55.3M
FY23
RDDT β$84.8M
SNAP $34.8M
FY24
RDDT $216M
SNAP $219M
FY25
RDDT $684M
SNAP $437M
RDDT
SNAP
Return on capital
FY16
RDDT β
SNAP β
FY17
RDDT β
SNAP β
FY18
RDDT β
SNAP β
FY19
RDDT β
SNAP β
FY20
RDDT β
SNAP β54.3%
FY21
RDDT β
SNAP β29.1%
FY22
RDDT β
SNAP β46.6%
FY23
RDDT β
SNAP β44.2%
FY24
RDDT β
SNAP β23.2%
FY25
RDDT 119.1%
SNAP β14.8%
RDDT
SNAP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.