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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Public Storage (PSA). Click either name above to swap in a different company.
Public Storage is the larger business by last-quarter revenue ($1.2B vs $614.5M, roughly 2.0× Cloudflare, Inc.). Public Storage runs the higher net margin — 41.7% vs -2.0%, a 43.7% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 3.3%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 2.5%).
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.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
NET vs PSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $1.2B |
| Net Profit | $-12.1M | $507.1M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 40.7% |
| Net Margin | -2.0% | 41.7% |
| Revenue YoY | 33.6% | 3.3% |
| Net Profit YoY | 6.0% | -17.5% |
| EPS (diluted) | $-0.03 | $2.59 |
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 | $1.2B | ||
| Q3 25 | $562.0M | $1.2B | ||
| Q2 25 | $512.3M | $1.2B | ||
| Q1 25 | $479.1M | $1.2B | ||
| Q4 24 | $459.9M | $1.2B | ||
| Q3 24 | $430.1M | $1.2B | ||
| Q2 24 | $401.0M | $1.2B | ||
| Q1 24 | $378.6M | $1.2B |
| Q4 25 | $-12.1M | $507.1M | ||
| Q3 25 | $-1.3M | $511.1M | ||
| Q2 25 | $-50.4M | $358.4M | ||
| Q1 25 | $-38.5M | $407.8M | ||
| Q4 24 | $-12.8M | $614.6M | ||
| Q3 24 | $-15.3M | $430.3M | ||
| Q2 24 | $-15.1M | $518.1M | ||
| Q1 24 | $-35.5M | $508.9M |
| 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% | 40.7% | ||
| Q3 25 | -6.7% | 42.3% | ||
| Q2 25 | -13.1% | 30.4% | ||
| Q1 25 | -11.1% | 34.8% | ||
| Q4 24 | -7.5% | 52.4% | ||
| Q3 24 | -7.2% | 36.7% | ||
| Q2 24 | -8.7% | 44.6% | ||
| Q1 24 | -14.4% | 44.3% |
| Q4 25 | -2.0% | 41.7% | ||
| Q3 25 | -0.2% | 41.8% | ||
| Q2 25 | -9.8% | 29.8% | ||
| Q1 25 | -8.0% | 34.5% | ||
| Q4 24 | -2.8% | 52.2% | ||
| Q3 24 | -3.6% | 36.2% | ||
| Q2 24 | -3.8% | 44.2% | ||
| Q1 24 | -9.4% | 44.0% |
| Q4 25 | $-0.03 | $2.59 | ||
| Q3 25 | $0.00 | $2.62 | ||
| Q2 25 | $-0.15 | $1.76 | ||
| Q1 25 | $-0.11 | $2.04 | ||
| Q4 24 | $-0.05 | $3.22 | ||
| Q3 24 | $-0.04 | $2.16 | ||
| Q2 24 | $-0.04 | $2.66 | ||
| Q1 24 | $-0.10 | $2.60 |
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 | $318.1M |
| Total DebtLower is stronger | — | $10.3B |
| Stockholders' EquityBook value | $1.5B | $9.2B |
| Total Assets | $6.0B | $20.2B |
| Debt / EquityLower = less leverage | — | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $318.1M | ||
| Q3 25 | $1.1B | $296.5M | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $204.5M | $287.2M | ||
| Q4 24 | $147.7M | $447.4M | ||
| Q3 24 | $182.9M | $599.0M | ||
| Q2 24 | $157.0M | $542.3M | ||
| Q1 24 | $254.4M | $271.6M |
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.0B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.4B | ||
| Q3 24 | — | $9.5B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | — | $9.1B |
| Q4 25 | $1.5B | $9.2B | ||
| Q3 25 | $1.3B | $9.3B | ||
| Q2 25 | $1.2B | $9.4B | ||
| Q1 25 | $1.4B | $9.6B | ||
| Q4 24 | $1.0B | $9.7B | ||
| Q3 24 | $973.1M | $9.6B | ||
| Q2 24 | $881.5M | $9.7B | ||
| Q1 24 | $797.2M | $9.9B |
| Q4 25 | $6.0B | $20.2B | ||
| Q3 25 | $5.8B | $20.1B | ||
| Q2 25 | $5.6B | $20.5B | ||
| Q1 25 | $3.7B | $19.6B | ||
| Q4 24 | $3.3B | $19.8B | ||
| Q3 24 | $3.1B | $19.8B | ||
| Q2 24 | $2.9B | $19.8B | ||
| Q1 24 | $2.8B | $19.6B |
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.91× |
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 | $733.6M |
| Free Cash FlowOCF − Capex | $105.2M | — |
| FCF MarginFCF / Revenue | 17.1% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | — | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $733.6M | ||
| Q3 25 | $167.1M | $875.1M | ||
| Q2 25 | $99.8M | $872.7M | ||
| Q1 25 | $145.8M | $705.1M | ||
| Q4 24 | $127.3M | $768.6M | ||
| Q3 24 | $104.7M | $798.8M | ||
| Q2 24 | $74.8M | $895.3M | ||
| Q1 24 | $73.6M | $665.6M |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | — |
| Q4 25 | — | 1.45× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.43× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 1.25× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | — | 1.31× |
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% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
