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 69,058 123,659 - -
Change - -64.88% 88.17% 32.19% 86.87% 79.07% - -
Enterprise Value (EV) 1 41,647 14,643 27,566 36,562 67,184 122,360 121,836 120,778
Change - -64.84% 88.25% 32.64% 83.75% 82.13% -0.43% -0.87%
P/E -158x -76.6x -151x -468x -680x -599x 5,024x 1,245x
PBR 52.4x 85.5x 36.8x 35.5x 47.5x 66x 54.8x 37.2x
PEG - 2.6x 22.27x 8x -26.1x -6x -45x 4x
Capitalization / Revenue 64.5x 15.2x 21.6x 22.1x 31.9x 43.1x 33.5x 26.1x
EV / Revenue 63.4x 15x 21.3x 21.9x 31x 42.6x 33x 25.5x
EV / EBITDA 699x 106x 107x 102x 136x 175x 128x 81.7x
EV / EBIT -5,929x 410x 226x 159x 221x 275x 183x 124x
EV / FCF -967x -368x 197x 219x 258x 351x 221x 130x
FCF Yield -0.1% -0.27% 0.51% 0.46% 0.39% 0.28% 0.45% 0.77%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.83 -0.59 -0.55 -0.23 -0.29 -0.5797 0.0691 0.2789
Distribution rate - - - - - - - -
Net sales 1 656.4 975.2 1,297 1,670 2,168 2,872 3,696 4,739
EBITDA 1 59.58 138 257.8 357.8 493.6 699 953.9 1,479
EBIT 1 -7.024 35.68 122 230.1 303.9 444.4 665.9 971.2
Net income 1 -260.3 -193.4 -183.9 -78.8 -102.3 -177.5 28.65 193.9
Net Debt 1 -662.8 -213.7 -390.4 -392.7 -1,874 -1,299 -1,824 -2,882
Reference price 2 131.50 45.21 83.26 107.68 197.15 347.28 347.28 347.28
Nbr of stocks (in thousands) 321,746 328,625 335,772 343,194 350,281 356,080 - -
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.($)
-599.1x42.61x175.06x-.--% 124B
21.6x3.56x12.43x3.08% 207B
21.99x4.64x11.38x0.76% 189B
-133.59x18.57x102.82x-.--% 120B
13.62x1.52x7.99x3.52% 112B
13.27x2.4x9.06x6.19% 77.38B
19.25x5.15x12.66x2.92% 57.65B
-17.04x7.34x12.48x-.--% 48.05B
22.15x1.83x11.6x1.4% 43.68B
13.02x1.87x7.94x5.98% 41.99B
Average -62.48x 8.95x 36.34x 2.38% 102.04B
Weighted average by Cap. -75.54x 10.06x 41.59x 2.09%

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

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