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Side-by-side financial comparison of Cloudflare, Inc. (NET) and SM Energy Co (SM). Click either name above to swap in a different company.
SM Energy Co is the larger business by last-quarter revenue ($704.9M vs $614.5M, roughly 1.1× Cloudflare, Inc.). On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -17.3%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 12.2%).
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.
SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
NET vs SM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $704.9M |
| Net Profit | $-12.1M | — |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 25.9% |
| Net Margin | -2.0% | — |
| Revenue YoY | 33.6% | -17.3% |
| Net Profit YoY | 6.0% | — |
| EPS (diluted) | $-0.03 | $0.94 |
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 | $704.9M | ||
| Q3 25 | $562.0M | $811.6M | ||
| Q2 25 | $512.3M | $792.9M | ||
| Q1 25 | $479.1M | $844.5M | ||
| Q4 24 | $459.9M | $852.0M | ||
| Q3 24 | $430.1M | $643.6M | ||
| Q2 24 | $401.0M | $634.6M | ||
| Q1 24 | $378.6M | $559.9M |
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $155.1M | ||
| Q2 25 | $-50.4M | $201.7M | ||
| Q1 25 | $-38.5M | $182.3M | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | $240.5M | ||
| Q2 24 | $-15.1M | $210.3M | ||
| Q1 24 | $-35.5M | $131.2M |
| 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% | 25.9% | ||
| Q3 25 | -6.7% | 30.4% | ||
| Q2 25 | -13.1% | 37.2% | ||
| Q1 25 | -11.1% | 32.7% | ||
| Q4 24 | -7.5% | 33.7% | ||
| Q3 24 | -7.2% | 51.4% | ||
| Q2 24 | -8.7% | 44.0% | ||
| Q1 24 | -14.4% | 31.9% |
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | 19.1% | ||
| Q2 25 | -9.8% | 25.4% | ||
| Q1 25 | -8.0% | 21.6% | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | 37.4% | ||
| Q2 24 | -3.8% | 33.1% | ||
| Q1 24 | -9.4% | 23.4% |
| Q4 25 | $-0.03 | $0.94 | ||
| Q3 25 | $0.00 | $1.35 | ||
| Q2 25 | $-0.15 | $1.76 | ||
| Q1 25 | $-0.11 | $1.59 | ||
| Q4 24 | $-0.05 | $1.63 | ||
| Q3 24 | $-0.04 | $2.09 | ||
| Q2 24 | $-0.04 | $1.82 | ||
| Q1 24 | $-0.10 | $1.13 |
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 | $368.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $4.8B |
| Total Assets | $6.0B | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $368.0M | ||
| Q3 25 | $1.1B | $162.3M | ||
| Q2 25 | $1.5B | $101.9M | ||
| Q1 25 | $204.5M | $54.0K | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | $1.7B | ||
| Q2 24 | $157.0M | $487.9M | ||
| Q1 24 | $254.4M | $506.3M |
| Q4 25 | $1.5B | $4.8B | ||
| Q3 25 | $1.3B | $4.7B | ||
| Q2 25 | $1.2B | $4.6B | ||
| Q1 25 | $1.4B | $4.4B | ||
| Q4 24 | $1.0B | $4.2B | ||
| Q3 24 | $973.1M | $4.1B | ||
| Q2 24 | $881.5M | $3.8B | ||
| Q1 24 | $797.2M | $3.7B |
| Q4 25 | $6.0B | $9.3B | ||
| Q3 25 | $5.8B | $9.1B | ||
| Q2 25 | $5.6B | $9.0B | ||
| Q1 25 | $3.7B | $8.8B | ||
| Q4 24 | $3.3B | $8.6B | ||
| Q3 24 | $3.1B | $8.0B | ||
| Q2 24 | $2.9B | $6.7B | ||
| Q1 24 | $2.8B | $6.4B |
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 | $451.9M |
| Free Cash FlowOCF − Capex | $105.2M | — |
| FCF MarginFCF / Revenue | 17.1% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $451.9M | ||
| Q3 25 | $167.1M | $505.0M | ||
| Q2 25 | $99.8M | $571.1M | ||
| Q1 25 | $145.8M | $483.0M | ||
| Q4 24 | $127.3M | $578.4M | ||
| Q3 24 | $104.7M | $452.3M | ||
| Q2 24 | $74.8M | $476.4M | ||
| Q1 24 | $73.6M | $276.0M |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| 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% | — | ||
| 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% | — | ||
| 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 | — | 3.26× | ||
| Q2 25 | — | 2.83× | ||
| Q1 25 | — | 2.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | — | 2.10× |
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% |
SM
Segment breakdown not available.
