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. Revenue growth for five consecutive years, operating cash flow growth for five.
Follow NET
Cloudflare, Inc. (NET) Beneish M-score
Cloudflare, Inc.'s Beneish M-score for fiscal 2025 is −2.95; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.95 | (0.13) |
| FY2024 | −2.82 | (0.15) |
| FY2023 | −2.67 | (0.33) |
| FY2022 | −2.33 | 0.50 |
| FY2021 | −2.84 | (0.29) |
| FY2020 | −2.54 | (0.01) |
| FY2019 | −2.53 | (0.05) |
| FY2018 | −2.49 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.93 | — | 0.86 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 0.75 | — | 0.30 | |
| Sales growth index | 1.30 | — | 1.16 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.12) | — | −0.55 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.95 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CRWD CrowdStrike compare | −3.0× |
| NET Cloudflare, Inc. | −3.0× |
| TWLO Twilio Inc. compare | −2.8× |
| XYZ Block, Inc. compare | −2.7× |
| FTNT Fortinet, Inc. compare | −2.6× |
| PANW Palo Alto Networks, Inc. compare | −2.6× |
| SNPS Synopsys, Inc. compare | −1.9× |
| CRWV CoreWeave Inc. compare | 0.1× |
| NBIS Nebius Group N.V. compare | 10.4× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI