Company Valuation: Cloudflare, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 42,310 14,857 27,956 36,955 69,058 100,356 - -
Change - -64.88% 88.17% 32.19% 86.87% 45.32% - -
Enterprise Value (EV) 1 41,647 14,643 27,566 36,562 67,184 98,996 98,566 97,752
Change - -64.84% 88.25% 32.64% 83.75% 47.35% -0.43% -0.83%
P/E -158x -76.6x -151x -468x -680x -1,081x -4,856x 1,366x
PBR 52.4x 85.5x 36.8x 35.5x 47.5x 53.9x 46x 30.8x
PEG - 2.6x 22.27x 8x -26.1x 110.38x 62.5x -3x
Capitalization / Revenue 64.5x 15.2x 21.6x 22.1x 31.9x 35.7x 28x 22x
EV / Revenue 63.4x 15x 21.3x 21.9x 31x 35.2x 27.5x 21.4x
EV / EBITDA 699x 106x 107x 102x 136x 151x 107x 75.2x
EV / EBIT -5,929x 410x 226x 159x 221x 235x 158x 107x
EV / FCF -967x -368x 197x 219x 258x 269x 180x 109x
FCF Yield -0.1% -0.27% 0.51% 0.46% 0.39% 0.37% 0.56% 0.91%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.83 -0.59 -0.55 -0.23 -0.29 -0.2616 -0.0582 0.207
Distribution rate - - - - - - - -
Net sales 1 656.4 975.2 1,297 1,670 2,168 2,813 3,590 4,562
EBITDA 1 59.58 138 257.8 357.8 493.6 657 919.2 1,300
EBIT 1 -7.024 35.68 122 230.1 303.9 420.7 623.5 911
Net income 1 -260.3 -193.4 -183.9 -78.8 -102.3 -95.82 2.05 193.8
Net Debt 1 -662.8 -213.7 -390.4 -392.7 -1,874 -1,360 -1,790 -2,604
Reference price 2 131.50 45.21 83.26 107.68 197.15 282.74 282.74 282.74
Nbr of stocks (in thousands) 321,746 328,625 335,772 343,194 350,281 354,940 - -
Announcement Date 2/10/22 2/9/23 2/8/24 2/6/25 2/10/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
22.73x3.86x9.95x0.92% 152B
-16.97x7.05x12.2x-.--% 46.79B
57.39x5.52x21.93x-.--% 16.51B
529.88x13.23x34.57x-.--% 14.87B
48.31x4.89x15.94x-.--% 12.93B
-50.8x167.27x-58.2x - 7.4B
27.94x6.54x14.73x-.--% 5.45B
16.29x3.36x8.95x-.--% 4.93B
64.46x2.95x23.39x-.--% 3.88B
Average 77.69x 23.85x 9.27x 0.11% 29.45B
Weighted average by Cap. 46.12x 9.70x 11.14x 0.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield