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Cloudflare, Inc.

NET Technology Software Infrastructure

Cloudflare, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 29.8% from fiscal 2024. In the quarter to June 2026, revenue grew 35.9%, EPS fell 220.0%, free cash flow grew 69.4% and total debt fell 39.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.

328.74 3.12 −0.94%
Market cap
$116.7B
P/E
0.0×
Fwd P/E
−562×
Dividend yield
—
F-score
4/9
Altman Z
9.43
Beneish M
−2.95
Dividend safety
n/a
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions trades per month

Total sells 666.36
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 9 8 8 6 8 6 9 8 7 12 4 3
Insider Ownership 9.81%

Capital & Financial Ratios $m

Market Cap 116,720.00
Revenue 2,512.35
Net Income (206.27)
Free Cash Flow 314.87
Net Debt (2,197.95)
Current Ratio 1.82 (at or above 1.5: strong)
Debt/Equity 1.22
P/E ratio 0.00
Fwd P/E (562.00) (negative: loss-making)
P/S ratio 46.36 (above 10: high)
P/B ratio 71.90 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 35.65% (at or above 15%: strong)
Next Y EPS Growth 32.80% (at or above 15%: strong)
Next Y revenue growth 32.48% (at or above 10%: strong)
Next 5Y EPS Growth 34.04% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 45.5×, against a ten-year median of 26.1×; over the ten years it ranged from 5.3× in 2019 to 103× in 2021.
P/S against its own 10 years 80.66%
10-year low 10-year high
P/B against its own 10 years 97.75%
10-year low 10-year high
EV/Sales against its own 10 years 80.89%
10-year low 10-year high
EV/FCF against its own 10 years 82.94%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,676 1,860 4,111 4,175
Receivables 248 317 382 423
Inventory — — — —
Other 11 17 24 27
1,983 2,269 4,645 4,778
2023 2024 2025 Q'26
Payables 54 106 84 127
ST’ Debt — — — —
Other — — — —
567 794 2,351 2,628

Compound Annual Growth %

10y 5y 3y
Sales — 38.13% 30.51%
Cash Flow — 0.00% 69.62%
Earnings — 0.00% 0.00%
Book Value — 12.30% 32.73%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.27 Actual 0.29

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.23 0.27 Beat by 0.04
Q4 FY25 0.27 0.28 Beat by 0.01
Q1 FY26 0.23 0.25 Beat by 0.02
Q2 FY26 0.27 0.29 Beat by 0.02
Q3 FY26 0.35 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.07) (0.48) — — —
’25 (0.11) (0.15) 0.00 (0.03) (0.29)
’24 (0.10) (0.04) (0.04) (0.04) (0.23)
’23 (0.12) (0.28) (0.07) (0.08) (0.55)
’22 (0.13) (0.20) (0.13) (0.14) (0.59)
’21 (0.13) (0.12) (0.34) (0.24) (0.83)
’20 (0.11) (0.09) (0.09) (0.11) (0.40)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 640 696 — — —
’25 479 512 562 615 2,168
’24 379 401 430 460 1,670
’23 290 308 336 362 1,297
’22 212 235 254 275 975
’21 138 152 172 194 656
’20 91 100 114 126 431
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 158 118 — — —
’25 146 100 167 190 603
’24 74 75 105 127 380
’23 36 64 68 85 254
’22 (35) 38 43 78 124
’21 23 7 (7) 41 65
’20 (14) 4 2 (9) (17)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 84 56 — — —
’25 53 33 75 99 261
’24 36 38 45 48 167
’23 14 20 35 51 119
’22 (64) (4) (5) 34 (40)
’21 (2) (10) (40) 9 (43)
’20 (31) (20) (18) (23) (92)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low — — — 14.50 15.05 60.96 37.37 37.56 66.24 89.42 +35.4% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High — — — 22.08 88.77 221.64 132.45 86.91 119.42 260.00 +50.8% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees — — 1,069 1,270 1,788 2,440 3,217 3,682 4,263 5,156 +25.2% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.00 0.00 0.18 0.23 0.24 0.27 0.30 0.35 0.39 0.42 n/m ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 85 135 193 287 431 656 975 1,297 1,670 2,168 +43.4% 2,872 3,697 4,732 +29.7%
Gross margin, % 71.74 78.66 77.40 77.90 76.56 77.59 76.15 76.32 77.32 74.51 +2.8 pt
EBT (17) (10) (86) (105) (125) (248) (191) (178) (71) (93) +20.5%
EBT margin, % (20.36) (7.20) (44.68) (36.48) (28.99) (37.78) (19.56) (13.72) (4.24) (4.28) +16.1 pt
Net income (17) (11) (87) (106) (119) (260) (193) (184) (79) (102) +21.8%
Depreciation 10 16 26 40 88 142 152 202 210 298 +45.9%
Per share, $
Per share, $ Revenue 1.12 1.75 2.38 1.96 1.44 2.10 2.99 3.89 4.89 6.22 +21.0%
Earnings (0.23) (0.14) (1.08) (0.72) (0.40) (0.83) (0.59) (0.55) (0.23) (0.29) +2.7%
Cash flow (0.18) 0.04 (0.53) (0.27) (0.06) 0.21 0.38 0.76 1.11 1.73 n/m
Capex (0.25) (0.30) (0.43) (0.39) (0.25) (0.34) (0.50) (0.40) (0.63) (0.98) +16.7%
Free cash flow (0.42) (0.26) (0.96) (0.66) (0.31) (0.14) (0.12) 0.36 0.49 0.75 n/m
Book value 0.00 1.58 2.69 4.96 2.73 2.60 1.91 2.29 3.06 4.19 n/m
Shares, m 76 77 81 146 300 312 326 334 341 348 +18.5%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 0.00 0.00 0.00 8.70 52.85 62.57 14.40 20.42 22.02 31.69 21.3
P/B 0.00 0.00 0.00 3.44 27.88 50.62 22.50 34.70 35.14 47.08 22.1
EV/Sales 0.00 0.00 0.00 6.51 51.34 61.53 14.17 20.11 21.68 30.70 20.6
EV/FCF 0.00 0.00 (11.88) (19.43) (240.29) (937.39) (347.37) 218.33 216.82 255.43 (86.6)
Cash, $m
Cash, $m Operating cash flow (13) 3 (43) (39) (17) 65 124 254 380 603 n/m
Capex (19) (23) (35) (57) (75) (108) (163) (135) (214) (343) +38.3%
Free cash flow (32) (20) (78) (96) (92) (43) (40) 119 167 261 n/m
Balance, $m
Balance, $m Working capital — 65 135 606 989 1,667 1,490 1,416 1,475 2,294 +56.2%
Total debt — 11 10 11 383 1,147 1,436 1,283 1,287 1,974 +92.3%
Net debt — (63) (150) (626) (651) (678) (224) (393) (573) (2,136) +55.4%
Shareholders’ equity — 122 218 726 817 811 624 763 1,046 1,459 +36.4%
Returns, %
Returns, % ROA (21.27) (13.18) (37.77) (18.74) (10.80) (13.87) (7.80) (6.88) (2.60) (2.19) +19.1 pt
ROIC 0.00 (10.33) (78.26) (67.88) (40.31) (59.81) (31.46) (31.32) (20.44) 0.00 0.0 pt
ROE 0.00 12.35 100.57 (34.57) (15.47) (31.97) (26.95) (26.52) (8.71) (8.16) (8.2) pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Cloudflare, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PANW Palo Alto Networks, Inc. $328.6B 759× 241× +34.46% (above 0%: growing) n/m +34.26% (above 0%: growing) 67.57% 5.04% Compare
CRWD CrowdStrike $274.4B 7,616× 2,576× +25.83% (above 0%: growing) n/m +32.03% (above 0%: growing) 74.57% (2.26%) Compare
FTNT Fortinet, Inc. $135.7B 64.8× 58.6× +25.64% (above 0%: growing) +45.61% (above 0%: growing) +239.88% (above 0%: growing) 80.24% 33.66% Compare
NET Cloudflare, Inc. $116.7B — (loss-making) — (loss-making) +35.87% (above 0%: growing) n/m +69.42% (above 0%: growing) 71.76% (29.55%)
SNPS Synopsys, Inc. $90.9B 83.2× 105× +42.37% (above 0%: growing) +88.74% (above 0%: growing) +18.01% (above 0%: growing) 72.57% 14.43% Compare
NBIS Nebius Group N.V. $46.3B 655× 34.8× +454.04% (above 0%: growing) n/m −399.28% (below 0%: shrinking) 77.06% (30.21%) Compare
XYZ Block, Inc. $45.0B 129× 45.1× +9.30% (above 0%: growing) −82.95% (below 0%: shrinking) +181.80% (above 0%: growing) 47.84% 6.75% Compare
NTAP NetApp, Inc. $44.7B 31.7× 27.7× +29.89% (above 0%: growing) +64.66% (above 0%: growing) −35.32% (below 0%: shrinking) 70.07% 23.90% Compare
ZS Zscaler, Inc. $42.4B — (loss-making) 9,521× +24.88% (above 0%: growing) n/m −64.66% (below 0%: shrinking) 76.73% (1.72%) Compare
Median of peers $68.6B 129× 81.8× +27.86% +55.14% +25.02% 73.57% 5.90%

All 184 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 9 June 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 60.55m 97.69m 259.44
2024 2.08m 6.58m 141.70
2023 20.52m 36.81m 109.57
2022 599.73k (123.80m) 59.49
2021 400.00k 133.65m 173.05

Ownership

Directors and executive officers, together 52.40%
Matthew Prince 39.00%
Michelle Zatlyn 13.40%
Capital World Investors 5.50%
Baillie Gifford & Co 2.60%
Morgan Stanley 2.60%
BlackRock, Inc. 2.50%
Vanguard Capital Management 2.50%
Vanguard Portfolio Management 2.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Cloudflare, Inc. (NET) Latest News

28 Oct

Impact 4 ·
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27 Oct

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26 Oct

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23 Oct

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22 Oct

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21 Oct

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20 Oct

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19 Oct

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15 Oct

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13 Oct

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12 Oct

Impact 3 ·
stockrow.com/NET · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com