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Friday 6 November 2026 Export NET’s income statement to Excel — free account

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
+39.2%
EPS
−2,602.7%
Free cash flow
+9.48%
Total debt
+125.2%

Quarter to September 2026, against a year earlier

244.63 21.95 −8.23%
Market cap
$87.1B
P/E
0.0×
Fwd P/E
−484×
Dividend yield
—
F-score
4/9
Altman Z
9.43
Beneish M
−2.95
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Cloudflare, Inc. (NET) P/B ratio

Alert me on P/B ratio

As of 5 November 2026, Cloudflare, Inc. (NET) trades at a P/B ratio of 59.6×. Over the past ten years it has ranged from 0.0× (September 2019) to 88.0× (October 2026); the current reading is higher than 92% of that period. That is above the Software Infrastructure industry median of 2.9× and above the Technology sector median of 2.5×.

P/B ratio, daily

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Annual newest first

Period P/B ratio Change
FY2025 47.1× 33.97%
FY2024 35.1× 1.28%
FY2023 34.7× 54.21%
FY2022 22.5× (55.55%)
FY2021 50.6× 81.53%
FY2020 27.9× 710.87%
FY2019 3.4× —
FY2018 0.0× —
FY2017 0.0× —
FY2016 0.0× —

Quarterly newest first

Period P/B ratio Change
Sep 2026 84.7× 57.82%
Jun 2026 53.6× 12.57%
Mar 2026 47.7× 1.24%
Dec 2025 47.1× (15.40%)
28 more quarters

Against its own ten years

Low 0.0× High 88.0×
Ten-year median 33.3×
Current reading's percentile 91

P/B ratio against peers

Company P/B ratio
XYZ Block, Inc. compare 2.2×
SNPS Synopsys, Inc. compare 2.7×
NBIS Nebius Group N.V. compare 3.3×
OKTA Okta, Inc. compare 4.3×
ZS Zscaler, Inc. compare 12.6×
NTAP NetApp, Inc. compare 22.4×
FTNT Fortinet, Inc. compare 40.0×
CRWD CrowdStrike compare 43.2×
NET Cloudflare, Inc. 59.6×
Software Infrastructure industry median 2.9×
Technology sector median 2.5×
Market median 1.7×

What P/B ratio is

Price to Book Value tells an investor how much the market pays for a company’s shares relative to the accounting net worth that belongs to common shareholders.

Stock Price ÷ (Common Equity (Total) (latest quarter) ÷ Shares (Basic, Weighted) (latest quarter))

The full definition of P/B ratio →

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