Cloudflare - Public Comps and Valuation Multiples

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

Employees

4.3K+

Website

cloudflare.com

Sectors

Cybersecurity
Cloud Infrastructure
B2B SaaS
Horizontal SaaS

Financials

Last FY Revenue $1.7B

Last FY EBITDA $62.0M

EV

$68.1B

Valuation Multiples

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Cloudflare Financials

See Cloudflare valuation multiples based on analyst estimates

Cloudflare P&L

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

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

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	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	XXX	$1.7B	XXX	XXX	XXX
Gross Profit	XXX	$1.3B	XXX	XXX	XXX
Gross Margin	XXX	77%	XXX	XXX	XXX
EBITDA	XXX	$62.0M	XXX	XXX	XXX
EBITDA Margin	XXX	4%	XXX	XXX	XXX
EBIT	XXX	-$155M	XXX	XXX	XXX
EBIT Margin	XXX	-9%	XXX	XXX	XXX
Net Profit	XXX	-$78.8M	XXX	XXX	XXX
Net Margin	XXX	-5%	XXX	XXX	XXX
Net Debt	XXX	$1.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Cloudflare including revenue, profitability, and margin analysis across different time periods. In the most recent fiscal year, Cloudflare achieved $1.7B in revenue and $62.0M in EBITDA.
Financial Metric	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	Analyst estimates available to subscribers	$1.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	Analyst estimates available to subscribers	77.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	Analyst estimates available to subscribers	$62.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	Analyst estimates available to subscribers	3.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	Analyst estimates available to subscribers	-$155M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	Analyst estimates available to subscribers	-9.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	Analyst estimates available to subscribers	-$78.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	Analyst estimates available to subscribers	-4.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	$1.1B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Cloudflare

This financial data table provides comprehensive performance metrics for Cloudflare, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Fiscal Year Performance

In the most recent fiscal year, Cloudflare reported $1.7B in total revenue.
Fiscal year EBITDA was $62.0M.
The company maintained a gross profit margin of 77.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 3.7%.
Net profit margin reached -4.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Cloudflare. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Cloudflare Stock Performance

Cloudflare has current market cap of $68.7B, and EV of $68.1B.

Market Cap Evolution

Cloudflare Stock Data

As of January 5, 2026, Cloudflare's stock price is $196.

See Cloudflare trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$68.1B	$68.7B	XXX	XXX	XXX	XXX	n/a

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Cloudflare Valuation Multiples

Cloudflare's trades at 40.8x EV/Revenue multiple, and 1097.9x EV/EBITDA.

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Cloudflare Financial Valuation Multiples

As of January 5, 2026, Cloudflare has market cap of $68.7B and EV of $68.1B.

Equity research analysts estimate Cloudflare's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Cloudflare's P/E ratio is not available.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$68.7B	XXX	$68.7B	XXX	XXX	XXX
EV (current)	$68.1B	XXX	$68.1B	XXX	XXX	XXX
EV/Revenue	n/a	XXX	40.8x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	1097.9x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	-440.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	n/a	XXX	-871.3x	XXX	XXX	XXX
EV/FCF	n/a	XXX	408.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Cloudflare Margins & Growth Rates

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

Cloudflare's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cloudflare's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Cloudflare Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	4%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	45%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	25%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	87%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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