Strong Sell SNAP by Feb 5, 2026.

Snap ($SNAP) reports roughly $600M in operating cash flow, but that figure is a mirage. The company pays out about $1B annually in stock-based compensation (SBC). If they paid their employees in cash like a functional business, their cash flow would be deeply negative. When you factor in $150M in depreciation, the reality becomes clear: the business consumes capital to stay afloat and dilutes shareholders to bridge the gap, labeling the discrepancy "adjusted performance." This structural flaw is why a …