Cloudflare

NET

Software - Infrastructure · Technology

Price

$293.06

+14.15 (+5.07%)

Market Cap

$104.02B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+11.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 312.3M (2021) → 348.4M (2025)

Winston Score History

The full picture

Cloudflare is a technology company that helps make websites and apps faster, safer, and more reliable. It does this by running a giant network of servers spread across the globe that sits between a website and its visitors, blocking attacks and speeding up traffic. Its customers range from small businesses to large enterprises, and it is one of the largest content delivery and cybersecurity networks in the world.

Cloudflare makes money by charging businesses a monthly or annual subscription fee to use its network and security tools, with a free tier that helps attract new customers who later upgrade to paid plans. It operates in over 100 countries and serves millions of websites, giving it a large and growing network that becomes more valuable as more traffic flows through it. The company is not yet consistently profitable, and its main challenge is converting its massive user base into enough paying customers to cover its heavy infrastructure and sales costs.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+35.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-230.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$512M/ year

↑ Rising (+22% vs prior year)

23.6% of revenue

1.6x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

10.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$4.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Cloudflare grew revenue 36% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

71.8%

Premium pricing power — 71.8% gross margin

Profit after running costs

Operating Margin

-29.6%

Losing money on operations — -29.6%

Return on the money invested

ROCE

-7.2%

Weak — -7.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+33.5%

Fast-growing sales (+33.5% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

18.4%

Converts sales into free cash efficiently (18.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

2.02

Heavy debt load (2.02)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/A

—

Data not available

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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