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Side-by-side financial comparison of Cloudflare, Inc. (NET) and OCEANEERING INTERNATIONAL INC (OII). Click either name above to swap in a different company.
OCEANEERING INTERNATIONAL INC is the larger business by last-quarter revenue ($692.4M vs $614.5M, roughly 1.1× Cloudflare, Inc.). OCEANEERING INTERNATIONAL INC runs the higher net margin — 5.2% vs -2.0%, a 7.2% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 3.6%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $-76.5M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 1.8%).
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.
Oceaneering International, Inc. is a subsea engineering and applied technology company based in Houston, Texas, U.S. that provides engineered services and hardware to customers who operate in marine, space, and other environments.
NET vs OII — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $692.4M |
| Net Profit | $-12.1M | $36.1M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | — |
| Net Margin | -2.0% | 5.2% |
| Revenue YoY | 33.6% | 3.6% |
| Net Profit YoY | 6.0% | -28.3% |
| 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.
| Q1 26 | — | $692.4M | ||
| Q4 25 | $614.5M | $668.6M | ||
| Q3 25 | $562.0M | $742.9M | ||
| Q2 25 | $512.3M | $698.2M | ||
| Q1 25 | $479.1M | $674.5M | ||
| Q4 24 | $459.9M | $713.5M | ||
| Q3 24 | $430.1M | $679.8M | ||
| Q2 24 | $401.0M | $668.8M |
| Q1 26 | — | $36.1M | ||
| Q4 25 | $-12.1M | $177.7M | ||
| Q3 25 | $-1.3M | $71.3M | ||
| Q2 25 | $-50.4M | $54.4M | ||
| Q1 25 | $-38.5M | $50.4M | ||
| Q4 24 | $-12.8M | $56.1M | ||
| Q3 24 | $-15.3M | $41.2M | ||
| Q2 24 | $-15.1M | $35.0M |
| Q1 26 | — | — | ||
| Q4 25 | 73.6% | 19.8% | ||
| Q3 25 | 74.0% | 20.6% | ||
| Q2 25 | 74.9% | 21.3% | ||
| Q1 25 | 75.9% | 20.0% | ||
| Q4 24 | 76.4% | 19.9% | ||
| Q3 24 | 77.7% | 19.3% | ||
| Q2 24 | 77.8% | 18.0% |
| Q1 26 | — | — | ||
| Q4 25 | -8.0% | 9.8% | ||
| Q3 25 | -6.7% | 11.6% | ||
| Q2 25 | -13.1% | 11.3% | ||
| Q1 25 | -11.1% | 10.9% | ||
| Q4 24 | -7.5% | 10.9% | ||
| Q3 24 | -7.2% | 10.5% | ||
| Q2 24 | -8.7% | 9.0% |
| Q1 26 | — | 5.2% | ||
| Q4 25 | -2.0% | 26.6% | ||
| Q3 25 | -0.2% | 9.6% | ||
| Q2 25 | -9.8% | 7.8% | ||
| Q1 25 | -8.0% | 7.5% | ||
| Q4 24 | -2.8% | 7.9% | ||
| Q3 24 | -3.6% | 6.1% | ||
| Q2 24 | -3.8% | 5.2% |
| Q1 26 | — | $0.36 | ||
| Q4 25 | $-0.03 | $1.75 | ||
| Q3 25 | $0.00 | $0.71 | ||
| Q2 25 | $-0.15 | $0.54 | ||
| Q1 25 | $-0.11 | $0.49 | ||
| Q4 24 | $-0.05 | $0.55 | ||
| Q3 24 | $-0.04 | $0.40 | ||
| Q2 24 | $-0.04 | $0.34 |
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 | — | $488.8M |
| Stockholders' EquityBook value | $1.5B | $1.1B |
| Total Assets | $6.0B | $2.6B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | $695.9M | ||
| Q3 25 | $1.1B | $7.0M | ||
| Q2 25 | $1.5B | $7.0M | ||
| Q1 25 | $204.5M | $7.0M | ||
| Q4 24 | $147.7M | $504.5M | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — |
| Q1 26 | — | $488.8M | ||
| Q4 25 | — | $487.4M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $482.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.3B | $907.7M | ||
| Q2 25 | $1.2B | $842.1M | ||
| Q1 25 | $1.4B | $773.1M | ||
| Q4 24 | $1.0B | $714.3M | ||
| Q3 24 | $973.1M | $698.0M | ||
| Q2 24 | $881.5M | $651.0M |
| Q1 26 | — | $2.6B | ||
| Q4 25 | $6.0B | $2.7B | ||
| Q3 25 | $5.8B | $2.5B | ||
| Q2 25 | $5.6B | $2.3B | ||
| Q1 25 | $3.7B | $2.3B | ||
| Q4 24 | $3.3B | $2.3B | ||
| Q3 24 | $3.1B | $2.4B | ||
| Q2 24 | $2.9B | $2.3B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | $105.2M | $-76.5M |
| FCF MarginFCF / Revenue | 17.1% | -11.1% |
| Capex IntensityCapex / Revenue | 13.9% | 2.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $238.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $221.1M | ||
| Q3 25 | $167.1M | $101.3M | ||
| Q2 25 | $99.8M | $77.2M | ||
| Q1 25 | $145.8M | $-80.7M | ||
| Q4 24 | $127.3M | $128.4M | ||
| Q3 24 | $104.7M | $91.9M | ||
| Q2 24 | $74.8M | $52.6M |
| Q1 26 | — | $-76.5M | ||
| Q4 25 | $105.2M | $190.7M | ||
| Q3 25 | $82.5M | $77.0M | ||
| Q2 25 | $39.9M | $46.9M | ||
| Q1 25 | $59.9M | $-106.8M | ||
| Q4 24 | $54.2M | $94.5M | ||
| Q3 24 | $54.5M | $67.0M | ||
| Q2 24 | $45.2M | $29.8M |
| Q1 26 | — | -11.1% | ||
| Q4 25 | 17.1% | 28.5% | ||
| Q3 25 | 14.7% | 10.4% | ||
| Q2 25 | 7.8% | 6.7% | ||
| Q1 25 | 12.5% | -15.8% | ||
| Q4 24 | 11.8% | 13.2% | ||
| Q3 24 | 12.7% | 9.9% | ||
| Q2 24 | 11.3% | 4.5% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | 13.9% | 4.6% | ||
| Q3 25 | 15.1% | 3.3% | ||
| Q2 25 | 11.7% | 4.3% | ||
| Q1 25 | 17.9% | 3.9% | ||
| Q4 24 | 15.9% | 4.7% | ||
| Q3 24 | 11.7% | 3.7% | ||
| Q2 24 | 7.4% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.24× | ||
| Q3 25 | — | 1.42× | ||
| Q2 25 | — | 1.42× | ||
| Q1 25 | — | -1.60× | ||
| Q4 24 | — | 2.29× | ||
| Q3 24 | — | 2.23× | ||
| Q2 24 | — | 1.50× |
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% |
OII
Segment breakdown not available.
