Fundamental analysis · SEC EDGAR · TTM through 31/03/2026

Fundamental analysis of Cloudflare, Inc.

NET · NYSE · Technology

Fundamental quality

REASONABLE

62

out of 100

Breakdown by area

I.GrowthRevenue growth: 30.7%
95
II.ProfitabilityNet margin: -3.7% · ROE: -5.7%
42
III.Financial healthNet debt/EBITDA: 87.92x · FCF: 13.8%
48

Source: SEC EDGAR · TTM through 31/03/2026

The score combines growth, profitability and financial strength. Here its growth weighs in its favor, while its profitability drags it down the most.

Strengths

  • High gross margin (73.3%), pointing to pricing power.
  • Growing revenue (30.7% annualized).
  • Strong free-cash-flow generation (FCF margin of 13.8%).

Risks and weaknesses

  • No profits over the last twelve months (negative EPS).
  • Losses over the last twelve months (net margin of -3.7%).
  • High leverage (net debt of 87.92× EBITDA).

Historical evolution

YearRevenueNet incomeFree cash flowNet debt
2021$656M-$260M-$28M-$314M
2022$975M-$193M-$20M-$204M
2023$1,297M-$184M$140M-$87M
2024$1,670M-$79M$195M-$148M
2025$2,168M-$102M$287M-$944M

Between 2021 and 2025, revenue went from $656M to $2,168M (+230%) and net income went from -$260M to -$102M (+61%).

Annual figures in U.S. dollars per SEC filings. Net debt is total debt minus cash.

Frequently asked questions

Is Cloudflare, Inc. a profitable company?

Over the last twelve months, no: Cloudflare, Inc. posts a negative net margin (-3.7%).

Does Cloudflare, Inc. have a lot of debt?

Yes, its leverage is high: net debt is 87.92 times its EBITDA.

Is Cloudflare, Inc. growing?

Its revenue has grown 30.7% annualized in recent years.

Does Cloudflare, Inc. generate cash?

Yes. It converts about 13.8% of its revenue into free cash flow.

The thresholds are general and the system doesn't judge qualitative factors. See the full methodology and use this analysis as a first filter, never as a final decision.

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