Question 1

What is Cloudflare's P/B ratio?

Accepted Answer

Cloudflare (NET) P/B ratio is 57.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Cloudflare?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Cloudflare specifically, the relevant sector benchmark is the current sector median of 6.0×.

Question 5

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

Accepted Answer

Cloudflare's P/B ratio of 57.8× is above its own 5-year average of 39.4× and above the sector median of 6.0×. That places the current reading at the 91th 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/B ratio range?

Accepted Answer

In the available daily series, Cloudflare (NET) P/B ratio has ranged from a low of 6.9× in 2019 to a high of 80.1× in 2021. The 5-year average is 39.4× and the 5-year median is 36.1×.

Question 7

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

Accepted Answer

Cloudflare (NET) P/B ratio at the end of 2025 was 47.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$1.46B	47.4×	+12.0×	Dec 31, 2025
2024	$37.04B	$1.05B	35.4×	-1.3×	Dec 31, 2024
2023	$28.02B	$763.05M	36.7×	+12.9×	Dec 31, 2023
2022	$14.84B	$623.96M	23.8×	-27.8×	Dec 31, 2022
2021	$42.12B	$815.80M	51.6×	+23.4×	Dec 31, 2021
2020	$23.09B	$816.94M	28.3×	+21.3×	Dec 31, 2020
2019	$5.02B	$725.83M	6.9×	—	Dec 31, 2019
2018	$4.52B	−$113.50M	—	—	Dec 31, 2018


Duolingo (DUOL)	3.3×
Unity Software (U)	3.2×
Synopsys (SNPS)	3.0×
Science Applications International (SAIC)	2.9×
Zebra Technologies (ZBRA)	2.9×
Zoom Communications (ZM)	2.9×
Trimble (TRMB)	2.7×
Twilio (TWLO)	2.5×
Amkor Technology (AMKR)	2.5×
EPAM Systems (EPAM)	2.1×
Qorvo (QRVO)	2.1×
IonQ (IONQ)	2.1×
Intel (INTC)	2.0×
Roper Technologies (ROP)	2.0×
Cognizant (CTSH)	1.9×
Okta (OKTA)	1.9×
Super Micro Computer (SMCI)	1.8×
Lyft (LYFT)	1.7×
Block (XYZ)	1.7×
Block (SQ)	1.6×
Hewlett Packard Enterprise (HPE)	1.5×
Fidelity National Information Services (FIS)	1.5×
Skyworks Solutions (SWKS)	1.4×
Fiserv (FISV)	1.1×
Strategy (MSTR)	0.9×

P/B Ratio for Cloudflare (NET)

P/B Ratio daily chart for Cloudflare (NET)

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

About P/B Ratio at Cloudflare (NET)

Cloudflare P/B Ratio by Year

Cloudflare P/B Ratio 2025: 47.4×

Cloudflare P/B Ratio 2024: 35.4×

Cloudflare P/B Ratio 2023: 36.7×

Cloudflare P/B Ratio 2022: 23.8×

Cloudflare P/B Ratio 2021: 51.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Cloudflare (NET) Key Financials

P/B Ratio daily chart for Cloudflare (NET)

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

About P/B Ratio at Cloudflare (NET)

Cloudflare P/B Ratio by Year

Cloudflare P/B Ratio 2025: 47.4×

Cloudflare P/B Ratio 2024: 35.4×

Cloudflare P/B Ratio 2023: 36.7×

Cloudflare P/B Ratio 2022: 23.8×

Cloudflare P/B Ratio 2021: 51.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Cloudflare's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

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

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

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

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

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

Cloudflare (NET) Key Financials