Cloudflare, Inc. NET
Cloudflare's mission is to help build a better Internet.
Over the past decade, the technology industry has been undergoing a massive transition from on-premises hardware and software that customers buy, to services in the cloud that they rent. Organizations find themselves at different points in this transition to the cloud. Regardless of where organizations are in their transition, they all face a common set of challenges: they exist in a complex, heterogeneous infrastructure environment which exacerbates the fundamental problems of the Internet more than ever, and the on-premises hardware boxes that they once relied upon to solve these problems were never designed to work in such an environment. As more workloads move to the cloud and workforces become increasingly distributed globally, there is no point in installing additional hardware boxes on premise. An on-premises box will not solve the problems organizations now face. Nor can a business ship a hardware box to a cloud vendor. Even if they wanted to, there is literally no place to install such a box in the cloud.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.17B | $1.67B | $1.30B | $975.2M | $656.4M | $431.1M | $287.0M | $192.7M | $134.9M | — |
| Cost of revenue | $552.5M | $378.7M | $307.0M | $232.6M | $147.1M | $101.1M | $63.4M | $43.5M | $28.8M | — |
| Gross profit | $1.62B | $1.29B | $989.7M | $742.6M | $509.3M | $330.0M | $223.6M | $149.1M | $106.1M | — |
| R&D | $512.5M | $421.4M | $358.1M | $298.3M | $189.4M | $127.1M | $90.7M | $54.5M | $33.6M | — |
| SG&A | $389.3M | $278.5M | $218.0M | $179.8M | $119.5M | $91.8M | $81.6M | $85.2M | $20.3M | — |
| Total operating expenses | $1.82B | $1.45B | $1.18B | $943.8M | $637.0M | $436.8M | $331.5M | $234.0M | $115.9M | — |
| Operating income | -$207.2M | -$154.8M | -$185.5M | -$201.2M | -$127.7M | -$106.8M | -$107.9M | -$84.9M | -$9.7M | — |
| Interest expense | $8.8M | $5.2M | $5.9M | $5.0M | $49.2M | $25.0M | $1.1M | $992.0K | $862.0K | — |
| Pre-tax income | -$92.7M | -$70.9M | -$177.9M | -$190.7M | -$248.0M | -$125.0M | -$104.7M | -$86.1M | -$9.7M | — |
| Income tax | $9.6M | $7.9M | $6.1M | $2.6M | $12.3M | $5.6M | $1.1M | $1.1M | $1.0M | — |
| Net income | -$102.3M | -$78.8M | -$183.9M | -$193.4M | -$260.3M | -$119.4M | -$105.8M | -$87.2M | -$10.7M | — |
| EPS, basic | -0.29 | -0.23 | -0.55 | -0.59 | -0.83 | -0.40 | -0.72 | — | — | — |
| EPS, diluted | -0.29 | -0.23 | -0.55 | -0.59 | -0.83 | -0.40 | -0.72 | -1.08 | -0.14 | — |
| Shares, diluted (wtd. avg.) | $348.4M | $341.4M | $333.7M | $326.3M | $312.3M | $299.8M | $146.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $943.5M | $147.7M | $91.2M | $215.2M | $321.0M | $118.1M | $145.6M | $31.4M | $26.9M | $14.3M |
| Short-term investments | $3.16B | $1.71B | $1.59B | $1.45B | $1.51B | $923.2M | $498.0M | $135.6M | — | — |
| Receivables | $382.5M | $316.8M | $248.3M | $148.5M | $95.5M | $63.5M | $33.9M | $25.2M | — | — |
| Total current assets | $4.64B | $2.27B | $1.98B | $1.89B | $1.96B | $1.13B | $689.9M | $196.7M | — | — |
| Property, plant and equipment | $618.7M | $467.4M | $322.8M | $286.6M | $183.7M | $123.7M | $101.5M | $73.2M | — | — |
| Goodwill | $226.6M | $181.1M | $148.0M | $148.0M | $23.5M | $17.2M | $4.1M | $4.1M | — | — |
| Other intangibles | $41.8M | $21.9M | $19.6M | $32.5M | $1.3M | $2.8M | $31.0K | $156.0K | — | — |
| Total assets | $6.04B | $3.30B | $2.76B | $2.59B | $2.37B | $1.38B | $830.8M | $298.4M | — | — |
| Accounts payable | $84.1M | $105.8M | $53.7M | $35.6M | $26.1M | $14.5M | $11.5M | $14.3M | — | — |
| Short-term debt | — | — | — | — | — | — | $0 | $255.0K | — | — |
| Total current liabilities | $2.35B | $793.7M | $567.1M | $397.9M | $288.6M | $141.4M | $83.9M | $61.4M | — | — |
| Total liabilities | $4.58B | $2.25B | $2.00B | $1.96B | $1.56B | $563.7M | $105.0M | $80.4M | — | — |
| Retained earnings | -$1.20B | -$1.10B | -$1.02B | -$839.9M | -$680.8M | -$420.5M | -$301.7M | -$195.9M | — | — |
| Total equity | $1.46B | $1.05B | $763.0M | $624.0M | $811.4M | $816.9M | $725.8M | -$113.5M | -$59.8M | -$53.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $603.1M | $380.4M | $254.4M | $123.6M | $64.6M | -$17.1M | -$38.9M | -$43.3M | $3.2M | — |
| Depreciation and amortisation | $189.7M | $127.7M | $135.8M | $102.3M | $66.6M | $49.4M | $29.5M | $18.9M | $12.2M | — |
| Stock-based compensation | $451.5M | $338.5M | $274.0M | $202.8M | $90.1M | $56.3M | $36.6M | $27.3M | $2.8M | — |
| Capital expenditure | $315.6M | $185.0M | $114.4M | $143.6M | $93.0M | $56.4M | $43.3M | $25.5M | $19.0M | — |
| Investing cash flow | -$1.81B | -$330.2M | -$186.2M | -$235.7M | -$709.3M | -$515.3M | -$417.6M | -$120.8M | $9.5M | — |
| Financing cash flow | $2.00B | $12.8M | -$192.2M | $6.3M | $847.5M | $504.9M | $570.8M | $168.6M | -$149.0K | — |
| Buybacks | $0 | $0 | $34.0K | $3.0K | $189.0K | $157.0K | $283.0K | $65.0K | $16.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-263809.
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