Cloudflare (NET) EV to CFO (2021 - 2026)
Cloudflare's (NET) quarterly EV to CFO came in at 636.76 in Q2 2026, up 10.96% year-over-year from 573.89 in Q2 2025, and up 63.36% quarter-over-quarter from 389.79 in Q1 2026.
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Analysis
Cloudflare (NET) EV to CFO (2021 - 2026) Analysis & Trends
Cloudflare has disclosed EV to CFO across 8 years of filings, most recently posting 636.76 for Q2 2026.
- In Q2 2026, EV to CFO rose 10.96% year-over-year to 636.76; the TTM figure through Jun 2026 stood at 118.18 (down 1.44% YoY), while the FY2025 annual figure was 96.93, up 17.82% from the prior year.
- EV to CFO came in at 636.76 for Q2 2026 at Cloudflare, up from 389.79 in the prior quarter.
- In the past five years, EV to CFO ranged from a high of 636.76 in Q2 2026 to a low of 897.74 in Q1 2022.
- Average EV to CFO over 5 years is 264.28, with a median of 293.76 recorded in 2022.
- Year-over-year, EV to CFO slumped 201.38% in 2022 and soared 149.33% in 2023.
- Over 5 years, EV to CFO stood at 144.71 in 2022, then jumped by 87.19% to 270.89 in 2023, then slipped by 9.25% to 245.84 in 2024, then grew by 24.88% to 307.01 in 2025, then soared by 107.41% to 636.76 in 2026.
- Per Business Quant data, the three most recent EV to CFO figures were 636.76 in Q2 2026, 389.79 in Q1 2026, and 307.01 in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Microsoft | 3,717.88 Bn | 3,585.13 Bn | 60.48 Bn |
| 2 | International Business Machines | 219.37 Bn | 208.10 Bn | 9.91 Bn |
| 3 | Cloudflare | 113.46 Bn | 109.29 Bn | 499.52 Mn |
| 4 | Equinix | 102.39 Bn | 100.19 Bn | 1.40 Bn |
| 5 | Nebius | 57.34 Bn | 49.30 Bn | 448.70 Mn |
| 6 | CoreWeave | 47.88 Bn | 42.34 Bn | 1.70 Bn |
| 7 | Verisign | 26.51 Bn | 25.48 Bn | 384.60 Mn |
| 8 | Nutanix | 18.85 Bn | 16.49 Bn | 651.35 Mn |
| 9 | Akamai Technologies | 17.01 Bn | 13.65 Bn | 613.75 Mn |
| 10 | DigitalOcean Holdings | 14.83 Bn | 14.06 Bn | 154.66 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 118.18 |
| Mar 31, 2026 | 100.24 |
| Dec 31, 2025 | 96.93 |
| Sep 30, 2025 | 117.75 |
| Jun 30, 2025 | 119.91 |
| Mar 31, 2025 | 72.95 |
| Dec 31, 2024 | 82.27 |
| Sep 30, 2024 | 67.58 |
| Jun 30, 2024 | 77.39 |
| Mar 31, 2024 | 94.08 |
| Dec 31, 2023 | 90.98 |
| Sep 30, 2023 | 69.06 |
| Jun 30, 2023 | 78.91 |
| Mar 31, 2023 | 82.50 |
| Dec 31, 2022 | 91.47 |
| Sep 30, 2022 | 163.60 |
| Jun 30, 2022 | 294.10 |
| Mar 31, 2022 | 5,598.75 |
| Dec 31, 2021 | 536.70 |
| Sep 30, 2021 | 1,905.92 |
API Access
Cloudflare EV to CFO API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ev-to-cfo&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-cfo", "ticker": "NET", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ev-to-cfo&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();