NYSE · NET

Cloudflare, Inc.

Technology · Software - Infrastructure

$334.12▲ 2.92% ($9.47)at close

After hours$335.92▲ 0.54%7:59 PM ET

52-week

$158.83$336.90

No multiple

What the market price implies · Reverse DCF

Historical revenue grew by 34.81%/yr over the past 4 years.

Selected forecast · Base scenario

18.48%/yr · actual 10-year annualized revenue growth

Year 1 growth: 33.51%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$334.12

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Every projected year produces negative free cash flow, so the model returns a negative enterprise value. A discounted-cash-flow valuation cannot be defended on those inputs, so it is not shown.

Starting margins use a cash-flow proxy. Review the reconciliation to reported operating earnings.

Year 1 growth 33.51% · Ending margin 0% · Discount rate 13.74%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 7:59 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 5:33 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inModerate confidence

1Y Price: 56.13%Revenue (TTM): 33.53%FCF (TTM): 111.31%P/S: 82nd pct

What changed

The stock rose 56.13% over the last year. Revenue grew 33.53% over the trailing twelve months. Operating margin moved from -9.89% to -14.11%. Free cash flow grew 111.31% 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 (82nd 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 -14.11% — continued expansion would be needed to justify the premium. Revenue growth of 33.53% 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.

Performance

Return analysis

Company profile

Cloudflare, Inc. functions as a global provider of cloud-based services.

CEOMatthew Prince

SectorTechnology

IndustrySoftware - Infrastructure

Employees5,156

IPO dateSep 13, 2019

https://www.cloudflare.com

Market multiples

Forward P/E—

EV/EBITDA675.30

Enterprise value$71.45B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth35.87%

Gross margin (FY2025)74.51%▼2.8ppvs FY2024

Operating margin (FY2025)-9.56%▼0.3ppvs FY2024

ROE-14.43%▼6.3ppvs FY2025

Analyst consensus

RatingBuy

Target price$322.95▼3.34%

Buy

Hold

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

Oct 29, 2026

Q4 FY26 · EPS est $0.35 · Revenue est $736.79M

View