Question 1

What is Cloudflare's EV/EBITDA ratio?

Accepted Answer

Cloudflare (NET) EV/EBITDA ratio is 634.9× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Cloudflare?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Cloudflare specifically, the relevant sector benchmark is the current sector median of 19.5×.

Question 5

Is Cloudflare's EV/EBITDA ratio high or low?

Accepted Answer

Cloudflare's EV/EBITDA ratio of 634.9× is below its own 5-year average of 711.7× and above the sector median of 19.5×. That places the current reading at the 11th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Cloudflare's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Cloudflare (NET) EV/EBITDA ratio has ranged from a low of 473.0× in 2026 to a high of 1465.9× in 2025. The 5-year average is 711.7× and the 5-year median is 620.5×.

Question 7

What was Cloudflare's EV/EBITDA ratio in 2025?

Accepted Answer

Cloudflare (NET) EV/EBITDA ratio at the end of 2025 was 650.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Cloudflare's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$69.22B	$105.80M	650.4×	+59.8×	Dec 31, 2025
2024	$37.04B	$62.05M	590.6×	—	Dec 31, 2024
2023	$28.02B	−$36.17M	—	—	Dec 31, 2023
2022	$14.84B	−$83.41M	—	—	Dec 31, 2022
2021	$42.12B	−$132.13M	—	—	Dec 31, 2021
2020	$23.09B	−$50.62M	—	—	Dec 31, 2020
2019	$5.02B	−$74.12M	—	—	Dec 31, 2019
2018	$4.52B	−$66.27M	—	—	Dec 31, 2018


Zebra Technologies (ZBRA)	12.6×
Micron Technology (MU)	12.5×
NXP Semiconductors (NXPI)	12.3×
Block (XYZ)	11.9×
Qorvo (QRVO)	11.3×
Broadridge Financial Solutions (BR)	11.1×
Adobe (ADBE)	10.9×
Super Micro Computer (SMCI)	10.8×
CDW (CDW)	10.8×
QUALCOMM (QCOM)	10.6×
Accenture (ACN)	10.5×
NetApp (NTAP)	10.5×
Amkor Technology (AMKR)	10.3×
GoDaddy (GDDY)	10.2×
Block (SQ)	10.0×
EPAM Systems (EPAM)	9.6×
Science Applications International (SAIC)	9.4×
Skyworks Solutions (SWKS)	9.2×
Corpay (CPAY)	8.5×
Paycom Software (PAYC)	8.2×
Gen Digital (GEN)	7.4×
Cognizant (CTSH)	7.2×
Fidelity National Information Services (FIS)	7.0×
Fiserv (FISV)	6.9×
HP (HPQ)	6.4×

EV/EBITDA for Cloudflare (NET)

EV/EBITDA daily chart for Cloudflare (NET)

Historical EV/EBITDA for Cloudflare (NET) from 2018 to 2025

About EV/EBITDA at Cloudflare (NET)

Cloudflare EV/EBITDA by Year

Cloudflare EV/EBITDA 2025: 650.4×

Cloudflare EV/EBITDA 2024: 590.6×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Cloudflare (NET) Key Financials

EV/EBITDA daily chart for Cloudflare (NET)

Historical EV/EBITDA for Cloudflare (NET) from 2018 to 2025

About EV/EBITDA at Cloudflare (NET)

Cloudflare EV/EBITDA by Year

Cloudflare EV/EBITDA 2025: 650.4×

Cloudflare EV/EBITDA 2024: 590.6×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Cloudflare's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Cloudflare?

+Is Cloudflare's EV/EBITDA ratio high or low?

+What is Cloudflare's historical EV/EBITDA ratio range?

+What was Cloudflare's EV/EBITDA ratio in 2025?

+Why does Cloudflare's EV/EBITDA ratio change over time?

Cloudflare (NET) Key Financials