# Cloudflare, Inc. (NET)

> Source: Nexqual · https://nexqual.com/NET · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, Cloudflare, Inc. (NET), nexqual.com/NET" · informational, not investment advice.

**Price:** USD 303.61 (-1.18% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 307.22 · day 302.86–324.33 · 52w 158.83–370.35 · market cap $108B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.51B, net income -$206M (-8.2% margin), free cash flow $348M (SEC filings).
- Analysts: Buy (mean 2.21 on a 1–5 scale) (34 analysts), mean target USD 343.42 (range 160–430).
- Total return with dividends: 1Y +39.8% vs S&P 500 +14.9%; 5Y +67.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.34, revenue estimate $738M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $656M | $975M | $1.30B | $1.67B | $2.17B | $2.51B |
| Gross profit | $509M | $743M | $990M | $1.29B | $1.62B | — |
| Operating income | -$128M | -$201M | -$185M | -$155M | -$207M | -$354M |
| Net income | -$260M | -$193M | -$184M | -$78.8M | -$102M | -$206M |
| EPS (diluted) | -$0.83 | -$0.59 | -$0.55 | -$0.23 | -$0.29 | — |
| Free cash flow | -$28.3M | -$20.0M | $140M | $195M | $287M | $348M |
| Gross margin | 77.6% | 76.1% | 76.3% | 77.3% | 74.5% | — |
| Operating margin | -19.5% | -20.6% | -14.3% | -9.3% | -9.6% | -14.1% |
| Net margin | -39.7% | -19.8% | -14.2% | -4.7% | -4.7% | -8.2% |
| Revenue growth | +52.3% | +48.6% | +33.0% | +28.8% | +29.8% | — |
| Cash + short-term investments | $1.82B | $1.65B | $1.67B | $1.86B | $4.10B | — |
| Total debt | $1.15B | $1.44B | $1.28B | $1.29B | $1.97B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 43.0x · EV/Sales 42.2x · P/FCF 310.3x · P/B 66.7x · FCF yield 0.32% · Earnings yield -0.19% · Net cash $2.19B · EV $106B

## Analysts
Consensus Buy (mean 2.21 on a 1–5 scale), 34 analysts; mean target USD 343.42 (low 160, high 430).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | TD Cowen | Target raised | Buy | $355 → $375 |
| 2026-10-12 | Barclays | Target raised | Overweight | $355 → $400 |
| 2026-10-09 | Oppenheimer | Target raised | Outperform | $380 → $430 |
| 2026-10-06 | BTIG | Target raised | Buy | $382 → $413 |
| 2026-09-17 | Bernstein | Target raised | Market Perform | $164 → $181 |
| 2026-08-31 | Citizens | Reiterated | Market Outperform | $394 |
| 2026-08-10 | Citigroup | Target raised | Buy | $265 → $400 |
| 2026-08-10 | Susquehanna | Target raised | Neutral | $200 → $300 |
| 2026-08-08 | Scotiabank | Target raised | Sector Outperform | $300 → $390 |
| 2026-08-07 | UBS | Target raised | Neutral | $250 → $350 |
| 2026-08-07 | TD Cowen | Target raised | Buy | $300 → $355 |
| 2026-08-07 | RBC Capital | Target raised | Outperform | $290 → $346 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +39.8% | +67.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +40.0% | +10.8% |
| Volatility (annualized) | 66.6% | 67.6% |
| Max drawdown | -36.8% (Oct 2025→Feb 2026) | -81.1% (Nov 2021→Jan 2023) |

## Peers (Software - Infrastructure)
FTNT (Fortinet, Inc.) USD 172.98 -0.61% · SNPS (Synopsys, Inc.) USD 422.48 -6.36% · CRWD (CrowdStrike Holdings, Inc.) USD 237.94 -0.58% · XYZ (Block, Inc.) USD 79.02 +1.04% · NTAP (NetApp, Inc.) USD 212.51 -2.16% · PANW (Palo Alto Networks, Inc.) USD 354.92 +2.21%

## More
Full page: https://nexqual.com/NET · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name NET in their own reports (relationship from NET's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Locafy Ltd (LCFY) | 20-F 2025-11-12 | "with third-party suppliers such as Cloudflare, Inc. ("Cloudflare"), which provides cloud hosting services." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $354.4M | 50.9% | +40.7% |
| Europe, Middle East, and Africa | $187.0M | 26.9% | +30.4% |
| Asia Pacific | $99.4M | 14.3% | +32.3% |
| Other | $55.1M | 7.9% | +31.8% |
| Total revenue | $696.1M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.34 | $0.32 | +6.4% | $738.1M | 29 |
| Next quarter (ends 2026-12-31) | $0.38 | $0.36 | +4.8% | $798.0M | 29 |
| Current fiscal year (ends 2026-12-31) | $1.26 | $1.20 | +5.3% | $2.87B | 32 |
| Next fiscal year (ends 2027-12-31) | $1.68 | $1.58 | +6.1% | $3.70B | 33 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±15.2%; earnings reaction alone ±10.5%; last 8 reports averaged ±8.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 68.8% | ±8.5% |
| 2026-11-06 | 14 | 93.7% | ±15.2% |
| 2026-11-13 | 21 | 84.3% | ±16.5% |
| 2026-11-20 | 28 | 79.7% | ±17.8% |
| 2026-11-27 | 35 | 74.4% | ±18.5% |
| 2026-12-04 | 42 | 72.1% | ±19.6% |
| 2026-12-18 | 56 | 69.8% | ±21.5% |
| 2027-01-15 | 84 | 66.1% | ±24.8% |