NETCloudflare, Inc.
Services-Prepackaged Software
- Revenue
- $2.2B
- 30% YoY
- Operating margin
- -9.6%
- 3.1% YoY
- EBITDA
- −$17M
- 35% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired21% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear6% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $656M | $975M | $1.3B | $1.7B | $2.2B | 30% |
| Operating income | −$128M | −$201M | −$185M | −$155M | −$207M | 34% |
| Net income | −$260M | −$193M | −$184M | −$79M | −$102M | 30% |
| Operating cash flow | $65M | $124M | $254M | $380M | $603M | 59% |
| Capex | $93M | $144M | $114M | $185M | $316M | 71% |
| Stock-based comp | $90M | $203M | $274M | $338M | $451M | 33% |
| Buybacks | $189K | $3K | $34K | $0 | $0 |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $101M · 89
- Net
- −$101M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $61M | $98M | 259 | 258 |
| FY2024 | $2M | $7M | 142 | 208 |
| FY2023 | $21M | $37M | 110 | 152 |
| FY2022 | $600K | −$124M | 59 | 97 |
| FY2021 | $400K | $134M | 173 | 135 |