Cloudflare (NET) EV to FCF (2023 - 2026)
Cloudflare's EV to FCF came in at 214.87 for Q2 2026, down 21.8% from 274.72 a year earlier but up 11.7% from the prior quarter.
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Analysis
Cloudflare (NET) EV to FCF (2023 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Cloudflare reported EV to FCF of 179.54, down 27.6% year-over-year; for FY2025, it was 203.33, up 26.9% from FY2024.
- Going back by year, EV to FCF was 160.18 in FY2024 (-3.1%) and 165.31 in FY2023.
- The five-year range for quarterly EV to FCF is 116.81 (Q3 2024) to 274.72 (Q2 2025).
- Year-over-year, EV to FCF increased in four of the last eight quarters, with growth averaging 30.9%.
- The fastest year-over-year change in EV to FCF over five years came in Q3 2025 (growth of 130.2%), and the weakest in Q2 2024 (a decline of 38.9%).
- Business Quant data shows NET's EV to FCF at 192.44 (Q1 2026), 203.33 (Q4 2025) and 268.95 (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Microsoft | 3,932.24 Bn | 3,855.40 Bn | 60.48 Bn |
| 2 | International Business Machines | 219.04 Bn | 169.85 Bn | 9.91 Bn |
| 3 | Cloudflare | 104.70 Bn | 88.23 Bn | 499.52 Mn |
| 4 | Equinix | 97.19 Bn | 85.75 Bn | 1.40 Bn |
| 5 | Nebius | 40.23 Bn | 13.66 Bn | 448.70 Mn |
| 6 | CoreWeave | 33.76 Bn | 20.85 Bn | 1.70 Bn |
| 7 | Verisign | 27.46 Bn | 24.67 Bn | 384.60 Mn |
| 8 | Nutanix | 17.98 Bn | 9.67 Bn | 651.35 Mn |
| 9 | GoDaddy | 13.83 Bn | 9.41 Bn | 828.20 Mn |
| 10 | Akamai Technologies | 12.69 Bn | 6.10 Bn | 613.75 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();