Question 1

What is Cloudflare's P/FCF ratio?

Accepted Answer

Cloudflare (NET) P/FCF ratio is 248.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Cloudflare?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Cloudflare specifically, the relevant sector benchmark is the current sector median of 21.6×.

Question 5

Is Cloudflare's P/FCF ratio high or low?

Accepted Answer

Cloudflare's P/FCF ratio of 248.1× is below its own 5-year average of 265.9× and above the sector median of 21.6×. That places the current reading at the 39th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Cloudflare (NET) P/FCF ratio has ranged from a low of 158.9× in 2024 to a high of 625.3× in 2023. The 5-year average is 265.9× and the 5-year median is 221.9×.

Question 7

What was Cloudflare's P/FCF ratio in 2025?

Accepted Answer

Cloudflare (NET) P/FCF ratio at the end of 2025 was 213.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Cloudflare's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$324.32M	213.4×	-8.5×	Dec 31, 2025
2024	$37.04B	$166.91M	221.9×	-12.7×	Dec 31, 2024
2023	$28.02B	$119.46M	234.6×	—	Dec 31, 2023
2022	$14.84B	−$39.77M	—	—	Dec 31, 2022
2021	$42.12B	−$43.09M	—	—	Dec 31, 2021
2020	$23.09B	−$92.09M	—	—	Dec 31, 2020
2019	$5.02B	−$96.20M	—	—	Dec 31, 2019
2018	$4.52B	−$74.50M	—	—	Dec 31, 2018


Intuit (INTU)	13.9×
Okta (OKTA)	13.8×
EPAM Systems (EPAM)	13.4×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	10.4×
Accenture (ACN)	10.3×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
Science Applications International (SAIC)	6.7×
Strategy (MSTR)	5.5×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×

P/FCF Ratio for Cloudflare (NET)

P/FCF Ratio daily chart for Cloudflare (NET)

Historical P/FCF Ratio for Cloudflare (NET) from 2018 to 2025

About P/FCF Ratio at Cloudflare (NET)

Cloudflare P/FCF Ratio by Year

Cloudflare P/FCF Ratio 2025: 213.4×

Cloudflare P/FCF Ratio 2024: 221.9×

Cloudflare P/FCF Ratio 2023: 234.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Cloudflare (NET) Key Financials

P/FCF Ratio daily chart for Cloudflare (NET)

Historical P/FCF Ratio for Cloudflare (NET) from 2018 to 2025

About P/FCF Ratio at Cloudflare (NET)

Cloudflare P/FCF Ratio by Year

Cloudflare P/FCF Ratio 2025: 213.4×

Cloudflare P/FCF Ratio 2024: 221.9×

Cloudflare P/FCF Ratio 2023: 234.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Cloudflare's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Cloudflare?

+Is Cloudflare's P/FCF ratio high or low?

+What is Cloudflare's historical P/FCF ratio range?

+What was Cloudflare's P/FCF ratio in 2025?

+Why does Cloudflare's P/FCF ratio change over time?

Cloudflare (NET) Key Financials