HIGHOutside partySupplier
AWS
“10-K Item 1A: 'a substantial majority of our business is run on the AWS public cloud'”
SNOW · Concentration risk · 10-K extracted
Snowflake (SNOW) concentration risks
Updated
The most significant concentration Snowflake discloses is AWS, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Snowflake’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH1
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's only disclosed concentration is a cloud infrastructure dependency of high share: a substantial majority of the business is run on the AWS public cloud. This is a high-share dependency exposure whose character is structural — the platform was built on AWS and the data sharing, compute, and storage architecture is deeply integrated with that provider's services. Migrating a substantial majority of the workload to alternative cloud providers would be a complex, costly, and time-consuming undertaking, which means the dependency is not easily unwound even if the commercial relationship were to deteriorate. The practical implications of this concentration span multiple dimensions: pricing changes on AWS services directly affect the company's cost of revenue, and any service disruption, availability event, or change in AWS's data governance or interoperability policies would affect the platform's ability to serve customers. Additionally, as a cloud-native data platform, the company competes with AWS's own data analytics offerings, which creates a structural dynamic where a critical infrastructure provider is also a competitor in certain market segments. There are no disclosed customer, geographic, product, or separate counterparty concentrations beyond this single infrastructure dependency. On balance the AWS concentration is the defining risk in the company's operational profile — the business cannot function at current scale without it — and it is typical for cloud-native software companies at this stage. The key monitoring variables are AWS pricing terms, any evolution in the competitive dynamic between the two companies, and the trajectory of multi-cloud or cloud-agnostic capabilities that could reduce the degree of structural dependency over time.
For the engine’s reasoning on SNOW’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Application
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ADSK | Autodesk, Inc. | 1 | 1 | 1 | 3 |
| ADEA | Adeia Inc. | 1 | 0 | 0 | 1 |
| SNOW● | Snowflake Inc. | 1 | 0 | 0 | 1 |
| AGYS | Agilysys, Inc. | 0 | 2 | 0 | 2 |
| ADBE | Adobe Inc. | 0 | 0 | 0 | 0 |
| ADP | Automatic Data Processing, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.