Last 32 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -1123.21 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 53.33 | 31.22 | 28.43 | 28.16 | 32.68 | 33.21 | 20.33 | 20.13 | 16.10 | 17.59 | 21.65 | 19.33 | 15.72 | 17.60 | 17.55 | 13.51 | 17.79 | 15.17 | 45.60 | 54.40 | 51.40 |
| — | -6.0% | +39.9% | +39.9% | +103.0% | +88.8% | -6.1% | +4.2% | +2.4% | -0.1% | +23.3% | +43.1% | -11.7% | +16.1% | -61.5% | -75.2% | -65.4% | -71.7% | +17.2% | +18.7% | +89.5% | |
| P/B Ratio | 77.78 | 53.65 | 47.66 | 47.44 | 54.54 | 54.89 | 27.32 | 35.41 | 28.46 | 32.01 | 41.12 | 36.73 | 30.17 | 33.84 | 31.22 | 23.79 | 30.41 | 24.51 | 75.08 | 51.63 | 41.53 |
| — | -2.3% | +74.4% | +34.0% | +91.6% | +71.5% | -33.6% | -3.6% | -5.7% | -5.4% | +31.7% | +54.4% | -0.8% | +38.1% | -58.4% | -53.9% | -26.8% | -39.8% | +180.8% | +82.7% | +177.1% | |
| P/FCF | 356.48 | 154.69 | 216.36 | 111.15 | 222.67 | 511.18 | 184.23 | 193.92 | 152.90 | 184.30 | 230.19 | 138.14 | 151.24 | 271.94 | 366.32 | 110.25 | — | — | — | 1219.42 | — |
| — | -69.7% | +17.4% | -42.7% | +45.6% | +177.4% | -20.0% | +40.4% | +1.1% | -32.2% | -37.2% | +25.3% | — | — | — | -91.0% | — | — | — | — | — | |
| EV / EBITDA | — | — | — | 5367.96 | 1580.51 | — | — | 6279.92 | 7912.85 | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | -14.5% | -80.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | — | 3985.47 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.5% | 71.8% | 71.2% | 73.6% | 74.0% | 74.9% | 75.9% | 76.4% | 77.7% | 77.8% | 77.5% | 77.0% | 76.7% | 75.6% | 75.7% | 75.3% | 75.6% | 76.2% | 77.8% | 78.0% | 78.2% |
| — | -4.2% | -6.1% | -3.6% | -4.8% | -3.8% | -2.1% | -0.8% | +1.2% | +2.9% | +2.4% | +2.3% | +1.5% | -0.8% | -2.7% | -3.5% | -3.4% | -1.1% | +1.4% | +1.5% | +2.5% | |
| Operating Margin | -9.6% | -29.6% | -9.7% | -8.0% | -6.7% | -13.1% | -11.1% | -7.5% | -7.2% | -8.7% | -14.4% | -11.8% | -11.7% | -18.2% | -16.3% | -18.5% | -18.1% | -27.0% | -17.6% | -21.0% | -15.4% |
| — | -125.1% | +12.8% | -6.1% | +6.9% | -51.7% | +22.9% | +36.1% | +38.7% | +52.5% | +11.6% | +36.0% | +35.4% | +32.5% | +7.5% | +12.2% | -17.7% | -42.4% | +22.2% | -7.0% | +17.4% | |
| Net Margin | -4.7% | -24.4% | -3.6% | -2.0% | -0.2% | -9.8% | -8.0% | -2.8% | -3.6% | -3.8% | -9.4% | -7.7% | -7.0% | -30.6% | -13.1% | -16.7% | -16.8% | -27.1% | -19.5% | -40.0% | -62.3% |
| — | -148.0% | +55.4% | +29.6% | +93.6% | -161.9% | +14.5% | +63.7% | +49.2% | +87.7% | +28.5% | +54.0% | +58.2% | -13.0% | +32.7% | +58.2% | +73.1% | -16.3% | +32.6% | -48.2% | -168.6% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.2% | -10.8% | -1.5% | -0.9% | -0.1% | -3.8% | -3.1% | -1.3% | -1.7% | -1.8% | -4.6% | -3.8% | -3.5% | -14.6% | -6.0% | -7.5% | -7.2% | -11.6% | -6.2% | -9.3% | -13.0% |
| — | -185.4% | +50.6% | +32.4% | +94.0% | -110.7% | +31.7% | +66.6% | +52.9% | +87.7% | +23.6% | +49.5% | +51.6% | -25.9% | +4.0% | +18.8% | +44.2% | -162.1% | -26.1% | -124.3% | -307.4% | |
| ROA | -2.2% | -2.7% | -0.4% | -0.2% | -0.0% | -1.1% | -1.1% | -0.4% | -0.5% | -0.5% | -1.3% | -1.0% | -0.9% | -3.6% | -1.4% | -1.8% | -1.7% | -2.6% | -1.8% | -3.3% | -5.7% |
| — | -147.5% | +65.7% | +49.4% | +95.6% | -106.1% | +14.3% | +61.2% | +44.2% | +85.5% | +11.8% | +42.4% | +46.5% | -37.9% | +17.2% | +45.3% | +69.9% | -5.8% | +39.0% | -33.7% | -194.9% | |
| ROIC | -4.7% | -4.1% | -1.1% | -0.9% | -0.8% | -1.7% | -1.6% | -1.1% | -1.0% | -1.3% | -2.0% | -1.6% | -1.5% | -2.2% | -1.8% | -1.9% | -1.7% | -2.4% | -1.5% | -1.9% | -1.6% |
| — | -136.8% | +29.2% | +18.5% | +23.2% | -36.6% | +21.1% | +27.2% | +29.3% | +41.6% | -12.1% | +17.9% | +13.3% | +10.6% | -18.8% | -1.6% | -7.0% | -14.1% | +29.9% | -14.0% | -3.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.54 | 2.18 | 2.31 | 2.54 | 2.60 | 2.79 | 1.04 | 1.40 | 1.49 | 1.63 | 1.80 | 1.88 | 2.03 | 2.27 | 2.42 | 2.53 | 2.64 | 2.70 | 3.05 | 1.59 | 1.46 |
| — | -22.0% | +123.0% | +81.3% | +74.4% | +71.1% | -42.6% | -25.6% | -26.5% | -28.2% | -25.6% | -25.6% | -23.1% | -15.8% | -20.7% | +59.4% | +80.4% | +382.4% | +463.5% | +202.4% | +186.8% | |
| Debt / EBITDA | — | — | — | 1103.92 | 291.62 | — | — | 958.23 | 1585.50 | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | +15.2% | -81.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 1.98 | 1.82 | 1.96 | 1.98 | 2.04 | 5.14 | 3.20 | 2.86 | 3.37 | 3.51 | 3.51 | 3.50 | 3.89 | 3.84 | 4.40 | 4.74 | 5.35 | 5.45 | 6.85 | 6.77 | 8.51 |
| — | -64.6% | -38.8% | -30.9% | -39.5% | +46.3% | -9.0% | -18.2% | -13.3% | -8.6% | -20.1% | -26.3% | -27.3% | -29.5% | -35.8% | -29.9% | -37.1% | -4.6% | +1.0% | -15.3% | -1.2% | |
| Quick Ratio | 1.98 | 1.82 | 1.96 | 1.98 | 2.04 | 5.14 | 3.20 | 2.86 | 3.37 | 3.51 | 3.51 | 3.50 | 3.89 | 3.84 | 4.40 | 4.74 | 5.35 | 5.45 | 6.85 | 6.77 | 8.51 |
| — | -64.6% | -38.8% | -30.9% | -39.5% | +46.3% | -9.0% | -18.2% | -13.2% | -8.5% | -20.1% | -26.3% | -27.4% | -29.6% | -35.8% | -29.9% | -37.1% | -4.6% | +1.0% | -15.3% | -1.2% | |
| Interest Coverage | -9.58 | -53.37 | -7.35 | -2.64 | 1.64 | -30.03 | -24.47 | -6.50 | -7.95 | -10.44 | -29.25 | -23.14 | -18.58 | -59.43 | -16.29 | -50.25 | -26.23 | -60.26 | -25.34 | -2.53 | -7.87 |
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Includes 30+ ratios · 32 years · Updated daily
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Cloudflare, Inc.'s current P/E is -1123.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Cloudflare, Inc.'s current operating margin is -9.6%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Cloudflare, Inc.'s business trajectory between earnings reports.