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Cloudflare, Inc. NET Ratios & Valuation

Q2 '26Q1 '26Q4 '25Q3 '25Q2 '25
Profitability
Gross margin72.6%-3.6pp73.3%-3.6pp74.5%-2.8pp75.2%-2.3pp76.1%-1.2pp
Operating margin-14.1%-4.2pp-9.3%-0.6pp-9.6%-0.3pp-9.6%+0.8pp-9.9%+1.7pp
Net margin-8.2%-2.0pp-3.7%+0.9pp-4.7%0.0pp-5.1%+0.8pp-6.2%+0.7pp
Returns
Return on equity-14.4%-3.4pp-5.9%+1.5pp-8.2%+0.5pp-8.9%+2.3pp-11%+2.4pp
Efficiency
Asset turnover0.4×0.0×0.5×-0.1×0.5×-0.1×0.5×-0.1×0.4×-0.1×
Liquidity
Current ratio1.8×-3.3×2×-1.2×2×-0.9×2×-1.3×5.1×+1.6×
Leverage
Debt-to-equity1×+0.8×0.2×0.0×1.1×+0.9×0.2×0.0×0.2×0.0×
Per Share
Book value per share$4.57+28.1%$4.33+5.0%$4.19+36.7%$3.86+35.7%$3.57+37.9%
Valuation
Market capitalization$124.98B+59.7%$72.63B+86.8%$69.06B+86.9%$74.78B+171%$64.62B+130%
Price / sales49.8×+10.9×31.2×+9.2×31.9×+9.7×37.1×+19.6×34.3×+15.4×
Price / book77.1×+19.1×47.6×+20.3×47.3×+12.0×55.5×+27.2×52.1×+20.3×

FAQ

What are Cloudflare, Inc.'s profit margins?
Cloudflare, Inc. (NET) runs a 72.6% gross margin and a -14.1% operating margin, with a -8.2% net margin.
Where do Cloudflare, Inc.'s ratios come from?
Every ratio is computed from Cloudflare, Inc.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.