Data cloud platform Snowflake (NYSE: SNOW) went public a few years ago and became arguably Wall Street's most expensive stock. Today, shares are still burning off its staggering valuation that peaked at a price-to-sales ratio (P/S) of more than 183. That's not earnings, that's sales.

Snowflake's share price has fallen over 50% from its all-time high, and the company's strong growth has further poured water on the valuation. Despite this, the stock is still expensive today.

I'll outline Snowflake's investment thesis below and discuss when buying the stock could make sense.

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Source Fool.com