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Cloudflare, Inc.

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Technology · Software - Infrastructure · United States · Updated May 11, 12:43pm
$194.76
Price
$68.8B
Market Cap
4,400
Employees
1.67
Beta
Matthew Prince
CEO
Business Description

CloudFlare, Inc. operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices. Its security products comprise cloud firewall, bot management, distributed denial of service, IoT, SSL/TLS, secure origin connection, and rate limiting products. The company also offers performance solutions, which include content delivery and intelligent routing, as well as content, mobile, and image optimization solutions. In addition, it provides reliability solutions comprising load balancing, anycast network, virtual backbone, DNS, DNS resolver, online, and virtual waiting room solutions. Further, the company offers Cloudflare internal infrastructure solutions, including on-ramps, which connect users, devices, or locations to its network; and filters, which are the products that protect, inspect, and privilege data. Additionally, it provides developer-based solutions, such as serverless computing/programmable network, website development, domain registration, Cloudflare apps, analytics, and data localization management; Consumer DNS Resolver, a consumer app to browse the Internet; and Consumer VPN for consumers to secure and accelerate traffic on mobile devices. The company serves customers in the technology, healthcare, financial services, consumer and retail, and non-profit industries, as well as government. CloudFlare, Inc. was incorporated in 2009 and is headquartered in San Francisco, California.

Business History
Price Overview
Last updated: May 11, 2026 12:43pm (just now)
$194.76
-1.37 (-0.70%)
Day Range
$194.01 – $204.27
52-Week Range
$136.32 – $260.00
50-Day MA
$206.48
200-Day MA
$204.16
Volume
3,367,160.00
Analyst Price Targets
Low $140.00
Consensus $221.87
High $260.00
(86 analysts)
Share Structure
Outstanding 353,374,093.00
Float 314,382,773.00
Free Float 89.0%
High free float — 89.0% of shares trade freely, ~11% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-671.59
Stock Price: $194.76
EPS (Diluted): -0.29
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
47.08
Stock Price: $194.76
Total Equity: $1.46B
Shares: 348,421,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
423.69
Market Cap: $68.82B
Total Debt: $3.52B
Cash: $943.54M
EBITDA: $207.43M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$71.4B
Market Cap: $68.82B
Total Debt: $3.52B
Cash: $943.54M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
74.4%
Gross Profit: $1.61B
Revenue: $2.17B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
-9.4%
Operating Income: -$203.30M
Revenue: $2.17B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-4.7%
Net Income: -$102.27M
Revenue: $2.17B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-6.2%
Net Income: -$102.27M
Total Equity: $1.46B
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
-4.1%
Operating Income: -$203.30M
Tax Rate: -10.3%
Equity: $1.46B
Total Debt: $3.52B
Cash: $943.54M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.98
Current Assets: $4.64B
Current Liabilities: $2.35B
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
2.41
Short-Term Debt: $1.36B
Long-Term Debt: $2.16B
Total Debt: $3.52B
Total Equity: $1.46B
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$6.22
Revenue: $2.17B
Shares: 348,421,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$4.19
Total Equity: $1.46B
Shares: 348,421,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$0.93
Operating CF: $666.87M
CapEx: -$342.55M
Shares: 348,421,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $194.76
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$102.27M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares NET against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $656.4M $975.2M $1.3B $1.7B $2.2B
Cost of Revenue $147.1M $232.6M $307.0M $378.7M $554.4M
Gross Profit $509.3M $742.6M $989.7M $1.3B $1.6B
Operating Expenses $657.5M $991.4M $1.2B $1.4B $1.8B
Operating Income -$148.2M -$248.8M -$250.9M -$154.8M -$203.3M
Net Income -$260.3M -$193.4M -$183.9M -$78.8M -$102.3M
EBITDA -$125.2M -$92.1M -$42.6M $62.0M $207.4M
EPS $-0.83 $-0.59 $-0.55 $-0.23 $-0.29
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $313.8M $204.2M $86.9M $147.7M $943.5M
Total Current Assets $2.0B $1.9B $2.0B $2.3B $4.6B
Total Assets $2.4B $2.6B $2.8B $3.3B $6.0B
Current Liabilities $288.6M $397.9M $567.1M $793.7M $2.4B
Long-Term Debt $1.1B $1.4B $1.3B $1.3B $2.2B
Total Liabilities $1.6B $2.0B $2.0B $2.3B $4.6B
Total Equity $815.8M $624.0M $763.0M $1.0B $1.5B
Retained Earnings -$680.8M -$839.9M -$1.0B -$1.1B -$1.2B
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $64.6M $123.6M $254.4M $380.4M $666.9M
Capital Expenditure -$107.7M -$163.4M -$134.9M -$185.0M -$342.6M
Free Cash Flow -$43.1M -$39.8M $119.5M $195.4M $324.3M
Acquisitions (net) -$5.6M -$88.2M -$6.1M -$38.0M -$50.9M
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $-189,000 $-3,000 $-34,000 $0 $0
Net Change in Cash $202.8M -$105.8M -$124.0M $63.0M $800.1M
Analyst Estimates (Annual)
Metric 2027 2028 2029 2030
Revenue $3.6B
$3.5B – $3.8B
 $4.5B
$4.5B – $4.5B
 $5.4B
$5.3B – $5.6B
 $6.6B
$6.5B – $6.9B
EBITDA $1.3B
$1.2B – $1.4B
 $1.6B
$1.6B – $1.6B
 $1.9B
$1.9B – $2.0B
 $2.3B
$2.3B – $2.4B
Net Income $530.8M
$462.3M – $599.2M
 $93.7M
-$2.4B – $5.1B
 $1.0B
$1.0B – $1.1B
 $0
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +48.6% +33.0% +28.8% +29.8%
Gross Profit Growth +45.8% +33.3% +30.4% +25.0%
Operating Income Growth -67.8% -0.9% +38.3% -31.4%
Net Income Growth +25.7% +4.9% +57.2% -29.8%
EBITDA Growth +26.4% +53.7% +245.6% +234.3%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-05-04 Graham-Cumming John M-Exempt 2,520.00 $44.72 $112,694
2026-05-04 Graham-Cumming John S-Sale 116.00 $218.05 $25,293
2026-05-04 Graham-Cumming John S-Sale 360.00 $219.02 $78,846
2026-05-04 Graham-Cumming John S-Sale 166.00 $220.19 $36,552
2026-05-04 Graham-Cumming John S-Sale 360.00 $221.09 $79,592
2026-05-04 Graham-Cumming John S-Sale 603.00 $222.25 $134,014
2026-05-04 Graham-Cumming John S-Sale 852.00 $222.99 $189,991
2026-05-04 Graham-Cumming John S-Sale 63.00 $223.73 $14,095
2026-05-04 Graham-Cumming John M-Exempt 2,520.00 $44.72 $112,694
2026-05-05 Ledbetter Carl S-Sale 15,000.00 $238.12 $3.6M
2026-05-01 Ledbetter Carl S-Sale 5,009.00 $215.82 $1.1M
2026-05-01 Hawkins Mark J S-Sale 133.00 $211.62 $28,145
2026-04-29 Starzak Alissa Michelle A-Award 63,305.00 $0.00 $0
2026-04-28 Ledbetter Carl S-Sale 9,991.00 $215.85 $2.2M
2026-04-20 Zatlyn Michelle M-Exempt 25,641.00 $2.04 $52,308
2026-04-21 Zatlyn Michelle M-Exempt 25,641.00 $2.04 $52,308
2026-04-22 Zatlyn Michelle M-Exempt 25,641.00 $2.04 $52,308
2026-04-22 Zatlyn Michelle C-Conversion 25,641.00 $0.00 $0
2026-04-20 Zatlyn Michelle S-Sale 3,222.00 $195.86 $631,073
2026-04-20 Zatlyn Michelle S-Sale 709.00 $197.08 $139,728
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27