Cloudflare, Inc.
$101.26B- Market cap
- $98.59B
- Debt
- +$3.61B
- Cash
- −$943.54M
Capital structure 96% equity / 4% debt · EV / Revenue 46.71x · EV / EBITDA 1045.05x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: NET stock price at premium vs FCPT $278.92 current versus $57.88 implied using P/S multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at FCPT's multiple
Implied fair value · at NET's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth edge
Pricing power
Operating leverage
Multiple premium
Not comparable
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: NET FY 2025 (ended Dec 31, 2025) · FCPT FY 2025 (ended Dec 31, 2025).
Trendline
Five fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 96% equity / 4% debt · EV / Revenue 46.71x · EV / EBITDA 1045.05x
Capital structure 69% equity / 31% debt · EV / Revenue 13.36x · EV / EBITDA 17.41x
NET carries the larger enterprise value at $101.26B against $3.93B; FCPT trades on the lower EV / Revenue multiple (13.36x vs 46.71x); FCPT on the lower EV / EBITDA (17.41x vs 1045.05x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
Cloudflare, Inc. · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Four Corners Property Trust, Inc. · implied price per share
Five annual free-cash-flow observations are required for the filing-backed baseline.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
2.47x
0.74x
Net debt / EBITDA
Leverage against operating earnings
27.50x
5.28x
Cash and equivalents
Liquid reserves on the balance sheet
$943.54M
$12.14M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
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