A Business at a Glance
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Cloudflare’s mission is to help build a better Internet. Over the past decade, the technology industry has been undergoing a massive transition from on-premises hardware and software that customers buy, to services in the cloud that they rent. Organizations find themselves at different points in this transition to the cloud. Regardless of where organizations are in their transition, they all face a common set of challenges: they exist in a complex, heterogeneous infrastructure environment which exacerbates the fundamental problems of the Internet more than ever, and the on-premises hardware boxes that they once relied upon to solve these problems were never designed to work in such an environment. As more workloads move to the cloud and workforces become increasingly distributed globally, there is no point in installing additional hardware boxes on premise. An on-premises box will not solve the problems organizations now face. Nor can a business ship a hardware box to a cloud vendor.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.2B | 2.2B | 1.7B | 1.3B | 975M | 656M |
| Net Income | -102M | -102M | -79M | -184M | -193M | -260M |
| EPS | $-0.29 | $-0.29 | $-0.23 | $-0.55 | $-0.59 | $-0.83 |
| Free Cash Flow | 287M | 287M | 195M | 140M | -20M | -28M |
| ROIC | -3.2% | -3.0% | -3.4% | -9.0% | -9.4% | -13.3% |
| Gross Margin | 74.5% | 74.5% | 77.3% | 76.3% | 76.1% | 77.6% |
| Debt/Equity | 3.12 | 3.12 | 1.23 | 1.68 | 2.30 | 1.44 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -207M | -207M | -155M | -185M | -201M | -128M |
| Operating Margin | -9.6% | -9.6% | -9.3% | -14.3% | -20.6% | -19.5% |
| ROE | -7.0% | -8.2% | -7.5% | -24.1% | -31.0% | -32.1% |
| Shares Outstanding | 353M | 353M | 343M | 334M | 328M | 314M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 193M | 287M | 431M | 656M | 975M | 1.3B | 1.7B | 2.2B | 2.2B |
| Gross Margin | 77.4% | 77.9% | 76.6% | 77.6% | 76.1% | 76.3% | 77.3% | 74.5% | 74.5% |
| R&D | 54M | 91M | 127M | 189M | 298M | 358M | 421M | 512M | 512M |
| SG&A | 85M | 82M | 92M | 120M | 180M | 218M | 279M | 389M | 389M |
| EBIT | -85M | -108M | -107M | -128M | -201M | -185M | -155M | -207M | -207M |
| Op. Margin | -44.1% | -37.6% | -24.8% | -19.5% | -20.6% | -14.3% | -9.3% | -9.6% | -9.6% |
| Net Income | -87M | -106M | -119M | -260M | -193M | -184M | -79M | -102M | -102M |
| Net Margin | -45.2% | -36.9% | -27.7% | -39.7% | -19.8% | -14.2% | -4.7% | -4.7% | -4.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | -28.5% | -14.6% | -9.9% | -13.3% | -9.4% | -9.0% | -3.4% | -3.0% | -3.2% |
| ROE | N/A | -14.6% | -14.6% | -32.1% | -31.0% | -24.1% | -7.5% | -8.2% | -7.0% |
| ROA | -29.2% | -12.7% | -8.6% | -11.0% | -7.5% | -6.7% | -2.4% | -2.2% | -1.7% |
| Cash Flow | |||||||||
| Op. Cash Flow | -43M | -39M | -17M | 65M | 124M | 254M | 380M | 603M | 603M |
| Free Cash Flow | -69M | -82M | -74M | -28M | -20M | 140M | 195M | 287M | 287M |
| Owner Earnings | -90M | -105M | -123M | -92M | -182M | -155M | -86M | -38M | -38M |
| CapEx | 25M | 43M | 56M | 93M | 144M | 114M | 185M | 316M | 316M |
| Maint. CapEx | 19M | 29M | 49M | 67M | 102M | 136M | 128M | 190M | 190M |
| Growth CapEx | 6.6M | 14M | 7.0M | 26M | 41M | 0 | 57M | 126M | 126M |
| D&A | 19M | 29M | 49M | 67M | 102M | 136M | 128M | 190M | 190M |
| CapEx/OCF | N/A | N/A | N/A | 143.8% | 116.2% | 45.0% | 48.6% | 52.3% | 52.3% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 65K | 283K | 157K | 189K | 3K | 34K | 0 | 0 | 0 |
| Buyback Yield | N/A | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | N/A | N/A | 0.0% |
| Stock-Based Comp | 27M | 37M | 56M | 90M | 203M | 274M | 338M | 451M | 451M |
| Debt Repayment | 0 | 0 | 13M | 20M | 0 | 0 | 0 | 29M | 29M |
| Balance Sheet | |||||||||
| Net Debt | -160M | -637M | -649M | -651M | -214M | -390M | -569M | 455M | 3.6B |
| Cash & Equiv. | 25M | 139M | 109M | 314M | 204M | 87M | 148M | 944M | 944M |
| Long-Term Debt | 255K | 0 | 383M | 1.1B | 1.4B | 1.3B | 1.3B | 2.0B | 2.0B |
| Debt/Equity | -0.01 | 0.00 | 0.47 | 1.44 | 2.30 | 1.68 | 1.23 | 3.12 | 3.12 |
| Interest Coverage | -85.6 | -97.1 | -4.3 | -2.6 | -40.4 | -31.6 | -29.8 | -23.6 | -23.6 |
| Equity | -114M | 726M | 817M | 811M | 624M | 763M | 1.0B | 1.5B | 1.5B |
| Total Assets | 298M | 831M | 1.4B | 2.4B | 2.6B | 2.8B | 3.3B | 6.0B | 6.0B |
| Total Liabilities | 80M | 105M | 564M | 1.6B | 2.0B | 2.0B | 2.3B | 4.6B | 4.6B |
| Intangibles | 4.2M | 4.1M | 20M | 25M | 181M | 168M | 203M | 268M | 268M |
| Retained Earnings | -196M | -302M | -421M | -681M | -840M | -1.0B | -1.1B | -1.2B | -1.2B |
| Working Capital | 135M | 606M | 989M | 1.7B | 1.5B | 1.4B | 1.5B | 2.3B | 2.3B |
| Current Assets | 197M | 690M | 1.1B | 2.0B | 1.9B | 2.0B | 2.3B | 4.6B | 4.6B |
| Current Liabilities | 61M | 84M | 141M | 289M | 398M | 567M | 794M | 2.4B | 2.4B |
| Per Share Data | |||||||||
| EPS | -1.08 | -0.72 | -0.40 | -0.83 | -0.59 | -0.55 | -0.23 | -0.29 | -0.29 |
| Owner EPS | -0.30 | -0.34 | -0.41 | -0.29 | -0.55 | -0.46 | -0.25 | -0.11 | -0.11 |
| Book Value | -0.38 | 2.35 | 2.74 | 2.59 | 1.90 | 2.28 | 3.05 | 4.14 | 4.14 |
| Cash Flow/Share | -0.14 | -0.13 | -0.06 | 0.21 | 0.38 | 0.76 | 1.11 | 1.71 | 0.25 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 302.6M | 308.8M | 298.4M | 313.6M | 327.8M | 334.5M | 342.6M | 352.6M | 352.6M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -634.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 202.3 | 193.9 | 248.3 | 225.7 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 7.1 | 28.3 | 51.4 | 22.2 | 37.1 | 36.2 | 48.9 | 44.5 |
| Price/Sales | N/A | 18.7 | 25.9 | 53.2 | 24.3 | 15.9 | 17.9 | 28.2 | 29.9 |
| FCF Yield | N/A | -1.6% | -0.3% | -0.1% | -0.1% | 0.5% | 0.5% | 0.4% | 0.4% |
| Market Cap | N/A | 5.2B | 23.1B | 41.7B | 13.8B | 28.3B | 37.9B | 71.4B | 64.9B |
| Avg. Price | N/A | 17.40 | 37.37 | 111.45 | 72.28 | 61.83 | 87.13 | 173.40 | 184.02 |
| Year-End Price | N/A | 16.69 | 77.50 | 132.93 | 42.22 | 84.68 | 110.61 | 202.39 | 184.02 |
Cloudflare, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 76.4%.
Cloudflare, Inc. (NET) has a 5-year average return on invested capital (ROIC) of -7.6%. This is below average and may indicate limited pricing power.
Cloudflare, Inc. (NET) has a market capitalization of $64.9B. It is classified as a large-cap stock.
Cloudflare, Inc. (NET) does not currently pay a regular dividend.
Cloudflare, Inc. (NET) operates in the Services-Prepackaged Software industry, within the Technology sector.
Cloudflare, Inc. (NET) reported annual revenue of $2.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Cloudflare, Inc. (NET) has a net profit margin of -4.7%. The company is currently unprofitable.
Cloudflare, Inc. (NET) generated $287 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Cloudflare, Inc. (NET) has a debt-to-equity ratio of 3.12. This indicates higher leverage, which may increase financial risk.
Cloudflare, Inc. (NET) reported earnings per share (EPS) of $-0.29 in its most recent fiscal year.
Cloudflare, Inc. (NET) has a return on equity (ROE) of -8.2%. A negative ROE may indicate losses or negative equity.
Cloudflare, Inc. (NET) has a 5-year average gross margin of 76.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for Cloudflare, Inc. (NET), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Cloudflare, Inc. (NET) has a book value per share of $4.14, based on its most recent annual SEC filing.