Cloudflare (NET) Return on Capital Employed [ROCE] (2019 - 2026)
Cloudflare (NET) recorded Return on Capital Employed [ROCE] of -9.60% in Q2 2026, down 4.69 percentage points from -4.92% a year earlier and down 3.75 percentage points from the prior quarter.
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Analysis
Cloudflare (NET) Return on Capital Employed [ROCE] (2019 - 2026) Analysis & Trends
For FY2025, Cloudflare reported Return on Capital Employed [ROCE] of -8.94%, down 2.02 percentage points from FY2024.
- Annual Return on Capital Employed [ROCE] has a five-year change of +2.13 percentage points (FY2020 to FY2025).
- Across earlier years, Return on Capital Employed [ROCE] came in at -6.92% in FY2024 (+1.89 pp), -8.80% in FY2023 (+0.86 pp), -9.66% in FY2022 (-1.62 pp) and -8.04% in FY2021 (+3.03 pp).
- The Q2 2026 figure is the lowest quarterly Return on Capital Employed [ROCE] since Q2 2020.
- On a year-over-year basis, Return on Capital Employed [ROCE] rose in six of the last eight quarters, with an average year-over-year change of +0.94 percentage points.
- Peak year-over-year performance for Return on Capital Employed [ROCE] in the last five years was a gain of 3.03 percentage points in Q1 2025, against a drop of 4.69 percentage points in Q2 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at -5.85% (Q1 2026), -5.82% (Q4 2025) and -5.58% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,833.59 Bn | 3,756.75 Bn | 60.48 Bn | 27.85% |
| 2 | International Business Machines | 212.47 Bn | 163.37 Bn | 9.91 Bn | 9.40% |
| 3 | Cloudflare | 112.40 Bn | 95.93 Bn | 499.52 Mn | -9.60% |
| 4 | Equinix | 99.47 Bn | 88.02 Bn | 1.40 Bn | 5.75% |
| 5 | Nebius | 60.05 Bn | 33.48 Bn | 448.70 Mn | -2.94% |
| 6 | CoreWeave | 48.26 Bn | 35.35 Bn | 1.70 Bn | -0.51% |
| 7 | Verisign | 25.97 Bn | 23.18 Bn | 384.60 Mn | - |
| 8 | Nutanix | 18.41 Bn | 10.09 Bn | 651.35 Mn | 10.69% |
| 9 | Akamai Technologies | 16.36 Bn | 9.77 Bn | 613.75 Mn | 4.33% |
| 10 | DigitalOcean Holdings | 14.67 Bn | 12.67 Bn | 154.66 Mn | 7.23% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -9.60% |
| Mar 31, 2026 | -5.85% |
| Dec 31, 2025 | -5.82% |
| Sep 30, 2025 | -5.58% |
| Jun 30, 2025 | -4.92% |
| Mar 31, 2025 | -5.70% |
| Dec 31, 2024 | -6.48% |
| Sep 30, 2024 | -6.94% |
| Jun 30, 2024 | -7.57% |
| Mar 31, 2024 | -8.74% |
| Dec 31, 2023 | -8.80% |
| Sep 30, 2023 | -9.28% |
| Jun 30, 2023 | -9.41% |
| Mar 31, 2023 | -9.55% |
| Dec 31, 2022 | -9.40% |
| Sep 30, 2022 | -8.95% |
| Jun 30, 2022 | -8.28% |
| Mar 31, 2022 | -6.54% |
| Dec 31, 2021 | -6.21% |
| Sep 30, 2021 | -6.73% |
API Access
Cloudflare Return on Capital Employed [ROCE] 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=return-on-capital-employed-%5Broce%5D&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "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=return-on-capital-employed-%5Broce%5D&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();