Question 1

What is Cloudflare's P/FCF ratio?

Accepted Answer

Cloudflare (NET) P/FCF ratio is 266.8× as of July 22, 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 21.8×.

Question 5

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

Accepted Answer

Cloudflare's P/FCF ratio of 266.8× is above its own 5-year average of 265.9× and above the sector median of 21.8×. That places the current reading at the 48th 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	$69.2B	$324M	213.4×	-8.5×	Dec 31, 2025
2024	$37B	$167M	221.9×	-12.7×	Dec 31, 2024
2023	$28B	$119M	234.6×	—	Dec 31, 2023
2022	$14.8B	-$39.8M	—	—	Dec 31, 2022
2021	$42.1B	-$43.1M	—	—	Dec 31, 2021
2020	$23.1B	-$92.1M	—	—	Dec 31, 2020
2019	$5.02B	-$96.2M	—	—	Dec 31, 2019
2018	$4.52B	-$74.5M	—	—	Dec 31, 2018


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×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for Cloudflare (NET) 2023-2026

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