Cloudflare, Inc. (NET) intrinsic value & 10-year financials
Cloudflare, Inc. (NET) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 41.5% a year to $2.2B, with an average return on invested capital of -12.1%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $296.30
- Market cap
- $103.2B
- Revenue (FY2025)
- $2.2B
- Revenue growth (10-yr CAGR)
- 41.5%
- ROIC (10-yr avg)
- -12.1%
- Free cash flow (FY2025)
- $287.5M
NET 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.2B | -$102.3M | -$0.29 | $287.5M | -9.6% | -24.0% |
| FY2024 | $1.7B | -$78.8M | -$0.23 | $195.4M | -9.3% | -17.0% |
| FY2023 | $1.3B | -$183.9M | -$0.55 | $140.0M | -14.3% | -28.2% |
| FY2022 | $975.2M | -$193.4M | -$0.59 | -$20.0M | -20.6% | -35.5% |
| FY2021 | $656.4M | -$260.3M | -$0.83 | -$28.3M | -19.5% | -19.0% |
| FY2020 | $431.1M | -$119.4M | -$0.40 | -$73.5M | -24.8% | -15.4% |
| FY2019 | $287.0M | -$105.8M | -$0.36 | -$82.2M | -37.6% | -48.1% |
| FY2018 | $192.7M | -$87.2M | — | -$68.7M | -44.1% | 61.4% |
| FY2017 | $134.9M | -$10.7M | — | -$15.9M | -7.2% | 17.2% |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Cloudflare, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Cloudflare, Inc. has historically struggled to out-earn its cost of capital, averaging just -15.7% ROIC.
Cloudflare, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Cloudflare, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-9.63 per share.