---
title: Cloudflare (NET) — software card
canonical: https://sweetvaluelab.com/tools/software/net
ticker: NET
tier: Growth
as_of: 2026-10-16
---
# Cloudflare (NET) — software card

Cloudflare, Growth, grows revenue 33.5% on a 72.6% gross margin and a 15.1% free-cash-flow margin (-5.1% after stock-based compensation), and trades at 41.5× trailing revenue. Prices as of Oct 16, 2026; trailing-twelve-month figures through Aug 31, 2026.

## The card

| Figure | NET | Growth average (3) |
| --- | ---: | ---: |
| Price | $296.30 |  |
| Revenue (TTM) | $2.5B |  |
| Revenue growth | 33.5% | 14.5% |
| Revenue growth, prior year | 27.3% |  |
| Gross margin | 72.6% | 79.8% |
| Operating margin | -14.1% |  |
| Free cash flow (TTM) | $378.6M |  |
| FCF margin | 15.1% | 39.3% |
| FCF margin after SBC | -5.1% |  |
| Stock-based compensation (TTM) | $507.7M |  |
| SBC / revenue | 20.2% | 18.3% |
| Rule of 40 | 4860 | 5386 |
| Diluted shares, YoY | 2.0% |
| Buybacks (TTM) | $29.5M |  |
| Market value | $105.0B |  |
| Net cash | $633.4M |  |
| Enterprise value | $104.4B |  |
| EV / revenue | 41.5× | 12.0× |
| EV / gross profit | 57.2× |  |
| EV / FCF | 275.6× |  |
| P/E | — |  |

## Lights

- Stock-based compensation is 20% of revenue

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Source: https://sweetvaluelab.com/tools/software/net (SweetValueLab, free, no account). Quarterly statements from Financial Modeling Prep, closes from the daily price cache; the engine's rules are on the board page. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.