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Side-by-side financial comparison of Cloudflare, Inc. (NET) and QuidelOrtho Corp (QDEL). Click either name above to swap in a different company.
QuidelOrtho Corp is the larger business by last-quarter revenue ($699.9M vs $614.5M, roughly 1.1× Cloudflare, Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -104.7%, a 102.8% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -3.7%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $-94.7M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -2.9%).
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.
QuidelOrtho Corporation is an American manufacturer of diagnostic healthcare products that are sold worldwide.
NET vs QDEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $699.9M |
| Net Profit | $-12.1M | $-733.0M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | -100.7% |
| Net Margin | -2.0% | -104.7% |
| Revenue YoY | 33.6% | -3.7% |
| Net Profit YoY | 6.0% | -3583.4% |
| EPS (diluted) | $-0.03 | $-10.78 |
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 | — | ||
| Q3 25 | $562.0M | $699.9M | ||
| Q2 25 | $512.3M | $613.9M | ||
| Q1 25 | $479.1M | $692.8M | ||
| Q4 24 | $459.9M | $707.8M | ||
| Q3 24 | $430.1M | $727.1M | ||
| Q2 24 | $401.0M | $637.0M | ||
| Q1 24 | $378.6M | $711.0M |
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $-733.0M | ||
| Q2 25 | $-50.4M | $-255.4M | ||
| Q1 25 | $-38.5M | $-12.7M | ||
| Q4 24 | $-12.8M | $-178.4M | ||
| Q3 24 | $-15.3M | $-19.9M | ||
| Q2 24 | $-15.1M | $-147.7M | ||
| Q1 24 | $-35.5M | $-1.7B |
| 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% | — | ||
| Q3 25 | -6.7% | -100.7% | ||
| Q2 25 | -13.1% | -29.4% | ||
| Q1 25 | -11.1% | 4.7% | ||
| Q4 24 | -7.5% | -14.2% | ||
| Q3 24 | -7.2% | 2.1% | ||
| Q2 24 | -8.7% | -18.4% | ||
| Q1 24 | -14.4% | -247.3% |
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | -104.7% | ||
| Q2 25 | -9.8% | -41.6% | ||
| Q1 25 | -8.0% | -1.8% | ||
| Q4 24 | -2.8% | -25.2% | ||
| Q3 24 | -3.6% | -2.7% | ||
| Q2 24 | -3.8% | -23.2% | ||
| Q1 24 | -9.4% | -239.9% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | $-10.78 | ||
| Q2 25 | $-0.15 | $-3.77 | ||
| Q1 25 | $-0.11 | $-0.19 | ||
| Q4 24 | $-0.05 | $-2.54 | ||
| Q3 24 | $-0.04 | $-0.30 | ||
| Q2 24 | $-0.04 | $-2.20 | ||
| Q1 24 | $-0.10 | $-25.50 |
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 | $98.1M |
| Total DebtLower is stronger | — | $2.5B |
| Stockholders' EquityBook value | $1.5B | $2.0B |
| Total Assets | $6.0B | $5.7B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | $98.1M | ||
| Q2 25 | $1.5B | $151.7M | ||
| Q1 25 | $204.5M | $127.1M | ||
| Q4 24 | $147.7M | $98.3M | ||
| Q3 24 | $182.9M | $143.7M | ||
| Q2 24 | $157.0M | $107.0M | ||
| Q1 24 | $254.4M | $78.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.2B |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | $2.0B | ||
| Q2 25 | $1.2B | $2.8B | ||
| Q1 25 | $1.4B | $3.0B | ||
| Q4 24 | $1.0B | $3.0B | ||
| Q3 24 | $973.1M | $3.2B | ||
| Q2 24 | $881.5M | $3.2B | ||
| Q1 24 | $797.2M | $3.3B |
| Q4 25 | $6.0B | — | ||
| Q3 25 | $5.8B | $5.7B | ||
| Q2 25 | $5.6B | $6.4B | ||
| Q1 25 | $3.7B | $6.5B | ||
| Q4 24 | $3.3B | $6.4B | ||
| Q3 24 | $3.1B | $6.8B | ||
| Q2 24 | $2.9B | $6.7B | ||
| Q1 24 | $2.8B | $6.7B |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | — | 0.74× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.68× |
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 | $-45.5M |
| Free Cash FlowOCF − Capex | $105.2M | $-94.7M |
| FCF MarginFCF / Revenue | 17.1% | -13.5% |
| Capex IntensityCapex / Revenue | 13.9% | 7.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $-153.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | — | ||
| Q3 25 | $167.1M | $-45.5M | ||
| Q2 25 | $99.8M | $-46.8M | ||
| Q1 25 | $145.8M | $65.6M | ||
| Q4 24 | $127.3M | $63.7M | ||
| Q3 24 | $104.7M | $117.9M | ||
| Q2 24 | $74.8M | $-97.9M | ||
| Q1 24 | $73.6M | $-700.0K |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $-94.7M | ||
| Q2 25 | $39.9M | $-84.3M | ||
| Q1 25 | $59.9M | $9.4M | ||
| Q4 24 | $54.2M | $16.5M | ||
| Q3 24 | $54.5M | $71.4M | ||
| Q2 24 | $45.2M | $-133.2M | ||
| Q1 24 | $41.5M | $-66.8M |
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | -13.5% | ||
| Q2 25 | 7.8% | -13.7% | ||
| Q1 25 | 12.5% | 1.4% | ||
| Q4 24 | 11.8% | 2.3% | ||
| Q3 24 | 12.7% | 9.8% | ||
| Q2 24 | 11.3% | -20.9% | ||
| Q1 24 | 11.0% | -9.4% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | 7.0% | ||
| Q2 25 | 11.7% | 6.1% | ||
| Q1 25 | 17.9% | 8.1% | ||
| Q4 24 | 15.9% | 6.7% | ||
| Q3 24 | 11.7% | 6.4% | ||
| Q2 24 | 7.4% | 5.5% | ||
| Q1 24 | 8.5% | 9.3% |
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% |
QDEL
| Labs | $373.8M | 53% |
| Point Of Care | $164.6M | 24% |
| Immunohematology | $142.0M | 20% |
| Donor Screening | $14.7M | 2% |
| Molecular Diagnostics | $4.8M | 1% |
| Collaborative Arrangement Transaction With Party To Collaborative Arrangement | $2.1M | 0% |
