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Side-by-side financial comparison of National Vision Holdings, Inc. (EYE) 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 $487.3M, roughly 1.3× National Vision Holdings, Inc.). National Vision Holdings, Inc. runs the higher net margin — 0.7% vs -2.0%, a 2.7% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 7.9%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $30.3M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 7.6%).
Vision Research is an international company that manufactures high-speed digital cameras based in Wayne, New Jersey. Their cameras are marketed under the Phantom brand, and are used in a broad variety of industries including: defense, industrial product development, manufacturing, automotive, scientific research, and entertainment. Vision Research is a business unit of the Materials Analysis Division of Ametek Inc., a global manufacturer of electronic instruments and electromechanical devices.
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.
EYE vs NET — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $487.3M | $614.5M |
| Net Profit | $3.4M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 2.0% | -8.0% |
| Net Margin | 0.7% | -2.0% |
| Revenue YoY | 7.9% | 33.6% |
| Net Profit YoY | 139.8% | 6.0% |
| EPS (diluted) | $0.04 | $-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 | — | $614.5M | ||
| Q3 25 | $487.3M | $562.0M | ||
| Q2 25 | $486.4M | $512.3M | ||
| Q1 25 | $510.3M | $479.1M | ||
| Q4 24 | $437.3M | $459.9M | ||
| Q3 24 | $451.5M | $430.1M | ||
| Q2 24 | $451.7M | $401.0M | ||
| Q1 24 | $482.8M | $378.6M |
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $3.4M | $-1.3M | ||
| Q2 25 | $8.7M | $-50.4M | ||
| Q1 25 | $14.2M | $-38.5M | ||
| Q4 24 | $-28.6M | $-12.8M | ||
| Q3 24 | $-8.5M | $-15.3M | ||
| Q2 24 | $-3.1M | $-15.1M | ||
| Q1 24 | $11.7M | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
| Q4 25 | — | -8.0% | ||
| Q3 25 | 2.0% | -6.7% | ||
| Q2 25 | 3.4% | -13.1% | ||
| Q1 25 | 5.1% | -11.1% | ||
| Q4 24 | -5.8% | -7.5% | ||
| Q3 24 | -2.0% | -7.2% | ||
| Q2 24 | 0.1% | -8.7% | ||
| Q1 24 | 4.9% | -14.4% |
| Q4 25 | — | -2.0% | ||
| Q3 25 | 0.7% | -0.2% | ||
| Q2 25 | 1.8% | -9.8% | ||
| Q1 25 | 2.8% | -8.0% | ||
| Q4 24 | -6.5% | -2.8% | ||
| Q3 24 | -1.9% | -3.6% | ||
| Q2 24 | -0.7% | -3.8% | ||
| Q1 24 | 2.4% | -9.4% |
| Q4 25 | — | $-0.03 | ||
| Q3 25 | $0.04 | $0.00 | ||
| Q2 25 | $0.11 | $-0.15 | ||
| Q1 25 | $0.18 | $-0.11 | ||
| Q4 24 | $-0.36 | $-0.05 | ||
| Q3 24 | $-0.11 | $-0.04 | ||
| Q2 24 | $-0.04 | $-0.04 | ||
| Q1 24 | $0.15 | $-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 | $56.0M | $943.5M |
| Total DebtLower is stronger | $236.5M | — |
| Stockholders' EquityBook value | $858.8M | $1.5B |
| Total Assets | $2.0B | $6.0B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $943.5M | ||
| Q3 25 | $56.0M | $1.1B | ||
| Q2 25 | $48.5M | $1.5B | ||
| Q1 25 | $80.0M | $204.5M | ||
| Q4 24 | $73.9M | $147.7M | ||
| Q3 24 | $81.2M | $182.9M | ||
| Q2 24 | $179.5M | $157.0M | ||
| Q1 24 | $150.1M | $254.4M |
| Q4 25 | — | — | ||
| Q3 25 | $236.5M | — | ||
| Q2 25 | $255.6M | — | ||
| Q1 25 | $244.7M | — | ||
| Q4 24 | $248.6M | — | ||
| Q3 24 | $252.8M | — | ||
| Q2 24 | $143.9M | — | ||
| Q1 24 | $448.6M | — |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $858.8M | $1.3B | ||
| Q2 25 | $850.6M | $1.2B | ||
| Q1 25 | $836.2M | $1.4B | ||
| Q4 24 | $816.3M | $1.0B | ||
| Q3 24 | $840.0M | $973.1M | ||
| Q2 24 | $843.4M | $881.5M | ||
| Q1 24 | $841.3M | $797.2M |
| Q4 25 | — | $6.0B | ||
| Q3 25 | $2.0B | $5.8B | ||
| Q2 25 | $2.0B | $5.6B | ||
| Q1 25 | $2.0B | $3.7B | ||
| Q4 24 | $2.0B | $3.3B | ||
| Q3 24 | $2.0B | $3.1B | ||
| Q2 24 | $2.1B | $2.9B | ||
| Q1 24 | $2.2B | $2.8B |
| Q4 25 | — | — | ||
| Q3 25 | 0.28× | — | ||
| Q2 25 | 0.30× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.17× | — | ||
| Q1 24 | 0.53× | — |
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 | $46.6M | $190.4M |
| Free Cash FlowOCF − Capex | $30.3M | $105.2M |
| FCF MarginFCF / Revenue | 6.2% | 17.1% |
| Capex IntensityCapex / Revenue | 3.4% | 13.9% |
| Cash ConversionOCF / Net Profit | 13.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | $83.0M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $190.4M | ||
| Q3 25 | $46.6M | $167.1M | ||
| Q2 25 | $54.3M | $99.8M | ||
| Q1 25 | $32.2M | $145.8M | ||
| Q4 24 | $30.3M | $127.3M | ||
| Q3 24 | $27.9M | $104.7M | ||
| Q2 24 | $51.5M | $74.8M | ||
| Q1 24 | $24.0M | $73.6M |
| Q4 25 | — | $105.2M | ||
| Q3 25 | $30.3M | $82.5M | ||
| Q2 25 | $42.4M | $39.9M | ||
| Q1 25 | $12.0M | $59.9M | ||
| Q4 24 | $-1.7M | $54.2M | ||
| Q3 24 | $4.1M | $54.5M | ||
| Q2 24 | $31.9M | $45.2M | ||
| Q1 24 | $4.0M | $41.5M |
| Q4 25 | — | 17.1% | ||
| Q3 25 | 6.2% | 14.7% | ||
| Q2 25 | 8.7% | 7.8% | ||
| Q1 25 | 2.4% | 12.5% | ||
| Q4 24 | -0.4% | 11.8% | ||
| Q3 24 | 0.9% | 12.7% | ||
| Q2 24 | 7.1% | 11.3% | ||
| Q1 24 | 0.8% | 11.0% |
| Q4 25 | — | 13.9% | ||
| Q3 25 | 3.4% | 15.1% | ||
| Q2 25 | 2.4% | 11.7% | ||
| Q1 25 | 4.0% | 17.9% | ||
| Q4 24 | 7.3% | 15.9% | ||
| Q3 24 | 5.3% | 11.7% | ||
| Q2 24 | 4.3% | 7.4% | ||
| Q1 24 | 4.1% | 8.5% |
| Q4 25 | — | — | ||
| Q3 25 | 13.83× | — | ||
| Q2 25 | 6.22× | — | ||
| Q1 25 | 2.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 2.05× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EYE
Segment breakdown not available.
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
