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Cloudflare, Inc. (NET) 10-Year Financial Performance & Capital Metrics

NET • • Industrial / General
TechnologyInfrastructure SoftwareCommunications & Network InfrastructureContent Delivery & Network Optimization
AboutCloudFlare, Inc. operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices. Its security products comprise cloud firewall, bot management, distributed denial of service, IoT, SSL/TLS, secure origin connection, and rate limiting products. The company also offers performance solutions, which include content delivery and intelligent routing, as well as content, mobile, and image optimization solutions. In addition, it provides reliability solutions comprising load balancing, anycast network, virtual backbone, DNS, DNS resolver, online, and virtual waiting room solutions. Further, the company offers Cloudflare internal infrastructure solutions, including on-ramps, which connect users, devices, or locations to its network; and filters, which are the products that protect, inspect, and privilege data. Additionally, it provides developer-based solutions, such as serverless computing/programmable network, website development, domain registration, Cloudflare apps, analytics, and data localization management; Consumer DNS Resolver, a consumer app to browse the Internet; and Consumer VPN for consumers to secure and accelerate traffic on mobile devices. The company serves customers in the technology, healthcare, financial services, consumer and retail, and non-profit industries, as well as government. CloudFlare, Inc. was incorporated in 2009 and is headquartered in San Francisco, California.Show more
  • Revenue $1.67B +28.8%
  • EBITDA -$27M +51.8%
  • Net Income -$79M +57.2%
  • EPS (Diluted) -0.23 +58.2%
  • Gross Margin 77.32% +1.3%
  • EBITDA Margin -1.62% +62.6%
  • Operating Margin -9.27% +52.1%
  • Net Margin -4.72% +66.7%
  • ROE -8.71% +67.2%
  • ROIC -5.19% +43.3%
  • Debt/Equity 1.40 -25.6%
  • Interest Coverage -29.78 +30.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 42.2%

✗Weaknesses

  • ✗Expensive at 60.1x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y42.21%
3Y36.5%
TTM28.06%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-9.83%

EPS CAGR

10Y-
5Y-
3Y-
TTM-22.29%

ROCE

10Y Avg-15.8%
5Y Avg-9.94%
3Y Avg-9.89%
Latest-6.59%

Peer Comparison

Content Delivery & Network Optimization
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
VRSNVeriSign, Inc.23.1B249.2231.154.31%49.86%3.79%
AKAMAkamai Technologies, Inc.13.17B91.5327.994.7%12.26%10.71%6.33%0.95
FFIVF5, Inc.15.92B273.9923.209.66%22.42%19.28%5.69%0.06
FATNFatPipe, Inc. Common Stock27.85M2.0013.33-8.8%6.11%4.13%0.41
NETCloudflare, Inc.58.05B184.14-800.6128.76%-5.12%-7.65%0.34%1.40

Profit & Loss

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+134.91M192.67M287.02M431.06M656.43M975.24M1.3B1.67B
Revenue Growth %-0.43%0.49%0.5%0.52%0.49%0.33%0.29%
Cost of Goods Sold+28.79M43.54M63.42M101.06M147.13M232.61M307M378.7M
COGS % of Revenue0.21%0.23%0.22%0.23%0.22%0.24%0.24%0.23%
Gross Profit+106.13M149.14M223.6M330M509.29M742.63M989.74M1.29B
Gross Margin %0.79%0.77%0.78%0.77%0.78%0.76%0.76%0.77%
Gross Profit Growth %-0.41%0.5%0.48%0.54%0.46%0.33%0.3%
Operating Expenses+115.86M234.04M341.85M440.49M657.5M991.39M1.24B1.45B
OpEx % of Revenue0.86%1.21%1.19%1.02%1%1.02%0.96%0.87%
Selling, General & Admin82.21M179.57M240.88M309.07M447.19M645.27M817.08M1.02B
SG&A % of Revenue0.61%0.93%0.84%0.72%0.68%0.66%0.63%0.61%
Research & Development33.65M54.46M100.97M131.42M210.31M346.12M423.54M421.37M
R&D % of Revenue0.25%0.28%0.35%0.3%0.32%0.35%0.33%0.25%
Other Operating Expenses00000000
Operating Income+-9.73M-84.9M-118.25M-110.49M-148.2M-248.76M-250.88M-154.76M
Operating Margin %-0.07%-0.44%-0.41%-0.26%-0.23%-0.26%-0.19%-0.09%
Operating Income Growth %--7.73%-0.39%0.07%-0.34%-0.68%-0.01%0.38%
EBITDA+2.44M-65.99M-88.77M-44.16M-53.74M-103.64M-56.11M-27.04M
EBITDA Margin %0.02%-0.34%-0.31%-0.1%-0.08%-0.11%-0.04%-0.02%
EBITDA Growth %--28%-0.35%0.5%-0.22%-0.93%0.46%0.52%
D&A (Non-Cash Add-back)12.17M18.91M29.48M66.32M94.47M145.12M194.77M127.72M
EBIT-8.85M-85.09M-113.9M-110.01M-219.64M-237.25M-237.39M-65.67M
Net Interest Income+-100K903K4.67M-18.38M-47.26M9.89M62.3M82.23M
Interest Income762K1.9M5.79M6.59M1.97M14.88M68.17M87.43M
Interest Expense862K992K1.11M24.96M49.23M4.98M5.87M5.2M
Other Income/Expense15K-1.19M3.23M-24.48M-120.67M6.52M7.62M83.89M
Pretax Income+-9.71M-86.09M-115.01M-134.97M-268.88M-242.23M-243.26M-70.87M
Pretax Margin %-0.07%-0.45%-0.4%-0.31%-0.41%-0.25%-0.19%-0.04%
Income Tax+1.03M1.08M-9.19M-15.6M-8.57M-48.85M-59.31M7.93M
Effective Tax Rate %1.11%1.01%0.92%0.88%0.97%0.8%0.76%1.11%
Net Income+-10.75M-87.16M-105.83M-119.37M-260.31M-193.38M-183.95M-78.8M
Net Margin %-0.08%-0.45%-0.37%-0.28%-0.4%-0.2%-0.14%-0.05%
Net Income Growth %--7.11%-0.21%-0.13%-1.18%0.26%0.05%0.57%
Net Income (Continuing)-10.75M-87.16M-105.83M-119.37M-260.31M-193.38M-183.95M-78.8M
Discontinued Operations00000000
Minority Interest00000000
EPS (Diluted)+-0.04-0.37-0.35-0.40-0.83-0.59-0.55-0.23
EPS Growth %--7.64%0.05%-0.14%-1.07%0.29%0.07%0.58%
EPS (Basic)-0.04-0.37-0.35-0.40-0.83-0.59-0.55-0.23
Diluted Shares Outstanding251.09M237.32M300.17M299.77M312.32M326.33M333.66M341.41M
Basic Shares Outstanding251.09M237.32M300.17M299.77M312.32M326.33M333.66M341.41M
Dividend Payout Ratio--------

Balance Sheet

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+92.02M196.74M689.87M1.13B1.95B1.89B1.98B2.27B
Cash & Short-Term Investments73.41M160.66M636.95M1.03B1.82B1.65B1.67B1.86B
Cash Only24.44M25.05M138.98M108.89M313.78M204.18M86.86M147.69M
Short-Term Investments48.96M135.6M497.97M923.2M1.51B1.45B1.59B1.71B
Accounts Receivable15.19M26.71M35.93M67.04M101.62M156.84M259.31M333.32M
Days Sales Outstanding41.0850.5945.6956.7656.5158.772.9972.87
Inventory00000000
Days Inventory Outstanding--------
Other Current Assets749K1.16M3.31M2.59M2.96M10.55M2.52M75.48M
Total Non-Current Assets+71.12M101.64M140.95M250.7M418.65M700.02M776.69M1.03B
Property, Plant & Equipment51.42M73.21M101.47M166.84M314.05M418.96M461.37M635.8M
Fixed Asset Turnover2.62x2.63x2.83x2.58x2.09x2.33x2.81x2.63x
Goodwill4.08M4.08M4.08M17.17M23.53M148.05M148.05M181.09M
Intangible Assets673K156K31K2.8M1.25M32.48M19.56M21.86M
Long-Term Investments0000-370K471K00
Other Non-Current Assets14.94M24.19M35.37M63.89M79.82M100.2M147.71M193.41M
Total Assets+163.14M298.38M830.82M1.38B2.37B2.59B2.76B3.3B
Asset Turnover0.83x0.65x0.35x0.31x0.28x0.38x0.47x0.51x
Asset Growth %-0.83%1.78%0.66%0.72%0.09%0.07%0.2%
Total Current Liabilities+27.16M61.38M83.88M141.38M288.56M397.87M567.08M793.65M
Accounts Payable4.72M14.29M11.46M14.48M26.09M35.61M53.73M105.81M
Days Payables Outstanding59.91119.7665.9752.3264.7155.8763.88101.98
Short-Term Debt356K255K0012.12M000
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities4.09M22.72M26.61M34.01M70.56M42.01M63.8M80.85M
Current Ratio3.39x3.21x8.22x7.99x6.77x4.74x3.50x2.86x
Quick Ratio3.39x3.21x8.22x7.99x6.77x4.74x3.50x2.86x
Cash Conversion Cycle--------
Total Non-Current Liabilities+195.81M350.51M21.11M422.33M1.27B1.57B1.43B1.46B
Long-Term Debt255K00383.27M1.15B1.44B1.28B1.29B
Capital Lease Obligations10.31M10.44M10.51M27.31M109.04M107.62M113.49M128.27M
Deferred Tax Liabilities00000000
Other Non-Current Liabilities185.04M339.84M9.8M9.86M7.11M10.53M15.54M23.63M
Total Liabilities222.98M411.88M105M563.71M1.56B1.96B2B2.25B
Total Debt+10.92M10.7M10.51M428.3M1.29B1.58B1.44B1.46B
Net Debt-13.52M-14.36M-128.47M319.41M979.43M1.37B1.35B1.32B
Debt / Equity--0.01x0.52x1.59x2.53x1.88x1.40x
Debt / EBITDA4.47x-------
Net Debt / EBITDA-5.53x-------
Interest Coverage-11.29x-85.58x-106.34x-4.43x-3.01x-49.91x-42.73x-29.78x
Total Equity+-59.83M-113.5M725.83M816.94M815.8M623.96M763.05M1.05B
Equity Growth %--0.9%7.39%0.13%-0%-0.24%0.22%0.37%
Book Value per Share-0.24-0.482.422.732.611.912.293.06
Total Shareholders' Equity-59.83M-113.5M725.83M816.94M815.8M623.96M763.05M1.05B
Common Stock79K85K294K304K321K328K337K344K
Retained Earnings-108.71M-195.88M-301.71M-420.52M-680.83M-839.89M-1.02B-1.1B
Treasury Stock-48.91M-82.34M000000
Accumulated OCI-27.74M-39.9M61K163K-2.65M-11.9M1.98M-4.25M
Minority Interest00000000

Cash Flow

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+3.17M-43.28M-38.92M-17.13M64.65M123.59M254.41M380.43M
Operating CF Margin %0.02%-0.22%-0.14%-0.04%0.1%0.13%0.2%0.23%
Operating CF Growth %--14.67%0.1%0.56%4.77%0.91%1.06%0.5%
Net Income-10.75M-87.16M-105.83M-119.37M-260.31M-193.38M-183.95M-78.8M
Depreciation & Amortization12.17M18.91M29.48M49.39M66.61M102.33M135.82M209.5M
Stock-Based Compensation2.75M27.35M36.63M56.33M90.14M202.78M273.99M338.46M
Deferred Taxes-135K385K370K-6.14M8.74M-140K2.26M2.11M
Other Non-Cash Items4.35M8.84M13.33M63.73M156.08M91.3M131.01M18.08M
Working Capital Changes-5.23M-11.59M-12.89M-61.06M3.39M-79.3M-104.73M-108.92M
Change in Receivables-2.07M-14.76M-11.2M-33M-35.85M-56.2M-116.11M-84.05M
Change in Inventory1.27M6.11M5.09M-18.63M27.8M000
Change in Payables-957K4.39M-1.33M1.69M2.46M-9.61M11.78M18.63M
Cash from Investing+9.54M-120.8M-417.64M-515.27M-709.32M-235.7M-186.2M-330.22M
Capital Expenditures-22.98M-34.84M-57.28M-74.96M-107.74M-163.36M-114.4M-185.04M
CapEx % of Revenue0.17%0.18%0.2%0.17%0.16%0.17%0.09%0.11%
Acquisitions--------
Investments--------
Other Investing28K-9.31M14.03M397K53K36K-20.47M-28.44M
Cash from Financing+-149K168.62M570.77M504.91M847.49M6.35M-192.19M12.79M
Debt Issued (Net)--------
Equity Issued (Net)--------
Dividends Paid00000000
Share Repurchases--------
Other Financing000-8.48M-5.82M-2.48M-18.44M-19.92M
Net Change in Cash--------
Free Cash Flow+-19.81M-78.12M-96.2M-92.09M-43.09M-39.77M119.46M195.39M
FCF Margin %-0.15%-0.41%-0.34%-0.21%-0.07%-0.04%0.09%0.12%
FCF Growth %--2.94%-0.23%0.04%0.53%0.08%4%0.64%
FCF per Share-0.08-0.33-0.32-0.31-0.14-0.120.360.57
FCF Conversion (FCF/Net Income)-0.29x0.50x0.37x0.14x-0.25x-0.64x-1.38x-4.83x
Interest Paid812K786K786K2.19M3.63M1.24M670K75K
Taxes Paid825K2.66M1.04M702K1.55M2.22M4.45M5M

Key Ratios

Metric20172018201920202021202220232024
Return on Equity (ROE)---34.57%-15.47%-31.89%-26.86%-26.52%-8.71%
Return on Invested Capital (ROIC)---37.78%-9.56%-7.58%-9.84%-9.16%-5.19%
Gross Margin78.66%77.4%77.9%76.56%77.59%76.15%76.33%77.32%
Net Margin-7.97%-45.24%-36.87%-27.69%-39.66%-19.83%-14.19%-4.72%
Debt / Equity--0.01x0.52x1.59x2.53x1.88x1.40x
Interest Coverage-11.29x-85.58x-106.34x-4.43x-3.01x-49.91x-42.73x-29.78x
FCF Conversion-0.29x0.50x0.37x0.14x-0.25x-0.64x-1.38x-4.83x
Revenue Growth-42.81%48.97%50.18%52.28%48.57%32.97%28.76%

Revenue by Segment

201920202021202220232024
Reportable-----1.67B
Reportable Growth------

Revenue by Geography

201920202021202220232024
UNITED STATES144.57M218.19M342.58M515.72M678.18M849.5M
UNITED STATES Growth-50.92%57.01%50.54%31.50%25.26%
EMEA68.42M109.27M172.13M258.29M356.57M466.5M
EMEA Growth-59.72%57.52%50.06%38.05%30.83%
Asia Pacific42.25M76.18M96.54M133.35M168.83M223.23M
Asia Pacific Growth-80.29%26.73%38.14%26.60%32.23%
Other Geographical Regions18.9M27.42M45.18M67.88M93.17M130.39M
Other Geographical Regions Growth-45.08%64.80%50.23%37.26%39.96%
CHINA12.88M-----
CHINA Growth------

Frequently Asked Questions

Growth & Financials

Cloudflare, Inc. (NET) reported $2.01B in revenue for fiscal year 2024. This represents a 1392% increase from $134.9M in 2017.

Cloudflare, Inc. (NET) grew revenue by 28.8% over the past year. This is strong growth.

Cloudflare, Inc. (NET) reported a net loss of $103.0M for fiscal year 2024.

Dividend & Returns

Cloudflare, Inc. (NET) has a return on equity (ROE) of -8.7%. Negative ROE indicates the company is unprofitable.

Cloudflare, Inc. (NET) generated $216.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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