Wednesday 28 October 2026
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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%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
— | — | — | 5 | 2 | 3 | 5 | 6 | 6 | 4 |
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Z-Score |
— | — | — | 14.55 | 24.74 | 16.33 | 4.86 | 8.69 | 10.20 | 9.43 |
P/S ratio |
0.00 | 0.00 | 0.00 | 8.70 | 52.85 | 62.57 | 14.40 | 20.42 | 22.02 | 31.69 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 221.62 | 220.25 | 263.63 |
Altman Z″-Score (non-manufacturers) |
— | 3.12 | 1.77 | 9.99 | 4.71 | 3.86 | 2.53 | 2.11 | 2.02 | 1.95 |
P/Operating CF |
0.00 | 0.00 | (537.95) | (291.11) | (2,584.80) | 1,011.16 | 179.70 | 309.87 | 288.77 | 360.75 |
Beneish M-Score |
— | — | (2.49) | (2.53) | (2.54) | (2.84) | (2.33) | (2.67) | (2.82) | (2.95) |
P/B ratio |
0.00 | 0.00 | 0.00 | 3.44 | 27.88 | 50.62 | 22.50 | 34.70 | 35.14 | 47.08 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 3.46 | 28.58 | 52.21 | 31.66 | 44.46 | 43.60 | 57.69 |
EV/Sales |
0.00 | 0.00 | 0.00 | 6.51 | 51.34 | 61.53 | 14.17 | 20.11 | 21.68 | 30.70 |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2,812.03 | 0.00 | 1,607.27 | 661.11 | 729.53 |
EV/Operating CF |
0.00 | 0.00 | (24.93) | (48.04) | (1,291.87) | 624.80 | 111.77 | 102.52 | 95.13 | 110.35 |
EV/FCF |
0.00 | 0.00 | (11.88) | (19.43) | (240.29) | (937.39) | (347.37) | 218.33 | 216.82 | 255.43 |
Quick Ratio |
— | 3.12 | 3.03 | 8.00 | 7.77 | 6.65 | 4.55 | 3.39 | 2.74 | 1.91 |
Current Ratio |
— | 3.39 | 3.21 | 8.22 | 7.99 | 6.78 | 4.75 | 3.50 | 2.86 | 1.98 |
Net Debt/EBITDA |
0.00 | (9.82) | 2.55 | 9.26 | 35.35 | (47.20) | 4.57 | (24.21) | (10.46) | (23.42) |
Debt/Assets |
0.00% | 6.48% | 3.50% | 1.26% | 27.76% | 48.35% | 55.50% | 46.50% | 39.00% | 32.70% |
Debt/Equity |
0.00 | 0.09 | 0.05 | 0.01 | 0.47 | 1.41 | 2.30 | 1.68 | 1.23 | 1.35 |
Asset Turnover |
1.04 | 1.65 | 0.83 | 0.51 | 0.39 | 0.35 | 0.39 | 0.49 | 0.55 | 0.46 |
Operating CF/Net income |
0.77 | (0.29) | 0.50 | 0.37 | 0.14 | (0.25) | (0.64) | (1.38) | (4.83) | (5.90) |
Capex/Depreciation |
(1.86) | (1.42) | (1.34) | (1.42) | (0.85) | (0.76) | (1.07) | (0.67) | (1.02) | (1.15) |
Interest Coverage |
(26.04) | (11.29) | (85.58) | (97.07) | (4.28) | (2.59) | (40.37) | (31.59) | (29.78) | (23.64) |
| 0.00% | 12.35% | 100.57% | (34.57%) | (15.47%) | (31.97%) | (26.95%) | (26.52%) | (8.71%) | (8.16%) | |
| (21.27%) | (13.18%) | (37.77%) | (18.74%) | (10.80%) | (13.87%) | (7.80%) | (6.88%) | (2.60%) | (2.19%) | |
ROIC |
0.00% | (10.33%) | (78.26%) | (67.88%) | (40.31%) | (59.81%) | (31.46%) | (31.32%) | (20.44%) | 0.00% |
Return on Tangible Assets |
0.00% | (9.24%) | (41.79%) | (14.96%) | (10.73%) | (14.06%) | (10.88%) | (10.58%) | (4.06%) | (3.51%) |
Average Days of Receivables |
0.00 | 31.05 | 47.65 | 43.07 | 53.77 | 53.13 | 55.60 | 69.88 | 69.25 | 64.40 |
Research and Development Expense of Revenue |
27.91% | 24.94% | 28.27% | 31.59% | 29.50% | 28.85% | 30.59% | 27.62% | 25.24% | 23.64% |
Selling, General and Administrative Expense of Revenue |
63.92% | 60.93% | 93.20% | 83.92% | 71.83% | 68.18% | 66.19% | 63.01% | 61.35% | 60.43% |
Intangible Assets out of Total Assets |
0.00 | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.07 | 0.06 | 0.06 | 0.04 |
Share Based Compensation of Revenue |
6.72% | 2.04% | 14.19% | 12.76% | 13.07% | 13.73% | 20.79% | 21.13% | 20.27% | 20.82% |
Graham Net Nets |
0.00 | 0.00 | 0.13 | 0.23 | 0.02 | 0.01 | (0.01) | 0.00 | 0.00 | 0.00 |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
(2.17%) | (2.17%) | (2.17%) | (5.17%) | (0.53%) | (0.63%) | (1.39%) | (0.69%) | (0.20%) | (0.15%) |
Free Cash Flow Yield |
(7.60%) | (7.60%) | (7.60%) | (3.85%) | (0.40%) | (0.10%) | (0.28%) | 0.45% | 0.45% | 0.38% |
Revenue per Share |
1.12 | 1.75 | 2.38 | 1.96 | 1.44 | 2.10 | 2.99 | 3.89 | 4.89 | 6.22 |
Operating CF per Share |
(0.18) | 0.04 | (0.53) | (0.27) | (0.06) | 0.21 | 0.38 | 0.76 | 1.11 | 1.73 |
Capex per Share |
(0.25) | (0.30) | (0.43) | (0.39) | (0.25) | (0.34) | (0.50) | (0.40) | (0.63) | (0.98) |
Free Cash Flow per Share |
(0.42) | (0.26) | (0.96) | (0.66) | (0.31) | (0.14) | (0.12) | 0.36 | 0.49 | 0.75 |
Cash per Share |
0.00 | 0.95 | 1.98 | 4.35 | 3.45 | 5.84 | 5.09 | 5.02 | 5.45 | 11.80 |
Shareholders Equity per Share |
0.00 | 1.58 | 2.69 | 4.96 | 2.73 | 2.60 | 1.91 | 2.29 | 3.06 | 4.19 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
0.00 | 1.58 | 2.69 | 4.96 | 2.73 | 2.60 | 1.91 | 2.29 | 3.06 | 4.19 |
Free Cash Flow |
(31.88) | (19.81) | (78.12) | (96.20) | (92.09) | (43.09) | (39.77) | 119.46 | 166.92 | 260.56 |
Working Capital |
— | 64.86 | 135.36 | 605.99 | 988.58 | 1,667.29 | 1,490.01 | 1,415.99 | 1,475.34 | 2,294.27 |
Capital Expenditures |
(18.56) | (22.97) | (34.84) | (57.28) | (74.96) | (107.74) | (163.36) | (134.94) | (213.51) | (342.55) |
Net Current Asset Value |
0.00 | 50.59 | 116.37 | 584.88 | 566.24 | 395.14 | (76.06) | (13.64) | 14.04 | 67.70 |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.22 | 0.17 | 0.18 | 0.20 | 0.17 | 0.16 | 0.17 | 0.10 | 0.13 | 0.16 |
Price to Operating Income |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.00 | 0.31 | 0.35 | 0.40 | 0.71 | 0.77 | 0.53 | 0.62 | 0.45 | 0.48 |
Cash ROIC |
0.00% | (9.63%) | (20.08%) | (7.00%) | (4.12%) | (1.14%) | (1.07%) | 3.21% | 3.98% | 3.45% |
Accounts Receivable Turnover |
0.00 | 6.42 | 10.52 | 9.73 | 8.85 | 8.25 | 7.99 | 6.54 | 5.91 | 6.20 |
Accounts Payable Turnover |
7.67 | 9.64 | 4.58 | 4.93 | 7.79 | 7.25 | 7.54 | 6.87 | 4.75 | 5.82 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
18.99 | 59.91 | 119.76 | 65.97 | 52.32 | 64.71 | 55.87 | 63.88 | 101.98 | 55.57 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
— | 21.00 | 18.32 | 29.51 | 48.68 | 79.52 | 122.04 | 198.41 | 282.51 | 349.62 |
Average Payables |
3.12 | 2.99 | 9.51 | 12.87 | 12.97 | 20.29 | 30.85 | 44.67 | 79.77 | 94.96 |
Average Assets |
81.50 | 81.57 | 230.76 | 564.60 | 1,105.74 | 1,876.36 | 2,479.99 | 2,673.84 | 3,030.46 | 4,668.71 |
Average Common Equity |
— | (87.00) | (86.67) | 306.16 | 771.38 | 814.15 | 717.66 | 693.51 | 904.62 | 1,252.66 |
Columns are period end dates