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) P/E ratio
Cloudflare, Inc. has no meaningful P/E ratio: its trailing twelve-month earnings is negative. Over the past ten years it has ranged from 0.0× (October 2026) to 0.0× (October 2026) — the current reading is the highest in ten years.
P/E ratio, daily
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Annual newest first
| Period | P/E ratio | Change |
|---|---|---|
| FY2025 | 0.0× | — |
| FY2024 | 0.0× | — |
| FY2023 | 0.0× | — |
| FY2022 | 0.0× | — |
| FY2021 | 0.0× | — |
| FY2020 | 0.0× | — |
| FY2019 | 0.0× | — |
| FY2018 | 0.0× | — |
| FY2017 | 0.0× | — |
| FY2016 | 0.0× | — |
Quarterly newest first
| Period | P/E ratio | Change |
|---|---|---|
| Jun 2026 | 0.0× | — |
| Mar 2026 | 0.0× | — |
| Dec 2025 | 0.0× | — |
| Sep 2025 | 0.0× | — |
| 27 more quarters | Free account |
Against its own ten years
P/E ratio against peers
| Company | P/E ratio |
|---|---|
| NET Cloudflare, Inc. | n/m |
| ZS Zscaler, Inc. compare | n/m |
| NTAP NetApp, Inc. compare | 31.7× |
| FTNT Fortinet, Inc. compare | 64.8× |
| SNPS Synopsys, Inc. compare | 83.2× |
| XYZ Block, Inc. compare | 129× |
| NBIS Nebius Group N.V. compare | 655× |
| PANW Palo Alto Networks, Inc. compare | 759× |
| CRWD CrowdStrike compare | 7,616× |
| Software Infrastructure industry median | 30.5× |
| Technology sector median | 29.5× |
| Market median | 18.6× |
What P/E ratio is
Price to Earnings Ratio shows how much investors pay for each dollar of a company’s annual profit per share.
Stock Price ÷ EPS (Basic) (TTM)