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Cloudflare Valuation Multiples

Discover revenue and EBITDA valuation multiples for Cloudflare and similar public comparables like Qoria, Prophecy International, and Quick Heal.

Cloudflare Overview

About Cloudflare

Cloudflare is a software company based in San Francisco, California, that offers security and web performance offerings by utilizing a distributed, serverless content delivery network, or CDN. The firm’s edge computing platform, Workers, leverages this network by providing clients the ability to deploy, and execute code without maintaining servers.


Founded

2009

HQ

United States of America
Employees

4.3K+

Website

cloudflare.com

Financials

LTM Revenue $1.8B

LTM EBITDA $371M

EV

$39.7B

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Cloudflare Financials

Cloudflare has a last 12-month revenue of $1.8B and a last 12-month EBITDA of $371M.

In the most recent fiscal year, Cloudflare achieved revenue of $1.7B and an EBITDA of $62.0M.

Cloudflare expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Cloudflare P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $1.3B $1.7B XXX XXX XXX
Gross Profit $743M $990M XXX XXX XXX
Gross Margin 57% 59% XXX XXX XXX
EBITDA -$36.2M $62.0M XXX XXX XXX
EBITDA Margin -3% 4% XXX XXX XXX
Net Profit -$193M -$184M XXX XXX XXX
Net Margin -15% -11% XXX XXX XXX
Net Debt $1.2B $1.2B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Cloudflare Stock Performance

As of March 14, 2025, Cloudflare's stock price is $116.

Cloudflare has current market cap of $40.1B, and EV of $39.7B.

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Cloudflare Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$39.7B $40.1B XXX XXX XXX XXX $0.76

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Cloudflare Valuation Multiples

As of March 14, 2025, Cloudflare has market cap of $40.1B and EV of $39.7B.

Cloudflare's trades at 22.6x LTM EV/Revenue multiple, and 107.1x LTM EBITDA.

Analysts estimate Cloudflare's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Cloudflare Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $39.7B XXX XXX XXX
EV/Revenue 23.8x XXX XXX XXX
EV/EBITDA 639.6x XXX XXX XXX
P/E -508.6x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF 237.8x XXX XXX XXX

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Cloudflare Valuation Multiples

Cloudflare's NTM/LTM revenue growth is 26%

Cloudflare's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged $0.3M for the same period.

Over next 12 months, Cloudflare's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Cloudflare's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Cloudflare Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 29% XXX XXX XXX XXX
EBITDA Margin 4% XXX XXX XXX XXX
EBITDA Growth -272% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 29% XXX XXX XXX XXX
Revenue per Employee $0.4M XXX XXX XXX XXX
Opex per Employee $0.3M XXX XXX XXX XXX
S&M Expenses to Revenue 45% XXX XXX XXX XXX
G&A Expenses to Revenue 17% XXX XXX XXX XXX
R&D Expenses to Revenue 25% XXX XXX XXX XXX
Opex to Revenue 87% XXX XXX XXX XXX

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Cloudflare Public Comps

See public comps and valuation multiples for Cybersecurity and Cloud Infrastructure comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
archTIS XXX XXX XXX XXX XXX XXX
FirstWave XXX XXX XXX XXX XXX XXX
Prophecy International XXX XXX XXX XXX XXX XXX
Qoria XXX XXX XXX XXX XXX XXX
Quick Heal XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Cloudflare M&A and Investment Activity

Cloudflare acquired  XXX companies to date.

Last acquisition by Cloudflare was  XXXXXXXX, XXXXX XXXXX XXXXXX . Cloudflare acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Cloudflare

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Cloudflare

When was Cloudflare founded? Cloudflare was founded in 2009.
Where is Cloudflare headquartered? Cloudflare is headquartered in United States of America.
How many employees does Cloudflare have? As of today, Cloudflare has 4.3K+ employees.
Who is the CEO of Cloudflare? Cloudflare's CEO is Mr. Matthew Prince.
Is Cloudflare publicy listed? Yes, Cloudflare is a public company listed on NYS.
What is the stock symbol of Cloudflare? Cloudflare trades under NET ticker.
When did Cloudflare go public? Cloudflare went public in 2019.
Who are competitors of Cloudflare? Similar companies to Cloudflare include e.g. archTIS, FirstWave, Prophecy International, Qoria.
What is the current market cap of Cloudflare? Cloudflare's current market cap is $40.1B
What is the current revenue of Cloudflare? Cloudflare's last 12-month revenue is $1.8B.
What is the current EBITDA of Cloudflare? Cloudflare's last 12-month EBITDA is $371M.
What is the current EV/Revenue multiple of Cloudflare? Current revenue multiple of Cloudflare is 22.6x.
What is the current EV/EBITDA multiple of Cloudflare? Current EBITDA multiple of Cloudflare is 107.1x.
What is the current revenue growth of Cloudflare? Cloudflare revenue growth between 2023 and 2024 was 29%.
Is Cloudflare profitable? Yes, Cloudflare is EBITDA-positive (as of the last 12 months).

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