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Side-by-side financial comparison of Cloudflare, Inc. (NET) and NEW JERSEY RESOURCES CORP (NJR). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $440.9M, roughly 1.4× NEW JERSEY RESOURCES CORP). NEW JERSEY RESOURCES CORP runs the higher net margin — 27.8% vs -2.0%, a 29.7% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 22.8%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 0.9%).
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 Jersey Resources is an energy services holding company based in Wall Township, New Jersey. It is a Fortune 1000 company, and a member of the Forbes Platinum 400. New Jersey Natural Gas is its principal subsidiary.
NET vs NJR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $440.9M |
| Net Profit | $-12.1M | $122.5M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 40.6% |
| Net Margin | -2.0% | 27.8% |
| Revenue YoY | 33.6% | 22.8% |
| Net Profit YoY | 6.0% | -6.7% |
| EPS (diluted) | $-0.03 | $1.21 |
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 | $440.9M | ||
| Q3 25 | $562.0M | $188.3M | ||
| Q2 25 | $512.3M | $234.8M | ||
| Q1 25 | $479.1M | $569.2M | ||
| Q4 24 | $459.9M | $359.0M | ||
| Q3 24 | $430.1M | $265.7M | ||
| Q2 24 | $401.0M | $209.9M | ||
| Q1 24 | $378.6M | $433.2M |
| Q4 25 | $-12.1M | $122.5M | ||
| Q3 25 | $-1.3M | $15.1M | ||
| Q2 25 | $-50.4M | $-15.1M | ||
| Q1 25 | $-38.5M | $204.3M | ||
| Q4 24 | $-12.8M | $131.3M | ||
| Q3 24 | $-15.3M | $91.1M | ||
| Q2 24 | $-15.1M | $-11.6M | ||
| Q1 24 | $-35.5M | $120.8M |
| 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% | 40.6% | ||
| Q3 25 | -6.7% | 21.5% | ||
| Q2 25 | -13.1% | -0.5% | ||
| Q1 25 | -11.1% | 49.2% | ||
| Q4 24 | -7.5% | 52.8% | ||
| Q3 24 | -7.2% | 55.0% | ||
| Q2 24 | -8.7% | 2.8% | ||
| Q1 24 | -14.4% | 39.3% |
| Q4 25 | -2.0% | 27.8% | ||
| Q3 25 | -0.2% | 8.0% | ||
| Q2 25 | -9.8% | -6.4% | ||
| Q1 25 | -8.0% | 35.9% | ||
| Q4 24 | -2.8% | 36.6% | ||
| Q3 24 | -3.6% | 34.3% | ||
| Q2 24 | -3.8% | -5.5% | ||
| Q1 24 | -9.4% | 27.9% |
| Q4 25 | $-0.03 | $1.21 | ||
| Q3 25 | $0.00 | $0.15 | ||
| Q2 25 | $-0.15 | $-0.15 | ||
| Q1 25 | $-0.11 | $2.02 | ||
| Q4 24 | $-0.05 | $1.31 | ||
| Q3 24 | $-0.04 | $0.91 | ||
| Q2 24 | $-0.04 | $-0.12 | ||
| Q1 24 | $-0.10 | $1.22 |
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 | $2.4M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $1.5B | $2.5B |
| Total Assets | $6.0B | $7.9B |
| Debt / EquityLower = less leverage | — | 1.32× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $2.4M | ||
| Q3 25 | $1.1B | $591.0K | ||
| Q2 25 | $1.5B | $931.0K | ||
| Q1 25 | $204.5M | $83.7M | ||
| Q4 24 | $147.7M | $1.9M | ||
| Q3 24 | $182.9M | $1.0M | ||
| Q2 24 | $157.0M | $22.4M | ||
| Q1 24 | $254.4M | $5.0M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $3.3B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | $1.5B | $2.5B | ||
| Q3 25 | $1.3B | $2.4B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.4B | $2.5B | ||
| Q4 24 | $1.0B | $2.3B | ||
| Q3 24 | $973.1M | $2.2B | ||
| Q2 24 | $881.5M | $2.1B | ||
| Q1 24 | $797.2M | $2.2B |
| Q4 25 | $6.0B | $7.9B | ||
| Q3 25 | $5.8B | $7.6B | ||
| Q2 25 | $5.6B | $7.3B | ||
| Q1 25 | $3.7B | $7.3B | ||
| Q4 24 | $3.3B | $7.2B | ||
| Q3 24 | $3.1B | $7.0B | ||
| Q2 24 | $2.9B | $6.8B | ||
| Q1 24 | $2.8B | $6.6B |
| Q4 25 | — | 1.32× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.29× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.30× | ||
| Q1 24 | — | 1.25× |
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 | $26.7M |
| Free Cash FlowOCF − Capex | $105.2M | — |
| FCF MarginFCF / Revenue | 17.1% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | — | 0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $26.7M | ||
| Q3 25 | $167.1M | $81.2M | ||
| Q2 25 | $99.8M | $-28.9M | ||
| Q1 25 | $145.8M | $423.0M | ||
| Q4 24 | $127.3M | $-9.0M | ||
| Q3 24 | $104.7M | $64.5M | ||
| Q2 24 | $74.8M | $24.3M | ||
| Q1 24 | $73.6M | $292.2M |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | — |
| Q4 25 | — | 0.22× | ||
| Q3 25 | — | 5.39× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.07× | ||
| Q4 24 | — | -0.07× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.42× |
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% |
NJR
| Residential | $284.1M | 64% |
| Commercialand Industrial | $53.4M | 12% |
| Firm Transportation | $34.7M | 8% |
| Storage And Transportation ST Segment | $28.1M | 6% |
| Home Services And Other HSO | $16.0M | 4% |
| Energy Services ES Segment | $12.8M | 3% |
| Installationand Maintenance | $6.6M | 1% |
| Electricity | $5.6M | 1% |
| Renewable Energy Certificates | $3.7M | 1% |
| Interruptibleand Offtariff | $2.4M | 1% |
