Symbols / NET Stock $186.79 -3.48% Cloudflare, Inc.

Technology • Software - Infrastructure • United States • NYQ
NET (Stock) Chart
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Stock Fundamentals
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Index EQUITY
Sector Technology
Industry Software - Infrastructure
CEO Mr. Matthew Prince J.D.
Exch · Country NYQ · United States
Market Cap 66.02B
Enterprise Value 65.38B
Income -86.74M
Sales 2.33B
FCF (ttm) 755.00M
Book/sh 4.15
Cash/sh 11.78
Employees 5,483
Insider 10d —
IPO Sep 13, 2019
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E —
Forward P/E 122.90
PEG 2.38
P/S 28.35
P/B 45.04
P/C —
EV/EBITDA -1,802.07
EV/Sales 28.08
Quick Ratio 1.90
Current Ratio 1.96
Debt/Eq 230.86
LT Debt/Eq —
EPS (ttm) -0.25
EPS next Y 1.52
EPS Growth —
Revenue Growth 33.50%
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-07-30
Earnings (prior) 2026-05-07
ROA -2.65%
ROE -5.88%
ROIC —
Gross Margin 73.33%
Oper. Margin -9.69%
Profit Margin -3.72%
Shs Outstand 319.53M
Shs Float 317.41M
Insider Own 0.73%
Instit Own 89.70%
Short Float 3.03%
Short Ratio 1.83
Short Interest 8.52M
52W High 260.00
vs 52W High -28.16%
52W Low 143.00
vs 52W Low 30.62%
Beta 1.67
Impl. Vol. 69.14%
Rel Volume 1.22
Avg Volume 4.54M
Volume 5.56M
Target (mean) $233.53
Tgt Median $243.00
Tgt Low $135.00
Tgt High $300.00
# Analysts 31
Recom Buy
Prev Close $193.52
Price $186.79
Change -3.48%
About

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.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$233.53
Mean price target
2. Current target
$186.79
Latest analyst target
3. DCF / Fair value
$42.53
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$186.79
Low
$135.00
High
$300.00
Mean
$233.53

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-05-11 main Susquehanna Neutral → Neutral $200
2026-05-08 reit Piper Sandler Overweight → Overweight $250
2026-05-08 reit BTIG Buy → Buy $243
2026-04-15 up Piper Sandler Neutral → Overweight $222
2026-04-14 main Mizuho Outperform → Outperform $235
2026-02-12 main Citigroup Buy → Buy $265
2026-02-11 main Jefferies Hold → Hold $225
2026-02-11 main Piper Sandler Neutral → Neutral $222
2026-02-11 main RBC Capital Outperform → Outperform $240
2026-02-11 main Wells Fargo Overweight → Overweight $270
2026-02-11 main Guggenheim Sell → Sell $140
2026-02-11 main Barclays Overweight → Overweight $250
2026-02-11 reit Cantor Fitzgerald Neutral → Neutral $224
2026-02-11 main Scotiabank Sector Perform → Sector Perform $225
2026-02-11 main Needham Buy → Buy $250
2026-02-11 main BTIG Buy → Buy $243
2026-02-04 up BTIG Neutral → Buy $199
2026-01-21 main Mizuho Outperform → Outperform $255
2026-01-16 main Citigroup Buy → Buy $260
2026-01-13 main UBS Neutral → Neutral $210
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-05-05 LEDBETTER CARL Director — 15,000 $238.12 $3,571,797
2026-05-04 GRAHAM-CUMMING JOHN Director — 2,520 $44.72 $112,694
2026-05-04 GRAHAM-CUMMING JOHN Director — 2,520 $218.05 $558,382
2026-05-01 LEDBETTER CARL Director — 5,009 $215.82 $1,081,049
2026-05-01 HAWKINS MARK J Director — 133 $211.62 $28,145
2026-04-28 LEDBETTER CARL Director — 9,991 $215.85 $2,156,573
2026-04-22 ZATLYN MICHELLE President — 76,923 — —
2026-04-22 ZATLYN MICHELLE President — 76,923 $195.86 $15,759,466
2026-04-17 SEIFERT THOMAS J Chief Financial Officer — 10,000 — —
2026-04-17 SEIFERT THOMAS J Chief Financial Officer — 10,000 $195.09 $1,979,757
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
2,167.94
+29.85%
1,669.63
+28.76%
1,296.74
+32.97%
975.24
Operating Revenue
2,167.94
+29.85%
1,669.63
+28.76%
1,296.74
+32.97%
975.24
Cost Of Revenue
552.52
+45.90%
378.70
+23.35%
307.00
+31.98%
232.61
Reconciled Cost Of Revenue
552.52
+45.90%
378.70
+23.35%
307.00
+31.98%
232.61
Gross Profit
1,615.41
+25.14%
1,290.92
+30.43%
989.74
+33.27%
742.63
Operating Expense
1,822.62
+26.07%
1,445.68
+23.01%
1,175.22
+24.52%
943.83
Research And Development
512.49
+21.62%
421.37
+17.66%
358.14
+20.06%
298.30
Selling General And Administration
1,310.13
+27.90%
1,024.31
+25.36%
817.08
+26.58%
645.53
Selling And Marketing Expense
920.82
+23.47%
745.79
+24.48%
599.12
+28.63%
465.76
General And Administrative Expense
389.31
+39.78%
278.52
+27.78%
217.97
+21.25%
179.77
Other Gand A
389.31
+39.78%
278.52
+27.78%
217.97
+21.25%
179.77
Total Expenses
2,375.14
+30.19%
1,824.39
+23.08%
1,482.23
+25.99%
1,176.44
Operating Income
-207.21
-33.89%
-154.76
+16.56%
-185.49
+7.81%
-201.20
Total Operating Income As Reported
-207.21
-33.89%
-154.76
+16.56%
-185.49
+7.81%
-201.20
EBITDA
105.80
+70.52%
62.05
+271.54%
-36.17
+56.64%
-83.41
Normalized EBITDA
105.80
+70.52%
62.05
+339.12%
14.13
+116.94%
-83.41
Reconciled Depreciation
189.74
+48.56%
127.72
-5.96%
135.82
+32.72%
102.33
EBIT
-83.94
-27.81%
-65.67
+61.81%
-171.99
+7.41%
-185.75
Total Unusual Items
0.00
0.00
+100.00%
-50.30
0.00
Total Unusual Items Excluding Goodwill
0.00
0.00
+100.00%
-50.30
0.00
Special Income Charges
0.00
0.00
+100.00%
-50.30
0.00
Other Special Charges
—
—
50.30
—
Net Income
-102.27
-29.78%
-78.80
+57.16%
-183.95
+4.88%
-193.38
Pretax Income
-92.71
-30.81%
-70.87
+60.15%
-177.86
+6.75%
-190.73
Net Non Operating Interest Income Expense
122.45
+48.92%
82.23
+32.00%
62.30
+529.69%
9.89
Interest Expense Non Operating
8.77
+68.71%
5.20
-11.51%
5.87
+17.82%
4.98
Net Interest Income
122.45
+48.92%
82.23
+32.00%
62.30
+529.69%
9.89
Interest Expense
8.77
+68.71%
5.20
-11.51%
5.87
+17.82%
4.98
Interest Income Non Operating
131.22
+50.09%
87.43
+28.25%
68.17
+358.20%
14.88
Interest Income
131.22
+50.09%
87.43
+28.25%
68.17
+358.20%
14.88
Other Income Expense
-7.95
-579.16%
1.66
+103.04%
-54.67
-9575.22%
0.58
Other Non Operating Income Expenses
-7.95
-579.16%
1.66
+137.97%
-4.37
-857.71%
0.58
Tax Provision
9.56
+20.58%
7.93
+30.26%
6.09
+129.87%
2.65
Tax Rate For Calcs
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Tax Effect Of Unusual Items
0.00
0.00
+100.00%
-10.56
0.00
Net Income Including Noncontrolling Interests
-102.27
-29.78%
-78.80
+57.16%
-183.95
+4.88%
-193.38
Net Income From Continuing Operation Net Minority Interest
-102.27
-29.78%
-78.80
+57.16%
-183.95
+4.88%
-193.38
Net Income From Continuing And Discontinued Operation
-102.27
-29.78%
-78.80
+57.16%
-183.95
+4.88%
-193.38
Net Income Continuous Operations
-102.27
-29.78%
-78.80
+57.16%
-183.95
+4.88%
-193.38
Normalized Income
-102.27
-29.78%
-78.80
+45.36%
-144.21
+25.43%
-193.38
Net Income Common Stockholders
-102.27
-29.78%
-78.80
+57.16%
-183.95
+4.88%
-193.38
Diluted EPS
-0.29
-26.09%
-0.23
+58.18%
-0.55
+6.78%
-0.59
Basic EPS
-0.29
-26.09%
-0.23
+58.18%
-0.55
+6.78%
-0.59
Basic Average Shares
348.42
+2.05%
341.41
+2.32%
333.66
+2.24%
326.33
Diluted Average Shares
348.42
+2.05%
341.41
+2.32%
333.66
+2.24%
326.33
Diluted NI Availto Com Stockholders
-102.27
-29.78%
-78.80
+57.16%
-183.95
+4.88%
-193.38
Line Item Trend 2023-12-31
Total Assets
2,759.77
Current Assets
1,983.08
Cash Cash Equivalents And Short Term Investments
1,673.74
Cash And Cash Equivalents
86.86
Cash Equivalents
40.03
Cash Financial
46.83
Other Short Term Investments
1,586.88
Receivables
259.31
Accounts Receivable
248.27
Gross Accounts Receivable
254.26
Allowance For Doubtful Accounts Receivable
-6.00
Other Receivables
11.04
Prepaid Assets
—
Restricted Cash
2.52
Other Current Assets
47.50
Total Non Current Assets
776.69
Net PPE
461.37
Gross PPE
679.85
Accumulated Depreciation
-218.48
Properties
0.00
Machinery Furniture Equipment
121.63
Construction In Progress
45.56
Other Properties
469.68
Leases
42.98
Goodwill And Other Intangible Assets
167.61
Goodwill
148.05
Other Intangible Assets
19.56
Non Current Deferred Assets
133.24
Other Non Current Assets
14.47
Total Liabilities Net Minority Interest
1,996.72
Current Liabilities
567.08
Payables And Accrued Expenses
117.32
Payables
53.73
Accounts Payable
53.73
Current Accrued Expenses
63.60
Pensionand Other Post Retirement Benefit Plans Current
63.80
Current Debt And Capital Lease Obligation
38.35
Current Debt
—
Other Current Borrowings
—
Current Capital Lease Obligation
38.35
Current Deferred Liabilities
347.61
Current Deferred Revenue
347.61
Other Current Liabilities
—
Total Non Current Liabilities Net Minority Interest
1,429.64
Long Term Debt And Capital Lease Obligation
1,396.85
Long Term Debt
1,283.36
Long Term Capital Lease Obligation
113.49
Non Current Deferred Liabilities
17.24
Non Current Deferred Revenue
17.24
Other Non Current Liabilities
15.54
Stockholders Equity
763.05
Common Stock Equity
763.05
Capital Stock
0.34
Common Stock
0.34
Share Issued
337.53
Ordinary Shares Number
337.53
Treasury Shares Number
0.00
Additional Paid In Capital
1,784.57
Retained Earnings
-1,023.84
Gains Losses Not Affecting Retained Earnings
1.98
Other Equity Adjustments
1.98
Total Equity Gross Minority Interest
763.05
Total Capitalization
2,046.41
Working Capital
1,415.99
Invested Capital
2,046.41
Total Debt
1,435.20
Net Debt
1,196.50
Capital Lease Obligations
151.84
Net Tangible Assets
595.44
Tangible Book Value
595.44
Other Equity Interest
—
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
603.11
+58.54%
380.43
+49.54%
254.41
+105.84%
123.59
Cash Flow From Continuing Operating Activities
603.11
+58.54%
380.43
+49.54%
254.41
+105.84%
123.59
Net Income From Continuing Operations
-102.27
-29.78%
-78.80
+57.16%
-183.95
+4.88%
-193.38
Depreciation Amortization Depletion
189.74
+48.56%
127.72
-5.96%
135.82
+32.72%
102.33
Depreciation And Amortization
189.74
+48.56%
127.72
-5.96%
135.82
+32.72%
102.33
Other Non Cash Items
175.08
+32.74%
131.90
+18.28%
111.51
+28.57%
86.73
Stock Based Compensation
451.45
+33.38%
338.46
+23.53%
273.99
+35.12%
202.78
Provisionand Write Offof Assets
14.99
+49.32%
10.04
-26.39%
13.64
+182.46%
4.83
Deferred Tax
1.33
-36.85%
2.11
-6.76%
2.26
+1717.14%
-0.14
Deferred Income Tax
1.33
-36.85%
2.11
-6.76%
2.26
+1717.14%
-0.14
Operating Gains Losses
—
—
50.30
—
Change In Working Capital
-97.32
+10.65%
-108.92
-4.00%
-104.73
-32.07%
-79.30
Change In Receivables
-85.10
-1.25%
-84.05
+27.61%
-116.11
-98.79%
-58.41
Changes In Account Receivables
-80.59
-2.64%
-78.52
+30.73%
-113.36
-101.73%
-56.20
Change In Prepaid Assets
-80.00
-109.26%
-38.23
-72.78%
-22.12
-187.30%
-7.70
Change In Payables And Accrued Expense
50.96
+7.81%
47.27
+25.82%
37.57
+351.00%
-14.97
Change In Accrued Expense
42.10
+46.98%
28.64
+11.07%
25.79
+580.85%
-5.36
Change In Payable
8.86
-52.41%
18.63
+58.10%
11.78
+222.65%
-9.61
Change In Account Payable
8.86
-52.41%
18.63
+58.10%
11.78
+222.65%
-9.61
Change In Other Working Capital
74.91
+311.48%
18.20
-44.85%
33.01
-3.67%
34.26
Change In Other Current Assets
6.79
+213.00%
2.17
+113.16%
1.02
+288.87%
-0.54
Change In Other Current Liabilities
-64.89
-19.53%
-54.29
-42.53%
-38.09
-19.23%
-31.94
Investing Cash Flow
-1,806.70
-447.11%
-330.22
-77.35%
-186.20
+21.00%
-235.70
Cash Flow From Continuing Investing Activities
-1,806.70
-447.11%
-330.22
-77.35%
-186.20
+21.00%
-235.70
Net PPE Purchase And Sale
-315.62
-70.57%
-185.04
-61.75%
-114.40
+20.34%
-143.61
Purchase Of PPE
-315.62
-70.57%
-185.04
-61.75%
-114.40
+20.34%
-143.61
Capital Expenditure
-342.55
-60.44%
-213.51
-58.23%
-134.94
+17.40%
-163.36
Capital Expenditure Reported
-26.93
+5.41%
-28.48
-38.60%
-20.55
-3.99%
-19.76
Net Investment Purchase And Sale
-1,415.09
-1696.78%
-78.76
-74.05%
-45.25
-386.05%
15.82
Purchase Of Investment
-3,537.09
-124.99%
-1,572.11
+16.27%
-1,877.51
-65.72%
-1,132.95
Sale Of Investment
2,121.99
+42.10%
1,493.36
-18.50%
1,832.26
+59.50%
1,148.77
Net Business Purchase And Sale
—
—
-6.08
+93.10%
-88.19
Purchase Of Business
—
—
-6.08
+93.10%
-88.19
Net Other Investing Changes
-49.06
-29.25%
-37.95
-531.60%
-6.01
+93.18%
-88.15
Financing Cash Flow
2,003.73
+15572.50%
12.79
+106.65%
-192.19
-3127.97%
6.35
Cash Flow From Continuing Financing Activities
2,003.73
+15572.50%
12.79
+106.65%
-192.19
-3127.97%
6.35
Net Issuance Payments Of Debt
2,000.00
0.00
+100.00%
-207.65
-1153.09%
-16.57
Issuance Of Debt
2,000.00
0.00
0.00
0.00
Repayment Of Debt
0.00
0.00
+100.00%
-207.65
-1153.09%
-16.57
Long Term Debt Issuance
2,000.00
0.00
0.00
0.00
Long Term Debt Payments
0.00
0.00
+100.00%
-207.65
-1153.09%
-16.57
Net Long Term Debt Issuance
2,000.00
0.00
+100.00%
-207.65
-1153.09%
-16.57
Short Term Debt Payments
—
—
—
0.00
Net Short Term Debt Issuance
—
—
—
0.00
Net Common Stock Issuance
0.00
0.00
+100.00%
-0.03
-1033.33%
-0.00
Common Stock Payments
0.00
0.00
+100.00%
-0.03
-1033.33%
-0.00
Repurchase Of Capital Stock
0.00
0.00
+100.00%
-0.03
-1033.33%
-0.00
Proceeds From Stock Option Exercised
58.56
+79.04%
32.71
-3.62%
33.93
+33.58%
25.40
Net Other Financing Charges
-54.83
-175.22%
-19.92
-8.06%
-18.44
-642.49%
-2.48
Changes In Cash
800.14
+1170.27%
62.99
+150.81%
-123.98
-17.23%
-105.75
Beginning Cash Position
154.21
+69.05%
91.22
-57.61%
215.20
-32.95%
320.96
End Cash Position
954.36
+518.85%
154.21
+69.05%
91.22
-57.61%
215.20
Free Cash Flow
260.56
+56.10%
166.91
+39.72%
119.46
+400.39%
-39.77
Interest Paid Supplemental Data
0.03
-61.33%
0.07
-88.81%
0.67
-45.88%
1.24
Income Tax Paid Supplemental Data
7.77
+55.50%
5.00
+12.15%
4.45
+100.36%
2.22
Amortization Of Securities
-29.90
+28.95%
-42.08
+5.31%
-44.44
-16797.72%
-0.26
Common Stock Issuance
—
—
—
—
Issuance Of Capital Stock
—
—
—
—
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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