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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Ralliant Corp (RAL). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $529.1M, roughly 1.2× Ralliant Corp). Ralliant Corp runs the higher net margin — 7.5% vs -2.0%, a 9.5% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -0.5%). Ralliant Corp produced more free cash flow last quarter ($126.6M vs $105.2M).
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.
NET vs RAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $529.1M |
| Net Profit | $-12.1M | $39.9M |
| Gross Margin | 73.6% | 50.8% |
| Operating Margin | -8.0% | 9.8% |
| Net Margin | -2.0% | 7.5% |
| Revenue YoY | 33.6% | -0.5% |
| Net Profit YoY | 6.0% | -56.1% |
| EPS (diluted) | $-0.03 | $0.35 |
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 | $529.1M | ||
| Q2 25 | $512.3M | $503.3M | ||
| Q1 25 | $479.1M | — | ||
| Q4 24 | $459.9M | — | ||
| Q3 24 | $430.1M | $531.7M | ||
| Q2 24 | $401.0M | $533.7M | ||
| Q1 24 | $378.6M | — |
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $39.9M | ||
| Q2 25 | $-50.4M | $47.6M | ||
| Q1 25 | $-38.5M | — | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | $90.9M | ||
| Q2 24 | $-15.1M | $64.8M | ||
| Q1 24 | $-35.5M | — |
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | 50.8% | ||
| Q2 25 | 74.9% | 49.3% | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | 52.6% | ||
| Q2 24 | 77.8% | 51.5% | ||
| Q1 24 | 77.5% | — |
| Q4 25 | -8.0% | — | ||
| Q3 25 | -6.7% | 9.8% | ||
| Q2 25 | -13.1% | 11.7% | ||
| Q1 25 | -11.1% | — | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | -7.2% | 20.9% | ||
| Q2 24 | -8.7% | 19.7% | ||
| Q1 24 | -14.4% | — |
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | 7.5% | ||
| Q2 25 | -9.8% | 9.5% | ||
| Q1 25 | -8.0% | — | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | 17.1% | ||
| Q2 24 | -3.8% | 12.1% | ||
| Q1 24 | -9.4% | — |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | $0.35 | ||
| Q2 25 | $-0.15 | $0.42 | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | $0.81 | ||
| Q2 24 | $-0.04 | $0.57 | ||
| 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 | $264.2M |
| Total DebtLower is stronger | — | $1.1B |
| Stockholders' EquityBook value | $1.5B | $3.0B |
| Total Assets | $6.0B | $5.3B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | $264.2M | ||
| Q2 25 | $1.5B | $198.6M | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | $3.0B | ||
| Q2 25 | $1.2B | $3.0B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $973.1M | $4.0B | ||
| Q2 24 | $881.5M | $4.0B | ||
| Q1 24 | $797.2M | — |
| Q4 25 | $6.0B | — | ||
| Q3 25 | $5.8B | $5.3B | ||
| Q2 25 | $5.6B | $5.2B | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.8B | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.39× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $138.6M |
| Free Cash FlowOCF − Capex | $105.2M | $126.6M |
| FCF MarginFCF / Revenue | 17.1% | 23.9% |
| Capex IntensityCapex / Revenue | 13.9% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | — | ||
| Q3 25 | $167.1M | $138.6M | ||
| Q2 25 | $99.8M | — | ||
| Q1 25 | $145.8M | — | ||
| Q4 24 | $127.3M | — | ||
| Q3 24 | $104.7M | — | ||
| Q2 24 | $74.8M | — | ||
| Q1 24 | $73.6M | — |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $126.6M | ||
| 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% | 23.9% | ||
| 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% | 2.3% | ||
| 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 | — | — | ||
| Q3 25 | — | 3.47× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
RAL
| Industrial Manufacturing | $111.1M | 21% |
| Defense And Space | $93.6M | 18% |
| Diversified Electronics | $91.0M | 17% |
| Test And Measurement | $76.8M | 15% |
| Communications | $60.7M | 11% |
| Semiconductors | $51.4M | 10% |
| Other Direct End Markets | $44.4M | 8% |
