Cloudflare (NET) EV to FCF (2023 - 2026)
Cloudflare's (NET) quarterly EV to FCF came in at 1107.36 in Q2 2026, down 22.85% year-over-year from 1435.42 in Q2 2025, and up 67.05% quarter-over-quarter from 662.9 in Q1 2026.
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Analysis
Cloudflare (NET) EV to FCF (2023 - 2026) Analysis & Trends
Cloudflare has disclosed EV to FCF across 8 years of filings, most recently posting 1107.36 for Q2 2026.
- In Q2 2026, EV to FCF fell 22.85% year-over-year to 1107.36; the TTM figure through Jun 2026 stood at 214.87 (down 21.79% YoY), while the FY2025 annual figure was 203.33, up 26.94% from the prior year.
- EV to FCF came in at 1107.36 for Q2 2026 at Cloudflare, up from 662.9 in the prior quarter.
- In the past five years, EV to FCF ranged from a high of 17783.4 in Q3 2022 to a low of 531.13 in Q1 2022.
- Average EV to FCF over 5 years is 2021.09, with a median of 619.29 recorded in 2024.
- The largest YoY upside for EV to FCF was 2290.71% in 2022 against a maximum downside of 103.13% in 2022.
- Over 5 years, EV to FCF stood at 297.69 in 2022, then soared by 42.33% to 423.71 in 2023, then soared by 36.4% to 577.93 in 2024, then slipped by 3.87% to 555.58 in 2025, then surged by 99.32% to 1107.36 in 2026.
- Per Business Quant data, the three most recent EV to FCF figures were 1107.36 in Q2 2026, 662.9 in Q1 2026, and 555.58 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 | 214.87 |
| Mar 31, 2026 | 192.44 |
| Dec 31, 2025 | 203.33 |
| Sep 30, 2025 | 268.95 |
| Jun 30, 2025 | 274.72 |
| Mar 31, 2025 | 154.46 |
| Dec 31, 2024 | 160.18 |
| Sep 30, 2024 | 116.81 |
| Jun 30, 2024 | 128.28 |
| Mar 31, 2024 | 168.65 |
| Dec 31, 2023 | 165.31 |
| Sep 30, 2023 | 138.31 |
| Jun 30, 2023 | 209.88 |
| Mar 31, 2023 | 274.22 |
API Access
Cloudflare EV to FCF 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-fcf&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-fcf", "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-fcf&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();