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Side-by-side financial comparison of Cloudflare, Inc. (NET) and PJT Partners Inc. (PJT). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $531.4M, roughly 1.2× PJT Partners Inc.). PJT Partners Inc. runs the higher net margin — 10.0% vs -2.0%, a 12.0% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 12.9%). PJT Partners Inc. produced more free cash flow last quarter ($138.6M vs $105.2M). Over the past eight quarters, PJT Partners Inc.'s revenue compounded faster (27.5% 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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
NET vs PJT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $531.4M |
| Net Profit | $-12.1M | $53.4M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 23.1% |
| Net Margin | -2.0% | 10.0% |
| Revenue YoY | 33.6% | 12.9% |
| Net Profit YoY | 6.0% | 4.0% |
| EPS (diluted) | $-0.03 | — |
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 | $531.4M | ||
| Q3 25 | $562.0M | $442.3M | ||
| Q2 25 | $512.3M | $401.1M | ||
| Q1 25 | $479.1M | $321.9M | ||
| Q4 24 | $459.9M | $470.5M | ||
| Q3 24 | $430.1M | $320.3M | ||
| Q2 24 | $401.0M | $358.1M | ||
| Q1 24 | $378.6M | $327.1M |
| Q4 25 | $-12.1M | $53.4M | ||
| Q3 25 | $-1.3M | $39.8M | ||
| Q2 25 | $-50.4M | $32.9M | ||
| Q1 25 | $-38.5M | $54.0M | ||
| Q4 24 | $-12.8M | $51.3M | ||
| Q3 24 | $-15.3M | $22.1M | ||
| Q2 24 | $-15.1M | $28.3M | ||
| Q1 24 | $-35.5M | $32.6M |
| 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% | 23.1% | ||
| Q3 25 | -6.7% | 20.6% | ||
| Q2 25 | -13.1% | 19.1% | ||
| Q1 25 | -11.1% | 16.3% | ||
| Q4 24 | -7.5% | 21.9% | ||
| Q3 24 | -7.2% | 15.4% | ||
| Q2 24 | -8.7% | 18.0% | ||
| Q1 24 | -14.4% | 16.5% |
| Q4 25 | -2.0% | 10.0% | ||
| Q3 25 | -0.2% | 9.0% | ||
| Q2 25 | -9.8% | 8.2% | ||
| Q1 25 | -8.0% | 16.8% | ||
| Q4 24 | -2.8% | 10.9% | ||
| Q3 24 | -3.6% | 6.9% | ||
| Q2 24 | -3.8% | 7.9% | ||
| Q1 24 | -9.4% | 10.0% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.15 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $-0.10 | — |
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 | $538.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $308.2M |
| Total Assets | $6.0B | $1.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $538.9M | ||
| Q3 25 | $1.1B | $400.5M | ||
| Q2 25 | $1.5B | $214.6M | ||
| Q1 25 | $204.5M | $194.3M | ||
| Q4 24 | $147.7M | $483.9M | ||
| Q3 24 | $182.9M | $148.8M | ||
| Q2 24 | $157.0M | $164.2M | ||
| Q1 24 | $254.4M | $215.5M |
| Q4 25 | $1.5B | $308.2M | ||
| Q3 25 | $1.3B | $228.6M | ||
| Q2 25 | $1.2B | $167.4M | ||
| Q1 25 | $1.4B | $148.8M | ||
| Q4 24 | $1.0B | $187.0M | ||
| Q3 24 | $973.1M | $159.1M | ||
| Q2 24 | $881.5M | $133.8M | ||
| Q1 24 | $797.2M | $174.6M |
| Q4 25 | $6.0B | $1.8B | ||
| Q3 25 | $5.8B | $1.7B | ||
| Q2 25 | $5.6B | $1.5B | ||
| Q1 25 | $3.7B | $1.4B | ||
| Q4 24 | $3.3B | $1.6B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $2.9B | $1.4B | ||
| Q1 24 | $2.8B | $1.3B |
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 | $155.7M |
| Free Cash FlowOCF − Capex | $105.2M | $138.6M |
| FCF MarginFCF / Revenue | 17.1% | 26.1% |
| Capex IntensityCapex / Revenue | 13.9% | 3.2% |
| Cash ConversionOCF / Net Profit | — | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $480.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $155.7M | ||
| Q3 25 | $167.1M | $256.1M | ||
| Q2 25 | $99.8M | $190.4M | ||
| Q1 25 | $145.8M | $-75.9M | ||
| Q4 24 | $127.3M | $195.7M | ||
| Q3 24 | $104.7M | $180.5M | ||
| Q2 24 | $74.8M | $193.6M | ||
| Q1 24 | $73.6M | $-38.8M |
| Q4 25 | $105.2M | $138.6M | ||
| Q3 25 | $82.5M | $240.9M | ||
| Q2 25 | $39.9M | $178.9M | ||
| Q1 25 | $59.9M | $-77.9M | ||
| Q4 24 | $54.2M | $195.3M | ||
| Q3 24 | $54.5M | $178.5M | ||
| Q2 24 | $45.2M | $193.0M | ||
| Q1 24 | $41.5M | $-39.2M |
| Q4 25 | 17.1% | 26.1% | ||
| Q3 25 | 14.7% | 54.5% | ||
| Q2 25 | 7.8% | 44.6% | ||
| Q1 25 | 12.5% | -24.2% | ||
| Q4 24 | 11.8% | 41.5% | ||
| Q3 24 | 12.7% | 55.7% | ||
| Q2 24 | 11.3% | 53.9% | ||
| Q1 24 | 11.0% | -12.0% |
| Q4 25 | 13.9% | 3.2% | ||
| Q3 25 | 15.1% | 3.4% | ||
| Q2 25 | 11.7% | 2.9% | ||
| Q1 25 | 17.9% | 0.6% | ||
| Q4 24 | 15.9% | 0.1% | ||
| Q3 24 | 11.7% | 0.6% | ||
| Q2 24 | 7.4% | 0.1% | ||
| Q1 24 | 8.5% | 0.1% |
| Q4 25 | — | 2.92× | ||
| Q3 25 | — | 6.43× | ||
| Q2 25 | — | 5.79× | ||
| Q1 25 | — | -1.41× | ||
| Q4 24 | — | 3.81× | ||
| Q3 24 | — | 8.15× | ||
| Q2 24 | — | 6.84× | ||
| Q1 24 | — | -1.19× |
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% |
PJT
Segment breakdown not available.
