OpenText vs Snowflake
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KIRA’s take AI analyst
I put OpenText and Snowflake side by side, using each one’s latest annual report. Here is what stands out:
- OpenText is the larger business, with $5.2B of revenue in fiscal 2026 against $4.7B for Snowflake.
- Snowflake grew revenue faster (29.2%, against 1.5%).
- OpenText kept more of each dollar of sales as operating profit (20.6% operating margin, against −30.6%).
- Snowflake turned more of its sales into free cash flow (23.9% FCF margin, against 15.4%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
OpenText
OTEX
6/9
Gross marginOperating marginNet marginReturn on equityPiotroski F-scoreShare count change
Snowflake
SNOW
3/9
Revenue growth5-year growthFCF margin
Side by side
Best in the row
| Latest fiscal year | OTEX FY26 | SNOW FY26 |
|---|---|---|
| Size | ||
| Market cap | $6.9B | $117.0B |
| Revenue | $5.2B | $4.7B |
| Free cash flow | $808M | $1.1B |
| Net income | $643M | −$1.3B |
| Growth | ||
| Revenue growth | 1.5% | 29.2% |
| 5-year growth | 9.2% | 51.2% |
| Share count change | −5.4% | 1.4% |
| Profitability | ||
| Gross margin | 73.7% | 67.2% |
| Operating margin | 20.6% | −30.6% |
| Net margin | 12.3% | −28.4% |
| FCF margin | 15.4% | 23.9% |
| Return on capital | 9.0% | — |
| Return on equity | 16.2% | −54.1% |
| Balance sheet | ||
| Net debt | $4.8B | −$1.7B |
| Net debt / EBITDA | 3.2x | — |
| Dividends and buybacks | $685M | $874M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 9 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.