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Provides a global network for content delivery, DDoS protection, and edge computing/security services to websites and applications.
Provides a global network for content delivery, DDoS protection, and edge computing/security services to websites and applications.
Sells subscriptions, starting with free and low-priced plans that draw in developers and small sites and moving to large enterprise contracts as customers adopt more products. It carries traffic over its own network, so a customer buys security, speed and developer tools from one provider.
Moat: narrow (network effects, scale, switching costs). Global edge network scale and integrated security/performance/developer platform create switching costs.
Headquarters: San Francisco, California, US · Founded: 2009 · Employees: 5,156
Size Cloudflare (NET) is a United States Information Technology company (Information Technology Services) with a market value of $95.7B, the 132nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $268.75 on 6 Nov 2026.
Performance Over six months the shares gained 37.0%, against +6.4% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 14 in its peer set.
Growth Revenue grew 33.5% over the last twelve months (peer median +7.4%); the operating margin is -7.9% (peer median 15.4%).
Valuation It trades at 168.8× forward earnings against a peer median of 17.8× (most expensive of 14).
Capital Return on invested capital runs 27.5 points below its cost of capital (11.5% WACC).
Backlog Backlog (remaining performance obligations) was $2.88B at 30 Sep 2026, up 34% on a year earlier — 1.1 years of trailing revenue. Backlog detail →
Credit Cloudflare has 1 bond outstanding ($2.00B).
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.51B | $2.17B | $1.67B | $1.30B | $975M |
| Revenue growth | — | +30% | +29% | +33% | — |
| Gross profit | $1.82B | $1.62B | $1.29B | $990M | $743M |
| EBITDA | $143M | -$43.5M | -$22.5M | -$56.1M | -$104M |
| Net income | -$206M | -$102M | -$78.8M | -$184M | -$193M |
| Free cash flow | $315M | $261M | $165M | $119M | -$39.8M |
| Capital expenditure | $319M | $343M | $214M | $135M | $163M |
| Total debt | $3.53B | $3.52B | $1.46B | $1.44B | $1.58B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cloudflare NET | $95.7B | +37% | +34% | -8% | 168.8× | n/a |
| Akamai Technologies AKAM | $11.9B | -44% | +6% | 12% | 12.8× | 17.0% |
| Fastly FSLY | $2.52B | -23% | +20% | -12% | 24.4× | 37.8% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| Zscaler ZS | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NET | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.4% | +7.8% | 2nd lowest of 14 |
| 6-month return | +37.0% | +6.4% | 3rd highest of 14 |
| Distance from 52-week high | -27.4% | -25.4% | 6th lowest of 14 |
| Revenue growth (TTM) | +33.5% | +7.4% | 2nd highest of 14 |
| Operating margin | -7.9% | 15.4% | lowest of 14 |
| Forward P/E | 168.8× | 17.8× | most expensive of 14 |
| ROIC minus cost of capital | -27.5 pp | +6.1 pp | lowest of 13 |
| Net debt / EBITDA | -4.5× | 0.1× | least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cloudflare NET | United States | $95.7B | +37% | +34% | -8% | 168.8× | n/a | n/a |
| Tata Consultancy Services TCS.NS | India | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% | +10.2% |
| Fortinet FTNT | United States | $87.3B | +4% | +20% | 33% | 31.6× | 22.4% | +21.3% |
| Hygon Information Technology 688041.SS | China | $66.0B | -36% | +59% | 19% | 100.6× | n/a | n/a |
| Accenture ACN | United States | $154B | +44% | +6% | 15% | 17.8× | 3.7% | +8.0% |
| Infosys INFY.NS | India | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% | +12.2% |
| Workday WDAY | United States | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% | +17.3% |
| HCL Technologies HCLTECH.NS | India | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% | +11.5% |
| IBM IBM | United States | $232B | +6% | +7% | 21% | 18.8× | 7.6% | +4.1% |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
Cloudflare has 1 bond outstanding with $2.00B face value.
Cloudflare reported $2.88B of remaining performance obligations at 30 Sep 2026, up 34% from a year earlier and up 5% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.19.