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Cloudflare, Inc. (NET) 财务分析 | 估值·财报 | 100Baggers.club

Cloudflare, Inc.

NET

CloudFlare, Inc. operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices. Its security products comprise cloud firewall, bot management, distributed denial of service, IoT, SSL/TLS, secure origin connection, and rate limiting products. The company also offers performance solutions, which include content delivery and intelligent routing, as well as content, mobile, and image optimization solutions. In addition, it provides reliability solutions comprising load balancing, anycast network, virtual backbone, DNS, DNS resolver, online, and virtual waiting room solutions. Further, the company offers Cloudflare internal infrastructure solutions, including on-ramps, which connect users, devices, or locations to its network; and filters, which are the products that protect, inspect, and privilege data. Additionally, it provides developer-based solutions, such as serverless computing/programmable network, website development, domain registration, Cloudflare apps, analytics, and data localization management; Consumer DNS Resolver, a consumer app to browse the Internet; and Consumer VPN for consumers to secure and accelerate traffic on mobile devices. The company serves customers in the technology, healthcare, financial services, consumer and retail, and non-profit industries, as well as government. CloudFlare, Inc. was incorporated in 2009 and is headquartered in San Francisco, California.

深度研究阅读完整报告

Cloudflare(NET)股票深度分析 — 从CDN到安全平台的三级火箭

市场仍将其视为低毛利的CDN管道商，但其超75%的毛利率已揭示真相——这早已是一家基于全球边缘网络构建的零信任安全平台，CDN只是其获取用户的入口。

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

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P

盈利能力指标

Gross Profit Margini毛利率

71.21%

毛利润 = $0.46B

营业收入 = $0.64B

Operating Profit Margini营业利润率

-9.62%

营业利润 = $-0.06B

营业收入 = $0.64B

EBITDA MarginiEBITDA利润率

4.26%

EBITDA = $0.03B

营业收入 = $0.64B

EBIT MarginiEBIT利润率

-9.62%

EBIT = $-0.02B

营业收入 = $0.64B

Net Profit Margini净利率

-3.58%

净利润 = $-0.02B

营业收入 = $0.64B

Pretax Profit Margini税前利润率

-3.35%

税前利润 = $-0.02B

营业收入 = $0.64B

E

运营效率指标

Interest Coveragei利息保障倍数

-11.15x

EBIT (TTM) = $-0.11B

利息费用 (TTM) = $0.01B

-12.4x

-17.4x

-11.7x

-9.6x

-11.2x

SG&A / Revenuei销管费率

57.31%

销售及管理费用 = $0.37B

营业收入 = $0.64B

R&D / Revenuei研发占比

23.60%

研发费用 = $0.15B

营业收入 = $0.64B

R

回报率指标 (TTM)

ROAi总资产回报率

-1.75%

净利润 = $-0.09B

平均总资产 = $4.94B

ROEi净资产收益率

-5.88%

净利润 = $-0.09B

平均股东权益 = $1.48B

ROICi投入资本回报率

-17.64%

NOPAT (TTM) = $-0.16B

平均投入资本 = $0.93B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

33.54%

当期营收 = $0.64B

去年同期营收 = $0.48B

+26.5%

+27.8%

+30.7%

+33.6%

+33.5%

Operating Cash Flow/Sharei每股经营现金流

$1.99

经营现金流 = $0.70B

流通股数 = 0.35B

$1.31

$1.37

$1.58

$1.90

$1.99

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+33.5%	$0.64B	↑
毛利	+25.3%	$0.46B, 71.21%	↑
营业利润	-15.9%	$-0.06B, -9.62%	↓
EBITDA	-3.2%	$0.03B, 4.26%	↓
税前利润	+41.8%	$-0.02B, -3.35%	↑
净利润	+40.4%	$-0.02B, -3.58%	↑
稀释每股收益	+36.4%	-0.07	↑

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L

流动性指标

Current Ratioi流动比率

1.96

正常

流动资产 = $4.72B

流动负债 = $2.41B

Quick Ratioi速动比率

1.96

健康

速动资产 = $4.72B

流动负债 = $2.41B

Cash Ratioi现金比率

1.73

健康

现金及等价物 = $4.17B

流动负债 = $2.41B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

2.31

关注

总债务 = $3.52B

总权益 = $1.53B

Liabilities to Assetsi资产负债率 (总负债)

75.2%

关注

总负债 = $4.64B

总资产 = $6.16B

Equity Multiplieri权益乘数

4.04

关注

总资产 = $6.16B

总权益 = $1.53B

E

效率指标

Asset Turnoveri总资产周转率

0.47

关注

营收 (TTM) = $2.33B

平均总资产 = $4.94B

Inventory Turnoveri存货周转率

N/A

正常

营业成本 (TTM) = $0.62B

平均存货 = $0.00B

Receivables Turnoveri应收账款周转率

5.75

正常

营收 (TTM) = $2.33B

平均应收账款 = $0.40B

S

偿债能力

Interest Coveragei利息保障倍数

-11.15

关注

EBIT (TTM) = $-0.11B

利息费用 (TTM) = $0.01B

Net Debt to EBITDAi净债务/EBITDA

9.21

关注

净债务 = $2.58B

EBITDA (TTM) = $0.28B

Debt Service Coveragei偿债覆盖率

0.51

关注

经营现金流 (TTM) = $0.70B

债务偿付 = $1.37B

V

价值指标

Goodwill %i商誉占比

3.8%

健康

商誉 = $0.23B

总资产 = $6.16B

Working Capital Ratioi营运资本比率

0.37

健康

营运资本 = $2.30B

总资产 = $6.16B

现金流瀑布图

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流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$0.70B

自由现金流 TTMi

$0.38B

FCF = OCF - CapEx

经营现金流 (TTM) = $0.70B

资本支出 (TTM) = $-0.32B

自由现金流收益率i

0.55%

关注

FCF (TTM) = $0.38B

市值 = $69.16B

经营现金流/销售比i

30.16%

健康

经营现金流 (TTM) = $0.70B

营业收入 (TTM) = $2.33B

Q

质量与覆盖指标

收益质量i

-8.10x

关注

经营现金流 (TTM) = $0.70B

净利润 (TTM) = $-0.09B

现金流/债务比i

0.20x

关注

经营现金流 (TTM) = $0.70B

总负债 = $3.52B

短期覆盖率i

0.29x

关注

经营现金流 (TTM) = $0.70B

流动负债 = $2.41B

资本支出覆盖率i

2.17x

正常

经营现金流 (TTM) = $0.70B

资本支出 (TTM) = $0.32B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

53.89%

关注

自由现金流 (TTM) = $0.38B

经营现金流 (TTM) = $0.70B

资本支出/营收比i

13.91%

关注

资本支出 (TTM) = $0.32B

营业收入 (TTM) = $2.33B

净债务/EBITDAi

9.21

关注

净债务 = $2.58B

EBITDA (TTM) = $0.28B

G

增长指标

经营现金流增长率i

24.39%

健康

当期OCF (TTM) = $0.18B

上期OCF = $0.15B

股东盈余i

$-0.05B

关注

净利润 (TTM) = $-0.09B

+ 折旧摊销 (TTM) = $0.36B

- 资本支出 (TTM) = $-0.32B