Cloudflare, Inc.

NETNYSE

$302.01

Last price · USD

Market cap: $105.2B
P/E: —
EV / EBITDA: 1020.6x
P/S: 48.5x
FCF yield: 0.3%
Div. yield: 0.00%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Cloudflare, Inc. balance sheet

Annual · USD millions except per-share data · 44 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	944	148	87	204	314	+31.7%
Short-term investments	3,158	1,708	1,587	1,446	1,508	+20.3%
Cash & short-term investments	4,101	1,860	1,674	1,650	1,822	+22.5%
Net receivables	406	333	259	157	102	+41.4%
Accounts receivable	406	317	248	149	96	+43.6%
Other receivables	0	17	11	8	6	—
Prepaids	128	0	48	71	29	+44.5%
Other current assets	9	75	3	11	3	+33.4%
Total current assets	4,645	2,269	1,983	1,888	1,953	+24.2%
Non-current assets
Property, plant & equipment (net)	856	636	461	419	314	+28.5%
Goodwill	227	181	148	148	24	+76.2%
Intangible assets	42	22	20	32	1	+140.3%
Goodwill & intangible assets	268	203	168	181	25	+81.4%
Long-term investments	0	0	0	0	-0	—
Tax assets	0	0	0	-0	0	—
Other non-current assets	267	193	148	100	80	+35.2%
Total non-current assets	1,391	1,032	777	700	419	+35.0%
Total assets	6,036	3,301	2,760	2,588	2,372	+26.3%
Current liabilities
Accounts payable	84	106	54	36	26	+34.0%
Total payables	84	106	54	36	26	+34.0%
Short-term debt	1,362	0	0	0	12	+225.6%
Capital lease obligations (current)	0	48	38	33	25	—
Deferred revenue	684	478	348	219	117	+55.7%
Other current liabilities	109	81	64	42	71	+11.5%
Total current liabilities	2,351	794	567	398	289	+68.9%
Non-current liabilities
Long-term debt	2,156	1,287	1,283	1,436	1,147	+17.1%
Capital lease obligations (non-current)	182	128	113	108	109	+13.7%
Deferred revenue (non-current)	41	22	17	12	5	+72.1%
Other non-current liabilities	(153)	24	16	11	7	—
Total non-current liabilities	2,227	1,461	1,430	1,566	1,268	+15.1%
Capital lease obligations	182	176	152	141	134	+7.9%
Total debt	3,700	1,463	1,435	1,577	1,293	+30.1%
Total liabilities	4,577	2,255	1,997	1,964	1,556	+31.0%
Stockholders' equity
Common stock	0	0	0	0	0	+2.3%
Retained earnings	(1,205)	(1,103)	(1,024)	(840)	(681)	—
Additional paid-in capital	2,651	2,153	1,785	1,475	1,495	+15.4%
Accumulated other comprehensive income (loss)	12	(4)	2	(12)	(3)	—
Other stockholders' equity	0	0	0	0	4	—
Total stockholders' equity	1,459	1,046	763	624	816	+15.6%
Total equity	1,459	1,046	763	624	816	+15.6%
Total liabilities & equity	6,036	3,301	2,760	2,588	2,372	+26.3%
Additional fields
Accrued Expenses	111	82	64	68	38	+30.7%
Net Debt	2,757	1,316	1,348	1,373	979	+29.5%
Total Investments	3,158	1,708	1,587	1,446	1,508	+20.3%

Cloudflare, Inc.

NETNYSE

$302.01

Last price · USD

Market cap: $105.2B
P/E: —
EV / EBITDA: 1020.6x
P/S: 48.5x
FCF yield: 0.3%
Div. yield: 0.00%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Cloudflare, Inc. balance sheet

Annual · USD millions except per-share data · 44 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	944	148	87	204	314	+31.7%
Short-term investments	3,158	1,708	1,587	1,446	1,508	+20.3%
Cash & short-term investments	4,101	1,860	1,674	1,650	1,822	+22.5%
Net receivables	406	333	259	157	102	+41.4%
Accounts receivable	406	317	248	149	96	+43.6%
Other receivables	0	17	11	8	6	—
Prepaids	128	0	48	71	29	+44.5%
Other current assets	9	75	3	11	3	+33.4%
Total current assets	4,645	2,269	1,983	1,888	1,953	+24.2%
Non-current assets
Property, plant & equipment (net)	856	636	461	419	314	+28.5%
Goodwill	227	181	148	148	24	+76.2%
Intangible assets	42	22	20	32	1	+140.3%
Goodwill & intangible assets	268	203	168	181	25	+81.4%
Long-term investments	0	0	0	0	-0	—
Tax assets	0	0	0	-0	0	—
Other non-current assets	267	193	148	100	80	+35.2%
Total non-current assets	1,391	1,032	777	700	419	+35.0%
Total assets	6,036	3,301	2,760	2,588	2,372	+26.3%
Current liabilities
Accounts payable	84	106	54	36	26	+34.0%
Total payables	84	106	54	36	26	+34.0%
Short-term debt	1,362	0	0	0	12	+225.6%
Capital lease obligations (current)	0	48	38	33	25	—
Deferred revenue	684	478	348	219	117	+55.7%
Other current liabilities	109	81	64	42	71	+11.5%
Total current liabilities	2,351	794	567	398	289	+68.9%
Non-current liabilities
Long-term debt	2,156	1,287	1,283	1,436	1,147	+17.1%
Capital lease obligations (non-current)	182	128	113	108	109	+13.7%
Deferred revenue (non-current)	41	22	17	12	5	+72.1%
Other non-current liabilities	(153)	24	16	11	7	—
Total non-current liabilities	2,227	1,461	1,430	1,566	1,268	+15.1%
Capital lease obligations	182	176	152	141	134	+7.9%
Total debt	3,700	1,463	1,435	1,577	1,293	+30.1%
Total liabilities	4,577	2,255	1,997	1,964	1,556	+31.0%
Stockholders' equity
Common stock	0	0	0	0	0	+2.3%
Retained earnings	(1,205)	(1,103)	(1,024)	(840)	(681)	—
Additional paid-in capital	2,651	2,153	1,785	1,475	1,495	+15.4%
Accumulated other comprehensive income (loss)	12	(4)	2	(12)	(3)	—
Other stockholders' equity	0	0	0	0	4	—
Total stockholders' equity	1,459	1,046	763	624	816	+15.6%
Total equity	1,459	1,046	763	624	816	+15.6%
Total liabilities & equity	6,036	3,301	2,760	2,588	2,372	+26.3%
Additional fields
Accrued Expenses	111	82	64	68	38	+30.7%
Net Debt	2,757	1,316	1,348	1,373	979	+29.5%
Total Investments	3,158	1,708	1,587	1,446	1,508	+20.3%