Cloudflare, Inc. (NET) Financial Ratios
9 years of historical data (2017–2025) · Technology · Software - Infrastructure
EV/EBITDA
930.77
+15% vs avg
5yr avg: 811.27
P/FCF
↓
244.25
+16% vs avg
5yr avg: 210.83
30Y Low188.2·High188.2
P/B Ratio
↓
53.51
↑+39% 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 244.3x P/FCF, 16% 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 | $79.2B | $68.7B | $36.8B | $27.8B | $14.8B | $41.1B | $22.8B | $5.1B | — | — |
| Enterprise Value | $82.0B | $71.4B | $38.1B | $29.1B | $16.1B | $42.0B | $23.1B | $5.0B | — | — |
| P/E Ratio → | -772.79 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 36.54 | 31.69 | 22.02 | 21.42 | 15.13 | 62.57 | 52.85 | 17.84 | — | — |
| P/B Ratio | 53.51 | 47.08 | 35.14 | 36.41 | 23.64 | 50.34 | 27.88 | 7.06 | — | — |
| P/FCF | 244.25 | 211.80 | 188.15 | 232.54 | — | — | — | — | — | — |
| P/OCF | 118.79 | 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 930.8x EBITDA, 15% above its 5-year average of 811.3x. The Technology sector median is 16.7x, placing the stock at a 5486% 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 | 930.77 | 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 (1328% 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 | $79B | -772.8 | 930.8 | 244.3 | 74.4% | -9.4% | -8.2% | -4.6% | 42.0 |
 FSLY | $3B | -21.6 | — | 42.6 | 57.1% | -18.9% | -12.8% | -7.8% | — |
 AKAM | $18B | 40.7 | 18.1 | 26.0 | 54.7% | 14.9% | 9.2% | 4.7% | 5.2 |
 BAND | $2B | -119.5 | 52.4 | 0.0 | 35.8% | -1.9% | -3.6% | -1.2% | 16.4 |
 ZS | $20B | -462.4 | — | 27.8 | 76.9% | -4.8% | -2.7% | -8.4% | — |
 PANW | $196B | 179.9 | 122.4 | 56.5 | 73.4% | 13.5% | 17.5% | 17.1% | 0.2 |
 FTNT | $107B | 59.6 | 47.3 | 48.1 | 80.8% | 30.6% | 135.7% | — | 0.4 |
 CRWD | $174B | -1053.6 | — | 133.1 | 74.7% | -6.1% | -4.2% | -351.6% | — |
 CHKP | $13B | 12.7 | 14.0 | 10.6 | 85.4% | 30.5% | 37.3% | 23.2% | 2.1 |
 TENB | $3B | -89.6 | 77.7 | 12.1 | 78.1% | 0.1% | -9.9% | 0.2% | 10.8 |
 S | $5B | -11.0 | — | 66.6 | 73.2% | -30.9% | -29.0% | -16.6% | — |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 9 years · Updated daily
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NET — 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 -772.8x. 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 930.8x. 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 -772.8x. 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.