Cloudflare, Inc. NET Ratios & Valuation
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 299.2%-9.8pp | 302.7%-6.2pp | 305.5%-2.4pp | 307.9%+1.6pp | 309%+4.5pp | |
| Operating margin | -38.3%+1.6pp | -37.7%+7.5pp | -37.4%+12.8pp | -38.2%+17.6pp | -39.9%+22.1pp | |
| Net margin | -19.8%+2.4pp | -20.7%+10.0pp | -20.7%+19.5pp | -21.5%+29.4pp | -22.2%+41.4pp | |
| Returns | ||||||
| Return on equity | -34%+6.7pp | -35.4%+22.9pp | -36%+40.2pp | -38.3%+57.9pp | -40.7%+78.3pp | |
| Efficiency | ||||||
| Asset turnover | 1.8×-0.4× | 1.9×-0.3× | 2×-0.1× | 2.1×+0.1× | 2.2×+0.3× | |
| Liquidity | ||||||
| Current ratio | 11.1×-1.8× | 12.4×-0.9× | 13.2×-0.7× | 14.6×+0.2× | 12.9×-1.8× | |
| Leverage | ||||||
| Debt-to-equity | 0.7×0.0× | 0.6×-0.1× | 0.6×-0.1× | 0.6×-0.1× | 0.6×-0.2× | |
| Per Share | ||||||
| Book value per share | $15.94+26.3% | $15.74+45.0% | $14.61+45.1% | $13.60+45.9% | $12.62+45.7% | |
| Valuation | ||||||
| Market capitalization | $281.08B+114% | $247.34B+97.3% | $215.24B+84.9% | $168.02B+52.8% | $131.44B+26.7% | |
| Price / sales | 134.5×+53.9× | 125.3×+43.0× | 115.6×+33.8× | 96×+14.3× | 80.6×-1.5× | |
| Price / book | 202.5×+79.8× | 182.2×+45.7× | 170.2×+32.3× | 143×+3.2× | 122.7×-19.4× |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Cloudflare, Inc.'s profit margins?
- Cloudflare, Inc. (NET) runs a 73.3% gross margin and a -9.3% operating margin, with a -3.7% 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.
