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Side-by-side financial comparison of Cloudflare, Inc. (NET) and RH (RH). Click either name above to swap in a different company.
RH is the larger business by last-quarter revenue ($883.8M vs $614.5M, roughly 1.4× Cloudflare, Inc.). RH runs the higher net margin — 4.1% vs -2.0%, a 6.1% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 8.9%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $83.0M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 9.4%).
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.
RH is an upscale American home-furnishings company headquartered in Corte Madera, California. The company sells its merchandise through its retail stores, catalog, and online. As of August 2018, the company operated a total of 70 galleries, 18 full-line design galleries, and 3 baby-and-child galleries. The company also has 36 outlet stores in the United States and Canada.
NET vs RH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $883.8M |
| Net Profit | $-12.1M | $36.3M |
| Gross Margin | 73.6% | 44.1% |
| Operating Margin | -8.0% | 12.0% |
| Net Margin | -2.0% | 4.1% |
| Revenue YoY | 33.6% | 8.9% |
| Net Profit YoY | 6.0% | 9.3% |
| EPS (diluted) | $-0.03 | $1.83 |
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 | $883.8M | ||
| Q3 25 | $562.0M | $899.2M | ||
| Q2 25 | $512.3M | $814.0M | ||
| Q1 25 | $479.1M | $812.4M | ||
| Q4 24 | $459.9M | $811.7M | ||
| Q3 24 | $430.1M | $829.7M | ||
| Q2 24 | $401.0M | $727.0M | ||
| Q1 24 | $378.6M | $738.3M |
| Q4 25 | $-12.1M | $36.3M | ||
| Q3 25 | $-1.3M | $51.7M | ||
| Q2 25 | $-50.4M | $8.0M | ||
| Q1 25 | $-38.5M | $13.9M | ||
| Q4 24 | $-12.8M | $33.2M | ||
| Q3 24 | $-15.3M | $29.0M | ||
| Q2 24 | $-15.1M | $-3.6M | ||
| Q1 24 | $-35.5M | $11.4M |
| Q4 25 | 73.6% | 44.1% | ||
| Q3 25 | 74.0% | 45.5% | ||
| Q2 25 | 74.9% | 43.7% | ||
| Q1 25 | 75.9% | 44.7% | ||
| Q4 24 | 76.4% | 44.5% | ||
| Q3 24 | 77.7% | 45.2% | ||
| Q2 24 | 77.8% | 43.5% | ||
| Q1 24 | 77.5% | 43.5% |
| Q4 25 | -8.0% | 12.0% | ||
| Q3 25 | -6.7% | 14.3% | ||
| Q2 25 | -13.1% | 6.9% | ||
| Q1 25 | -11.1% | 8.7% | ||
| Q4 24 | -7.5% | 12.5% | ||
| Q3 24 | -7.2% | 11.6% | ||
| Q2 24 | -8.7% | 7.5% | ||
| Q1 24 | -14.4% | 8.7% |
| Q4 25 | -2.0% | 4.1% | ||
| Q3 25 | -0.2% | 5.8% | ||
| Q2 25 | -9.8% | 1.0% | ||
| Q1 25 | -8.0% | 1.7% | ||
| Q4 24 | -2.8% | 4.1% | ||
| Q3 24 | -3.6% | 3.5% | ||
| Q2 24 | -3.8% | -0.5% | ||
| Q1 24 | -9.4% | 1.5% |
| Q4 25 | $-0.03 | $1.83 | ||
| Q3 25 | $0.00 | $2.62 | ||
| Q2 25 | $-0.15 | $0.40 | ||
| Q1 25 | $-0.11 | $0.71 | ||
| Q4 24 | $-0.05 | $1.66 | ||
| Q3 24 | $-0.04 | $1.45 | ||
| Q2 24 | $-0.04 | $-0.20 | ||
| Q1 24 | $-0.10 | $0.91 |
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 | $43.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $3.3M |
| Total Assets | $6.0B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $43.1M | ||
| Q3 25 | $1.1B | $34.6M | ||
| Q2 25 | $1.5B | $46.1M | ||
| Q1 25 | $204.5M | $30.4M | ||
| Q4 24 | $147.7M | $87.0M | ||
| Q3 24 | $182.9M | $78.3M | ||
| Q2 24 | $157.0M | $101.8M | ||
| Q1 24 | $254.4M | $123.7M |
| Q4 25 | $1.5B | $3.3M | ||
| Q3 25 | $1.3B | $-40.9M | ||
| Q2 25 | $1.2B | $-110.8M | ||
| Q1 25 | $1.4B | $-163.6M | ||
| Q4 24 | $1.0B | $-183.0M | ||
| Q3 24 | $973.1M | $-234.7M | ||
| Q2 24 | $881.5M | $-289.9M | ||
| Q1 24 | $797.2M | $-297.4M |
| Q4 25 | $6.0B | $4.8B | ||
| Q3 25 | $5.8B | $4.7B | ||
| Q2 25 | $5.6B | $4.7B | ||
| Q1 25 | $3.7B | $4.6B | ||
| Q4 24 | $3.3B | $4.5B | ||
| Q3 24 | $3.1B | $4.4B | ||
| Q2 24 | $2.9B | $4.2B | ||
| Q1 24 | $2.8B | $4.1B |
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 | $131.9M |
| Free Cash FlowOCF − Capex | $105.2M | $83.0M |
| FCF MarginFCF / Revenue | 17.1% | 9.4% |
| Capex IntensityCapex / Revenue | 13.9% | 5.5% |
| Cash ConversionOCF / Net Profit | — | 3.64× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $128.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $131.9M | ||
| Q3 25 | $167.1M | $137.7M | ||
| Q2 25 | $99.8M | $86.6M | ||
| Q1 25 | $145.8M | $-18.8M | ||
| Q4 24 | $127.3M | $-31.4M | ||
| Q3 24 | $104.7M | $11.2M | ||
| Q2 24 | $74.8M | $56.1M | ||
| Q1 24 | $73.6M | $-114.0M |
| Q4 25 | $105.2M | $83.0M | ||
| Q3 25 | $82.5M | $80.7M | ||
| Q2 25 | $39.9M | $34.1M | ||
| Q1 25 | $59.9M | $-69.7M | ||
| Q4 24 | $54.2M | $-96.0M | ||
| Q3 24 | $54.5M | $-37.9M | ||
| Q2 24 | $45.2M | $-10.1M | ||
| Q1 24 | $41.5M | $-251.5M |
| Q4 25 | 17.1% | 9.4% | ||
| Q3 25 | 14.7% | 9.0% | ||
| Q2 25 | 7.8% | 4.2% | ||
| Q1 25 | 12.5% | -8.6% | ||
| Q4 24 | 11.8% | -11.8% | ||
| Q3 24 | 12.7% | -4.6% | ||
| Q2 24 | 11.3% | -1.4% | ||
| Q1 24 | 11.0% | -34.1% |
| Q4 25 | 13.9% | 5.5% | ||
| Q3 25 | 15.1% | 6.3% | ||
| Q2 25 | 11.7% | 6.5% | ||
| Q1 25 | 17.9% | 6.3% | ||
| Q4 24 | 15.9% | 8.0% | ||
| Q3 24 | 11.7% | 5.9% | ||
| Q2 24 | 7.4% | 9.1% | ||
| Q1 24 | 8.5% | 18.6% |
| Q4 25 | — | 3.64× | ||
| Q3 25 | — | 2.66× | ||
| Q2 25 | — | 10.78× | ||
| Q1 25 | — | -1.35× | ||
| Q4 24 | — | -0.95× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -10.01× |
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% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
