Wednesday 7 October 2026 Export all NET data to Excel Powerpack

Cloudflare, Inc.

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.

355.01 4.48 −1.25%

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Market cap: $129.0B
P/E: 0.0×
Dividend yield: —
F-score: 4/9
Altman Z: 9.43
Beneish M: −2.95
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 625.86

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	9	8	8	6	8	6	9	8	7	12	4	—

Insider Ownership 9.82%

Capital & Financial Ratios $m

Market Cap 129,030.00

Revenue 2,512.35

Net Income (206.27)

Free Cash Flow 314.87

Net Debt (2,197.95)

Current Ratio 1.82

Debt/Equity 1.22

P/E ratio 0.00

P/S ratio 50.07

P/B ratio 77.65

Past 5Y EPS Growth —

This Y EPS Growth 35.64%

Next Y EPS Growth 32.62%

Next 5Y EPS Growth 34.17%

Scores & Valuation vs History

F-score 4/9 Altman Z 9.43 Beneish M −2.95 Dividend safety n/a

P/S against its own 10 years 84.24%

10-year low 10-year high

P/B against its own 10 years 99.60%

10-year low 10-year high

EV/Sales against its own 10 years 84.47%

10-year low 10-year high

EV/FCF against its own 10 years 89.91%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,676	1,860	4,111	4,175
Receivables	248	317	382	423
Inventory	—	—	—	—
Other	11	17	24	27
	1,983	2,269	4,645	4,778

	2023	2024	2025	Q'26
Payables	54	106	84	127
ST’ Debt	—	—	—	—
Other	—	—	—	—
	567	794	2,351	2,628

Compound Annual Growth %

	10y	5y	3y
Sales	—	38.13%	30.51%
Cash Flow	—	0.00%	69.62%
Earnings	—	0.00%	0.00%
Book Value	—	12.30%	32.73%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	640	696	—	—	—
’25	479	512	562	615	2,168
’24	379	401	430	460	1,670
’23	290	308	336	362	1,297
’22	212	235	254	275	975
’21	138	152	172	194	656
’20	91	100	114	126	431

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	158	118	—	—	—
’25	146	100	167	190	603
’24	74	75	105	127	380
’23	36	64	68	85	254
’22	(35)	38	43	78	124
’21	23	7	(7)	41	65
’20	(14)	4	2	(9)	(17)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	84	56	—	—	—
’25	53	33	75	99	261
’24	36	38	45	48	167
’23	14	20	35	51	119
’22	(64)	(4)	(5)	34	(40)
’21	(2)	(10)	(40)	9	(43)
’20	(31)	(20)	(18)	(23)	(92)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.07)	(0.48)	—	—	—
’25	(0.11)	(0.15)	0.00	(0.03)	(0.29)
’24	(0.10)	(0.04)	(0.04)	(0.04)	(0.23)
’23	(0.12)	(0.28)	(0.07)	(0.08)	(0.55)
’22	(0.13)	(0.20)	(0.13)	(0.14)	(0.59)
’21	(0.13)	(0.12)	(0.34)	(0.24)	(0.83)
’20	(0.11)	(0.09)	(0.09)	(0.11)	(0.40)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	14.50	15.05	60.96	37.37	37.56	66.24	89.42	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	22.08	88.77	221.64	132.45	86.91	119.42	260.00
People
People	Employees	—	—	1,069	1,270	1,788	2,440	3,217	3,682	4,263	5,156
	Revenue/emp, $m	0.00	0.00	0.18	0.23	0.24	0.27	0.30	0.35	0.39	0.42
Income, $m
Income, $m	Revenue	85	135	193	287	431	656	975	1,297	1,670	2,168
	Gross margin, %	71.74	78.66	77.40	77.90	76.56	77.59	76.15	76.32	77.32	74.51
	EBT	(17)	(10)	(86)	(105)	(125)	(248)	(191)	(178)	(71)	(93)
	EBT margin, %	(20.36)	(7.20)	(44.68)	(36.48)	(28.99)	(37.78)	(19.56)	(13.72)	(4.24)	(4.28)
	Net income	(17)	(11)	(87)	(106)	(119)	(260)	(193)	(184)	(79)	(102)
	Depreciation	10	16	26	40	88	142	152	202	210	298
Per share, $
Per share, $	Revenue	1.12	1.75	2.38	1.96	1.44	2.10	2.99	3.89	4.89	6.22
	Earnings	(0.23)	(0.14)	(1.08)	(0.72)	(0.40)	(0.83)	(0.59)	(0.55)	(0.23)	(0.29)
	Cash flow	(0.18)	0.04	(0.53)	(0.27)	(0.06)	0.21	0.38	0.76	1.11	1.73
	Capex	(0.25)	(0.30)	(0.43)	(0.39)	(0.25)	(0.34)	(0.50)	(0.40)	(0.63)	(0.98)
	Free cash flow	(0.42)	(0.26)	(0.96)	(0.66)	(0.31)	(0.14)	(0.12)	0.36	0.49	0.75
	Book value	0.00	1.58	2.69	4.96	2.73	2.60	1.91	2.29	3.06	4.19
	Shares, m	76	77	81	146	300	312	326	334	341	348
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	0.00	0.00	0.00	8.70	52.85	62.57	14.40	20.42	22.02	31.69
	P/B	0.00	0.00	0.00	3.44	27.88	50.62	22.50	34.70	35.14	47.08
	EV/Sales	0.00	0.00	0.00	6.51	51.34	61.53	14.17	20.11	21.68	30.70
	EV/FCF	0.00	0.00	(11.88)	(19.43)	(240.29)	(937.39)	(347.37)	218.33	216.82	255.43
Cash, $m
Cash, $m	Operating cash flow	(13)	3	(43)	(39)	(17)	65	124	254	380	603
	Capex	(19)	(23)	(35)	(57)	(75)	(108)	(163)	(135)	(214)	(343)
	Free cash flow	(32)	(20)	(78)	(96)	(92)	(43)	(40)	119	167	261
Balance, $m
Balance, $m	Working capital	—	65	135	606	989	1,667	1,490	1,416	1,475	2,294
	Total debt	—	11	10	11	383	1,147	1,436	1,283	1,287	1,974
	Net debt	—	(63)	(150)	(626)	(651)	(678)	(224)	(393)	(573)	(2,136)
	Shareholders’ equity	—	122	218	726	817	811	624	763	1,046	1,459
Returns, %
Returns, %	ROA	(21.27)	(13.18)	(37.77)	(18.74)	(10.80)	(13.87)	(7.80)	(6.88)	(2.60)	(2.19)
	ROIC	0.00	(10.33)	(78.26)	(67.88)	(40.31)	(59.81)	(31.46)	(31.32)	(20.44)	0.00
	ROE	0.00	12.35	100.57	(34.57)	(15.47)	(31.97)	(26.95)	(26.52)	(8.71)	(8.16)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

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All 173 Software Infrastructure stocks →

Cloudflare, Inc. (NET) key facts

Cloudflare, Inc. (NET) is a Software Infrastructure company in the Technology sector, listed on the New York Stock Exchange.
Cloudflare, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 29.8% from fiscal 2024.
As of October 6, 2026, NET traded at $355.01, a market capitalization of $129.0 billion.
Return on equity was −8.16% and debt-to-equity 1.22.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 9.43 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.