Reading the tape
NYSE: NET
Cloudflare, Inc.
Technology · Software - Infrastructure
Market Cap
$86.38B
52w High
$260.00
52w Low
$120.46
P/E
-839.14
Volume
1.74M
Outstanding Shares
353.37M
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 96.91%Revenue (TTM): 29.85%FCF (TTM): 94.3%P/S: 77th pct
What changed
The stock rose 96.91% over the last year. Revenue grew 29.85% over the trailing twelve months. Operating margin moved from -9.23% to -9.38%. Free cash flow grew 94.3% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/S range (77th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at -9.38% — continued expansion would be needed to justify the premium. Revenue growth of 29.85% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
CloudFlare, Inc. operates as a cloud services provider that delivers a range of services to businesses worldwide.
CEOMatthew Prince
SectorTechnology
IndustrySoftware - Infrastructure
Employees4,400
IPO dateSep 13, 2019
Valuation
Forward P/E—
EV/EBITDA344.45
Enterprise value$71.45B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Revenue growth33.6%
Gross margin74.68%▼3.74%vs FY2024
Operating margin-9.38%▼1.17%vs FY2024
ROE-7.01%▲6.95%vs FY2024
Analyst consensus
RatingBuy
Target price$216.43▼11.46%
28
Buy
10
Hold
2
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
Q2 FY26 · EPS est $0.23 · Revenue est $620.83M
View
Congressional Activity
Congress Trades in NET
STOCK Act disclosures from senators and representatives.
Josh Gottheimer
NJhouseDemocratSaleJoint2026-02-04$1,001 - $15,000+41d to disclose