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Side-by-side financial comparison of Cloudflare, Inc. (NET) and New Fortress Energy Inc. (NFE). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $326.2M, roughly 1.9× New Fortress Energy Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -259.7%, a 257.7% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -7.0%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $-134.8M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -26.8%).
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.
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
NET vs NFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $326.2M |
| Net Profit | $-12.1M | $-847.1M |
| Gross Margin | 73.6% | 35.5% |
| Operating Margin | -8.0% | -193.0% |
| Net Margin | -2.0% | -259.7% |
| Revenue YoY | 33.6% | -7.0% |
| Net Profit YoY | 6.0% | -277.4% |
| EPS (diluted) | $-0.03 | $-3.03 |
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 | $326.2M | ||
| Q3 25 | $562.0M | $240.3M | ||
| Q2 25 | $512.3M | $228.1M | ||
| Q1 25 | $479.1M | $384.9M | ||
| Q4 24 | $459.9M | $350.7M | ||
| Q3 24 | $430.1M | $446.0M | ||
| Q2 24 | $401.0M | $291.2M | ||
| Q1 24 | $378.6M | $609.5M |
| Q4 25 | $-12.1M | $-847.1M | ||
| Q3 25 | $-1.3M | $-263.0M | ||
| Q2 25 | $-50.4M | $-546.5M | ||
| Q1 25 | $-38.5M | $-175.4M | ||
| Q4 24 | $-12.8M | $-224.4M | ||
| Q3 24 | $-15.3M | $9.3M | ||
| Q2 24 | $-15.1M | $-88.9M | ||
| Q1 24 | $-35.5M | $54.1M |
| Q4 25 | 73.6% | 35.5% | ||
| Q3 25 | 74.0% | 18.1% | ||
| Q2 25 | 74.9% | 8.4% | ||
| Q1 25 | 75.9% | 21.4% | ||
| Q4 24 | 76.4% | 17.6% | ||
| Q3 24 | 77.7% | 27.1% | ||
| Q2 24 | 77.8% | 23.8% | ||
| Q1 24 | 77.5% | 62.4% |
| Q4 25 | -8.0% | -193.0% | ||
| Q3 25 | -6.7% | -37.4% | ||
| Q2 25 | -13.1% | -170.3% | ||
| Q1 25 | -11.1% | -3.3% | ||
| Q4 24 | -7.5% | 65.0% | ||
| Q3 24 | -7.2% | 17.8% | ||
| Q2 24 | -8.7% | 12.3% | ||
| Q1 24 | -14.4% | 30.4% |
| Q4 25 | -2.0% | -259.7% | ||
| Q3 25 | -0.2% | -109.4% | ||
| Q2 25 | -9.8% | -239.6% | ||
| Q1 25 | -8.0% | -45.6% | ||
| Q4 24 | -2.8% | -64.0% | ||
| Q3 24 | -3.6% | 2.1% | ||
| Q2 24 | -3.8% | -30.5% | ||
| Q1 24 | -9.4% | 8.9% |
| Q4 25 | $-0.03 | $-3.03 | ||
| Q3 25 | $0.00 | $-0.96 | ||
| Q2 25 | $-0.15 | $-1.99 | ||
| Q1 25 | $-0.11 | $-0.65 | ||
| Q4 24 | $-0.05 | $-1.10 | ||
| Q3 24 | $-0.04 | $0.03 | ||
| Q2 24 | $-0.04 | $-0.42 | ||
| Q1 24 | $-0.10 | $0.23 |
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 | $226.5M |
| Total DebtLower is stronger | — | $8.2B |
| Stockholders' EquityBook value | $1.5B | $182.6M |
| Total Assets | $6.0B | $10.6B |
| Debt / EquityLower = less leverage | — | 44.78× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $226.5M | ||
| Q3 25 | $1.1B | $145.2M | ||
| Q2 25 | $1.5B | $551.1M | ||
| Q1 25 | $204.5M | $447.9M | ||
| Q4 24 | $147.7M | $492.9M | ||
| Q3 24 | $182.9M | $90.8M | ||
| Q2 24 | $157.0M | $133.0M | ||
| Q1 24 | $254.4M | $143.5M |
| Q4 25 | — | $8.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $182.6M | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.0B | $1.9B | ||
| Q3 24 | $973.1M | $1.6B | ||
| Q2 24 | $881.5M | $1.6B | ||
| Q1 24 | $797.2M | $1.7B |
| Q4 25 | $6.0B | $10.6B | ||
| Q3 25 | $5.8B | $12.0B | ||
| Q2 25 | $5.6B | $12.0B | ||
| Q1 25 | $3.7B | $13.1B | ||
| Q4 24 | $3.3B | $12.9B | ||
| Q3 24 | $3.1B | $12.0B | ||
| Q2 24 | $2.9B | $11.4B | ||
| Q1 24 | $2.8B | $10.9B |
| Q4 25 | — | 44.78× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.74× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $190.4M | $-76.2M |
| Free Cash FlowOCF − Capex | $105.2M | $-134.8M |
| FCF MarginFCF / Revenue | 17.1% | -41.3% |
| Capex IntensityCapex / Revenue | 13.9% | 18.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $-76.2M | ||
| Q3 25 | $167.1M | $-171.0M | ||
| Q2 25 | $99.8M | $-329.0M | ||
| Q1 25 | $145.8M | $-7.2M | ||
| Q4 24 | $127.3M | $445.3M | ||
| Q3 24 | $104.7M | $-20.0M | ||
| Q2 24 | $74.8M | $113.9M | ||
| Q1 24 | $73.6M | $63.0M |
| Q4 25 | $105.2M | $-134.8M | ||
| Q3 25 | $82.5M | $-231.6M | ||
| Q2 25 | $39.9M | $-726.7M | ||
| Q1 25 | $59.9M | $-262.3M | ||
| Q4 24 | $54.2M | $-210.3M | ||
| Q3 24 | $54.5M | $-367.0M | ||
| Q2 24 | $45.2M | $-493.2M | ||
| Q1 24 | $41.5M | $-457.9M |
| Q4 25 | 17.1% | -41.3% | ||
| Q3 25 | 14.7% | -96.4% | ||
| Q2 25 | 7.8% | -318.6% | ||
| Q1 25 | 12.5% | -68.2% | ||
| Q4 24 | 11.8% | -60.0% | ||
| Q3 24 | 12.7% | -82.3% | ||
| Q2 24 | 11.3% | -169.3% | ||
| Q1 24 | 11.0% | -75.1% |
| Q4 25 | 13.9% | 18.0% | ||
| Q3 25 | 15.1% | 25.2% | ||
| Q2 25 | 11.7% | 174.4% | ||
| Q1 25 | 17.9% | 66.3% | ||
| Q4 24 | 15.9% | 187.0% | ||
| Q3 24 | 11.7% | 77.8% | ||
| Q2 24 | 7.4% | 208.4% | ||
| Q1 24 | 8.5% | 85.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2.15× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
NFE
Segment breakdown not available.
