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Side-by-side financial comparison of FEDERATED HERMES, INC. (FHI) 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 $479.0M, roughly 1.3× FEDERATED HERMES, INC.). FEDERATED HERMES, INC. runs the higher net margin — 20.1% vs -2.0%, a 22.1% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -0.8%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 9.1%).
Federated Hermes is an investment manager headquartered in Pittsburgh, Pennsylvania, United States. Founded in 1955 and incorporated on October 18, 1957, the company manages $902.6 billion of customer assets, as of December 2025. The company offers investments spanning equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies, including mutual funds, exchange-traded funds (ETFs), separate accounts, closed-end funds and collective investment funds. Clie...
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.
FHI vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $479.0M | $614.5M |
| Net Profit | $96.4M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 26.4% | -8.0% |
| Net Margin | 20.1% | -2.0% |
| Revenue YoY | -0.8% | 33.6% |
| Net Profit YoY | — | 6.0% |
| EPS (diluted) | — | $-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 | $479.0M | — | ||
| Q4 25 | $482.8M | $614.5M | ||
| Q3 25 | $469.4M | $562.0M | ||
| Q2 25 | $424.8M | $512.3M | ||
| Q1 25 | $423.5M | $479.1M | ||
| Q4 24 | $424.7M | $459.9M | ||
| Q3 24 | $408.5M | $430.1M | ||
| Q2 24 | $402.6M | $401.0M |
| Q1 26 | $96.4M | — | ||
| Q4 25 | $107.0M | $-12.1M | ||
| Q3 25 | $104.1M | $-1.3M | ||
| Q2 25 | $91.0M | $-50.4M | ||
| Q1 25 | $101.1M | $-38.5M | ||
| Q4 24 | $84.7M | $-12.8M | ||
| Q3 24 | $87.5M | $-15.3M | ||
| Q2 24 | $21.0M | $-15.1M |
| Q1 26 | — | — | ||
| 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 26 | 26.4% | — | ||
| Q4 25 | 28.1% | -8.0% | ||
| Q3 25 | 27.6% | -6.7% | ||
| Q2 25 | 27.6% | -13.1% | ||
| Q1 25 | 31.1% | -11.1% | ||
| Q4 24 | 26.0% | -7.5% | ||
| Q3 24 | 27.4% | -7.2% | ||
| Q2 24 | 10.1% | -8.7% |
| Q1 26 | 20.1% | — | ||
| Q4 25 | 22.2% | -2.0% | ||
| Q3 25 | 22.2% | -0.2% | ||
| Q2 25 | 21.4% | -9.8% | ||
| Q1 25 | 23.9% | -8.0% | ||
| Q4 24 | 19.9% | -2.8% | ||
| Q3 24 | 21.4% | -3.6% | ||
| Q2 24 | 5.2% | -3.8% |
| Q1 26 | — | — | ||
| Q4 25 | $1.38 | $-0.03 | ||
| Q3 25 | $1.34 | $0.00 | ||
| Q2 25 | $1.16 | $-0.15 | ||
| Q1 25 | $1.25 | $-0.11 | ||
| Q4 24 | $1.08 | $-0.05 | ||
| Q3 24 | $1.06 | $-0.04 | ||
| Q2 24 | $0.20 | $-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 | — | $943.5M |
| Total DebtLower is stronger | $348.4M | — |
| Stockholders' EquityBook value | $100.8B | $1.5B |
| Total Assets | $2.1B | $6.0B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $582.5M | $943.5M | ||
| Q3 25 | $506.3M | $1.1B | ||
| Q2 25 | $371.0M | $1.5B | ||
| Q1 25 | $387.6M | $204.5M | ||
| Q4 24 | $504.4M | $147.7M | ||
| Q3 24 | $375.0M | $182.9M | ||
| Q2 24 | $307.4M | $157.0M |
| Q1 26 | $348.4M | — | ||
| Q4 25 | $348.4M | — | ||
| Q3 25 | $348.3M | — | ||
| Q2 25 | $348.2M | — | ||
| Q1 25 | $348.2M | — | ||
| Q4 24 | $348.1M | — | ||
| Q3 24 | $348.0M | — | ||
| Q2 24 | $348.0M | — |
| Q1 26 | $100.8B | — | ||
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $973.1M | ||
| Q2 24 | $1.0B | $881.5M |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $6.0B | ||
| Q3 25 | $2.2B | $5.8B | ||
| Q2 25 | $2.2B | $5.6B | ||
| Q1 25 | $2.0B | $3.7B | ||
| Q4 24 | $2.1B | $3.3B | ||
| Q3 24 | $2.0B | $3.1B | ||
| Q2 24 | $1.9B | $2.9B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.34× | — |
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 | — | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | — | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $297.3M | $190.4M | ||
| Q3 25 | $103.1M | $167.1M | ||
| Q2 25 | $18.8M | $99.8M | ||
| Q1 25 | $14.3M | $145.8M | ||
| Q4 24 | $346.6M | $127.3M | ||
| Q3 24 | $117.1M | $104.7M | ||
| Q2 24 | $88.7M | $74.8M |
| Q1 26 | — | — | ||
| Q4 25 | $294.6M | $105.2M | ||
| Q3 25 | $101.6M | $82.5M | ||
| Q2 25 | $18.0M | $39.9M | ||
| Q1 25 | $13.3M | $59.9M | ||
| Q4 24 | $342.5M | $54.2M | ||
| Q3 24 | $114.1M | $54.5M | ||
| Q2 24 | $82.7M | $45.2M |
| Q1 26 | — | — | ||
| Q4 25 | 61.0% | 17.1% | ||
| Q3 25 | 21.6% | 14.7% | ||
| Q2 25 | 4.2% | 7.8% | ||
| Q1 25 | 3.1% | 12.5% | ||
| Q4 24 | 80.7% | 11.8% | ||
| Q3 24 | 27.9% | 12.7% | ||
| Q2 24 | 20.5% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 13.9% | ||
| Q3 25 | 0.3% | 15.1% | ||
| Q2 25 | 0.2% | 11.7% | ||
| Q1 25 | 0.2% | 17.9% | ||
| Q4 24 | 0.9% | 15.9% | ||
| Q3 24 | 0.7% | 11.7% | ||
| Q2 24 | 1.5% | 7.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.78× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 4.09× | — | ||
| Q3 24 | 1.34× | — | ||
| Q2 24 | 4.22× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHI
| Investment advisory fees, net | $319.4M | 67% |
| Administrative service fees, net-affiliates | $110.3M | 23% |
| Other | $49.3M | 10% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
