Cloudflare, Inc. (NET)

NYSE: NET · USD

$319

-8.79 (-2.7%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-05-09

Our latest published analysis: NET rated Sell

Cloudflare, Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$76.8 / share

Potential value

$106 / share

Upside to FV

-60.8%

from $319

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$69.3B
Revenue (ttm)	2.5B
Net income (ttm)	-206.3M
EPS (ttm)	-$0.59
Shares out	356.1M
P/E (forward)	136.0x
Volume	1,867,183
Beta	1.65

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 2.5B
Net income (ttm): -206.3M
EPS (ttm): -$0.59
P/E (forward): 136.0x
Market cap: $69.3B

Item	P1	P2	P3	P4	Trend
Period	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$975.2M	$1.30B	$1.67B	$2.17B	+30.5%
Gross profit	$742.6M	$989.7M	$1.29B	$1.62B	+29.6%
Operating income	$-185.7M	$-172.0M	$-65.7M	$-83.9M	—
Net income	$-193.4M	$-183.9M	$-78.8M	$-102.3M	—
EPS (diluted)	$-0.59	$-0.55	$-0.23	$-0.29	—
EBITDA	$-83.4M	$-36.2M	$62.0M	$105.8M	—
R&D	$298.3M	$358.1M	$421.4M	$512.5M	+19.8%
SG&A	$645.5M	$817.1M	$1.02B	$1.31B	+26.6%

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AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	매도
BAX	Baxter International Inc.	13.1B	—	1.2x	6.8%	-1.2%	+9.9%	매수
CNC	Centene Corporation	33.2B	22.7x	0.2x	6.9%	+9.6%	+101.2%	비중 축소
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	보유
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수

Base and Bull scenarios

Bull25%

Price target

$105.88

-46.0% from spot

Cloudflare utterly dominates SASE and AI edge markets, sustaining >30% top-line compounding for five years and eventually achieving 30%+ operating margins, justifying a prolonged premium multiple phase.

Cloudflare utterly dominates SASE and AI edge markets, sustaining >30% top-line compounding for five years and eventually achieving 30%+ operating margins, justifying a prolonged premium multiple phase.

Base45%

Price target

$76.84

-60.8% from spot

Strong but naturally decelerating growth (from 29% to high teens) as the business scales. Structural operating margins eventually reach 22%, anchoring to a disciplined 8x terminal EV/Rev multiple.

Strong but naturally decelerating growth (from 29% to high teens) as the business scales. Structural operating margins eventually reach 22%, anchoring to a disciplined 8x terminal EV/Rev multiple.

Sensitivity: Ke × terminal growth

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
10.8%	$97.6	$103	$110	$118	$126
11.8%	$87.6	$92.3	$97.6	$103	$110
12.8%	$79.4	$83.3	$87.6	$92.3	$97.6
13.8%	$72.7	$75.9	$79.4	$83.3	$87.6
14.8%	$67.0	$69.7	$72.7	$75.9	$79.4

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E136

P25 n/aP50 n/aP75 n/a

Trailing P/E0

P25 n/aP50 n/aP75 n/a

ROE-14.4

P25 n/aP50 n/aP75 n/a

ROIC-2.5

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All NET indicators

Market & fundamental data

Available fields

233

Groups with data

Currency

USD

Showing 233 of 233 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001477333
Company name	Cloudflare, Inc.
Country	United States
Country code	US
CUSIP number	18915M107
Earnings date	2026-11-05
Earnings time	amc
Employees	5,156
Employees change	893
Employees growth	20.95%
Enterprise value	$113B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	2009
Industry	Software - Infrastructure
IPO date	2019-09-13
Is primary listing	Yes
Is SPAC	No
ISIN number	US18915M1071
Last 10-K release date	2026-02-26
Last earnings date	2026-08-06
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$113.6B
Market cap category	Large-Cap
Next earnings date	2026-11-05
Options	Yes
Price	$319.03
Price currency	USD
Sector	Technology
SIC code	7372
Stock price date	2026-10-28
Symbol	NET
U.S. state	California
Website	https://www.cloudflare.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	292.69x
Earnings yield	-0.18%
EV/FCF	343.37x
EV/Sales	46.73x
FCF / EV yield	0.29%
FCF yield	0.29%
Forward EV/Sales	36.01x
Forward P/E	216.1x
Forward P/S	36.21x
Industry forward P/E	29.48x
Industry P/E	39.18x
P/(OCF - SBC) ratio	938.51x
P/B ratio	72.02x
P/FCF ratio	345.22x
P/OCF ratio	186.35x
P/S ratio	46.98x
PEG ratio	4.46x
Price / tangible book value	99.49x
Sector forward P/E	18.86x
Sector P/E	32.77x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	-7.81%
EBITDA margin	-0.14%
FCF margin	13.61%
Gross margin	72.58%
Operating margin	-7.81%
Pretax margin	-7.88%
Profit margin	-8.21%
Profit per employee	$-40,007
Revenue per employee	$487,267
ROA	-2.04%
ROA (5Y)	-3.81%
ROCE	-5.1%
ROE	-14.43%
ROE (5Y)	-20.46%
ROIC	-2.49%
SBC / revenue	20.21%
Tax / revenue	0.33%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth years	0
FCF growth	76.63%
FCF growth (Q)	69.44%
FCF growth (QoQ)	-27.39%
FCF growth 3Y	60.08%
Gross profit growth	27.28%
Gross profit growth (Q)	30.2%
Gross profit growth 3Y	28.88%
Gross profit growth 5Y	34.95%
Net income growth years	0
OCF growth	32.62%
OCF growth (Q)	17.8%
OCF growth (QoQ)	-25.75%
OCF growth 3Y	41.9%
OCF growth 5Y	92.27%
Revenue growth	33.53%
Revenue growth (Q)	35.87%
Revenue growth (QoQ)	8.8%
Revenue growth 3Y	30.62%
Revenue growth 5Y	36.48%
Revenue growth quarters	28
Revenue growth years	9

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-291.5M
Depreciation and amortization	$192.5M
EBIT	$-196.1M
EBITDA	$-3.6M
EPS	$-0.59
FCF per share	$0.96
Financing cash flow	$-11.1M
Free cash flow	$341.9M
Free cash flow minus SBC	$-165.7M
Gross profit	$1.8B
Income taxes	$8.3M
Investing cash flow	$-471.9M
Net cash flow	$150.5M
Net income	$-206.3M
Operating cash flow minus SBC	$125.8M
Operating income	$-196.1M
Revenue	$2.5B
Stock-based compensation	$507.7M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	9.33
Book value per share	$4.55
Debt / EBITDA	47.28
Debt / equity	2.18
Debt / FCF	10.32
Goodwill	$376.2M
Interest coverage	-17.13
Long-term assets	$1.7B
Long-term liabilities	$2.2B
Net cash (debt)	$633.4M
Net cash / market cap	0.54%
Net cash growth	27.3%
Net debt / equity	-0.39
Net debt / FCF	-1.85
Piotroski F-Score	3
Property, plant and equipment	$950.1M
Shareholders' equity	$1.6B
Tangible book value	$1.2B
Tangible book value per share	$3.33
Total assets	$6.5B
Total cash	$4.2B
Total debt	$3.5B
Total liabilities	$4.9B
WACC	12.92%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.42
Current assets	$4.8B
Current liabilities	$2.6B
Current ratio	1.82
Net working capital	$-641M
Quick ratio	1.76
Working capital	$2.2B
Working capital turnover	0.88

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-2.02%
Dividend yield	0%
Shareholder yield	-2.02%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
150-day SMA	$266.26
1D price change	-2.68%
1M price change	-8.46%
1M total return	-8.46%
1W price change	9.53%
1W total return	9.53%
1Y price change	41.93%
1Y return CAGR	41.97%
1Y total return	41.93%
20-day SMA	$330.04
200-day SMA	$247.03
3M price change	20.29%
3M total return	20.29%
3Y price change	477.24%
3Y return CAGR	79.36%
3Y total return	477.24%
50-day SMA	$320.34
50-day SMA vs 200-day SMA	50over200
52-week high	$370.35
52-week high date	2026-10-06
52-week low	$158.83
52-week low date	2026-02-23
5Y price change	78.84%
5Y return CAGR	12.33%
5Y total return	78.84%
6M price change	50.45%
6M total return	50.45%
All-time high	$370.35
All-time high date	2026-10-06
All-time low	$14.50
All-time low date	2019-10-21
Average true range (ATR)	$17.63
Average volume	2.9M
Beta (1Y)	0.79
Beta (2Y)	1.49
Beta (5Y)	1.65
Change from 52-week high	-13.86%
Change from 52-week low	100.86%
Change from all-time high	-13.73%
Change from all-time low	2,103.45%
Change from open	-3.98%
Day's gap	1.36%
Dollar volume	$595.7M
High price	$333.20
Low price	$317.87
Monthly RSI	71.04
Open price	$332.27
Position in 52-week range	7.57%
Premarket change	0.06%
Premarket close	$327.80
Premarket price	$328.00
Premarket volume	13.2K
Previous close	$327.80
Price vs 150-day SMA	20%
Price vs 20-day SMA	-3.19%
Price vs 200-day SMA	29.34%
Price vs 50-day SMA	-0.26%
Relative volume	0.63
Return from IPO open	1,741.64%
Return from IPO price	2,109.97%
RSI	47.86
Sharpe ratio	0.81
Sharpe ratio (3Y)	1.22
Sharpe ratio (5Y)	0.46
Sortino ratio	1.26
Sortino ratio (3Y)	1.99
Sortino ratio (5Y)	0.76
Volume	1.9M
Weekly RSI	57.35
YTD price change	62.06%
YTD total return	62.06%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	320.5M
Float percentage	90%
Shares change (QoQ)	0.48%
Shares change (YoY)	2.02%
Shares held by insiders	9.73%
Shares held by institutions	81.8%
Shares outstanding	356.1M
Short % of float	2.39%
Short % of shares	2.15%
Short ratio	2.4 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	250

Deeper analysis on NET

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this NET report

What is the latest published NET stock rating?

Cloudflare, Inc. is shown with Sell in the latest published report, analyzed 2026-05-09. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full NET analysis?

The full latest published report, analyzed 2026-05-09, lives at /stocks/NET/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for NET?

The latest published report analyzed 2026-05-09 gives NET a fair value of USD 77 and a potential value of USD 106. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the NET page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-05-09). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellNET · Fair value $76.8-60.8%

Read full analysis →

Cloudflare, Inc. (NET)

Our latest published analysis: NET rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · NET

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All NET indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on NET

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	1.5
Management	6.9
Balance Sheet	4.5
Profitability	1.5
Revenue Growth	9.0
Risk Assessment	3.0
Competitive Moat	6.5
Earnings Quality	3.0
Capital Efficiency	2.5