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Side-by-side financial comparison of Cloudflare, Inc. (NET) and TIC Solutions, Inc. (TIC). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $508.3M, roughly 1.2× TIC Solutions, Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -9.3%, a 7.3% gap on every dollar of revenue. Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $37.1M).
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 TIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $508.3M |
| Net Profit | $-12.1M | $-47.2M |
| Gross Margin | 73.6% | 35.2% |
| Operating Margin | -8.0% | -3.8% |
| Net Margin | -2.0% | -9.3% |
| Revenue YoY | 33.6% | — |
| Net Profit YoY | 6.0% | — |
| EPS (diluted) | $-0.03 | — |
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 | $508.3M | ||
| Q3 25 | $562.0M | $473.9M | ||
| Q2 25 | $512.3M | $313.9M | ||
| Q1 25 | $479.1M | $234.2M | ||
| Q4 24 | $459.9M | — | ||
| Q3 24 | $430.1M | — | ||
| Q2 24 | $401.0M | — | ||
| Q1 24 | $378.6M | — |
| Q4 25 | $-12.1M | $-47.2M | ||
| Q3 25 | $-1.3M | $-13.9M | ||
| Q2 25 | $-50.4M | $-233.0K | ||
| Q1 25 | $-38.5M | $-25.8M | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | — | ||
| Q2 24 | $-15.1M | — | ||
| Q1 24 | $-35.5M | — |
| Q4 25 | 73.6% | 35.2% | ||
| Q3 25 | 74.0% | 32.2% | ||
| Q2 25 | 74.9% | 23.6% | ||
| Q1 25 | 75.9% | 18.6% | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.5% | — |
| Q4 25 | -8.0% | -3.8% | ||
| Q3 25 | -6.7% | -1.4% | ||
| Q2 25 | -13.1% | 5.8% | ||
| Q1 25 | -11.1% | -4.0% | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | -7.2% | — | ||
| Q2 24 | -8.7% | — | ||
| Q1 24 | -14.4% | — |
| Q4 25 | -2.0% | -9.3% | ||
| Q3 25 | -0.2% | -2.9% | ||
| Q2 25 | -9.8% | -0.1% | ||
| Q1 25 | -8.0% | -11.0% | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | — | ||
| Q2 24 | -3.8% | — | ||
| Q1 24 | -9.4% | — |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | $-0.08 | ||
| Q2 25 | $-0.15 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| 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 | $439.5M |
| Total DebtLower is stronger | — | $1.6B |
| Stockholders' EquityBook value | $1.5B | $2.2B |
| Total Assets | $6.0B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $439.5M | ||
| Q3 25 | $1.1B | $164.4M | ||
| Q2 25 | $1.5B | $130.1M | ||
| Q1 25 | $204.5M | $155.7M | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $751.3M | ||
| Q1 25 | — | $752.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.3B | $2.0B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $973.1M | — | ||
| Q2 24 | $881.5M | — | ||
| Q1 24 | $797.2M | — |
| Q4 25 | $6.0B | $4.4B | ||
| Q3 25 | $5.8B | $4.2B | ||
| Q2 25 | $5.6B | $2.2B | ||
| Q1 25 | $3.7B | $2.2B | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.8B | — |
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.67× | ||
| 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 | $49.7M |
| Free Cash FlowOCF − Capex | $105.2M | $37.1M |
| FCF MarginFCF / Revenue | 17.1% | 7.3% |
| Capex IntensityCapex / Revenue | 13.9% | 2.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $61.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $49.7M | ||
| Q3 25 | $167.1M | $19.0M | ||
| Q2 25 | $99.8M | $-6.5M | ||
| Q1 25 | $145.8M | $32.8M | ||
| Q4 24 | $127.3M | — | ||
| Q3 24 | $104.7M | — | ||
| Q2 24 | $74.8M | — | ||
| Q1 24 | $73.6M | — |
| Q4 25 | $105.2M | $37.1M | ||
| Q3 25 | $82.5M | $10.3M | ||
| Q2 25 | $39.9M | $-14.5M | ||
| Q1 25 | $59.9M | $28.3M | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
| Q4 25 | 17.1% | 7.3% | ||
| Q3 25 | 14.7% | 2.2% | ||
| Q2 25 | 7.8% | -4.6% | ||
| Q1 25 | 12.5% | 12.1% | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
| Q4 25 | 13.9% | 2.5% | ||
| Q3 25 | 15.1% | 1.8% | ||
| Q2 25 | 11.7% | 2.6% | ||
| Q1 25 | 17.9% | 1.9% | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | — |
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% |
TIC
| Consulting Engineering Segment | $300.1M | 59% |
| Geospatial Segment | $131.3M | 26% |
| Fixed Unit Price Contracts | $54.3M | 11% |
| Other | $22.6M | 4% |
