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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $385.6M, roughly 1.6× Skyward Specialty Insurance Group, Inc.). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 11.2% vs -2.0%, a 13.2% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 26.7%). Skyward Specialty Insurance Group, Inc. produced more free cash flow last quarter ($402.6M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 20.6%).
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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
NET vs SKWD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $385.6M |
| Net Profit | $-12.1M | $43.2M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 14.2% |
| Net Margin | -2.0% | 11.2% |
| Revenue YoY | 33.6% | 26.7% |
| Net Profit YoY | 6.0% | 200.1% |
| EPS (diluted) | $-0.03 | $1.03 |
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 | $385.6M | ||
| Q3 25 | $562.0M | $382.5M | ||
| Q2 25 | $512.3M | $319.9M | ||
| Q1 25 | $479.1M | $328.5M | ||
| Q4 24 | $459.9M | $304.4M | ||
| Q3 24 | $430.1M | $300.9M | ||
| Q2 24 | $401.0M | $279.9M | ||
| Q1 24 | $378.6M | $265.0M |
| Q4 25 | $-12.1M | $43.2M | ||
| Q3 25 | $-1.3M | $45.9M | ||
| Q2 25 | $-50.4M | $38.8M | ||
| Q1 25 | $-38.5M | $42.1M | ||
| Q4 24 | $-12.8M | $14.4M | ||
| Q3 24 | $-15.3M | $36.7M | ||
| Q2 24 | $-15.1M | $31.0M | ||
| Q1 24 | $-35.5M | $36.8M |
| 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% | 14.2% | ||
| Q3 25 | -6.7% | 15.8% | ||
| Q2 25 | -13.1% | 15.6% | ||
| Q1 25 | -11.1% | 15.7% | ||
| Q4 24 | -7.5% | 6.1% | ||
| Q3 24 | -7.2% | 15.6% | ||
| Q2 24 | -8.7% | 14.4% | ||
| Q1 24 | -14.4% | 17.7% |
| Q4 25 | -2.0% | 11.2% | ||
| Q3 25 | -0.2% | 12.0% | ||
| Q2 25 | -9.8% | 12.1% | ||
| Q1 25 | -8.0% | 12.8% | ||
| Q4 24 | -2.8% | 4.7% | ||
| Q3 24 | -3.6% | 12.2% | ||
| Q2 24 | -3.8% | 11.1% | ||
| Q1 24 | -9.4% | 13.9% |
| Q4 25 | $-0.03 | $1.03 | ||
| Q3 25 | $0.00 | $1.10 | ||
| Q2 25 | $-0.15 | $0.93 | ||
| Q1 25 | $-0.11 | $1.01 | ||
| Q4 24 | $-0.05 | $0.33 | ||
| Q3 24 | $-0.04 | $0.89 | ||
| Q2 24 | $-0.04 | $0.75 | ||
| Q1 24 | $-0.10 | $0.90 |
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 | $168.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $1.0B |
| Total Assets | $6.0B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $168.5M | ||
| Q3 25 | $1.1B | $160.1M | ||
| Q2 25 | $1.5B | $136.6M | ||
| Q1 25 | $204.5M | $112.9M | ||
| Q4 24 | $147.7M | $121.6M | ||
| Q3 24 | $182.9M | $105.6M | ||
| Q2 24 | $157.0M | $73.0M | ||
| Q1 24 | $254.4M | $85.1M |
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.3B | $961.4M | ||
| Q2 25 | $1.2B | $899.9M | ||
| Q1 25 | $1.4B | $850.7M | ||
| Q4 24 | $1.0B | $794.0M | ||
| Q3 24 | $973.1M | $797.5M | ||
| Q2 24 | $881.5M | $723.6M | ||
| Q1 24 | $797.2M | $692.3M |
| Q4 25 | $6.0B | $4.8B | ||
| Q3 25 | $5.8B | $4.6B | ||
| Q2 25 | $5.6B | $4.3B | ||
| Q1 25 | $3.7B | $4.0B | ||
| Q4 24 | $3.3B | $3.7B | ||
| Q3 24 | $3.1B | $3.6B | ||
| Q2 24 | $2.9B | $3.4B | ||
| Q1 24 | $2.8B | $3.2B |
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 | $408.1M |
| Free Cash FlowOCF − Capex | $105.2M | $402.6M |
| FCF MarginFCF / Revenue | 17.1% | 104.4% |
| Capex IntensityCapex / Revenue | 13.9% | 1.4% |
| Cash ConversionOCF / Net Profit | — | 9.44× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $755.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $408.1M | ||
| Q3 25 | $167.1M | $171.4M | ||
| Q2 25 | $99.8M | $88.2M | ||
| Q1 25 | $145.8M | $96.8M | ||
| Q4 24 | $127.3M | $305.1M | ||
| Q3 24 | $104.7M | $168.0M | ||
| Q2 24 | $74.8M | $21.0M | ||
| Q1 24 | $73.6M | $94.3M |
| Q4 25 | $105.2M | $402.6M | ||
| Q3 25 | $82.5M | $168.9M | ||
| Q2 25 | $39.9M | $87.1M | ||
| Q1 25 | $59.9M | $96.6M | ||
| Q4 24 | $54.2M | $300.9M | ||
| Q3 24 | $54.5M | $167.6M | ||
| Q2 24 | $45.2M | $18.4M | ||
| Q1 24 | $41.5M | $94.0M |
| Q4 25 | 17.1% | 104.4% | ||
| Q3 25 | 14.7% | 44.2% | ||
| Q2 25 | 7.8% | 27.2% | ||
| Q1 25 | 12.5% | 29.4% | ||
| Q4 24 | 11.8% | 98.8% | ||
| Q3 24 | 12.7% | 55.7% | ||
| Q2 24 | 11.3% | 6.6% | ||
| Q1 24 | 11.0% | 35.5% |
| Q4 25 | 13.9% | 1.4% | ||
| Q3 25 | 15.1% | 0.6% | ||
| Q2 25 | 11.7% | 0.3% | ||
| Q1 25 | 17.9% | 0.1% | ||
| Q4 24 | 15.9% | 1.4% | ||
| Q3 24 | 11.7% | 0.1% | ||
| Q2 24 | 7.4% | 0.9% | ||
| Q1 24 | 8.5% | 0.1% |
| Q4 25 | — | 9.44× | ||
| Q3 25 | — | 3.73× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 21.18× | ||
| Q3 24 | — | 4.58× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 2.56× |
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% |
SKWD
Segment breakdown not available.
