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Side-by-side financial comparison of Hillman Solutions Corp. (HLMN) 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 $370.1M, roughly 1.7× Hillman Solutions Corp.). Hillman Solutions Corp. runs the higher net margin — -1.3% vs -2.0%, a 0.7% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 3.0%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $-34.3M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -1.2%).
Hillman Solutions is an American hardware manufacturing, distribution and consumer fabrication services company.
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.
HLMN vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $370.1M | $614.5M |
| Net Profit | $-4.7M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 1.9% | -8.0% |
| Net Margin | -1.3% | -2.0% |
| Revenue YoY | 3.0% | 33.6% |
| Net Profit YoY | — | 6.0% |
| EPS (diluted) | $-0.02 | $-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 | $370.1M | — | ||
| Q4 25 | $365.1M | $614.5M | ||
| Q3 25 | $424.9M | $562.0M | ||
| Q2 25 | $402.8M | $512.3M | ||
| Q1 25 | $359.3M | $479.1M | ||
| Q4 24 | $349.6M | $459.9M | ||
| Q3 24 | $393.3M | $430.1M | ||
| Q2 24 | $379.4M | $401.0M |
| Q1 26 | $-4.7M | — | ||
| Q4 25 | $1.6M | $-12.1M | ||
| Q3 25 | $23.2M | $-1.3M | ||
| Q2 25 | $15.8M | $-50.4M | ||
| Q1 25 | $-317.0K | $-38.5M | ||
| Q4 24 | $-1.2M | $-12.8M | ||
| Q3 24 | $7.4M | $-15.3M | ||
| Q2 24 | $12.5M | $-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 | 1.9% | — | ||
| Q4 25 | 4.6% | -8.0% | ||
| Q3 25 | 10.8% | -6.7% | ||
| Q2 25 | 9.0% | -13.1% | ||
| Q1 25 | 4.2% | -11.1% | ||
| Q4 24 | 4.0% | -7.5% | ||
| Q3 24 | 6.8% | -7.2% | ||
| Q2 24 | 8.3% | -8.7% |
| Q1 26 | -1.3% | — | ||
| Q4 25 | 0.4% | -2.0% | ||
| Q3 25 | 5.5% | -0.2% | ||
| Q2 25 | 3.9% | -9.8% | ||
| Q1 25 | -0.1% | -8.0% | ||
| Q4 24 | -0.3% | -2.8% | ||
| Q3 24 | 1.9% | -3.6% | ||
| Q2 24 | 3.3% | -3.8% |
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $0.00 | $-0.03 | ||
| Q3 25 | $0.12 | $0.00 | ||
| Q2 25 | $0.08 | $-0.15 | ||
| Q1 25 | $0.00 | $-0.11 | ||
| Q4 24 | $-0.00 | $-0.05 | ||
| Q3 24 | $0.04 | $-0.04 | ||
| Q2 24 | $0.06 | $-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 | $27.7M | $943.5M |
| Total DebtLower is stronger | $714.1M | — |
| Stockholders' EquityBook value | $1.2B | $1.5B |
| Total Assets | $2.4B | $6.0B |
| Debt / EquityLower = less leverage | 0.59× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $27.7M | — | ||
| Q4 25 | $27.3M | $943.5M | ||
| Q3 25 | $37.7M | $1.1B | ||
| Q2 25 | $34.2M | $1.5B | ||
| Q1 25 | $36.3M | $204.5M | ||
| Q4 24 | $44.5M | $147.7M | ||
| Q3 24 | $59.8M | $182.9M | ||
| Q2 24 | $54.0M | $157.0M |
| Q1 26 | $714.1M | — | ||
| Q4 25 | $668.3M | — | ||
| Q3 25 | $683.2M | — | ||
| Q2 25 | $683.1M | — | ||
| Q1 25 | $713.5M | — | ||
| Q4 24 | $691.7M | — | ||
| Q3 24 | $730.7M | — | ||
| Q2 24 | $732.1M | — |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $973.1M | ||
| Q2 24 | $1.2B | $881.5M |
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.4B | $6.0B | ||
| Q3 25 | $2.4B | $5.8B | ||
| Q2 25 | $2.4B | $5.6B | ||
| Q1 25 | $2.3B | $3.7B | ||
| Q4 24 | $2.3B | $3.3B | ||
| Q3 24 | $2.4B | $3.1B | ||
| Q2 24 | $2.4B | $2.9B |
| Q1 26 | 0.59× | — | ||
| Q4 25 | 0.54× | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.62× | — |
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 | $-34.3M | $105.2M |
| FCF MarginFCF / Revenue | -9.3% | 17.1% |
| Capex IntensityCapex / Revenue | 4.0% | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $22.1M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $30.9M | $190.4M | ||
| Q3 25 | $26.2M | $167.1M | ||
| Q2 25 | $48.7M | $99.8M | ||
| Q1 25 | $-655.0K | $145.8M | ||
| Q4 24 | $43.1M | $127.3M | ||
| Q3 24 | $63.7M | $104.7M | ||
| Q2 24 | $64.8M | $74.8M |
| Q1 26 | $-34.3M | — | ||
| Q4 25 | $16.1M | $105.2M | ||
| Q3 25 | $9.1M | $82.5M | ||
| Q2 25 | $31.2M | $39.9M | ||
| Q1 25 | $-21.3M | $59.9M | ||
| Q4 24 | $22.1M | $54.2M | ||
| Q3 24 | $39.6M | $54.5M | ||
| Q2 24 | $42.5M | $45.2M |
| Q1 26 | -9.3% | — | ||
| Q4 25 | 4.4% | 17.1% | ||
| Q3 25 | 2.1% | 14.7% | ||
| Q2 25 | 7.7% | 7.8% | ||
| Q1 25 | -5.9% | 12.5% | ||
| Q4 24 | 6.3% | 11.8% | ||
| Q3 24 | 10.1% | 12.7% | ||
| Q2 24 | 11.2% | 11.3% |
| Q1 26 | 4.0% | — | ||
| Q4 25 | 4.0% | 13.9% | ||
| Q3 25 | 4.0% | 15.1% | ||
| Q2 25 | 4.3% | 11.7% | ||
| Q1 25 | 5.7% | 17.9% | ||
| Q4 24 | 6.0% | 15.9% | ||
| Q3 24 | 6.1% | 11.7% | ||
| Q2 24 | 5.9% | 7.4% |
| Q1 26 | — | — | ||
| Q4 25 | 19.33× | — | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 3.08× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 8.57× | — | ||
| Q2 24 | 5.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HLMN
Segment breakdown not available.
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
