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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Natera, Inc. is the larger business by last-quarter revenue ($665.5M vs $614.5M, roughly 1.1× Cloudflare, Inc.). Natera, Inc. runs the higher net margin — 7.1% vs -2.0%, a 9.1% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 33.6%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $37.8M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs 27.4%).
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.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
NET vs NTRA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $665.5M |
| Net Profit | $-12.1M | $47.3M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | -3.4% |
| Net Margin | -2.0% | 7.1% |
| Revenue YoY | 33.6% | 39.8% |
| Net Profit YoY | 6.0% | 187.9% |
| EPS (diluted) | $-0.03 | $0.36 |
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 | $665.5M | ||
| Q3 25 | $562.0M | $592.2M | ||
| Q2 25 | $512.3M | $546.6M | ||
| Q1 25 | $479.1M | $501.8M | ||
| Q4 24 | $459.9M | $476.1M | ||
| Q3 24 | $430.1M | $439.8M | ||
| Q2 24 | $401.0M | $413.4M | ||
| Q1 24 | $378.6M | $367.7M |
| Q4 25 | $-12.1M | $47.3M | ||
| Q3 25 | $-1.3M | $-87.5M | ||
| Q2 25 | $-50.4M | $-100.9M | ||
| Q1 25 | $-38.5M | $-66.9M | ||
| Q4 24 | $-12.8M | $-53.8M | ||
| Q3 24 | $-15.3M | $-31.6M | ||
| Q2 24 | $-15.1M | $-37.5M | ||
| Q1 24 | $-35.5M | $-67.6M |
| 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% | -3.4% | ||
| Q3 25 | -6.7% | -16.5% | ||
| Q2 25 | -13.1% | -20.2% | ||
| Q1 25 | -11.1% | -15.8% | ||
| Q4 24 | -7.5% | -13.6% | ||
| Q3 24 | -7.2% | -8.9% | ||
| Q2 24 | -8.7% | -10.6% | ||
| Q1 24 | -14.4% | -20.2% |
| Q4 25 | -2.0% | 7.1% | ||
| Q3 25 | -0.2% | -14.8% | ||
| Q2 25 | -9.8% | -18.5% | ||
| Q1 25 | -8.0% | -13.3% | ||
| Q4 24 | -2.8% | -11.3% | ||
| Q3 24 | -3.6% | -7.2% | ||
| Q2 24 | -3.8% | -9.1% | ||
| Q1 24 | -9.4% | -18.4% |
| Q4 25 | $-0.03 | $0.36 | ||
| Q3 25 | $0.00 | $-0.64 | ||
| Q2 25 | $-0.15 | $-0.74 | ||
| Q1 25 | $-0.11 | $-0.50 | ||
| Q4 24 | $-0.05 | $-0.41 | ||
| Q3 24 | $-0.04 | $-0.26 | ||
| Q2 24 | $-0.04 | $-0.30 | ||
| Q1 24 | $-0.10 | $-0.56 |
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 | — | — |
| Stockholders' EquityBook value | $1.5B | $1.7B |
| Total Assets | $6.0B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | $1.0M | ||
| Q2 25 | $1.5B | $16.0M | ||
| Q1 25 | $204.5M | $17.8M | ||
| Q4 24 | $147.7M | $22.7M | ||
| Q3 24 | $182.9M | $29.5M | ||
| Q2 24 | $157.0M | $90.3M | ||
| Q1 24 | $254.4M | $69.1M |
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $973.1M | $878.5M | ||
| Q2 24 | $881.5M | $836.5M | ||
| Q1 24 | $797.2M | $794.1M |
| Q4 25 | $6.0B | $2.4B | ||
| Q3 25 | $5.8B | $1.8B | ||
| Q2 25 | $5.6B | $1.8B | ||
| Q1 25 | $3.7B | $1.7B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $2.9B | $1.5B | ||
| Q1 24 | $2.8B | $1.5B |
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 | $73.9M |
| Free Cash FlowOCF − Capex | $105.2M | $37.8M |
| FCF MarginFCF / Revenue | 17.1% | 5.7% |
| Capex IntensityCapex / Revenue | 13.9% | 5.4% |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $73.9M | ||
| Q3 25 | $167.1M | $59.4M | ||
| Q2 25 | $99.8M | $37.6M | ||
| Q1 25 | $145.8M | $44.5M | ||
| Q4 24 | $127.3M | $52.9M | ||
| Q3 24 | $104.7M | $51.8M | ||
| Q2 24 | $74.8M | $4.0M | ||
| Q1 24 | $73.6M | $27.0M |
| Q4 25 | $105.2M | $37.8M | ||
| Q3 25 | $82.5M | $37.0M | ||
| Q2 25 | $39.9M | $11.7M | ||
| Q1 25 | $59.9M | $22.6M | ||
| Q4 24 | $54.2M | $34.8M | ||
| Q3 24 | $54.5M | $35.5M | ||
| Q2 24 | $45.2M | $-7.7M | ||
| Q1 24 | $41.5M | $6.7M |
| Q4 25 | 17.1% | 5.7% | ||
| Q3 25 | 14.7% | 6.2% | ||
| Q2 25 | 7.8% | 2.1% | ||
| Q1 25 | 12.5% | 4.5% | ||
| Q4 24 | 11.8% | 7.3% | ||
| Q3 24 | 12.7% | 8.1% | ||
| Q2 24 | 11.3% | -1.9% | ||
| Q1 24 | 11.0% | 1.8% |
| Q4 25 | 13.9% | 5.4% | ||
| Q3 25 | 15.1% | 3.8% | ||
| Q2 25 | 11.7% | 4.7% | ||
| Q1 25 | 17.9% | 4.3% | ||
| Q4 24 | 15.9% | 3.8% | ||
| Q3 24 | 11.7% | 3.7% | ||
| Q2 24 | 7.4% | 2.8% | ||
| Q1 24 | 8.5% | 5.5% |
| Q4 25 | — | 1.56× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
NTRA
Segment breakdown not available.
