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Cloudflare, Inc. NET Return on invested capital

Return on invested capital at other companies

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25.6%-2.0pp
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17.8%+0.4pp
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7.9%+4.4pp
VirnetX Holding Corp
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-122.4%+326pp
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Palo Alto Networks, Inc.PANW
5.1%-19.3pp

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$99.02B+36.1%
Enterprise value$98.33B+37.6%
P/S42.5×+3.8×

Profitability

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Gross margin73.3%-3.6pp
Operating margin-9.3%+0.7pp
Net margin-3.7%-0.6pp
FCF margin13.8%+1.7pp

Returns & leverage

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Return on equity-5.9%-1.0pp
Debt / equity0.2×0.0×
Current ratio-1.2×

Where this comes from

Calculated from Cloudflare, Inc.’s reported figures.

Based on trailing twelve months.

The source filing: Cloudflare, Inc.’s 10-Q, filed May 8, 2026. Open the filing →

Filed
May 8, 2026, 6:02 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001477333-26-000038

FAQ

What is Cloudflare, Inc.'s return on invested capital?
Cloudflare, Inc. (NET) reported return on invested capital of -19.3% in Q1 2026.
How has Cloudflare, Inc.'s return on invested capital changed year-over-year?
Cloudflare, Inc.'s return on invested capital decreased by 31.2% year-over-year, from -14.7% to -19.3%.
What is the long-term trend for Cloudflare, Inc.'s return on invested capital?
Over 5 years (2020 to 2025), Cloudflare, Inc.'s return on invested capital has grown at a 7.9% compound annual growth rate (CAGR), from -15.5% to -22.7%.
What does return on invested capital mean?
Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

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