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. cash flow statement
Annual · USD millions except per-share data · 35 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | (102) | (79) | (184) | (193) | (260) | — | |
| Depreciation & amortization | 190 | 128 | 136 | 102 | 67 | +29.9% | |
| Deferred income tax | 1 | 2 | 2 | -0 | 9 | -37.5% | |
| Stock-based compensation | 451 | 338 | 274 | 203 | 90 | +49.6% | |
| Change in working capital | (34) | (109) | (105) | (79) | 3 | — | |
| Accounts receivables | (85) | (84) | (116) | (56) | (36) | — | |
| Inventory | 0 | 0 | 0 | 0 | 28 | — | |
| Accounts payables | 9 | 19 | 12 | (10) | 2 | +37.7% | |
| Other working capital | 43 | (43) | -0 | (13) | 9 | +47.6% | |
| Other non-cash items | 160 | 100 | 131 | 91 | 156 | +0.6% | |
| Net cash from operating activities | 667 | 380 | 254 | 124 | 65 | +79.2% | |
| Operating cash flow | 667 | 380 | 254 | 124 | 65 | +79.2% | |
| Investing activities | |||||||
| Investments in PP&E | (343) | (185) | (114) | (163) | (108) | — | |
| Capital expenditure | (343) | (185) | (135) | (163) | (108) | — | |
| Acquisitions, net | (51) | (38) | (6) | (88) | (6) | — | |
| Purchases of investments | (3,537) | (1,572) | (1,878) | (1,133) | (1,589) | — | |
| Sales / maturities of investments | 2,122 | 1,493 | 1,832 | 1,149 | 993 | +20.9% | |
| Other investing activities | 2 | (28) | (20) | 0 | 0 | +142.3% | |
| Net cash from investing activities | (1,807) | (330) | (186) | (236) | (709) | — | |
| Financing activities | |||||||
| Net debt issuance | 1,933 | 0 | (208) | (17) | 817 | +24.0% | |
| Short-term net debt issuance | (64) | 0 | 0 | 0 | 0 | — | |
| Long-term net debt issuance | 1,997 | 0 | (208) | (17) | 817 | +25.0% | |
| Net stock issuance | 59 | 33 | 34 | 25 | 36 | +12.7% | |
| Common stock issuance | 59 | 33 | 34 | 25 | 36 | +12.6% | |
| Common stock repurchased | 0 | 0 | -0 | -0 | -0 | — | |
| Net common stock issuance | 59 | 33 | 34 | 25 | 36 | +12.7% | |
| Other financing activities | (52) | (20) | (18) | (2) | (6) | — | |
| Net cash from financing activities | 1,940 | 13 | (192) | 6 | 847 | +23.0% | |
| Cash summary | |||||||
| Effect of forex changes on cash | 1 | 0 | 0 | 0 | 0 | — | |
| Net change in cash | 800 | 63 | (124) | (106) | 203 | +40.9% | |
| Cash at beginning of period | 154 | 91 | 215 | 321 | 118 | +6.9% | |
| Cash at end of period | 954 | 154 | 91 | 215 | 321 | +31.3% | |
| Free cash flow | 324 | 195 | 119 | (40) | (43) | — | |
| Income taxes paid | 0 | 5 | 4 | 2 | 2 | — | |
| Interest paid | 0 | 0 | 1 | 1 | 4 | — | |