Is the business good?
How good a business is NET?
Cloudflare, Inc. keeps −14% of every revenue dollar as operating profit, against 6.1% for the median Software - Infrastructure name.
−14%
Operating margin · Software - Infrastructure median 6.1% · 12 months to Q2 2026
- Share count, year on year
- +2.0%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 23%
R&D as % of revenue
- Gross margin
- 73%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −25% |
| FY2021 | −19% |
| FY2022 | −21% |
| FY2023 | −14% |
| FY2024 | −9.3% |
| FY2025 | −9.6% |
Details›
- Gross margin12 months to Q2 2026
- 73%
- Operating margin12 months to Q2 2026
- −14%
- Net margin12 months to Q2 2026
- −8.2%
- Free cash flow margin
- 14%
- R&D as % of revenue
- 23%
- Revenue, trailing twelve months
- $2.51B
- Free cash flow, trailing twelve months
- $348M
- Net income, trailing twelve months
- −$206M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Software - Infrastructure
Ranks #11 of 78 by Smart Score