Cloudflare, Inc. (NET)
Cloudflare, Inc. operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides a cloud-based security solution to secure a range of combination of platforms, including public and private cloud, on-premises, software-as-a-service applications, and Internet of things (IoT) devices; and application security products comprising web application firewall, bot management, distributed denial of service mitigation, API security, SSL/TLS encryption, client-side security, and security center products. It also offers application performance solutions, such as content delivery, load balancing, DNS, smart shield, video stream delivery, web optimization, cloudfare waiting room, and cloudfare data localization suite; SASE platform that combines network services and Zero Trust and workplace security products that provides a cloud-based network and security-as-a-service; network services, including magic WAN, magic transit, magic firewall, cloudflare network interconnect, and spectrum. In addition, the company provides zero trust security services which include cloudflare zero trust network access, secure web gateway, and one client; and remote browser isolation, cloud access security broker, cloud email security, digital experience monitoring, and data loss prevention products. Further, it provides developer-based solutions comprising workers AI, vectorize, AI gateway, cloudflare workers, cloudflare pages, R2 object storage, workers KV, durable objects, D1, hyperdrive, queues, cloudfare stream, cloudfare images, and cloudflare realtime; and consumer offerings, such as 1.1.1.1 DNS and with WARPm and cloudfare registrar that offers secure registration and management of domain names. The company serves customers in technology, healthcare, financial services, consumer and retail, industrial, and non-profit industries, as well as government. The company was incorporated in 2009 and is headquartered in San Francisco, California.
- Ticker
- NET
- Exchange
- NYSE
- Sector
- Technology
- Industry
- Software - Infrastructure
- Market cap
- $96.32B
- 52-week range
- $158.83 - $370.35
Valuation
- Share price
- $268.75 (close of Nov 6, 2026)
- P/E (TTM)
- -395.22x
- Price to book
- 65.75x
- Price to free cash flow
- 267.94x
- Enterprise value
- $95.90B
- Book value per share
- $4.09
Price performance
| Period | Change |
|---|---|
| 1 day | +9.91% |
| 5 days | -4.26% |
| 1 month | -24.30% |
| 3 months | -5.51% |
| 6 months | +8.11% |
| Year to date | +36.32% |
| 1 year | +18.97% |
| 3 years | +325.84% |
| 5 years | +36.24% |
| All time | +1,393.06% |
Short interest
- As of
- Oct 15, 2026
- Short % of float
- 2.81%
- Shares short
- 7.99M
- Days to cover
- 2.89
- Change since prior report
- +4.28%
- Source
- FINRA consolidated short interest
Members of Congress who disclosed NET trades
Gilbert Ray Cisneros · Robert Bresnahan · Josh Gottheimer · Jefferson Shreve
Super investors holding NET
Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates) · George Soros (Soros Fund Mgmt)
Profitability and growth
- Return on equity
- -7.01%
- Return on invested capital
- -4.16%
- Return on assets
- -1.69%
- Return on capital employed
- -5.62%
- Gross margin
- 74.51%
- Net margin
- -4.72%
- EBITDA margin
- -0.81%
- Revenue growth
- 29.85%
- Free cash flow growth
- 47.14%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 0.37%
- Current ratio
- 3.80x
- Net debt to EBITDA
- 26.16x
Latest reported year
- Period end
- Dec 31, 2025
- Fiscal year
- 2025
- Revenue
- $2.17B
- Cost of revenue
- $552.52M
- Gross profit
- $1.62B
- EBITDA
- -$17.46M
- Net income
- -$102.27M
- Earnings per share
- $-0.29
- Research and development
- $512.49M
- Interest expense
- $8.77M
- Shares outstanding
- 348.42M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|---|---|---|---|
| 2025-12-31 | $2.17B | $1.62B | -$102.27M | -$0.29 |
| 2024-12-31 | $1.67B | $1.29B | -$78.80M | -$0.23 |
| 2023-12-31 | $1.30B | $989.74M | -$183.95M | -$0.55 |
| 2022-12-31 | $975.24M | $742.63M | -$193.38M | -$0.59 |
| 2021-12-31 | $656.43M | $509.29M | -$260.31M | -$0.83 |
| 2020-12-31 | $431.06M | $330.00M | -$119.37M | -$0.40 |
| 2019-12-31 | $287.02M | $223.60M | -$105.83M | -$0.72 |
| 2018-12-31 | $192.67M | $149.14M | -$87.16M | -$1.08 |
| 2017-12-31 | $134.91M | $106.13M | -$10.75M | -$0.14 |
| 2016-12-31 | $84.79M | $60.83M | -$17.33M | - |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|---|---|---|---|
| 2025-12-31 | 74.51% | -4.72% | -7.01% | -4.16% |
| 2024-12-31 | 77.32% | -4.72% | -7.53% | -6.17% |
| 2023-12-31 | 76.32% | -14.19% | -24.11% | -8.44% |
| 2022-12-31 | 76.15% | -19.83% | -30.99% | -9.14% |
| 2021-12-31 | 77.59% | -39.66% | -32.08% | -6.07% |
| 2020-12-31 | 76.56% | -27.69% | -14.61% | -8.12% |
| 2019-12-31 | 77.90% | -36.87% | -14.58% | -14.87% |
| 2018-12-31 | 77.40% | -45.24% | - | - |
| 2017-12-31 | 78.66% | -7.97% | - | - |
| 2016-12-31 | 71.74% | -20.44% | - | - |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2025-12-31 | $4.10B | $1.97B |
| 2024-12-31 | $1.86B | $1.29B |
| 2023-12-31 | $1.67B | $1.28B |
| 2022-12-31 | $1.65B | $1.44B |
| 2021-12-31 | $1.82B | $1.15B |
| 2020-12-31 | $1.03B | $383.27M |
| 2019-12-31 | $636.95M | - |
| 2018-12-31 | $160.66M | - |
| 2017-12-31 | $73.41M | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2025-12-31 | $287.50M | $451.45M |
| 2024-12-31 | $195.39M | $338.46M |
| 2023-12-31 | $140.01M | $273.99M |
| 2022-12-31 | -$20.01M | $202.78M |
| 2021-12-31 | -$28.34M | $90.14M |
| 2020-12-31 | -$73.50M | $56.33M |
| 2019-12-31 | -$82.21M | $36.63M |
| 2018-12-31 | -$68.75M | $27.35M |
| 2017-12-31 | -$15.86M | $2.75M |
Investor relations
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-11-05 | Sep 2026 | $0.02 |
| 2026-08-06 | Jun 2026 | -$0.03 |
| 2026-05-07 | Mar 2026 | -$0.06 |
| 2026-02-10 | Dec 2025 | $0.02 |
| 2025-10-30 | Sep 2025 | -$0.03 |
| 2025-07-31 | Jun 2025 | -$0.05 |
| 2025-05-08 | Mar 2025 | -$0.05 |
| 2025-02-06 | Dec 2024 | -$0.03 |
Filings and sources
- Company website
- cloudflare.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
Similar companies
Synopsys Inc (SNPS) · Fortinet, Inc. (FTNT) · Block, Inc. (XYZ) · CrowdStrike Holdings, Inc. (CRWD) · NetApp, Inc. (NTAP) · Palo Alto Networks Inc (PANW) · Zscaler, Inc. (ZS) · Oracle Corp (ORCL)
Understanding these figures
Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
Explore
Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades