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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Paymentus Holdings, Inc. (PAY). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $330.5M, roughly 1.9× Paymentus Holdings, Inc.). Paymentus Holdings, Inc. runs the higher net margin — 6.3% vs -2.0%, a 8.2% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 28.1%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $45.0M). Over the past eight quarters, Paymentus Holdings, Inc.'s revenue compounded faster (33.7% 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.
Paymentus Holdings, Inc. is a leading cloud-based bill payment and customer engagement technology provider. It offers integrated digital payment solutions, billing automation tools, and self-service portals for enterprises across utilities, financial services, government, healthcare, and telecommunications segments, primarily operating in the North American market.
NET vs PAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $330.5M |
| Net Profit | $-12.1M | $20.7M |
| Gross Margin | 73.6% | 25.4% |
| Operating Margin | -8.0% | 7.3% |
| Net Margin | -2.0% | 6.3% |
| Revenue YoY | 33.6% | 28.1% |
| Net Profit YoY | 6.0% | 57.2% |
| EPS (diluted) | $-0.03 | $0.16 |
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 | $330.5M | ||
| Q3 25 | $562.0M | $310.7M | ||
| Q2 25 | $512.3M | $280.1M | ||
| Q1 25 | $479.1M | $275.2M | ||
| Q4 24 | $459.9M | $257.9M | ||
| Q3 24 | $430.1M | $231.6M | ||
| Q2 24 | $401.0M | $197.4M | ||
| Q1 24 | $378.6M | $184.9M |
| Q4 25 | $-12.1M | $20.7M | ||
| Q3 25 | $-1.3M | $17.7M | ||
| Q2 25 | $-50.4M | $14.7M | ||
| Q1 25 | $-38.5M | $13.8M | ||
| Q4 24 | $-12.8M | $13.1M | ||
| Q3 24 | $-15.3M | $14.4M | ||
| Q2 24 | $-15.1M | $9.4M | ||
| Q1 24 | $-35.5M | $7.2M |
| Q4 25 | 73.6% | 25.4% | ||
| Q3 25 | 74.0% | 24.1% | ||
| Q2 25 | 74.9% | 25.5% | ||
| Q1 25 | 75.9% | 24.0% | ||
| Q4 24 | 76.4% | 25.6% | ||
| Q3 24 | 77.7% | 26.2% | ||
| Q2 24 | 77.8% | 29.8% | ||
| Q1 24 | 77.5% | 28.5% |
| Q4 25 | -8.0% | 7.3% | ||
| Q3 25 | -6.7% | 6.4% | ||
| Q2 25 | -13.1% | 5.7% | ||
| Q1 25 | -11.1% | 5.7% | ||
| Q4 24 | -7.5% | 5.5% | ||
| Q3 24 | -7.2% | 5.2% | ||
| Q2 24 | -8.7% | 5.2% | ||
| Q1 24 | -14.4% | 4.5% |
| Q4 25 | -2.0% | 6.3% | ||
| Q3 25 | -0.2% | 5.7% | ||
| Q2 25 | -9.8% | 5.3% | ||
| Q1 25 | -8.0% | 5.0% | ||
| Q4 24 | -2.8% | 5.1% | ||
| Q3 24 | -3.6% | 6.2% | ||
| Q2 24 | -3.8% | 4.7% | ||
| Q1 24 | -9.4% | 3.9% |
| Q4 25 | $-0.03 | $0.16 | ||
| Q3 25 | $0.00 | $0.14 | ||
| Q2 25 | $-0.15 | $0.11 | ||
| Q1 25 | $-0.11 | $0.11 | ||
| Q4 24 | $-0.05 | $0.11 | ||
| Q3 24 | $-0.04 | $0.11 | ||
| Q2 24 | $-0.04 | $0.07 | ||
| Q1 24 | $-0.10 | $0.06 |
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 | $320.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $560.4M |
| Total Assets | $6.0B | $667.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $320.9M | ||
| Q3 25 | $1.1B | $287.9M | ||
| Q2 25 | $1.5B | $266.4M | ||
| Q1 25 | $204.5M | $245.8M | ||
| Q4 24 | $147.7M | $205.9M | ||
| Q3 24 | $182.9M | $187.5M | ||
| Q2 24 | $157.0M | $188.8M | ||
| Q1 24 | $254.4M | $180.1M |
| Q4 25 | $1.5B | $560.4M | ||
| Q3 25 | $1.3B | $537.4M | ||
| Q2 25 | $1.2B | $516.7M | ||
| Q1 25 | $1.4B | $500.4M | ||
| Q4 24 | $1.0B | $485.6M | ||
| Q3 24 | $973.1M | $468.8M | ||
| Q2 24 | $881.5M | $451.6M | ||
| Q1 24 | $797.2M | $439.4M |
| Q4 25 | $6.0B | $667.9M | ||
| Q3 25 | $5.8B | $644.4M | ||
| Q2 25 | $5.6B | $609.5M | ||
| Q1 25 | $3.7B | $590.9M | ||
| Q4 24 | $3.3B | $576.2M | ||
| Q3 24 | $3.1B | $552.9M | ||
| Q2 24 | $2.9B | $527.7M | ||
| Q1 24 | $2.8B | $514.0M |
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 | $45.1M |
| Free Cash FlowOCF − Capex | $105.2M | $45.0M |
| FCF MarginFCF / Revenue | 17.1% | 13.6% |
| Capex IntensityCapex / Revenue | 13.9% | 0.0% |
| Cash ConversionOCF / Net Profit | — | 2.18× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $161.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $45.1M | ||
| Q3 25 | $167.1M | $35.1M | ||
| Q2 25 | $99.8M | $31.5M | ||
| Q1 25 | $145.8M | $50.4M | ||
| Q4 24 | $127.3M | $27.9M | ||
| Q3 24 | $104.7M | $6.7M | ||
| Q2 24 | $74.8M | $18.0M | ||
| Q1 24 | $73.6M | $11.0M |
| Q4 25 | $105.2M | $45.0M | ||
| Q3 25 | $82.5M | $35.0M | ||
| Q2 25 | $39.9M | $31.4M | ||
| Q1 25 | $59.9M | $50.4M | ||
| Q4 24 | $54.2M | $27.8M | ||
| Q3 24 | $54.5M | $6.7M | ||
| Q2 24 | $45.2M | $17.8M | ||
| Q1 24 | $41.5M | $10.8M |
| Q4 25 | 17.1% | 13.6% | ||
| Q3 25 | 14.7% | 11.3% | ||
| Q2 25 | 7.8% | 11.2% | ||
| Q1 25 | 12.5% | 18.3% | ||
| Q4 24 | 11.8% | 10.8% | ||
| Q3 24 | 12.7% | 2.9% | ||
| Q2 24 | 11.3% | 9.0% | ||
| Q1 24 | 11.0% | 5.9% |
| Q4 25 | 13.9% | 0.0% | ||
| Q3 25 | 15.1% | 0.0% | ||
| Q2 25 | 11.7% | 0.0% | ||
| Q1 25 | 17.9% | 0.0% | ||
| Q4 24 | 15.9% | 0.0% | ||
| Q3 24 | 11.7% | 0.0% | ||
| Q2 24 | 7.4% | 0.1% | ||
| Q1 24 | 8.5% | 0.1% |
| Q4 25 | — | 2.18× | ||
| Q3 25 | — | 1.98× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | — | 2.12× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 1.93× | ||
| Q1 24 | — | 1.52× |
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% |
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
