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.
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Cloudflare, Inc. (NET) EV/Sales
As of 27 October 2026, Cloudflare, Inc. (NET) trades at a EV/Sales of 45.5×. Over the past ten years it has ranged from 0.0× (September 2019) to 115× (November 2021); the current reading is higher than 81% of that period. That is above the Software Infrastructure industry median of 2.9× and above the Technology sector median of 2.9×.
EV/Sales, daily
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Annual newest first
| Period | EV/Sales | Change |
|---|---|---|
| FY2025 | 30.7× | 41.63% |
| FY2024 | 21.7× | 7.76% |
| FY2023 | 20.1× | 42.00% |
| FY2022 | 14.2× | (76.98%) |
| FY2021 | 61.5× | 19.87% |
| FY2020 | 51.3× | 688.12% |
| FY2019 | 6.5× | — |
| FY2018 | 0.0× | — |
| FY2017 | 0.0× | — |
| FY2016 | 0.0× | — |
Quarterly newest first
| Period | EV/Sales | Change |
|---|---|---|
| Jun 2026 | 33.7× | 11.28% |
| Mar 2026 | 30.3× | (1.30%) |
| Dec 2025 | 30.7× | (15.19%) |
| Sep 2025 | 36.2× | 1.13% |
| 27 more quarters | Free account |
Against its own ten years
EV/Sales against peers
| Company | EV/Sales |
|---|---|
| XYZ Block, Inc. compare | 1.8× |
| NTAP NetApp, Inc. compare | 5.9× |
| SNPS Synopsys, Inc. compare | 10.3× |
| ZS Zscaler, Inc. compare | 12.3× |
| FTNT Fortinet, Inc. compare | 17.6× |
| PANW Palo Alto Networks, Inc. compare | 26.2× |
| NBIS Nebius Group N.V. compare | 35.6× |
| NET Cloudflare, Inc. | 45.5× |
| CRWD CrowdStrike compare | 49.9× |
| Software Infrastructure industry median | 2.9× |
| Technology sector median | 2.9× |
| Market median | 2.2× |
What EV/Sales is
EV/Sales tells an investor how the value of a whole company, counting its debt and cash, compares with the sales it brings in.
((Stock Price × Shares (Basic, Weighted) (latest quarter)) + (Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter)) − Cash & Short Term Investments (latest quarter)) ÷ Revenue (TTM)