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Side-by-side financial comparison of Compass Diversified Holdings (CODI) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $468.6M, roughly 1.3× Compass Diversified Holdings). Cloudflare, Inc. runs the higher net margin — -2.0% vs -16.8%, a 14.9% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -5.1%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $36.9M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 6.8%).
Compass Diversified Holdings is a publicly traded holding firm that acquires and operates a diverse portfolio of middle-market businesses across sectors including consumer goods, industrial manufacturing, outdoor recreation, and food & beverage. It partners with portfolio company leadership teams to drive long-term operational growth and value creation, primarily serving North American 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.
CODI vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $468.6M | $614.5M |
| Net Profit | $-78.8M | $-12.1M |
| Gross Margin | 43.1% | 73.6% |
| Operating Margin | 9.8% | -8.0% |
| Net Margin | -16.8% | -2.0% |
| Revenue YoY | -5.1% | 33.6% |
| Net Profit YoY | -14.4% | 6.0% |
| EPS (diluted) | $-0.91 | $-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.
| Q4 25 | $468.6M | $614.5M | ||
| Q3 25 | $472.6M | $562.0M | ||
| Q2 25 | $478.7M | $512.3M | ||
| Q1 25 | $453.8M | $479.1M | ||
| Q4 24 | $493.9M | $459.9M | ||
| Q3 24 | $456.6M | $430.1M | ||
| Q2 24 | $426.7M | $401.0M | ||
| Q1 24 | $410.8M | $378.6M |
| Q4 25 | $-78.8M | $-12.1M | ||
| Q3 25 | $-74.0M | $-1.3M | ||
| Q2 25 | $-51.2M | $-50.4M | ||
| Q1 25 | $-30.0M | $-38.5M | ||
| Q4 24 | $-68.9M | $-12.8M | ||
| Q3 24 | $-36.0M | $-15.3M | ||
| Q2 24 | $-73.1M | $-15.1M | ||
| Q1 24 | $-56.2M | $-35.5M |
| Q4 25 | 43.1% | 73.6% | ||
| Q3 25 | 44.0% | 74.0% | ||
| Q2 25 | 43.6% | 74.9% | ||
| Q1 25 | 43.2% | 75.9% | ||
| Q4 24 | 38.6% | 76.4% | ||
| Q3 24 | 43.1% | 77.7% | ||
| Q2 24 | 44.1% | 77.8% | ||
| Q1 24 | 42.6% | 77.5% |
| Q4 25 | 9.8% | -8.0% | ||
| Q3 25 | -2.3% | -6.7% | ||
| Q2 25 | -5.7% | -13.1% | ||
| Q1 25 | 0.8% | -11.1% | ||
| Q4 24 | -3.8% | -7.5% | ||
| Q3 24 | 1.8% | -7.2% | ||
| Q2 24 | 1.8% | -8.7% | ||
| Q1 24 | -2.9% | -14.4% |
| Q4 25 | -16.8% | -2.0% | ||
| Q3 25 | -15.7% | -0.2% | ||
| Q2 25 | -10.7% | -9.8% | ||
| Q1 25 | -6.6% | -8.0% | ||
| Q4 24 | -13.9% | -2.8% | ||
| Q3 24 | -7.9% | -3.6% | ||
| Q2 24 | -17.1% | -3.8% | ||
| Q1 24 | -13.7% | -9.4% |
| Q4 25 | $-0.91 | $-0.03 | ||
| Q3 25 | $-1.21 | $0.00 | ||
| Q2 25 | $-0.88 | $-0.15 | ||
| Q1 25 | $-0.59 | $-0.11 | ||
| Q4 24 | $-0.57 | $-0.05 | ||
| Q3 24 | $-0.62 | $-0.04 | ||
| Q2 24 | $-1.12 | $-0.04 | ||
| Q1 24 | $-1.52 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $68.0M | $943.5M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $442.0M | $1.5B |
| Total Assets | $3.0B | $6.0B |
| Debt / EquityLower = less leverage | 4.25× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $68.0M | $943.5M | ||
| Q3 25 | $61.1M | $1.1B | ||
| Q2 25 | $73.8M | $1.5B | ||
| Q1 25 | $146.2M | $204.5M | ||
| Q4 24 | $59.7M | $147.7M | ||
| Q3 24 | $64.9M | $182.9M | ||
| Q2 24 | $61.5M | $157.0M | ||
| Q1 24 | $59.5M | $254.4M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $442.0M | $1.5B | ||
| Q3 25 | $519.2M | $1.3B | ||
| Q2 25 | $601.9M | $1.2B | ||
| Q1 25 | $680.7M | $1.4B | ||
| Q4 24 | $678.6M | $1.0B | ||
| Q3 24 | $672.2M | $973.1M | ||
| Q2 24 | $711.3M | $881.5M | ||
| Q1 24 | $799.7M | $797.2M |
| Q4 25 | $3.0B | $6.0B | ||
| Q3 25 | $3.2B | $5.8B | ||
| Q2 25 | $3.3B | $5.6B | ||
| Q1 25 | $3.4B | $3.7B | ||
| Q4 24 | $3.3B | $3.3B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.2B | $2.9B | ||
| Q1 24 | $3.3B | $2.8B |
| Q4 25 | 4.25× | — | ||
| Q3 25 | 3.62× | — | ||
| Q2 25 | 3.09× | — | ||
| Q1 25 | 2.73× | — | ||
| Q4 24 | 2.61× | — | ||
| Q3 24 | 2.64× | — | ||
| Q2 24 | 2.42× | — | ||
| Q1 24 | 2.15× | — |
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 | $47.0M | $190.4M |
| Free Cash FlowOCF − Capex | $36.9M | $105.2M |
| FCF MarginFCF / Revenue | 7.9% | 17.1% |
| Capex IntensityCapex / Revenue | 2.2% | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-51.1M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.0M | $190.4M | ||
| Q3 25 | $10.7M | $167.1M | ||
| Q2 25 | $-35.2M | $99.8M | ||
| Q1 25 | $-29.3M | $145.8M | ||
| Q4 24 | $-16.1M | $127.3M | ||
| Q3 24 | $-48.4M | $104.7M | ||
| Q2 24 | $-61.3M | $74.8M | ||
| Q1 24 | $-25.4M | $73.6M |
| Q4 25 | $36.9M | $105.2M | ||
| Q3 25 | $481.0K | $82.5M | ||
| Q2 25 | $-46.0M | $39.9M | ||
| Q1 25 | $-42.4M | $59.9M | ||
| Q4 24 | $-39.0M | $54.2M | ||
| Q3 24 | $-63.5M | $54.5M | ||
| Q2 24 | $-72.2M | $45.2M | ||
| Q1 24 | $-33.1M | $41.5M |
| Q4 25 | 7.9% | 17.1% | ||
| Q3 25 | 0.1% | 14.7% | ||
| Q2 25 | -9.6% | 7.8% | ||
| Q1 25 | -9.4% | 12.5% | ||
| Q4 24 | -7.9% | 11.8% | ||
| Q3 24 | -13.9% | 12.7% | ||
| Q2 24 | -16.9% | 11.3% | ||
| Q1 24 | -8.1% | 11.0% |
| Q4 25 | 2.2% | 13.9% | ||
| Q3 25 | 2.2% | 15.1% | ||
| Q2 25 | 2.3% | 11.7% | ||
| Q1 25 | 2.9% | 17.9% | ||
| Q4 24 | 4.6% | 15.9% | ||
| Q3 24 | 3.3% | 11.7% | ||
| Q2 24 | 2.6% | 7.4% | ||
| Q1 24 | 1.9% | 8.5% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CODI
| Other | $119.5M | 26% |
| A5.11Tactical | $113.9M | 24% |
| Sterno Products | $85.9M | 18% |
| Altor | $60.8M | 13% |
| The Honey Pot | $36.0M | 8% |
| Arnold | $25.4M | 5% |
| Velocity Outdoor | $18.7M | 4% |
| Lugano | $8.3M | 2% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
