NET - Cloudflare, Inc.
Price:
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--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$221.87
DETAILS
HIGH:
$260.00
LOW:
$140.00
MEDIAN:
$235.00
CONSENSUS:
$221.87
UPSIDE:
1.12%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||
| Revenue | 2,167.9 | 1,669.6 | 1,296.7 | 975.2 | 656.4 | 431.1 | 287.0 | 192.7 | 134.9 | 84.8 |
| Cost of Revenue | 552.5 | 378.7 | 307.0 | 232.6 | 147.1 | 101.1 | 63.4 | 43.5 | 28.8 | 24.0 |
| Gross Profit | 1,615.4 | 1,290.9 | 989.7 | 742.6 | 509.3 | 330.0 | 223.6 | 149.1 | 106.1 | 60.8 |
| Operating Expenses | ||||||||||
| R&D Expenses | 512.5 | 421.4 | 358.1 | 298.3 | 189.4 | 127.1 | 90.7 | 54.5 | 33.6 | 23.7 |
| SG&A Expenses | 1,310.1 | 1,024.3 | 817.1 | 645.5 | 447.6 | 309.6 | 240.9 | 179.6 | 82.2 | 54.2 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 1,822.6 | 1,445.7 | 1,175.2 | 943.8 | 637.0 | 436.8 | 331.5 | 234.0 | 115.9 | 77.9 |
| Operating Income | ||||||||||
| Operating Income | (207.2) | (154.8) | (185.5) | (201.2) | (127.7) | (106.8) | (107.9) | (84.9) | (9.7) | (17.0) |
| Interest Expense | 8.8 | 5.2 | 5.9 | 5.0 | 49.2 | 25.0 | 1.1 | 1.0 | 0.9 | 0.7 |
| Interest Income | 131.2 | 87.4 | 68.2 | 14.9 | 2.0 | 6.6 | 5.8 | 1.9 | 0.8 | 0.6 |
| Profitability | ||||||||||
| EBITDA | 105.8 | 62.0 | (36.2) | (83.4) | (132.1) | (50.6) | (74.1) | (66.2) | 3.3 | (8.3) |
| EBIT | (83.9) | (65.7) | (172.0) | (185.7) | (198.7) | (100.0) | (103.6) | (85.1) | (8.9) | (16.6) |
| Income Before Tax | (92.7) | (70.9) | (177.9) | (190.7) | (248.0) | (125.0) | (104.7) | (86.1) | (9.7) | (17.3) |
| Income Tax Expense | 9.6 | 7.9 | 6.1 | 2.6 | 12.3 | (5.6) | 1.1 | 1.1 | 1.0 | 0.1 |
| Net Income | (102.3) | (78.8) | (183.9) | (193.4) | (260.3) | (119.4) | (105.8) | (87.2) | (10.7) | (17.3) |
| Per Share Data | ||||||||||
| EPS (Basic) | -0.29 | -0.23 | -0.55 | -0.59 | -0.83 | -0.40 | -0.35 | -0.37 | -0.04 | -0.07 |
| EPS (Diluted) | -0.29 | -0.23 | -0.55 | -0.59 | -0.83 | -0.40 | -0.35 | -0.37 | -0.04 | -0.07 |
| Shares Outstanding | 348.4 | 341.4 | 333.7 | 326.3 | 312.3 | 299.8 | 300.2 | 237.3 | 251.1 | 237.3 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Current Assets | |||||||||
| Cash & Cash Equivalents | 943.5 | 147.7 | 86.9 | 204.2 | 313.8 | 108.9 | 139.0 | 25.1 | 24.4 |
| Short-Term Investments | 3,157.7 | 1,708.2 | 1,586.9 | 1,445.8 | 1,508.1 | 923.2 | 498.0 | 135.6 | 49.0 |
| Net Receivables | 406.0 | 333.3 | 259.3 | 156.8 | 101.6 | 67.0 | 35.9 | 26.7 | 15.2 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 9.4 | 75.5 | 2.5 | 10.6 | 3.0 | 2.6 | 3.3 | 1.2 | 0.7 |
| Total Current Assets | 4,644.8 | 2,269.0 | 1,983.1 | 1,887.9 | 1,953.4 | 1,130.0 | 689.9 | 196.7 | 92.0 |
| Non-Current Assets | |||||||||
| Property, Plant & Equipment | 856.3 | 635.8 | 461.4 | 419.0 | 314.1 | 166.8 | 101.5 | 73.2 | 51.4 |
| Goodwill | 226.6 | 181.1 | 148.0 | 148.0 | 23.5 | 17.2 | 4.1 | 4.1 | 4.1 |
| Intangible Assets | 41.8 | 21.9 | 19.6 | 32.5 | 1.3 | 2.8 | 0.0 | 0.2 | 0.7 |
| Long-Term Investments | 0 | 0 | 0 | 0.5 | (0.4) | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 266.7 | 193.4 | 147.7 | 100.2 | 79.8 | 63.9 | 35.4 | 24.2 | 14.9 |
| Total Non-Current Assets | 1,391.4 | 1,032.2 | 776.7 | 700.0 | 418.7 | 250.7 | 141.0 | 101.6 | 71.1 |
| Total Assets | 6,036.3 | 3,301.2 | 2,759.8 | 2,587.9 | 2,372.1 | 1,380.7 | 830.8 | 298.4 | 163.1 |
| Current Liabilities | |||||||||
| Account Payables | 84.1 | 105.8 | 53.7 | 35.6 | 26.1 | 14.5 | 11.5 | 14.3 | 4.7 |
| Short-Term Debt | 1,362.2 | 0 | 0 | 0 | 12.1 | 0 | 0 | 0.3 | 0.4 |
| Deferred Revenue | 684.2 | 477.8 | 347.6 | 218.6 | 116.5 | 54.9 | 30.8 | 16.8 | 11.9 |
| Other Current Liabilities | 109.1 | 80.9 | 63.8 | 42.0 | 70.6 | 34.0 | 26.6 | 22.7 | 4.1 |
| Total Current Liabilities | 2,350.6 | 793.7 | 567.1 | 397.9 | 288.6 | 141.4 | 83.9 | 61.4 | 27.2 |
| Non-Current Liabilities | |||||||||
| Long-Term Debt | 2,156.1 | 1,287.3 | 1,283.4 | 1,436.2 | 1,146.9 | 383.3 | 0 | 0 | 0.3 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | (152.7) | 23.6 | 15.5 | 10.5 | 7.1 | 9.9 | 9.8 | 339.8 | 185.0 |
| Total Non-Current Liabilities | 2,226.6 | 1,461.3 | 1,429.6 | 1,566.1 | 1,267.7 | 422.3 | 21.1 | 350.5 | 195.8 |
| Total Liabilities | 4,577.1 | 2,255.0 | 1,996.7 | 1,963.9 | 1,556.3 | 563.7 | 105.0 | 411.9 | 223.0 |
| Stockholders' Equity | |||||||||
| Common Stock | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 |
| Retained Earnings | (1,204.9) | (1,102.6) | (1,023.8) | (839.9) | (680.8) | (420.5) | (301.7) | (195.9) | (108.7) |
| Accumulated Other Comprehensive Income | 12.3 | (4.3) | 2.0 | (11.9) | (2.6) | 0.2 | 0.1 | (39.9) | (27.7) |
| Total Stockholders' Equity | 1,459.1 | 1,046.2 | 763.0 | 624.0 | 815.8 | 816.9 | 725.8 | (113.5) | (59.8) |
| Total Liabilities & Equity | 6,036.3 | 3,301.2 | 2,759.8 | 2,587.9 | 2,372.1 | 1,380.7 | 830.8 | 298.4 | 163.1 |
| Debt Metrics | |||||||||
| Total Debt | 3,700.4 | 1,463.2 | 1,435.2 | 1,577.1 | 1,293.2 | 428.3 | 10.5 | 10.7 | 10.9 |
| Net Debt | 2,756.8 | 1,315.5 | 1,348.3 | 1,372.9 | 979.4 | 319.4 | (128.5) | (14.4) | (13.5) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | (102.3) | (78.8) | (183.9) | (193.4) | (260.3) | (119.4) | (105.8) | (87.2) | (10.7) | (17.3) |
| Depreciation & Amortization | 291.4 | 209.5 | 135.8 | 102.3 | 66.6 | 49.4 | 29.5 | 18.9 | 12.2 | 8.4 |
| Stock-Based Compensation | 451.5 | 338.5 | 274.0 | 202.8 | 90.1 | 56.3 | 36.6 | 27.3 | 2.8 | 5.7 |
| Change in Working Capital | (33.6) | (108.9) | (104.7) | (79.3) | 3.4 | (61.1) | (12.9) | (11.6) | (5.2) | (11.8) |
| Other Non-Cash Items | 58.6 | 18.1 | 131.0 | 91.3 | 156.1 | 63.7 | 13.3 | 8.8 | 4.4 | 2.2 |
| Operating Cash Flow | 666.9 | 380.4 | 254.4 | 123.6 | 64.6 | (17.1) | (38.9) | (43.3) | 3.2 | (13.3) |
| Investing Activities | ||||||||||
| Capital Expenditure | (342.6) | (185.0) | (134.9) | (163.4) | (107.7) | (75.0) | (57.3) | (34.8) | (23.0) | (18.6) |
| Acquisitions | (50.9) | (38.0) | (6.1) | (88.2) | (5.6) | (13.9) | (14.0) | 9.4 | (0.2) | (1.4) |
| Purchases of Investments | (3,537.1) | (1,572.1) | (1,877.5) | (1,133.0) | (1,589.3) | (1,267.0) | (537.4) | (145.3) | (47.1) | (74.9) |
| Sales/Maturities of Investments | 2,122.0 | 1,493.4 | 1,832.3 | 1,148.8 | 993.2 | 840.2 | 177.0 | 59.2 | 79.8 | 79.6 |
| Other Investing Activities | 1.8 | (28.4) | (20.5) | 0.0 | 0.1 | 0.4 | 14.0 | (9.3) | 0.0 | 0.0 |
| Investing Cash Flow | (1,806.7) | (330.2) | (186.2) | (235.7) | (709.3) | (515.3) | (417.6) | (120.8) | 9.5 | (15.3) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 1,933.5 | 0 | (207.6) | (16.6) | 817.0 | 494.9 | (0.2) | (0.2) | (2.9) | (0.4) |
| Stock Repurchased | 0 | 0 | (0.0) | (0.0) | (0.2) | (0.2) | (0.3) | (0.1) | (0.0) | (0.0) |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (52.0) | (19.9) | (18.4) | (2.5) | (5.8) | (8.5) | 0 | 0 | 0 | 0 |
| Financing Cash Flow | 1,940.0 | 12.8 | (192.2) | 6.3 | 847.5 | 504.9 | 570.8 | 168.6 | (0.1) | 0.4 |
| Cash Position | ||||||||||
| Net Change in Cash | 800.1 | 63.0 | (124.0) | (105.8) | 202.8 | (27.5) | 114.2 | 4.5 | 12.6 | (28.2) |
| Cash at Beginning | 154.2 | 91.2 | 215.2 | 321.0 | 118.1 | 145.6 | 31.4 | 26.9 | 14.3 | 42.5 |
| Cash at End | 954.4 | 154.2 | 91.2 | 215.2 | 321.0 | 118.1 | 145.6 | 31.4 | 26.9 | 14.3 |
| Free Cash Flow | 324.3 | 195.4 | 119.5 | (39.8) | (43.1) | (92.1) | (96.2) | (78.1) | (19.8) | (31.9) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 2,167.9 | 1,669.6 | 1,296.7 | 975.2 | 656.4 | 431.1 | 287.0 | 192.7 | 134.9 | 84.8 |
| Gross Profit | 1,615.4 | 1,290.9 | 989.7 | 742.6 | 509.3 | 330.0 | 223.6 | 149.1 | 106.1 | 60.8 |
| Operating Income | (207.2) | (154.8) | (185.5) | (201.2) | (127.7) | (106.8) | (107.9) | (84.9) | (9.7) | (17.0) |
| Net Income | (102.3) | (78.8) | (183.9) | (193.4) | (260.3) | (119.4) | (105.8) | (87.2) | (10.7) | (17.3) |
| EPS (Diluted) | -0.29 | -0.23 | -0.55 | -0.59 | -0.83 | -0.40 | -0.35 | -0.37 | -0.04 | -0.07 |
| Balance Sheet | ||||||||||
| Cash & Equivalents | 943.5 | 147.7 | 86.9 | 204.2 | 313.8 | 108.9 | 139.0 | 25.1 | 24.4 | |
| Total Assets | 6,036.3 | 3,301.2 | 2,759.8 | 2,587.9 | 2,372.1 | 1,380.7 | 830.8 | 298.4 | 163.1 | |
| Total Debt | 3,700.4 | 1,463.2 | 1,435.2 | 1,577.1 | 1,293.2 | 428.3 | 10.5 | 10.7 | 10.9 | |
| Stockholders' Equity | 1,459.1 | 1,046.2 | 763.0 | 624.0 | 815.8 | 816.9 | 725.8 | (113.5) | (59.8) | |
| Cash Flow | ||||||||||
| Operating Cash Flow | 666.9 | 380.4 | 254.4 | 123.6 | 64.6 | (17.1) | (38.9) | (43.3) | 3.2 | (13.3) |
| Capital Expenditure | (342.6) | (185.0) | (134.9) | (163.4) | (107.7) | (75.0) | (57.3) | (34.8) | (23.0) | (18.6) |
| Free Cash Flow | 324.3 | 195.4 | 119.5 | (39.8) | (43.1) | (92.1) | (96.2) | (78.1) | (19.8) | (31.9) |