Cloudflare, Inc. Financial Ratios — NET Stock

Profitability (USD)

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	-15.47	-31.89	-26.86	-26.52	-8.71	-8.16
Return on Assets (%)	- -	-13.18	-37.77	-18.74	-10.8	-13.87	-7.8	-6.88	-2.6	-2.19
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	71.74	78.66	77.4	77.9	76.56	77.59	76.15	76.32	77.32	74.51
EBITDA Margin (%)	-10.23	1.81	-34.25	-27.34	-13.31	-9.3	-10.14	-3.83	-1.62	-0.81
Operating Margin (%)	-20.08	-7.21	-44.06	-37.61	-24.77	-19.45	-20.63	-14.3	-9.27	-9.56
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-20.36	-7.2	-44.68	-36.48	-28.99	-37.78	-19.56	-13.72	-4.24	-4.28
Profit Margin (%)	-20.44	-7.97	-45.24	-36.87	-27.69	-39.66	-19.83	-14.19	-4.72	-4.72
Net Income to Common Margin (%)	-20.44	-7.97	-45.24	-36.87	-27.69	-39.66	-19.83	-14.19	-4.72	-4.72
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	-15.47	-31.89	-26.86	-26.52	-8.71	-8.16

Credit (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	11	11	11	428	1,293	1,577	1,435	1,463	3,518
ST Debt	- -	- -	- -	- -	18	37	33	38	48	1,362
LT Debt	- -	11	10	11	411	1,256	1,544	1,397	1,416	2,156
Total Debt/EBITDA	- -	4.47	-0.16	-0.13	-7.46	-21.17	-15.95	-28.9	-54.11	-201.47
Net Debt/EBITDA	- -	-9.75	0.38	1.77	-4.78	-13.84	-12.46	-24.09	-42.15	-132.96
Total Debt/EBIT	- -	-1.12	-0.13	-0.1	-4.01	-10.13	-7.84	-7.74	-9.45	-16.98
Net Debt/EBIT	- -	2.45	0.29	1.29	-2.57	-6.62	-6.12	-6.45	-7.36	-11.21
EBITDA to Interest Expense	-13.26	2.84	-66.53	-70.56	-2.3	-1.24	-19.84	-8.46	-5.2	-1.99
EBITDA-CapEx/Interest Expense	-41.64	-23.82	-101.65	-122.07	-4.56	-3.13	-48.65	-27.94	-40.82	-38
EBIT to Interest Expense	-26.04	-11.29	-85.58	-97.07	-4.28	-2.59	-40.37	-31.59	-29.78	-23.64
Interest Expense	1	1	1	1	25	49	5	6	5	9
Common Equity/Total Assets	- -	-36.68	-38.04	87.36	59.17	34.39	24.11	27.65	31.69	24.17
Long-Term Debt/Equity (%)	- -	- -	- -	1.45	50.26	153.95	247.42	183.06	135.31	147.77
Long-Term Debt/Capital (%)	- -	-21.61	-10.16	1.43	32.97	59.55	70.14	63.54	56.41	43.32
Long-Term Debt/Total Assets (%)	- -	6.48	3.5	1.26	29.74	52.95	59.65	50.61	42.88	35.72
Total Debt/Equity (%)	- -	-18.26	-9.43	1.45	52.43	158.52	252.75	188.09	139.86	241.13
Total Debt/Capital (%)	- -	-22.33	-10.41	1.43	34.4	61.32	71.65	65.29	58.31	70.69
Total Debt/Total Assets (%)	- -	6.7	3.59	1.26	31.02	54.52	60.94	52	44.32	58.29
Net Debt to Equity	- -	39.83	21.85	-19.15	33.59	103.61	197.45	156.81	108.93	159.13
Net Debt/Capital (%)	- -	32.49	19.4	-23.27	24.15	47.08	61.7	56.67	48.25	57.56
EBITDA	-9	2	-66	-78	-57	-61	-99	-50	-27	-17
EBITDA-CapEx	-27	-21	-101	-136	-114	-154	-242	-164	-212	-333
Operating Income (Loss)	-17	-10	-85	-108	-107	-128	-201	-185	-155	-207

Liquidity (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	2.7	2.62	7.59	7.3	6.31	4.15	2.95	2.34	1.74
Current Ratio	- -	3.39	3.21	8.22	7.99	6.78	4.74	3.5	2.86	1.98
Quick Ratio	- -	3.26	3.05	8.02	7.77	6.67	4.54	3.41	2.76	1.92
CFO/Avg Current Liab	- -	0.23	-0.98	-0.54	-0.15	0.3	0.36	0.53	0.56	0.38
Common Equity/Total Assets	- -	-36.68	-38.04	87.36	59.17	34.39	24.11	27.65	31.69	24.17
Long-Term Debt/Equity (%)	- -	- -	- -	1.45	50.26	153.95	247.42	183.06	135.31	147.77
Long-Term Debt/Capital (%)	- -	-21.61	-10.16	1.43	32.97	59.55	70.14	63.54	56.41	43.32
Long-Term Debt/Total Assets (%)	- -	6.48	3.5	1.26	29.74	52.95	59.65	50.61	42.88	35.72
Total Debt/Equity (%)	- -	-18.26	-9.43	1.45	52.43	158.52	252.75	188.09	139.86	241.13
Total Debt/Capital (%)	- -	-22.33	-10.41	1.43	34.4	61.32	71.65	65.29	58.31	70.69
Total Debt/Total Assets (%)	- -	6.7	3.59	1.26	31.02	54.52	60.94	52	44.32	58.29
CFO/Total Liabilities	- -	1.42	-10.51	-37.07	-3.04	4.15	6.29	12.74	16.87	13.18
CFO/CapEx	-0.72	0.14	-1.24	-0.68	-0.3	0.7	0.86	2.22	2.06	1.91
Altman's Z-Score	- -	0.18	-0.68	29.55	25.46	16.95	4.94	8.81	10.33	9.54

Working Capital (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	23.51	10.52	9.73	8.85	8.25	7.99	6.54	5.91	6.2
Days Sales Outstanding	- -	15.52	34.7	37.53	41.22	44.22	45.68	55.85	61.76	58.86
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	12.19	4.58	4.93	7.79	7.25	7.54	6.87	4.75	5.82
Accounts Payable Turnover Days	- -	29.95	79.69	74.09	46.86	50.32	48.4	53.1	76.88	62.73
Cash Conversion Cycle	- -	-14.43	-44.99	-36.56	-5.64	-6.11	-2.73	2.74	-15.12	-3.87
Inventory to Cash Days	- -	15.52	34.7	37.53	41.22	44.22	45.68	55.85	61.76	58.86
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	5,121	23,454	42,555	14,923	28,103	37,134	69,375
- Cash & Cash Equivalents	- -	24	25	139	109	314	204	87	148	944
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	11	11	11	428	1,293	1,577	1,435	1,463	3,518
Enterprise Value	- -	-62	-150	4,495	22,850	42,026	14,850	27,864	36,741	68,792
Total Capital	- -	-49	-103	736	1,245	2,109	2,201	2,198	2,509	4,977
Total Debt/Capital (%)	- -	-22.33	-10.41	1.43	34.4	61.32	71.65	65.29	58.31	70.69
Total Debt / EV	- -	-0.17	-0.07	- -	0.02	0.03	0.11	0.05	0.04	0.05
EV/Sales	- -	- -	- -	15.66	53.01	64.02	15.23	21.49	22.01	31.73
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	3,402.4	361.27	115.43	106.97	95.13	112.26
EV/Free Cash Flow to Firm	- -	- -	- -	230.66	362.17	200.78	54.55	74.33	64.32	74.1
Diluted Market Cap	- -	- -	- -	2,496	22,780	41,070	14,753	27,780	36,763	68,691
Diluted Enterprise Value	- -	-14	-14	2,368	23,099	42,050	16,126	29,129	38,079	71,266
EV per Share	- -	- -	- -	14.97	74.03	129.87	44.99	82.55	106.54	195.49
TTM Sales	85	135	193	287	431	656	975	1,297	1,670	2,168
TTM EBITDA	-9	2	-66	-78	-57	-61	-99	-50	-27	-17
TTM Operating Income	-17	-10	-85	-108	-107	-128	-201	-185	-155	-207
TTM Cash Flow to Firm	-13	4	-42	-38	7	116	129	260	386	613
TTM Free Cash Flow to Firm	6	27	-7	19	63	209	272	375	571	928

Multiples (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	135.93	580.44	260.54	55.21	75.33	65.01	74.77
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	-62	-150	4,495	22,850	42,026	14,850	27,864	36,741	68,792
Low Price	- -	- -	- -	14.5	15.05	60.96	37.37	37.56	66.24	89.42
EV/Sales	- -	- -	- -	15.66	53.01	64.02	15.23	21.49	22.01	31.73
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	-24.04	-95.41	-134.68	-119.99	-112.68	-378.31	-593.61
Price/Earnings High	- -	- -	- -	-30.53	-222.93	-265.93	-223.51	-157.64	-517.4	-885.81
Price/Earnings Low	- -	- -	- -	-20.05	-37.8	-73.14	-63.06	-68.13	-286.99	-304.65
Price/Book Value	- -	- -	- -	7.06	28.71	52.16	23.92	36.83	35.49	47.55
Price/Book Value Average	- -	- -	- -	7.19	14.35	44.53	37.62	27.48	28.78	42.02
Price/Book Value High	- -	- -	- -	9.13	33.54	87.92	70.07	38.44	39.36	62.7
Price/Book Value Low	- -	- -	- -	6	5.69	24.18	19.77	16.61	21.83	21.56
Price/Tangible Book Value	- -	- -	- -	7.1	29.43	53.8	33.65	47.2	44.04	58.26
Price/Tangible Book Value Average	- -	- -	- -	7.23	14.71	45.92	52.93	35.22	35.71	51.49
Price/Tangible Book Value High	- -	- -	- -	9.18	34.38	90.68	98.59	49.27	48.84	76.83
Price/Tangible Book Value Low	- -	- -	- -	6.03	5.83	24.94	27.82	21.29	27.09	26.42
Price/Sales	- -	- -	- -	8.7	52.85	62.57	15.13	21.42	22.02	31.69
Price/Sales Average	- -	- -	- -	8.86	26.42	53.41	23.79	15.98	17.85	28
Price/Sales High	- -	- -	- -	11.26	61.73	105.45	44.32	22.36	24.42	41.79
Price/Sales Low	- -	- -	- -	7.39	10.47	29	12.5	9.66	13.54	14.37
Price/Cash Flow	- -	- -	- -	-64.14	-1,329.9	635.29	119.37	109.2	96.64	113.89
Price/Cash Flow Average	- -	- -	- -	-65.38	-664.9	542.3	187.74	81.47	78.36	100.66
Price/Cash Flow High	- -	- -	- -	-83.01	-1,553.56	1,070.77	349.71	113.98	107.17	150.2
Price/Cash Flow Low	- -	- -	- -	-54.51	-263.39	294.5	98.67	49.26	59.45	51.66
Price/Free Cash Flow Average	- -	- -	- -	138.57	290.2	222.4	86.84	56.2	52.72	66.08
Price/Free Cash Flow High	- -	- -	- -	175.93	678.05	439.14	161.76	78.63	72.1	98.6
Price/Free Cash Flow Low	- -	- -	- -	115.53	114.96	120.78	45.64	33.98	39.99	33.91
EV/Sales Average	- -	- -	- -	17.74	27.94	56.83	25.47	17.21	18.82	29.47
EV/Sales High	- -	- -	- -	22.64	64.3	110.76	46.24	23.66	25.45	43.39
EV/Sales Low	- -	- -	- -	14.72	11.52	31.54	14.06	10.82	14.47	15.7
EV/EBITDA Average	- -	-5.53	0.22	-64.89	-209.92	-610.79	-251.28	-449.34	-1,162.28	-3,658.32
EV/EBITDA High	- -	-5.53	0.22	-82.83	-483.04	-1,190.38	-456.09	-617.8	-1,571.73	-5,386.56
EV/EBITDA Low	- -	-5.53	0.22	-53.83	-86.52	-339.03	-138.65	-282.41	-893.48	-1,949.29
EV/EBIT Average	- -	1.39	0.17	-47.17	-112.82	-292.17	-123.47	-120.32	-203.07	-308.32
EV/EBIT High	- -	1.39	0.17	-60.21	-259.6	-569.41	-224.12	-165.42	-274.6	-453.97
EV/EBIT Low	- -	1.39	0.17	-39.13	-46.5	-162.17	-68.13	-75.62	-156.1	-164.28
Last Price	- -	- -	- -	17.06	75.99	131.5	45.21	83.26	107.68	197.15
High Price	- -	- -	- -	22.08	88.77	221.64	132.45	86.91	119.42	260
Enterprise Value Average	- -	-14	-14	5,092	12,045	37,305	24,844	22,317	31,427	63,885
Enterprise Value High	- -	-14	-14	6,499	27,717	72,705	45,093	30,683	42,498	94,065
Enterprise Value Low	- -	-14	-14	4,224	4,964	20,707	13,708	14,026	24,159	34,041

Shares Outstanding	- -	293	293	300	309	324	330	338	345	352
Diluted Weighted Avg Shares	237	251	81	146	300	312	326	334	341	348
Basic Weighted Avg Shares	237	251	81	146	300	312	326	334	341	348
Revenue per Share	0.36	0.54	2.38	1.96	1.44	2.1	2.99	3.89	4.89	6.22
EBITDA per Share	-0.04	0.01	-0.81	-0.54	-0.19	-0.2	-0.3	-0.15	-0.08	-0.05
Operating Income per Share	-0.07	-0.04	-1.05	-0.74	-0.36	-0.41	-0.62	-0.56	-0.45	-0.59
Basic EPS, GAAP	-0.07	-0.04	-1.08	-0.72	-0.4	-0.83	-0.59	-0.55	-0.23	-0.29
Basic EPS from Cont Ops	-0.07	-0.04	-1.08	-0.72	-0.4	-0.83	-0.59	-0.55	-0.23	-0.29
Diluted EPS, GAAP	-0.07	-0.04	-1.08	-0.72	-0.4	-0.83	-0.59	-0.55	-0.23	-0.29
Diluted EPS from Cont Ops	-0.07	-0.04	-1.08	-0.72	-0.4	-0.83	-0.59	-0.55	-0.23	-0.29
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.06	0.01	-0.53	-0.27	-0.06	0.21	0.38	0.76	1.11	1.73
Free Cash Flow per Basic Share	-0.13	-0.08	-0.96	-0.66	-0.25	-0.09	-0.06	0.42	0.57	0.83
Cash & Equivalents per Share	- -	0.25	0.55	2.12	3.34	5.63	5	4.96	5.38	11.66
Book Value per Share	- -	-0.2	-0.39	2.42	2.65	2.52	1.89	2.26	3.03	4.15
Tangible Book Value per Share	- -	-0.22	-0.4	2.4	2.58	2.44	1.34	1.76	2.45	3.38

Cloudflare, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)