Cloudflare, Inc.NET
NYSE•Technology•Software - Infrastructure
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.
Cloudflare, Inc. (NET) reported trailing twelve months revenue of $2.33B as of March 2026, a 31.6% increase year-over-year. Quarterly revenue reached $639.75M, reflecting continued top-line momentum.
Cloudflare, Inc. reported a TTM net loss of $86.74M, with quarterly EBITDA of $-4.18M. The operating margin expanded from -11.1% to -9.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-9.7%) and net margin (-3.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -8.0% a year ago, signaling stronger bottom-line efficiency.
NET trades at a P/S of 27.4x. The price-to-book ratio of 41.8x indicates a significant premium over book value.
The company generated $93.10M in free cash flow over the trailing twelve months, a 55.4% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $6.16B in total assets with $1.98B in long-term debt against $1.53B in stockholders equity for a debt-to-equity ratio of 1.3. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -9.0%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~57.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg -11.2x) — earnings may be inflated by non-cash items or aggressive accounting.
Debt-to-equity has risen 43.2% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 13.1% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation