Cloudflare

NET

Software - Infrastructure · Technology

Price

$277.61

+5.15 (+1.89%)

Market Cap

$98.53B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+11.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 312.3M (2021) → 348.4M (2025)

Cloudflare is a technology company that helps make websites and apps faster, safer, and more reliable. It does this by running a giant network of servers spread across the globe that sits between a website and its visitors, blocking attacks and speeding up traffic. Its customers range from small businesses to large enterprises, and it is one of the largest content delivery and cybersecurity networks in the world.

Cloudflare makes money by charging businesses a monthly or annual subscription fee to use its network and security tools, with a free tier that helps attract new customers who later upgrade to paid plans. It operates in over 100 countries and serves millions of websites, giving it a large and growing network that becomes more valuable as more traffic flows through it. The company is not yet consistently profitable, and its main challenge is converting its massive user base into enough paying customers to cover its heavy infrastructure and sales costs.

Winston Score History

Politician Trades

14 trades / 12mo

8 Congressional buys and 6 sells on NET in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+33.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+36.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$512M/ year

↑ Rising (+22% vs prior year)

23.6% of revenue

1.6x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

10.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$932M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Cloudflare grew revenue 34% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

71.2%

Premium pricing power — 71.2% gross margin

Operating Margin

-9.7%

Losing money on operations — -9.7%

ROCE

-1.2%

Weak — -1.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+31.6%

Fast-growing sales (31.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

15.7%

Converts sales into free cash efficiently (15.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

2.31

Heavy debt load (2.31)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/A

—

Data not available

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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