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Side-by-side financial comparison of BELDEN INC. (BDC) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
BELDEN INC. is the larger business by last-quarter revenue ($720.1M vs $614.5M, roughly 1.2× Cloudflare, Inc.). BELDEN INC. runs the higher net margin — 9.4% vs -2.0%, a 11.4% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 8.1%). BELDEN INC. produced more free cash flow last quarter ($121.3M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 9.2%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
BDC vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $720.1M | $614.5M |
| Net Profit | $67.9M | $-12.1M |
| Gross Margin | 36.6% | 73.6% |
| Operating Margin | 12.2% | -8.0% |
| Net Margin | 9.4% | -2.0% |
| Revenue YoY | 8.1% | 33.6% |
| Net Profit YoY | 16.3% | 6.0% |
| EPS (diluted) | $1.70 | $-0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $720.1M | — | ||
| Q4 25 | $720.1M | $614.5M | ||
| Q3 25 | $698.2M | $562.0M | ||
| Q2 25 | $672.0M | $512.3M | ||
| Q1 25 | $624.9M | $479.1M | ||
| Q4 24 | $666.0M | $459.9M | ||
| Q3 24 | $654.9M | $430.1M | ||
| Q2 24 | $604.3M | $401.0M |
| Q1 26 | $67.9M | — | ||
| Q4 25 | $67.9M | $-12.1M | ||
| Q3 25 | $56.7M | $-1.3M | ||
| Q2 25 | $61.0M | $-50.4M | ||
| Q1 25 | $51.9M | $-38.5M | ||
| Q4 24 | $58.4M | $-12.8M | ||
| Q3 24 | $53.7M | $-15.3M | ||
| Q2 24 | $49.0M | $-15.1M |
| Q1 26 | 36.6% | — | ||
| Q4 25 | 36.6% | 73.6% | ||
| Q3 25 | 37.7% | 74.0% | ||
| Q2 25 | 38.5% | 74.9% | ||
| Q1 25 | 39.3% | 75.9% | ||
| Q4 24 | 37.5% | 76.4% | ||
| Q3 24 | 37.3% | 77.7% | ||
| Q2 24 | 37.5% | 77.8% |
| Q1 26 | 12.2% | — | ||
| Q4 25 | 12.2% | -8.0% | ||
| Q3 25 | 10.9% | -6.7% | ||
| Q2 25 | 11.8% | -13.1% | ||
| Q1 25 | 11.6% | -11.1% | ||
| Q4 24 | 10.4% | -7.5% | ||
| Q3 24 | 11.5% | -7.2% | ||
| Q2 24 | 11.4% | -8.7% |
| Q1 26 | 9.4% | — | ||
| Q4 25 | 9.4% | -2.0% | ||
| Q3 25 | 8.1% | -0.2% | ||
| Q2 25 | 9.1% | -9.8% | ||
| Q1 25 | 8.3% | -8.0% | ||
| Q4 24 | 8.8% | -2.8% | ||
| Q3 24 | 8.2% | -3.6% | ||
| Q2 24 | 8.1% | -3.8% |
| Q1 26 | $1.70 | — | ||
| Q4 25 | $1.70 | $-0.03 | ||
| Q3 25 | $1.41 | $0.00 | ||
| Q2 25 | $1.53 | $-0.15 | ||
| Q1 25 | $1.27 | $-0.11 | ||
| Q4 24 | $1.41 | $-0.05 | ||
| Q3 24 | $1.30 | $-0.04 | ||
| Q2 24 | $1.19 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $389.9M | $943.5M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $1.3B | $1.5B |
| Total Assets | — | $6.0B |
| Debt / EquityLower = less leverage | 1.02× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $389.9M | — | ||
| Q4 25 | $389.9M | $943.5M | ||
| Q3 25 | $314.3M | $1.1B | ||
| Q2 25 | $301.5M | $1.5B | ||
| Q1 25 | $259.0M | $204.5M | ||
| Q4 24 | $370.3M | $147.7M | ||
| Q3 24 | $323.0M | $182.9M | ||
| Q2 24 | $564.8M | $157.0M |
| Q1 26 | $1.3B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.2B | $973.1M | ||
| Q2 24 | $1.2B | $881.5M |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $6.0B | ||
| Q3 25 | $3.4B | $5.8B | ||
| Q2 25 | $3.4B | $5.6B | ||
| Q1 25 | $3.3B | $3.7B | ||
| Q4 24 | $3.3B | $3.3B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.5B | $2.9B |
| Q1 26 | 1.02× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $354.9M | $190.4M |
| Free Cash FlowOCF − Capex | $121.3M | $105.2M |
| FCF MarginFCF / Revenue | 16.8% | 17.1% |
| Capex IntensityCapex / Revenue | 18.9% | 13.9% |
| Cash ConversionOCF / Net Profit | 5.23× | — |
| TTM Free Cash FlowTrailing 4 quarters | $364.7M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $354.9M | — | ||
| Q4 25 | $160.4M | $190.4M | ||
| Q3 25 | $105.0M | $167.1M | ||
| Q2 25 | $82.0M | $99.8M | ||
| Q1 25 | $7.4M | $145.8M | ||
| Q4 24 | $174.7M | $127.3M | ||
| Q3 24 | $91.7M | $104.7M | ||
| Q2 24 | $83.0M | $74.8M |
| Q1 26 | $121.3M | — | ||
| Q4 25 | $121.3M | $105.2M | ||
| Q3 25 | $65.3M | $82.5M | ||
| Q2 25 | $56.9M | $39.9M | ||
| Q1 25 | $-24.8M | $59.9M | ||
| Q4 24 | $116.4M | $54.2M | ||
| Q3 24 | $67.2M | $54.5M | ||
| Q2 24 | $61.0M | $45.2M |
| Q1 26 | 16.8% | — | ||
| Q4 25 | 16.8% | 17.1% | ||
| Q3 25 | 9.4% | 14.7% | ||
| Q2 25 | 8.5% | 7.8% | ||
| Q1 25 | -4.0% | 12.5% | ||
| Q4 24 | 17.5% | 11.8% | ||
| Q3 24 | 10.3% | 12.7% | ||
| Q2 24 | 10.1% | 11.3% |
| Q1 26 | 18.9% | — | ||
| Q4 25 | 5.4% | 13.9% | ||
| Q3 25 | 5.7% | 15.1% | ||
| Q2 25 | 3.7% | 11.7% | ||
| Q1 25 | 5.2% | 17.9% | ||
| Q4 24 | 8.8% | 15.9% | ||
| Q3 24 | 3.7% | 11.7% | ||
| Q2 24 | 3.6% | 7.4% |
| Q1 26 | 5.23× | — | ||
| Q4 25 | 2.36× | — | ||
| Q3 25 | 1.85× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.99× | — | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
Segment breakdown not available.
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
