Question 1

What is Cloudflare's P/S ratio?

Accepted Answer

Cloudflare (NET) P/S ratio is 37.9× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for Cloudflare?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Cloudflare specifically, the relevant sector benchmark is the current sector median of 5.7×.

Question 5

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

Accepted Answer

Cloudflare's P/S ratio of 37.9× is above its own 5-year average of 30.5× and above the sector median of 5.7×. That places the current reading at the 76th 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/S ratio range?

Accepted Answer

In the available daily series, Cloudflare (NET) P/S ratio has ranged from a low of 12.7× in 2023 to a high of 116.8× in 2021. The 5-year average is 30.5× and the 5-year median is 22.1×.

Question 7

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

Accepted Answer

Cloudflare (NET) P/S ratio at the end of 2025 was 31.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$2.17B	31.9×	+9.7×	Dec 31, 2025
2024	$37.04B	$1.67B	22.2×	+0.6×	Dec 31, 2024
2023	$28.02B	$1.30B	21.6×	+6.4×	Dec 31, 2023
2022	$14.84B	$975.24M	15.2×	-49.0×	Dec 31, 2022
2021	$42.12B	$656.43M	64.2×	+10.6×	Dec 31, 2021
2020	$23.09B	$431.06M	53.6×	+36.1×	Dec 31, 2020
2019	$5.02B	$287.02M	17.5×	-6.0×	Dec 31, 2019
2018	$4.52B	$192.67M	23.5×	—	Dec 31, 2018


DocuSign (DOCU)	2.7×
Broadridge Financial Solutions (BR)	2.6×
Celestica (CLS)	2.3×
EchoStar (SATS)	2.3×
Gen Digital (GEN)	2.3×
GoDaddy (GDDY)	2.2×
Fidelity National Information Services (FIS)	2.1×
Skyworks Solutions (SWKS)	2.1×
Qorvo (QRVO)	1.9×
Zebra Technologies (ZBRA)	1.8×
Accenture (ACN)	1.8×
Amkor Technology (AMKR)	1.6×
Block (XYZ)	1.5×
Block (SQ)	1.4×
Fiserv (FISV)	1.4×
Cognizant (CTSH)	1.4×
EPAM Systems (EPAM)	1.3×
Dell Technologies (DELL)	1.0×
Hewlett Packard Enterprise (HPE)	1.0×
Jabil (JBL)	0.9×
Lyft (LYFT)	0.8×
CDW (CDW)	0.7×
Science Applications International (SAIC)	0.6×
Super Micro Computer (SMCI)	0.4×
HP (HPQ)	0.3×

P/S Ratio for Cloudflare (NET)

P/S Ratio daily chart for Cloudflare (NET)

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

About P/S Ratio at Cloudflare (NET)

Cloudflare P/S Ratio by Year

Cloudflare P/S Ratio 2025: 31.9×

Cloudflare P/S Ratio 2024: 22.2×

Cloudflare P/S Ratio 2023: 21.6×

Cloudflare P/S Ratio 2022: 15.2×

Cloudflare P/S Ratio 2021: 64.2×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Cloudflare (NET) Key Financials

P/S Ratio daily chart for Cloudflare (NET)

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

About P/S Ratio at Cloudflare (NET)

Cloudflare P/S Ratio by Year

Cloudflare P/S Ratio 2025: 31.9×

Cloudflare P/S Ratio 2024: 22.2×

Cloudflare P/S Ratio 2023: 21.6×

Cloudflare P/S Ratio 2022: 15.2×

Cloudflare P/S Ratio 2021: 64.2×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

+What is Cloudflare's P/S ratio?

+How is the P/S ratio calculated?

+What is the P/S ratio?

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

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

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

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

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

Cloudflare (NET) Key Financials