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Cloudflare, Inc. NET Debt-to-equity

Debt-to-equity at other companies

Microsoft logo
MicrosoftMSFT
0.3×0.0×
Amazon logo
AmazonAMZN
0.5×0.0×
Akamai Technologies logo
Akamai TechnologiesAKAM
0.4×+0.1×
Zscaler logo
ZscalerZS
0.7×+0.1×
Fortinet logo
FortinetFTNT
0.6×0.0×
Alphabet Inc. logo
Alphabet Inc.GOOGL

Other financials

Income statement

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Revenue$639.8M+33.5%
Gross profit$455.6M+25.3%
Operating income-$62.0M-16.4%
Net income-$22.9M+40.4%
EPS (diluted)-$0.07+36.4%

Balance sheet

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Cash & equivalents$944.4M+347%
Total debt$256.7M+36.9%
Total equity$1.5B+7.1%
Total assets$6.2B+65.6%

Cash flow

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Operating cash flow$158.3M+8.6%
CapEx$65.2M-24.1%
Free cash flow$93.1M+55.4%

Valuation

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Market cap$80.53B+86.8%
Enterprise value$79.84B+85.1%
P/S34.6×+10.2×

Profitability

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Gross margin73.3%-3.6pp
Operating margin-9.3%+0.7pp
Net margin-3.7%-0.6pp

Returns & leverage

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Return on equity-5.9%-1.0pp
Current ratio-1.2×

Where this comes from

Calculated from Cloudflare, Inc.’s reported figures.

Based on the most recent quarter.

The official record: Cloudflare, Inc.’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Cloudflare, Inc.'s debt-to-equity?
Cloudflare, Inc. (NET) reported debt-to-equity of 0.2× in Q1 2026.
How has Cloudflare, Inc.'s debt-to-equity changed year-over-year?
Cloudflare, Inc.'s debt-to-equity increased by 27.7% year-over-year, from 0.1× to 0.2×.
What is the long-term trend for Cloudflare, Inc.'s debt-to-equity?
Over 4 years (2021 to 2025), Cloudflare, Inc.'s debt-to-equity has grown at a 12.6% compound annual growth rate (CAGR), from 0.4× to 0.6×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.