Cloudflare, Inc. (NET) Financial Ratios
9 years of historical data (2017–2025) · Technology · Software - Infrastructure
EV/EBITDA
1028.76
↑+27% vs avg
5yr avg: 811.27
P/FCF
↓
270.86
↑+28% vs avg
5yr avg: 210.83
30Y Low188.2·High188.2
P/B Ratio
↓
59.36
↑+54% vs avg
5yr avg: 38.52
30Y Low7.1·High50.3
ROE
↑
-8.2%
↓+60% vs avg
5yr avg: -20.4%
30Y Low-35%·High-8%
Debt/EBITDA
42.02
+0% vs avg
5yr avg: 42.02
30Y Low4.5·High42.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NET Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Cloudflare, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 270.9x P/FCF, 28% above the 5-year average of 210.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $87.8B | $68.7B | $36.8B | $27.8B | $14.8B | $41.1B | $22.8B | $5.1B | — | — |
| Enterprise Value | $90.6B | $71.4B | $38.1B | $29.1B | $16.1B | $42.0B | $23.1B | $5.0B | — | — |
| P/E Ratio → | -857.21 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 40.52 | 31.69 | 22.02 | 21.42 | 15.13 | 62.57 | 52.85 | 17.84 | — | — |
| P/B Ratio | 59.36 | 47.08 | 35.14 | 36.41 | 23.64 | 50.34 | 27.88 | 7.06 | — | — |
| P/FCF | 270.86 | 211.80 | 188.15 | 232.54 | — | — | — | — | — | — |
| P/OCF | 131.73 | 103.01 | 96.64 | 109.20 | 119.37 | 635.29 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
NET EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Cloudflare, Inc.'s enterprise value stands at 1028.8x EBITDA, 27% above its 5-year average of 811.3x. The Technology sector median is 17.4x, placing the stock at a 5822% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 32.96 | 22.81 | 22.46 | 16.54 | 64.06 | 53.59 | 17.39 | — | — |
| EV / EBITDA | 1028.76 | 811.27 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 220.30 | 194.88 | 243.83 | — | — | — | — | — | — |
NET Profitability
Margins and return-on-capital ratios measuring operating efficiency
Cloudflare, Inc. earns an operating margin of -9.4%. Operating margins have expanded from -19.3% to -9.4% over the past 3 years, signaling improving operational efficiency. A negative ROE of -8.2% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.4% | 74.4% | 77.3% | 76.3% | 76.1% | 77.6% | 76.6% | 77.9% | 77.4% | 78.7% |
| Operating Margin | -9.4% | -9.4% | -9.3% | -19.3% | -25.5% | -22.6% | -25.6% | -41.2% | -44.1% | -7.2% |
| Net Profit Margin | -4.7% | -4.7% | -4.7% | -14.2% | -19.8% | -39.7% | -27.7% | -36.9% | -45.2% | -8.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.2% | -8.2% | -8.7% | -26.5% | -26.9% | -31.9% | -15.5% | -34.6% | — | — |
| ROA | -2.2% | -2.2% | -2.6% | -6.9% | -7.8% | -13.9% | -10.8% | -18.7% | -37.8% | -6.6% |
| ROIC | -4.6% | -4.6% | -5.2% | -9.2% | -9.8% | -7.6% | -9.6% | -37.8% | — | — |
| ROCE | -6.6% | -6.6% | -6.6% | -11.4% | -11.6% | -8.9% | -11.1% | -24.0% | -45.5% | -7.2% |
NET Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Cloudflare, Inc. carries a Debt/EBITDA ratio of 42.0x, which is highly leveraged (1364% above the sector average of 2.9x). Net debt stands at $2.8B ($3.7B total debt minus $944M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.54 | 2.54 | 1.40 | 1.88 | 2.53 | 1.59 | 0.52 | 0.01 | — | — |
| Debt / EBITDA | 42.02 | 42.02 | — | — | — | — | — | — | — | 4.47 |
| Net Debt / Equity | — | 1.89 | 1.26 | 1.77 | 2.20 | 1.20 | 0.39 | -0.18 | — | — |
| Net Debt / EBITDA | 31.30 | 31.30 | — | — | — | — | — | — | — | -5.53 |
| Debt / FCF | — | 8.50 | 6.73 | 11.29 | — | — | — | — | — | — |
| Interest Coverage | -9.58 | -9.58 | -12.64 | -40.43 | -47.60 | -4.46 | -4.41 | -102.43 | -85.78 | -10.27 |
NET Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.98x means Cloudflare, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 3.50x to 1.98x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.98 | 1.98 | 2.86 | 3.50 | 4.74 | 6.77 | 7.99 | 8.22 | 3.21 | 3.39 |
| Quick Ratio | 1.98 | 1.98 | 2.86 | 3.50 | 4.74 | 6.77 | 7.99 | 8.22 | 3.21 | 3.39 |
| Cash Ratio | 1.74 | 1.74 | 2.34 | 2.95 | 4.15 | 6.31 | 7.30 | 7.59 | 2.62 | 2.70 |
| Asset Turnover | — | 0.36 | 0.51 | 0.47 | 0.38 | 0.28 | 0.31 | 0.35 | 0.65 | 0.83 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 68.36 | 72.87 | 72.99 | 58.70 | 56.51 | 56.76 | 45.69 | 50.59 | 41.08 |
NET Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Cloudflare, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.4% | 0.5% | 0.5% | 0.4% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $348M | $341M | $334M | $326M | $312M | $300M | $300M | $237M | $251M |
Peer Comparison
Compare NET with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NETYou | $88B | -857.2 | 1028.8 | 270.9 | 74.4% | -9.4% | -8.2% | -4.6% | 42.0 |
 FSLY | $5B | -38.0 | — | 75.1 | 57.1% | -18.9% | -12.8% | -7.8% | — |
 AKAM | $18B | 37.3 | 19.0 | 21.9 | 59.4% | 13.4% | 10.7% | 4.5% | 3.9 |
 BAND | $1B | -108.0 | 48.7 | 0.0 | 35.8% | -1.9% | -3.6% | -1.2% | 16.4 |
 ZS | $22B | -514.2 | — | 30.7 | 76.9% | -4.8% | -2.7% | -8.4% | — |
 PANW | $129B | 114.7 | 80.1 | 37.2 | 73.4% | 13.5% | 17.5% | 17.1% | 0.2 |
 FTNT | $67B | 37.0 | 29.1 | 29.9 | 80.8% | 30.6% | 135.7% | — | 0.4 |
 CRWD | $119B | -720.1 | 952.1 | 90.5 | 74.6% | -3.4% | -4.2% | -193.7% | 6.8 |
 CHKP | $12B | 11.9 | 13.1 | 9.9 | 85.4% | 30.5% | 37.3% | 23.2% | 2.1 |
 TENB | $2B | -70.5 | 62.6 | 9.5 | 78.1% | 0.1% | -9.9% | 0.2% | 10.8 |
 S | $5B | -11.2 | — | 63.6 | 74.1% | -32.1% | -29.0% | -17.4% | — |
| Technology Median | — | 27.5 | 17.4 | 19.8 | 48.6% | -0.5% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 9 years · Updated daily
Full NET Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See NET's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs NET Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare NET vs FSLY
Side-by-side business, growth, and profitability comparison vs Fastly, Inc..
Start ComparisonNET — Frequently Asked Questions
Quick answers to the most common questions about buying NET stock.
What is Cloudflare, Inc.'s P/E ratio?
Cloudflare, Inc.'s current P/E ratio is -857.2x. This places it at the 50th percentile of its historical range.
What is Cloudflare, Inc.'s EV/EBITDA?
Cloudflare, Inc.'s current EV/EBITDA is 1028.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
What is Cloudflare, Inc.'s ROE?
Cloudflare, Inc.'s return on equity (ROE) is -8.2%. The historical average is -21.7%.
Is NET stock overvalued?
Based on historical data, Cloudflare, Inc. is trading at a P/E of -857.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Cloudflare, Inc.'s profit margins?
Cloudflare, Inc. has 74.4% gross margin and -9.4% operating margin.
How much debt does Cloudflare, Inc. have?
Cloudflare, Inc.'s Debt/EBITDA ratio is 42.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.