Cloudflare, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, United States was 49% and Europe, Middle East, and Africa was 28% of revenue; United States fell from 52% in the fiscal year to Dec 2023.

Quarters: Cloudflare, Inc.'s SEC filings, named by the month they end. Fiscal years: Cloudflare, Inc.'s annual reports to the SEC.

How it makes money

The company loses $4.7 for every $100 of revenue. Operating expenses exceed all of gross profit.

Circled: Jun 2023 (net −30.6%, operating −18.2%). Net margin is usually about 4 points above operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Cloudflare, Inc.'s annual reports to the SEC; quarters: SEC filings.

Growth and margins together

Rule of 40 score 52.4 (growth 39.2% + FCF margin 13.2%): strong, clears the 40 line. Stock pay is 20.7% of revenue; counted as a cost, it brings the FCF margin down to −7.5%.

Cloudflare trades at 41.6× revenue on 39.2% growth. PLTR grows fastest of its peers, 95.9%, and costs 55.3×.

Growth: revenue in the quarter ended Sep 2026 against the quarter ended Sep 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Sep 2026. From SEC filings.

Customers and suppliers

Partners

JD Cloud JDDevelops and operates network facilities in China

Only the companies Cloudflare names in its 10-K filed Feb 26, 2026 (SEC). Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 41.6x, above the peer median of 22.9x.

EV/revenue above the peer median of 22.9x: pricier than its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $341, 7% above the current price; 71% of 34 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 24 analysts (71%). Sell or Strong Sell: 2.

Over the past year the average of the analysts' latest price targets went from $246.48 to $348.45 (+41%), while NET went from $213.54 to $318.50 (+49%). In the past three months targets were raised 10 times and cut 6 times. 5 upgrades and no downgrades over the year; the latest: Wolfe Research moved it to Outperform from Peer Perform on Nov 6, 2026.

The day after each of these reports the stock moved +9.0% (Dec 2025, beat); −21.1% (Mar 2026, beat); +2.5% (Jun 2026, beat); +0.8% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.43 a share, 54% more than the $0.28 of a year earlier, and revenue of $847M, up 38% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $1.85 a share, 37% more than the year before's estimate of $1.35, and revenue of $3.9B, up 32% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $359M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Cloudflare had 357M diluted shares in the quarter ended Sep 2026, 2.2% more than a year earlier, and 2.9% more each year on average since Jun 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.0, no pressure to repay short-term debt; debt-to-equity 2.2, debt is high against equity, but cash and short-term investments are more than the debt.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 2 funds whose copy leaves NET out (too costly to trade on the exchange): Baillie Gifford &, CloudAlpha Capital Management Limited/Hong Kong.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 14 held NET at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 8 cut, 2 bought new and 3 sold all. The largest of them is Baillie Gifford &, 12.83M shares worth $4.5B at Sep 30, 2026, 12.1% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of NET at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $698M of NET on the open market in the 12 months to Nov 12, 2026; none bought. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Matthew Prince (CEO & Board Co-Chair; director), who sold $340M in 345 sales.