Cloudflare, Inc. (NET) Key Metrics
NET valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $105.51B
- Enterprise value
- $124.82B
- P/E (TTM)
- —
- Forward P/E
- 178.6
- PEG ratio
- 2.38
- Price / sales
- 42.0 10-yr median 22.0
- Price / book
- 77.4 10-yr median 35.1
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.65
NET key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNET valuation Price multiples at each fiscal year-end price.
Price / sales+43.9%
31.7
2025 · hover or tap a bar for each year
20162025
Price / book+34.0%
47.1
2025 · hover or tap a bar for each year
20162025
EV / EBITDA+10.1%
645.5
2025 · hover or tap a bar for each year
20162025
Price / free cash flow+12.6%
211.8
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−0.1 pts
0.5%
2025 · hover or tap a bar for each year
20162025
NET returns How much profit the business earns on the capital it uses.
Return on equity+0.5 pts
−8.2%
2025 · hover or tap a bar for each year
20162025
Return on invested capital+1.7 pts
−19.2%
2025 · hover or tap a bar for each year
20162025
Return on assets+0.4 pts
−2.2%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+3.3 pts
15.0%
2025 · hover or tap a bar for each year
20162025
Asset turnover−15.7%
0.46
2025 · hover or tap a bar for each year
20162025
NET per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+27.2%
$6.22
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$0.29
2025 · hover or tap a bar for each year
20162025
Free cash flow per share+62.6%
$0.93
2025 · hover or tap a bar for each year
20162025
Book value per share+36.7%
$4.19
2025 · hover or tap a bar for each year
20162025
Shares outstanding+2.1%
348.4M
2025 · hover or tap a bar for each year
20162025
NET financial health Debt, liquidity and how easily interest is covered.
Debt / equity+81.3%
2.54
2025 · hover or tap a bar for each year
20162025
Net debt−$3.9M
−$400.9M
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA+2.61
−3.79
2025 · hover or tap a bar for each year
20162025
Current ratio−30.9%
1.98
2025 · hover or tap a bar for each year
20162025
Interest coverage
-23.6
2025 · hover or tap a bar for each year
20162025
Debt / assets+38.3%
0.61
2025 · hover or tap a bar for each year
20162025
NET efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−3 days
62 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−14 days
63 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+12 days
-0 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+4.7 pts
15.8%
2025 · hover or tap a bar for each year
20162025
Dividends + buybacks / FCF0.0 pts
0.0%
2025 · hover or tap a bar for each year
20162025
NET valuation history
Fiscal year-endToday10-year median
NET returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NET debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NET cash returned to shareholders
DividendsBuybacksFree cash flow
NET price vs earnings per share
Share price at year-endEPS (right axis)
NET key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $68.69B | $36.76B | $27.78B | $14.75B | $41.07B | $22.78B | $5.12B | — | — | — |
| Enterprise value | $68.29B | $36.37B | $27.54B | $14.68B | $40.54B | $22.18B | $4.52B | — | — | — |
| Price / sales | 31.7 | 22.0 | 21.4 | 15.1 | 62.6 | 52.8 | 17.8 | — | — | — |
| Price / book | 47.1 | 35.1 | 36.4 | 23.6 | 50.3 | 27.9 | 7.1 | — | — | — |
| Price / free cash flow | 211.8 | 188.2 | 232.5 | — | — | — | — | — | — | — |
| Price / operating cash flow | 113.9 | 96.6 | 109.2 | 119.4 | 635.3 | — | — | — | — | — |
| EV / sales | 31.5 | 21.8 | 21.2 | 15.1 | 61.8 | 51.4 | 15.8 | — | — | — |
| EV / EBITDA | 645.5 | 586.1 | — | — | — | — | — | — | — | — |
| EV / free cash flow | 210.6 | 186.1 | 230.5 | — | — | — | — | — | — | — |
| Earnings yield | −0.1% | −0.2% | −0.7% | −1.3% | −0.6% | −0.5% | −2.1% | — | — | — |
| Free cash flow yield | 0.5% | 0.5% | 0.4% | −0.3% | −0.1% | −0.4% | −1.9% | — | — | — |
| Dividend yield | — | — | — | — | 0.0% | 0.0% | 0.1% | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — | — | — |
| Share price at fiscal year-end | $197.15 | $107.68 | $83.26 | $45.21 | $131.50 | $75.99 | $17.06 | — | — | — |
| Per share | ||||||||||
| Revenue per share | $6.22 | $4.89 | $3.89 | $2.99 | $2.10 | $1.44 | $0.96 | $0.81 | $0.54 | $0.36 |
| Earnings per share | −$0.29 | −$0.23 | −$0.55 | −$0.59 | −$0.83 | −$0.40 | −$0.35 | −$0.37 | −$0.04 | −$0.07 |
| Operating cash flow per share | $1.73 | $1.11 | $0.76 | $0.38 | $0.21 | −$0.06 | −$0.13 | −$0.18 | $0.01 | −$0.06 |
| Free cash flow per share | $0.93 | $0.57 | $0.36 | −$0.12 | −$0.14 | −$0.31 | −$0.32 | −$0.33 | −$0.08 | −$0.13 |
| Cash per share | $11.77 | $5.45 | $5.02 | $5.06 | $5.83 | $3.44 | $2.12 | $0.68 | $0.29 | — |
| Book value per share | $4.19 | $3.06 | $2.29 | $1.91 | $2.61 | $2.73 | $2.42 | −$0.48 | −$0.24 | — |
| Tangible book value per share | $3.42 | $2.47 | $1.78 | $1.36 | $2.53 | $2.66 | $2.40 | −$0.50 | −$0.26 | — |
| Dividends per share | — | — | — | — | $0.05 | $0.04 | $0.02 | — | — | — |
| Capex per share | $0.98 | $0.54 | $0.40 | $0.50 | $0.34 | $0.25 | $0.19 | $0.15 | $0.09 | $0.08 |
| Debt per share | $10.62 | $4.29 | $4.30 | $4.83 | $4.14 | $1.43 | $0.13 | $0.05 | $0.05 | — |
| Shares outstanding | 348.4M | 341.4M | 333.7M | 326.3M | 312.3M | 299.8M | 300.2M | 237.3M | 251.1M | 237.3M |
| Change in shares outstanding | +2.1% | +2.3% | +2.2% | +4.5% | +4.2% | −0.1% | +26.5% | −5.5% | +5.8% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −8.2% | −8.7% | −26.5% | −26.9% | −31.9% | −15.5% | −34.6% | — | — | — |
| Return on invested capital (ROIC) | −19.2% | −20.8% | −27.2% | −37.9% | −40.3% | −49.5% | — | — | — | — |
| Return on assets (ROA) | −2.2% | −2.6% | −6.9% | −7.8% | −13.9% | −10.8% | −18.7% | −37.8% | −6.6% | — |
| Return on tangible assets | −1.8% | −2.5% | −7.1% | −8.0% | −11.1% | −8.8% | −12.8% | −29.6% | −6.8% | — |
| Free cash flow margin | 15.0% | 11.7% | 9.2% | −4.1% | −6.6% | −21.4% | −33.5% | −40.5% | −14.7% | −37.6% |
| Financial health | ||||||||||
| Total debt | $3.70B | $1.46B | $1.44B | $1.58B | $1.29B | $428.3M | $38.8M | $12.3M | $11.3M | — |
| Cash & short-term investments | $4.10B | $1.86B | $1.67B | $1.65B | $1.82B | $1.03B | $636.9M | $160.7M | $73.4M | — |
| Net debt | −$400.9M | −$397.0M | −$238.5M | −$72.8M | −$528.6M | −$603.8M | −$598.1M | −$148.3M | −$62.1M | — |
| Debt / equity | 2.54 | 1.40 | 1.88 | 2.53 | 1.59 | 0.52 | 0.05 | — | — | — |
| Debt / assets | 0.61 | 0.44 | 0.52 | 0.61 | 0.55 | 0.31 | 0.05 | 0.04 | 0.07 | — |
| Net debt / EBITDA | −3.79 | −6.40 | — | — | — | — | — | — | −18.69 | — |
| Current ratio | 1.98 | 2.86 | 3.50 | 4.74 | 6.77 | 7.99 | 8.22 | 3.21 | 3.39 | — |
| Quick ratio | 1.98 | 2.86 | 3.50 | 4.74 | 6.77 | 7.85 | 8.06 | 3.21 | 3.39 | — |
| Interest coverage | -23.6 | -29.8 | -31.6 | -40.4 | -2.6 | -4.3 | -97.1 | -85.6 | -11.3 | -26.0 |
| Working capital | $2.29B | $1.48B | $1.42B | $1.49B | $1.66B | $988.6M | $606.0M | $135.4M | $64.9M | — |
| Invested capital | $1.06B | $649.2M | $524.5M | $551.1M | $287.2M | $213.1M | $127.7M | −$261.8M | −$121.9M | — |
| Tangible asset value | $1.19B | $843.2M | $595.4M | $443.4M | $791.0M | $797.0M | $721.7M | −$117.7M | −$64.6M | — |
| Net current asset value | $67.7M | $14.0M | −$13.6M | −$76.1M | $397.1M | $566.2M | $584.9M | −$215.1M | −$131.0M | — |
| Graham net-net per share | −$0.49 | −$0.42 | −$0.39 | −$0.60 | $1.10 | $1.76 | $1.88 | −$0.97 | −$0.55 | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $15.0M | $10.9M | $6.0M | — | — | — |
| Share buybacks (net) | $0 | $0 | $34,000 | $3,000 | $189,000 | $157,000 | $283,000 | $65,000 | $16,000 | $20,000 |
| Dividends + buybacks / free cash flow | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — |
| Capex / revenue | 15.8% | 11.1% | 10.4% | 16.8% | 16.4% | 17.4% | 20.0% | 18.1% | 17.0% | 21.9% |
| Capex / operating cash flow | 56.8% | 48.6% | 53.0% | 132.2% | 166.7% | — | — | — | 725.4% | — |
| Capex / depreciation | 1.81 | 1.45 | 0.99 | 1.60 | 1.62 | 1.52 | 1.94 | 1.84 | 1.89 | 2.22 |
| Stock-based compensation / revenue | 20.8% | 20.3% | 21.1% | 20.8% | 13.7% | 13.1% | 12.8% | 14.2% | 2.0% | 6.7% |
| R&D / revenue | 23.6% | 25.2% | 27.6% | 30.6% | 28.9% | 29.5% | 31.6% | 28.3% | 24.9% | 27.9% |
| SG&A / revenue | 60.4% | 61.3% | 63.0% | 66.2% | 68.2% | 71.8% | 83.9% | 93.2% | 60.9% | 63.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 62.2 | 64.8 | 58.6 | 48.4 | 46.9 | 43.6 | 39.8 | 39.7 | 41.1 | — |
| Days of inventory on hand | — | — | 0.0 | — | 26.1 | 61.8 | 39.4 | 0.0 | 0.0 | — |
| Days payables outstanding | 62.7 | 76.9 | 53.1 | 48.4 | 50.3 | 46.9 | 74.1 | 79.7 | 59.9 | — |
| Cash conversion cycle (days) | -0.5 | -12.1 | 5.5 | -0.0 | 22.7 | 58.5 | 5.1 | -40.0 | -18.8 | — |
| Receivables turnover | 5.86 | 5.63 | 6.23 | 7.55 | 7.78 | 8.37 | 9.16 | 9.20 | 8.88 | — |
| Payables turnover | 5.82 | 4.75 | 6.87 | 7.54 | 7.25 | 7.79 | 4.93 | 4.58 | 6.09 | — |
| Inventory turnover | — | — | 307,005,000.00 | — | 13.98 | 5.91 | 9.27 | 43,537,000.00 | 28,788,000.00 | — |
| Asset turnover | 0.46 | 0.55 | 0.48 | 0.39 | 0.35 | 0.39 | 0.51 | 0.83 | 0.83 | — |
| Average receivables | $369.7M | $296.3M | $208.1M | $129.2M | $84.3M | $51.5M | $31.3M | $20.9M | $15.2M | — |
| Average payables | $95.0M | $79.8M | $44.7M | $30.8M | $20.3M | $13.0M | $12.9M | $9.5M | $4.7M | — |
| Average inventory | — | — | $1 | — | $10.5M | $17.1M | $6.8M | $1 | $1 | — |
| Intangibles / total assets | 4.4% | 6.1% | 6.1% | 7.0% | 1.0% | 1.4% | 0.5% | 1.4% | 2.9% | — |
Computed from NET's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NET valuation and financial ratios
Cloudflare earned a return on equity of −8.2% and a return on invested capital of −19.2% in fiscal 2025. It ended the year with $3.7 billion of debt and $4.1 billion in cash and short-term investments, a net cash position of $400.9 million. The share count rose 46.8% from 237.3M to 348.4M over 9 years.
See the NET income statement, the NET chart for price history, or the NET stock overview for the latest quote and news.
NET key metrics FAQ
What is Cloudflare's EV/EBITDA?
Cloudflare's enterprise value was 645.5 times EBITDA at the end of fiscal 2025 (enterprise value $68.3 billion, EBITDA $105.8 million).
What is Cloudflare's return on equity?
Cloudflare's return on equity (ROE) was −8.2% in fiscal 2025: net income of -$102.3 million on average shareholders' equity of $1.3 billion.
What is Cloudflare's ROIC?
Cloudflare's return on invested capital was −19.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Cloudflare have?
Cloudflare had total debt of $3.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.54 and more cash than debt.
What is Cloudflare's free cash flow yield?
Cloudflare generated $324.3 million of free cash flow in fiscal 2025, a free cash flow yield of 0.5% on its market value at year-end ($68.7 billion).
What is Cloudflare's current ratio?
Cloudflare's current ratio was 1.98 at the end of fiscal 2025: current assets were 1.98 times current liabilities.