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Side-by-side financial comparison of Cloudflare, Inc. (NET) and PATRICK INDUSTRIES INC (PATK). Click either name above to swap in a different company.
PATRICK INDUSTRIES INC is the larger business by last-quarter revenue ($924.2M vs $614.5M, roughly 1.5× Cloudflare, Inc.). PATRICK INDUSTRIES INC runs the higher net margin — 3.1% vs -2.0%, a 5.1% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 9.2%). PATRICK INDUSTRIES INC produced more free cash flow last quarter ($112.7M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -0.5%).
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.
Anduril Industries, Inc. is an American defense technology company specializing in the development of advanced autonomous systems.
NET vs PATK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $924.2M |
| Net Profit | $-12.1M | $29.1M |
| Gross Margin | 73.6% | 23.0% |
| Operating Margin | -8.0% | 6.2% |
| Net Margin | -2.0% | 3.1% |
| Revenue YoY | 33.6% | 9.2% |
| Net Profit YoY | 6.0% | 99.7% |
| EPS (diluted) | $-0.03 | $0.82 |
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 | $924.2M | ||
| Q3 25 | $562.0M | $975.6M | ||
| Q2 25 | $512.3M | $1.0B | ||
| Q1 25 | $479.1M | $1.0B | ||
| Q4 24 | $459.9M | $846.1M | ||
| Q3 24 | $430.1M | $919.4M | ||
| Q2 24 | $401.0M | $1.0B | ||
| Q1 24 | $378.6M | $933.5M |
| Q4 25 | $-12.1M | $29.1M | ||
| Q3 25 | $-1.3M | $35.3M | ||
| Q2 25 | $-50.4M | $32.4M | ||
| Q1 25 | $-38.5M | $38.2M | ||
| Q4 24 | $-12.8M | $14.6M | ||
| Q3 24 | $-15.3M | $40.9M | ||
| Q2 24 | $-15.1M | $47.9M | ||
| Q1 24 | $-35.5M | $35.1M |
| Q4 25 | 73.6% | 23.0% | ||
| Q3 25 | 74.0% | 22.6% | ||
| Q2 25 | 74.9% | 23.9% | ||
| Q1 25 | 75.9% | 22.8% | ||
| Q4 24 | 76.4% | 22.1% | ||
| Q3 24 | 77.7% | 23.1% | ||
| Q2 24 | 77.8% | 22.8% | ||
| Q1 24 | 77.5% | 21.9% |
| Q4 25 | -8.0% | 6.2% | ||
| Q3 25 | -6.7% | 6.8% | ||
| Q2 25 | -13.1% | 8.3% | ||
| Q1 25 | -11.1% | 6.5% | ||
| Q4 24 | -7.5% | 4.7% | ||
| Q3 24 | -7.2% | 8.1% | ||
| Q2 24 | -8.7% | 8.3% | ||
| Q1 24 | -14.4% | 6.4% |
| Q4 25 | -2.0% | 3.1% | ||
| Q3 25 | -0.2% | 3.6% | ||
| Q2 25 | -9.8% | 3.1% | ||
| Q1 25 | -8.0% | 3.8% | ||
| Q4 24 | -2.8% | 1.7% | ||
| Q3 24 | -3.6% | 4.4% | ||
| Q2 24 | -3.8% | 4.7% | ||
| Q1 24 | -9.4% | 3.8% |
| Q4 25 | $-0.03 | $0.82 | ||
| Q3 25 | $0.00 | $1.01 | ||
| Q2 25 | $-0.15 | $0.96 | ||
| Q1 25 | $-0.11 | $1.11 | ||
| Q4 24 | $-0.05 | $-1.44 | ||
| Q3 24 | $-0.04 | $1.80 | ||
| Q2 24 | $-0.04 | $2.16 | ||
| Q1 24 | $-0.10 | $1.59 |
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 | $26.4M |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $1.5B | $1.2B |
| Total Assets | $6.0B | $3.1B |
| Debt / EquityLower = less leverage | — | 1.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $26.4M | ||
| Q3 25 | $1.1B | $20.7M | ||
| Q2 25 | $1.5B | $22.0M | ||
| Q1 25 | $204.5M | $86.6M | ||
| Q4 24 | $147.7M | $33.6M | ||
| Q3 24 | $182.9M | $52.6M | ||
| Q2 24 | $157.0M | $44.0M | ||
| Q1 24 | $254.4M | $17.6M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $973.1M | $1.1B | ||
| Q2 24 | $881.5M | $1.1B | ||
| Q1 24 | $797.2M | $1.1B |
| Q4 25 | $6.0B | $3.1B | ||
| Q3 25 | $5.8B | $3.1B | ||
| Q2 25 | $5.6B | $3.1B | ||
| Q1 25 | $3.7B | $3.2B | ||
| Q4 24 | $3.3B | $3.0B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $2.9B | $3.0B | ||
| Q1 24 | $2.8B | $3.0B |
| Q4 25 | — | 1.10× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.18× | ||
| 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 | $130.8M |
| Free Cash FlowOCF − Capex | $105.2M | $112.7M |
| FCF MarginFCF / Revenue | 17.1% | 12.2% |
| Capex IntensityCapex / Revenue | 13.9% | 2.0% |
| Cash ConversionOCF / Net Profit | — | 4.50× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $246.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $130.8M | ||
| Q3 25 | $167.1M | $9.1M | ||
| Q2 25 | $99.8M | $149.4M | ||
| Q1 25 | $145.8M | $40.1M | ||
| Q4 24 | $127.3M | $102.7M | ||
| Q3 24 | $104.7M | $51.5M | ||
| Q2 24 | $74.8M | $137.5M | ||
| Q1 24 | $73.6M | $35.2M |
| Q4 25 | $105.2M | $112.7M | ||
| Q3 25 | $82.5M | $-17.2M | ||
| Q2 25 | $39.9M | $131.1M | ||
| Q1 25 | $59.9M | $19.9M | ||
| Q4 24 | $54.2M | $77.2M | ||
| Q3 24 | $54.5M | $33.7M | ||
| Q2 24 | $45.2M | $120.6M | ||
| Q1 24 | $41.5M | $19.7M |
| Q4 25 | 17.1% | 12.2% | ||
| Q3 25 | 14.7% | -1.8% | ||
| Q2 25 | 7.8% | 12.5% | ||
| Q1 25 | 12.5% | 2.0% | ||
| Q4 24 | 11.8% | 9.1% | ||
| Q3 24 | 12.7% | 3.7% | ||
| Q2 24 | 11.3% | 11.9% | ||
| Q1 24 | 11.0% | 2.1% |
| Q4 25 | 13.9% | 2.0% | ||
| Q3 25 | 15.1% | 2.7% | ||
| Q2 25 | 11.7% | 1.7% | ||
| Q1 25 | 17.9% | 2.0% | ||
| Q4 24 | 15.9% | 3.0% | ||
| Q3 24 | 11.7% | 1.9% | ||
| Q2 24 | 7.4% | 1.7% | ||
| Q1 24 | 8.5% | 1.7% |
| Q4 25 | — | 4.50× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 4.61× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 7.05× | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | — | 2.87× | ||
| Q1 24 | — | 1.00× |
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% |
PATK
| Recreational Vehicle | $276.3M | 30% |
| Distribution | $222.4M | 24% |
| Marine | $141.9M | 15% |
| Industrial | $110.8M | 12% |
| Powersports | $104.8M | 11% |
| Manufactured Housing | $67.9M | 7% |
