Pricing Log in Create free account
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

272.18 27.67 +11.32%
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) valuation and DCF model

What the price implies · reverse DCF

At $272.18 the price implies revenue of $133.63 billion by year ten, growing 47.5% a year, at a 10% free-cash-flow margin then.

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
47.5% a year for ten years
$272.18
today’s price
Its base case
40.0% a year for five years, then 24.0%
$80.25
70.5% below today’s price

Both are growth in revenue, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Cloudflare, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Revenue and margin
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in revenue. It usually slows as the company matures.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Cloudflare, Inc.’s own cost of capital: risk-free 4.3% + beta 1.36 × equity premium 4.5% = 10.4% cost of equity; weighted, 10.4%.

Use 10.4%
Equity value $28.34b ▼ below market cap $96.11b
Base case value per share $80.25 equity value ÷ 353.13m shares
Current price $272.18 market price per share
Below today’s price 70.5% downside at the base case’s assumptions

How we got there$4.08b 10 years of cash to equity+$28.70b terminal value−$4.44b net debt=$28.34b equity value÷353.13m shares=$80.25 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Software Infrastructure).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/FCF 271.33× 244.21× 244.21× 11% above 17.94× 1412% above
P/B 59.64× 39.81× 35.12× 70% above 2.88× 1974% above
EV/EBITDA — 1,452.48× 1,452.48× — 14.51× —
EV/Sales 32.07× 23.74× 29.76× 8% above 2.91× 1004% above
P/FCF P/B EV/EBITDA EV/Sales
838.71×1,442.69×2,046.67×2,650.64×10Y avg 1,452.48×2021202320242025

EV/EBITDA has no reading today; its 10-year average is 1,452.48×.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.