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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Insulet Corporation (PODD). Click either name above to swap in a different company.
Insulet Corporation is the larger business by last-quarter revenue ($783.7M vs $614.5M, roughly 1.3× Cloudflare, Inc.). Insulet Corporation runs the higher net margin — 13.0% vs -2.0%, a 14.9% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 31.2%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $48.2M). Over the past eight quarters, Insulet Corporation's revenue compounded faster (33.2% 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.
An insulin pump is a medical device used for the administration of insulin in the treatment of diabetes mellitus, also known as continuous subcutaneous insulin therapy . The device configuration may vary depending on design. A traditional pump includes:the pump a disposable reservoir for insulin a disposable infusion set, including a cannula for subcutaneous insertion and a tubing system to connect the insulin reservoir to the cannula.
NET vs PODD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $783.7M |
| Net Profit | $-12.1M | $101.6M |
| Gross Margin | 73.6% | 72.6% |
| Operating Margin | -8.0% | 18.7% |
| Net Margin | -2.0% | 13.0% |
| Revenue YoY | 33.6% | 31.2% |
| Net Profit YoY | 6.0% | 0.9% |
| EPS (diluted) | $-0.03 | $1.42 |
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 | $783.7M | ||
| Q3 25 | $562.0M | $706.3M | ||
| Q2 25 | $512.3M | $649.1M | ||
| Q1 25 | $479.1M | $569.0M | ||
| Q4 24 | $459.9M | $597.5M | ||
| Q3 24 | $430.1M | $543.9M | ||
| Q2 24 | $401.0M | $488.5M | ||
| Q1 24 | $378.6M | $441.7M |
| Q4 25 | $-12.1M | $101.6M | ||
| Q3 25 | $-1.3M | $87.6M | ||
| Q2 25 | $-50.4M | $22.5M | ||
| Q1 25 | $-38.5M | $35.4M | ||
| Q4 24 | $-12.8M | $100.7M | ||
| Q3 24 | $-15.3M | $77.5M | ||
| Q2 24 | $-15.1M | $188.6M | ||
| Q1 24 | $-35.5M | $51.5M |
| Q4 25 | 73.6% | 72.6% | ||
| Q3 25 | 74.0% | 72.2% | ||
| Q2 25 | 74.9% | 69.7% | ||
| Q1 25 | 75.9% | 71.9% | ||
| Q4 24 | 76.4% | 72.1% | ||
| Q3 24 | 77.7% | 69.3% | ||
| Q2 24 | 77.8% | 67.7% | ||
| Q1 24 | 77.5% | 69.5% |
| Q4 25 | -8.0% | 18.7% | ||
| Q3 25 | -6.7% | 16.7% | ||
| Q2 25 | -13.1% | 18.7% | ||
| Q1 25 | -11.1% | 15.6% | ||
| Q4 24 | -7.5% | 18.3% | ||
| Q3 24 | -7.2% | 16.2% | ||
| Q2 24 | -8.7% | 11.2% | ||
| Q1 24 | -14.4% | 12.9% |
| Q4 25 | -2.0% | 13.0% | ||
| Q3 25 | -0.2% | 12.4% | ||
| Q2 25 | -9.8% | 3.5% | ||
| Q1 25 | -8.0% | 6.2% | ||
| Q4 24 | -2.8% | 16.9% | ||
| Q3 24 | -3.6% | 14.2% | ||
| Q2 24 | -3.8% | 38.6% | ||
| Q1 24 | -9.4% | 11.7% |
| Q4 25 | $-0.03 | $1.42 | ||
| Q3 25 | $0.00 | $1.24 | ||
| Q2 25 | $-0.15 | $0.32 | ||
| Q1 25 | $-0.11 | $0.50 | ||
| Q4 24 | $-0.05 | $1.38 | ||
| Q3 24 | $-0.04 | $1.08 | ||
| Q2 24 | $-0.04 | $2.59 | ||
| Q1 24 | $-0.10 | $0.73 |
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 | — | $930.8M |
| Stockholders' EquityBook value | $1.5B | $1.5B |
| Total Assets | $6.0B | $3.2B |
| Debt / EquityLower = less leverage | — | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
| Q4 25 | — | $930.8M | ||
| Q3 25 | — | $934.9M | ||
| Q2 25 | — | $939.0M | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $973.1M | $1.1B | ||
| Q2 24 | $881.5M | $998.4M | ||
| Q1 24 | $797.2M | $790.7M |
| Q4 25 | $6.0B | $3.2B | ||
| Q3 25 | $5.8B | $3.0B | ||
| Q2 25 | $5.6B | $3.5B | ||
| Q1 25 | $3.7B | $3.5B | ||
| Q4 24 | $3.3B | $3.1B | ||
| Q3 24 | $3.1B | $3.0B | ||
| Q2 24 | $2.9B | $2.9B | ||
| Q1 24 | $2.8B | $2.6B |
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.68× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 1.21× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.72× |
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 | $183.3M |
| Free Cash FlowOCF − Capex | $105.2M | $48.2M |
| FCF MarginFCF / Revenue | 17.1% | 6.2% |
| Capex IntensityCapex / Revenue | 13.9% | 17.2% |
| Cash ConversionOCF / Net Profit | — | 1.80× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $377.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $183.3M | ||
| Q3 25 | $167.1M | $125.7M | ||
| Q2 25 | $99.8M | $196.5M | ||
| Q1 25 | $145.8M | $63.8M | ||
| Q4 24 | $127.3M | $147.7M | ||
| Q3 24 | $104.7M | $98.5M | ||
| Q2 24 | $74.8M | $96.5M | ||
| Q1 24 | $73.6M | $87.6M |
| Q4 25 | $105.2M | $48.2M | ||
| Q3 25 | $82.5M | $100.1M | ||
| Q2 25 | $39.9M | $177.9M | ||
| Q1 25 | $59.9M | $51.5M | ||
| Q4 24 | $54.2M | $94.1M | ||
| Q3 24 | $54.5M | $71.8M | ||
| Q2 24 | $45.2M | $74.0M | ||
| Q1 24 | $41.5M | $65.5M |
| Q4 25 | 17.1% | 6.2% | ||
| Q3 25 | 14.7% | 14.2% | ||
| Q2 25 | 7.8% | 27.4% | ||
| Q1 25 | 12.5% | 9.1% | ||
| Q4 24 | 11.8% | 15.7% | ||
| Q3 24 | 12.7% | 13.2% | ||
| Q2 24 | 11.3% | 15.1% | ||
| Q1 24 | 11.0% | 14.8% |
| Q4 25 | 13.9% | 17.2% | ||
| Q3 25 | 15.1% | 3.6% | ||
| Q2 25 | 11.7% | 2.9% | ||
| Q1 25 | 17.9% | 2.2% | ||
| Q4 24 | 15.9% | 9.0% | ||
| Q3 24 | 11.7% | 4.9% | ||
| Q2 24 | 7.4% | 4.6% | ||
| Q1 24 | 8.5% | 5.0% |
| Q4 25 | — | 1.80× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 8.73× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 1.70× |
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% |
PODD
| U.S.Omnipod | $567.8M | 72% |
| International Omnipod | $214.0M | 27% |
| Drug Delivery | $1.9M | 0% |
