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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Sally Beauty Holdings, Inc. (SBH). Click either name above to swap in a different company.
Sally Beauty Holdings, Inc. is the larger business by last-quarter revenue ($943.2M vs $614.5M, roughly 1.5× Cloudflare, Inc.). Sally Beauty Holdings, Inc. runs the higher net margin — 4.8% vs -2.0%, a 6.8% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 0.6%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $57.5M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 1.9%).
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.
Sally Beauty Holdings, Inc. is an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $3.9 billion annually.
NET vs SBH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $943.2M |
| Net Profit | $-12.1M | $45.6M |
| Gross Margin | 73.6% | 51.2% |
| Operating Margin | -8.0% | 8.1% |
| Net Margin | -2.0% | 4.8% |
| Revenue YoY | 33.6% | 0.6% |
| Net Profit YoY | 6.0% | -25.3% |
| EPS (diluted) | $-0.03 | $0.45 |
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 | $943.2M | ||
| Q3 25 | $562.0M | $947.1M | ||
| Q2 25 | $512.3M | $933.3M | ||
| Q1 25 | $479.1M | $883.1M | ||
| Q4 24 | $459.9M | $937.9M | ||
| Q3 24 | $430.1M | $935.0M | ||
| Q2 24 | $401.0M | $942.3M | ||
| Q1 24 | $378.6M | $908.4M |
| Q4 25 | $-12.1M | $45.6M | ||
| Q3 25 | $-1.3M | $49.9M | ||
| Q2 25 | $-50.4M | $45.7M | ||
| Q1 25 | $-38.5M | $39.2M | ||
| Q4 24 | $-12.8M | $61.0M | ||
| Q3 24 | $-15.3M | $48.1M | ||
| Q2 24 | $-15.1M | $37.7M | ||
| Q1 24 | $-35.5M | $29.2M |
| Q4 25 | 73.6% | 51.2% | ||
| Q3 25 | 74.0% | 52.2% | ||
| Q2 25 | 74.9% | 51.5% | ||
| Q1 25 | 75.9% | 52.0% | ||
| Q4 24 | 76.4% | 50.8% | ||
| Q3 24 | 77.7% | 51.2% | ||
| Q2 24 | 77.8% | 51.0% | ||
| Q1 24 | 77.5% | 51.0% |
| Q4 25 | -8.0% | 8.1% | ||
| Q3 25 | -6.7% | 8.4% | ||
| Q2 25 | -13.1% | 8.4% | ||
| Q1 25 | -11.1% | 7.9% | ||
| Q4 24 | -7.5% | 10.7% | ||
| Q3 24 | -7.2% | 8.8% | ||
| Q2 24 | -8.7% | 7.6% | ||
| Q1 24 | -14.4% | 6.6% |
| Q4 25 | -2.0% | 4.8% | ||
| Q3 25 | -0.2% | 5.3% | ||
| Q2 25 | -9.8% | 4.9% | ||
| Q1 25 | -8.0% | 4.4% | ||
| Q4 24 | -2.8% | 6.5% | ||
| Q3 24 | -3.6% | 5.1% | ||
| Q2 24 | -3.8% | 4.0% | ||
| Q1 24 | -9.4% | 3.2% |
| Q4 25 | $-0.03 | $0.45 | ||
| Q3 25 | $0.00 | $0.49 | ||
| Q2 25 | $-0.15 | $0.44 | ||
| Q1 25 | $-0.11 | $0.38 | ||
| Q4 24 | $-0.05 | $0.58 | ||
| Q3 24 | $-0.04 | $0.45 | ||
| Q2 24 | $-0.04 | $0.36 | ||
| Q1 24 | $-0.10 | $0.27 |
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 | $157.2M |
| Total DebtLower is stronger | — | $842.5M |
| Stockholders' EquityBook value | $1.5B | $823.6M |
| Total Assets | $6.0B | $2.9B |
| Debt / EquityLower = less leverage | — | 1.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $157.2M | ||
| Q3 25 | $1.1B | $149.2M | ||
| Q2 25 | $1.5B | $112.8M | ||
| Q1 25 | $204.5M | $92.2M | ||
| Q4 24 | $147.7M | $105.5M | ||
| Q3 24 | $182.9M | $108.0M | ||
| Q2 24 | $157.0M | $97.4M | ||
| Q1 24 | $254.4M | $97.2M |
| Q4 25 | — | $842.5M | ||
| Q3 25 | — | $862.0M | ||
| Q2 25 | — | $882.4M | ||
| Q1 25 | — | $902.8M | ||
| Q4 24 | — | $938.1M | ||
| Q3 24 | — | $978.3M | ||
| Q2 24 | — | $978.9M | ||
| Q1 24 | — | $978.4M |
| Q4 25 | $1.5B | $823.6M | ||
| Q3 25 | $1.3B | $794.2M | ||
| Q2 25 | $1.2B | $762.9M | ||
| Q1 25 | $1.4B | $699.8M | ||
| Q4 24 | $1.0B | $656.5M | ||
| Q3 24 | $973.1M | $628.5M | ||
| Q2 24 | $881.5M | $577.7M | ||
| Q1 24 | $797.2M | $550.9M |
| Q4 25 | $6.0B | $2.9B | ||
| Q3 25 | $5.8B | $2.9B | ||
| Q2 25 | $5.6B | $2.7B | ||
| Q1 25 | $3.7B | $2.7B | ||
| Q4 24 | $3.3B | $2.7B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $2.9B | $2.7B | ||
| Q1 24 | $2.8B | $2.7B |
| Q4 25 | — | 1.02× | ||
| Q3 25 | — | 1.09× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | — | 1.69× | ||
| Q1 24 | — | 1.78× |
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 | $93.2M |
| Free Cash FlowOCF − Capex | $105.2M | $57.5M |
| FCF MarginFCF / Revenue | 17.1% | 6.1% |
| Capex IntensityCapex / Revenue | 13.9% | 3.8% |
| Cash ConversionOCF / Net Profit | — | 2.05× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $216.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $93.2M | ||
| Q3 25 | $167.1M | $120.9M | ||
| Q2 25 | $99.8M | $69.4M | ||
| Q1 25 | $145.8M | $51.1M | ||
| Q4 24 | $127.3M | $33.5M | ||
| Q3 24 | $104.7M | $110.7M | ||
| Q2 24 | $74.8M | $47.9M | ||
| Q1 24 | $73.6M | $36.9M |
| Q4 25 | $105.2M | $57.5M | ||
| Q3 25 | $82.5M | $78.0M | ||
| Q2 25 | $39.9M | $49.1M | ||
| Q1 25 | $59.9M | $32.2M | ||
| Q4 24 | $54.2M | $13.4M | ||
| Q3 24 | $54.5M | $73.3M | ||
| Q2 24 | $45.2M | $28.7M | ||
| Q1 24 | $41.5M | $22.8M |
| Q4 25 | 17.1% | 6.1% | ||
| Q3 25 | 14.7% | 8.2% | ||
| Q2 25 | 7.8% | 5.3% | ||
| Q1 25 | 12.5% | 3.6% | ||
| Q4 24 | 11.8% | 1.4% | ||
| Q3 24 | 12.7% | 7.8% | ||
| Q2 24 | 11.3% | 3.1% | ||
| Q1 24 | 11.0% | 2.5% |
| Q4 25 | 13.9% | 3.8% | ||
| Q3 25 | 15.1% | 4.5% | ||
| Q2 25 | 11.7% | 2.2% | ||
| Q1 25 | 17.9% | 2.1% | ||
| Q4 24 | 15.9% | 2.1% | ||
| Q3 24 | 11.7% | 4.0% | ||
| Q2 24 | 7.4% | 2.0% | ||
| Q1 24 | 8.5% | 1.6% |
| Q4 25 | — | 2.05× | ||
| Q3 25 | — | 2.42× | ||
| Q2 25 | — | 1.52× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | — | 0.55× | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | — | 1.27× | ||
| Q1 24 | — | 1.26× |
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% |
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
