Snap's European monetization is improving even without user growth. Q2 revenue per daily user rose 36%, from $2.65 in 2025 to $3.62 in 2026, while daily users slipped from 100M to 98M. That leaves room to generate more revenue from the existing audience rather than relying on explosive user growth. x.com 

Growth in operating metrics supports owning more SoFi, Brookfield, Amazon, Netflix, Uber and Snap: all six look seriously underestimated right now. Stock Analysis charts show SoFi revenue at $1.2B, Brookfield Wealth Solutions funds from operations at $480M, AWS revenue at $42.23B, Netflix revenue at $12.56B, Uber revenue at $14.19B and Snap other-segment revenue at $316.47M. x.com  x.com  x.com  x.com  x.com 

Snap is not a buy despite bullish takes after CEO Evan Spiegel's annual letter, given zero CEO buys in years, out-of-control stock comp and weak margins. Its FCF margin is 7.4% and net margin 14%, versus Reddit's 33% and 45%. If Snap reached about $9.2B of 2030 revenue at roughly 30% net margins, $1.55 EPS at about 26x would mean a $40 stock versus $5.50 today, but a lot needs to go right. x.com 

Snap's core business is priced like a cyclical commodity company, with its Specs AR glasses thrown in nearly free. Revenue grew from $4.6 billion in 2023 to $5.9 billion in 2025 and free cash flow from $35 million to $437 million, and management aims to keep the diluted share count stable from 2027. Valuing Specs at about $1 billion leaves core Snap at roughly 7.3x trailing and 5.1x 2027 EV/EBITDA. Better-than-feared Specs teasers and Meta's AR push make the setup asymmetric. x.com 

Snap's Spectacles cannot deliver meaningful commercial value within five years, making a funding partner essential to avoid years of cash burn. At best, they are a prototype, with zero chance of profitability in the next couple of years; the glasses will never sell at the scale needed to make a difference. Without a partner, Snap stock is dead money. Even so, Snap remains a good asymmetric bet on Evan Spiegel changing course, with little downside from here if he does not. x.com  x.com  x.com  x.com 

Snap is now a bearish call because stock-based compensation didn't fall materially. That could flip if Evan Spiegel cuts SBC, with Google Cloud opex and monetization able to materially change the picture. x.com 

Snap is slowly turning into a subscription software company, with Snapchat+ revenue up 87% in Q1 to $285 million, nearly 19% of total revenue versus 11% a year ago and now a $1 billion annual run rate. The price target is $14. x.com  x.com 

Snap looks very interesting as a long-term buy at a forward P/E of 6 and a PEG of 0.21. Growth is expected near 10% for the next two years, with positive earnings expected from next year. x.com 

Snap could go to zero before Meta reaches $1,000, as its stock serves insiders more than shareholders. Snap has issued about $10B of stock-based compensation over the last decade, more than its roughly $8B market value, and CEO Evan Spiegel, who owns about 20%, has made about $1B in cash selling shares, per Google's Gemini, out of a roughly $2.5B net worth. x.com  x.com  x.com 

Snap's 16% workforce reduction is very positive because it directly lowers operating costs and, with a delay, stock-based compensation, the bloat that had weighed on the shares. The cut is slightly below the 20% previously modeled; that scenario had a brief SBC spike from vesting acceleration, then SBC falling to $735M by 2029, free cash flow overtaking SBC a year early in 2027 and about $1.1B of owner free cash flow by 2029. Further cost reductions may still come. x.com