NET Chart
About

Cloudflare, Inc. operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premises, software-as-a-service applications, and Internet of things (IoT) devices; and website and application security products comprising web application firewall, bot management, distributed denial of service protection, API security, SSL/TLS encryption, script management, security center, and rate limiting products. It also offers website and application performance solutions, such as content delivery, load balancing, DNS, agro smart routing, video stream delivery, web optimization, cache reserve, cloudfare waiting room, and cloudfare data localization suite; SASE platform combines network services and Zero Trust security products that provides a cloud-based network-as-a-service; network services, including magic WAN, magic transit, magic firewall, cloudflare network interconnect, and spectrum. In addition, the company provides zero trust security services, including cloudflare access and gateway, remote browser isolation, cloud access security broker, cloud email security, and data loss prevention products. Further, it provides developer-based solutions comprising workers AI, vectorize, AI gateway, cloudflare workers, cloudflare pages, R2 object storage, workers KV, durable objects, D1, hyperdrive, cloudfare stream, cloudfare images, and cloudflare calls; and consumer offerings, such as 1.1.1.1, a DNS resolver, WARP, a virtual private network, and cloudfare registrar that secures registration and management of domain names. The company serves customers in the technology, healthcare, financial services, consumer and retail, industrial, and non-profit industries, as well as government. Cloudflare, Inc. was incorporated in 2009 and is headquartered in San Francisco, California.

Fundamentals
Scroll to Statements
Sector Technology Industry Software - Infrastructur Market Cap 58.54B
Enterprise Value 57.06B Income -102.27M Sales 2.17B
Book/sh 4.15 Cash/sh 11.65 Dividend Yield —
Payout 0.00% Employees — IPO —
P/E — Forward P/E 115.13 PEG —
P/S 27.00 P/B 40.11 P/C —
EV/EBITDA -5030.39 EV/Sales 26.32 Quick Ratio 1.92
Current Ratio 1.98 Debt/Eq 241.13 LT Debt/Eq —
EPS (ttm) -0.29 EPS next Y 1.44 EPS Growth —
Revenue Growth 33.60% Earnings 2026-05-07 ROA -2.69%
ROE -8.16% ROIC — Gross Margin 74.51%
Oper. Margin -7.66% Profit Margin -4.72% Shs Outstand 317.32M
Shs Float 315.13M Short Float 3.31% Short Ratio 2.39
Short Interest — 52W High 260.00 52W Low 89.42
Beta 1.98 Avg Volume 3.86M Volume 746.20K
Target Price $231.30 Recom Buy Prev Close $163.81
Price $166.35 Change 1.55%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$231.30
Mean price target
2. Current target
$166.35
Latest analyst target
3. DCF / Fair value
$24.19
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$166.35
Low
$135.00
High
$300.00
Mean
$231.30

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-12 main Citigroup Buy → Buy $265
2026-02-11 main Jefferies Hold → Hold $225
2026-02-11 main Piper Sandler Neutral → Neutral $222
2026-02-11 main RBC Capital Outperform → Outperform $240
2026-02-11 main Wells Fargo Overweight → Overweight $270
2026-02-11 main Guggenheim Sell → Sell $140
2026-02-11 main Barclays Overweight → Overweight $250
2026-02-11 reit Cantor Fitzgerald Neutral → Neutral $224
2026-02-11 main Scotiabank Sector Perform → Sector Perform $225
2026-02-11 main Needham Buy → Buy $250
2026-02-11 main BTIG Buy → Buy $243
2026-02-04 up BTIG Neutral → Buy $199
2026-01-21 main Mizuho Outperform → Outperform $255
2026-01-16 main Citigroup Buy → Buy $260
2026-01-13 main UBS Neutral → Neutral $210
2026-01-05 main Piper Sandler Neutral → Neutral $220
2025-12-02 init Barclays — → Overweight $235
2025-11-10 main Argus Research Buy → Buy $265
2025-11-03 main Citigroup Buy → Buy $318
2025-11-03 main Susquehanna Neutral → Neutral $260
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 86362 15943326.0 — Sale at price 172.07 - 193.71 per share. ZATLYN MICHELLE President — 2026-02-23 00:00:00 I
1 76923 nan — — ZATLYN MICHELLE President — 2026-02-23 00:00:00 I
2 2520 436831.0 — Sale at price 170.15 - 175.42 per share. GRAHAM-CUMMING JOHN Director — 2026-02-09 00:00:00 D
3 2520 112694.0 — Conversion of Exercise of derivative security at price 44.72 per share. GRAHAM-CUMMING JOHN Director — 2026-02-09 00:00:00 D
4 96665 — — Stock Award(Grant) at price 0.00 per share. PRINCE MATTHEW Chief Executive Officer — 2026-02-06 00:00:00 D
5 96665 — — Stock Award(Grant) at price 0.00 per share. ZATLYN MICHELLE Chief Executive Officer — 2026-02-06 00:00:00 D
6 7958 — — Stock Award(Grant) at price 0.00 per share. RILEY JANEL Officer — 2026-02-04 00:00:00 D
7 134 23609.0 — Sale at price 176.19 per share. HAWKINS MARK J Director — 2026-02-02 00:00:00 D
8 3000 528570.0 — Sale at price 176.19 per share. KRAMER DOUGLAS JAMES Officer — 2026-02-02 00:00:00 D
9 15000 3167414.0 — Sale at price 210.07 - 212.80 per share. LEDBETTER CARL Director — 2026-01-27 00:00:00 I
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems0.00-10.56M0.00-19.50M
TaxRateForCalcs0.210.210.210.27
NormalizedEBITDA62.05M14.13M-83.41M-59.90M
TotalUnusualItems0.00-50.30M0.00-72.23M
TotalUnusualItemsExcludingGoodwill0.00-50.30M0.00-72.23M
NetIncomeFromContinuingOperationNetMinorityInterest-78.80M-183.95M-193.38M-260.31M
ReconciledDepreciation127.72M135.82M102.33M66.61M
ReconciledCostOfRevenue378.70M307.00M232.61M147.13M
EBITDA62.05M-36.17M-83.41M-132.13M
EBIT-65.67M-171.99M-185.75M-198.74M
NetInterestIncome82.23M62.30M9.89M-47.26M
InterestExpense5.20M5.87M4.98M49.23M
InterestIncome87.43M68.17M14.88M1.97M
NormalizedIncome-78.80M-144.21M-193.38M-207.58M
NetIncomeFromContinuingAndDiscontinuedOperation-78.80M-183.95M-193.38M-260.31M
TotalExpenses1.82B1.48B1.18B784.11M
TotalOperatingIncomeAsReported-154.76M-185.49M-201.20M-127.68M
DilutedAverageShares348.42M341.41M333.66M326.33M
BasicAverageShares348.42M341.41M333.66M326.33M
DilutedEPS-0.29-0.23-0.55-0.59
BasicEPS-0.29-0.23-0.55-0.59
DilutedNIAvailtoComStockholders-78.80M-183.95M-193.38M-260.31M
NetIncomeCommonStockholders-78.80M-183.95M-193.38M-260.31M
NetIncome-78.80M-183.95M-193.38M-260.31M
NetIncomeIncludingNoncontrollingInterests-78.80M-183.95M-193.38M-260.31M
NetIncomeContinuousOperations-78.80M-183.95M-193.38M-260.31M
TaxProvision7.93M6.09M2.65M12.33M
PretaxIncome-70.87M-177.86M-190.73M-247.98M
OtherIncomeExpense1.66M-54.67M577.00K-73.03M
OtherNonOperatingIncomeExpenses1.66M-4.37M577.00K-794.00K
SpecialIncomeCharges0.00-50.30M0.00-72.23M
OtherSpecialCharges50.30M72.23M
NetNonOperatingInterestIncomeExpense82.23M62.30M9.89M-47.26M
InterestExpenseNonOperating5.20M5.87M4.98M49.23M
InterestIncomeNonOperating87.43M68.17M14.88M1.97M
OperatingIncome-154.76M-185.49M-201.20M-127.68M
OperatingExpense1.45B1.18B943.83M636.98M
ResearchAndDevelopment421.37M358.14M298.30M189.41M
SellingGeneralAndAdministration1.02B817.08M645.53M447.57M
SellingAndMarketingExpense745.79M599.12M465.76M328.06M
GeneralAndAdministrativeExpense278.52M217.97M179.77M119.50M
OtherGandA278.52M217.97M179.77M119.50M
GrossProfit1.29B989.74M742.63M509.29M
CostOfRevenue378.70M307.00M232.61M147.13M
TotalRevenue1.67B1.30B975.24M656.43M
OperatingRevenue1.67B1.30B975.24M656.43M
Line Item2023-12-31
TreasurySharesNumber0.00
OrdinarySharesNumber344.86M337.53M330.09M323.61M
ShareIssued344.86M337.53M330.09M323.61M
NetDebt1.14B1.20B1.23B845.22M
TotalDebt1.46B1.44B1.58B1.29B
TangibleBookValue843.25M595.44M443.43M791.01M
InvestedCapital2.33B2.05B2.06B1.97B
WorkingCapital1.48B1.42B1.49B1.67B
NetTangibleAssets843.25M595.44M443.43M791.01M
CapitalLeaseObligations175.89M151.84M140.90M134.21M
CommonStockEquity1.05B763.05M623.96M815.80M
TotalCapitalization2.33B2.05B2.06B1.96B
TotalEquityGrossMinorityInterest1.05B763.05M623.96M815.80M
StockholdersEquity1.05B763.05M623.96M815.80M
OtherEquityInterest4.44M
GainsLossesNotAffectingRetainedEarnings-4.25M1.98M-11.90M-2.65M
OtherEquityAdjustments-4.25M1.98M-11.90M-2.65M
RetainedEarnings-1.10B-1.02B-839.89M-680.83M
AdditionalPaidInCapital2.15B1.78B1.48B1.49B
CapitalStock344.00K337.00K328.00K321.00K
CommonStock344.00K337.00K328.00K321.00K
TotalLiabilitiesNetMinorityInterest2.25B2.00B1.96B1.56B
TotalNonCurrentLiabilitiesNetMinorityInterest1.46B1.43B1.57B1.27B
OtherNonCurrentLiabilities23.62M15.54M10.53M7.11M
NonCurrentDeferredLiabilities22.09M17.24M11.73M4.68M
NonCurrentDeferredRevenue22.09M17.24M11.73M4.68M
LongTermDebtAndCapitalLeaseObligation1.42B1.40B1.54B1.26B
LongTermCapitalLeaseObligation128.27M113.49M107.62M109.04M
LongTermDebt1.29B1.28B1.44B1.15B
CurrentLiabilities793.65M567.08M397.87M288.56M
OtherCurrentLiabilities1.90M4.65M
CurrentDeferredLiabilities477.76M347.61M218.65M116.55M
CurrentDeferredRevenue477.76M347.61M218.65M116.55M
CurrentDebtAndCapitalLeaseObligation47.63M38.35M33.27M37.29M
CurrentCapitalLeaseObligation47.63M38.35M33.27M25.18M
CurrentDebt12.12M
OtherCurrentBorrowings12.12M
PensionandOtherPostRetirementBenefitPlansCurrent80.85M63.80M42.01M65.91M
PayablesAndAccruedExpenses187.41M117.32M103.93M64.17M
CurrentAccruedExpenses81.60M63.60M68.33M38.09M
Payables105.81M53.73M35.61M26.09M
AccountsPayable105.81M53.73M35.61M26.09M
TotalAssets3.30B2.76B2.59B2.37B
TotalNonCurrentAssets1.03B776.69M700.02M416.21M
OtherNonCurrentAssets21.20M14.47M7.39M7.06M
NonCurrentDeferredAssets172.22M133.24M93.14M70.32M
GoodwillAndOtherIntangibleAssets202.95M167.61M180.53M24.78M
OtherIntangibleAssets21.86M19.56M32.48M1.25M
Goodwill181.09M148.05M148.05M23.53M
NetPPE635.80M461.37M418.96M314.05M
AccumulatedDepreciation-280.32M-218.48M-178.90M-120.21M
GrossPPE916.12M679.85M597.86M434.26M
Leases49.05M42.98M20.39M12.89M
ConstructionInProgress68.97M45.56M72.83M41.42M
OtherProperties658.00M469.68M373.01M282.21M
MachineryFurnitureEquipment140.09M121.63M131.63M97.74M
Properties0.000.000.000.00
CurrentAssets2.27B1.98B1.89B1.96B
OtherCurrentAssets75.48M47.50M70.56M29.43M
RestrictedCash4.27M2.52M10.55M2.96M
PrepaidAssets29.43M
Receivables333.32M259.31M156.84M101.62M
OtherReceivables16.57M11.04M8.29M6.08M
AccountsReceivable316.75M248.27M148.54M95.54M
AllowanceForDoubtfulAccountsReceivable-8.17M-6.00M-3.13M-2.64M
GrossAccountsReceivable324.92M254.26M151.68M98.19M
CashCashEquivalentsAndShortTermInvestments1.86B1.67B1.65B1.82B
OtherShortTermInvestments1.71B1.59B1.45B1.51B
CashAndCashEquivalents147.69M86.86M204.18M313.78M
CashEquivalents102.80M40.03M127.01M313.78M
CashFinancial44.89M46.83M77.16M64.02M
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow166.91M119.46M-39.77M-43.09M
RepurchaseOfCapitalStock0.00-34.00K-3.00K-189.00K
RepaymentOfDebt0.00-207.65M-16.57M-370.65M
IssuanceOfDebt0.000.001.29B
IssuanceOfCapitalStock0.00
CapitalExpenditure-213.51M-134.94M-163.36M-107.74M
InterestPaidSupplementalData75.00K670.00K1.24M3.63M
IncomeTaxPaidSupplementalData5.00M4.45M2.22M1.55M
EndCashPosition154.21M91.22M215.20M320.96M
BeginningCashPosition91.22M215.20M320.96M118.15M
ChangesInCash62.99M-123.98M-105.75M202.81M
FinancingCashFlow12.79M-192.19M6.35M847.49M
CashFlowFromContinuingFinancingActivities12.79M-192.19M6.35M847.49M
NetOtherFinancingCharges-19.92M-18.44M-2.48M-111.91M
ProceedsFromStockOptionExercised32.71M33.93M25.40M36.48M
NetCommonStockIssuance0.00-34.00K-3.00K-189.00K
CommonStockPayments0.00-34.00K-3.00K-189.00K
CommonStockIssuance0.00
NetIssuancePaymentsOfDebt0.00-207.65M-16.57M923.10M
NetShortTermDebtIssuance0.000.00
ShortTermDebtPayments0.000.00
NetLongTermDebtIssuance0.00-207.65M-16.57M923.10M
LongTermDebtPayments0.00-207.65M-16.57M-370.65M
LongTermDebtIssuance0.000.001.29B
InvestingCashFlow-330.22M-186.20M-235.70M-709.32M
CashFlowFromContinuingInvestingActivities-330.22M-186.20M-235.70M-709.32M
NetOtherInvestingChanges-37.95M-6.01M-88.15M53.00K
NetInvestmentPurchaseAndSale-78.76M-45.25M15.82M-596.03M
SaleOfInvestment1.49B1.83B1.15B993.23M
PurchaseOfInvestment-1.57B-1.88B-1.13B-1.59B
NetBusinessPurchaseAndSale-6.08M-88.19M-5.61M
PurchaseOfBusiness-6.08M-88.19M-5.61M
NetPPEPurchaseAndSale-185.04M-114.40M-143.61M-92.99M
PurchaseOfPPE-185.04M-114.40M-143.61M-92.99M
CapitalExpenditureReported-28.48M-20.55M-19.76M-14.75M
OperatingCashFlow380.43M254.41M123.59M64.65M
CashFlowFromContinuingOperatingActivities380.43M254.41M123.59M64.65M
ChangeInWorkingCapital-108.92M-104.73M-79.30M3.39M
ChangeInOtherWorkingCapital18.20M33.01M34.26M8.98M
ChangeInOtherCurrentLiabilities-54.29M-38.09M-31.94M-27.70M
ChangeInOtherCurrentAssets2.17M1.02M-539.00K1.53M
ChangeInPayablesAndAccruedExpense47.27M37.57M-14.97M61.36M
ChangeInAccruedExpense28.64M25.79M-5.36M58.90M
ChangeInPayable18.63M11.78M-9.61M2.46M
ChangeInAccountPayable18.63M11.78M-9.61M2.46M
ChangeInPrepaidAssets-38.23M-22.12M-7.70M-2.40M
ChangeInReceivables-84.05M-116.11M-58.41M-38.39M
ChangesInAccountReceivables-78.52M-113.36M-56.20M-35.85M
OtherNonCashItems131.90M111.51M86.73M71.69M
StockBasedCompensation338.46M273.99M202.78M90.14M
ProvisionandWriteOffofAssets10.04M13.64M4.83M3.80M
AmortizationOfSecurities-42.08M-44.44M-263.00K8.36M
DeferredTax2.11M2.26M-140.00K8.74M
DeferredIncomeTax2.11M2.26M-140.00K8.74M
DepreciationAmortizationDepletion127.72M135.82M102.33M66.61M
DepreciationAndAmortization127.72M135.82M102.33M66.61M
OperatingGainsLosses50.30M72.23M
NetIncomeFromContinuingOperations-78.80M-183.95M-193.38M-260.31M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for NET
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