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Side-by-side financial comparison of Cloudflare, Inc. (NET) and UNITED BANKSHARES INC (UBSI). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $318.4M, roughly 1.9× UNITED BANKSHARES INC). UNITED BANKSHARES INC runs the higher net margin — 40.5% vs -2.0%, a 42.4% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 21.6%). UNITED BANKSHARES INC produced more free cash flow last quarter ($481.2M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 11.8%).
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.
United Bankshares Inc. (WV) is a regional financial holding company operating mainly across the Mid-Atlantic and Southeastern United States. It provides full-spectrum banking solutions including consumer and commercial lending, deposit products, wealth management, and mortgage services for individual, small business and corporate clients.
NET vs UBSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $318.4M |
| Net Profit | $-12.1M | $128.8M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 50.2% |
| Net Margin | -2.0% | 40.5% |
| Revenue YoY | 33.6% | 21.6% |
| Net Profit YoY | 6.0% | 36.5% |
| EPS (diluted) | $-0.03 | $0.91 |
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 | $318.4M | ||
| Q3 25 | $562.0M | $323.3M | ||
| Q2 25 | $512.3M | $306.0M | ||
| Q1 25 | $479.1M | $289.6M | ||
| Q4 24 | $459.9M | $261.9M | ||
| Q3 24 | $430.1M | $262.2M | ||
| Q2 24 | $401.0M | $255.9M | ||
| Q1 24 | $378.6M | $254.7M |
| Q4 25 | $-12.1M | $128.8M | ||
| Q3 25 | $-1.3M | $130.7M | ||
| Q2 25 | $-50.4M | $120.7M | ||
| Q1 25 | $-38.5M | $84.3M | ||
| Q4 24 | $-12.8M | $94.4M | ||
| Q3 24 | $-15.3M | $95.3M | ||
| Q2 24 | $-15.1M | $96.5M | ||
| Q1 24 | $-35.5M | $86.8M |
| 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% | 50.2% | ||
| Q3 25 | -6.7% | 50.9% | ||
| Q2 25 | -13.1% | 49.7% | ||
| Q1 25 | -11.1% | 36.9% | ||
| Q4 24 | -7.5% | 46.2% | ||
| Q3 24 | -7.2% | 45.7% | ||
| Q2 24 | -8.7% | 45.1% | ||
| Q1 24 | -14.4% | 42.5% |
| Q4 25 | -2.0% | 40.5% | ||
| Q3 25 | -0.2% | 40.4% | ||
| Q2 25 | -9.8% | 39.5% | ||
| Q1 25 | -8.0% | 29.1% | ||
| Q4 24 | -2.8% | 36.0% | ||
| Q3 24 | -3.6% | 36.3% | ||
| Q2 24 | -3.8% | 37.7% | ||
| Q1 24 | -9.4% | 34.1% |
| Q4 25 | $-0.03 | $0.91 | ||
| Q3 25 | $0.00 | $0.92 | ||
| Q2 25 | $-0.15 | $0.85 | ||
| Q1 25 | $-0.11 | $0.59 | ||
| Q4 24 | $-0.05 | $0.70 | ||
| Q3 24 | $-0.04 | $0.70 | ||
| Q2 24 | $-0.04 | $0.71 | ||
| Q1 24 | $-0.10 | $0.64 |
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 | — |
| Total DebtLower is stronger | — | $531.8M |
| Stockholders' EquityBook value | $1.5B | $5.5B |
| Total Assets | $6.0B | $33.7B |
| Debt / EquityLower = less leverage | — | 0.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
| Q4 25 | — | $531.8M | ||
| Q3 25 | — | $250.0M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | — | $250.0M | ||
| Q4 24 | — | $540.4M | ||
| Q3 24 | — | $260.3M | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | $1.5B | $5.5B | ||
| Q3 25 | $1.3B | $5.4B | ||
| Q2 25 | $1.2B | $5.4B | ||
| Q1 25 | $1.4B | $5.3B | ||
| Q4 24 | $1.0B | $5.0B | ||
| Q3 24 | $973.1M | $5.0B | ||
| Q2 24 | $881.5M | $4.9B | ||
| Q1 24 | $797.2M | $4.8B |
| Q4 25 | $6.0B | $33.7B | ||
| Q3 25 | $5.8B | $33.4B | ||
| Q2 25 | $5.6B | $32.8B | ||
| Q1 25 | $3.7B | $32.8B | ||
| Q4 24 | $3.3B | $30.0B | ||
| Q3 24 | $3.1B | $29.9B | ||
| Q2 24 | $2.9B | $30.0B | ||
| Q1 24 | $2.8B | $30.0B |
| Q4 25 | — | 0.10× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.30× |
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 | $498.9M |
| Free Cash FlowOCF − Capex | $105.2M | $481.2M |
| FCF MarginFCF / Revenue | 17.1% | 151.1% |
| Capex IntensityCapex / Revenue | 13.9% | 5.6% |
| Cash ConversionOCF / Net Profit | — | 3.87× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $828.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $498.9M | ||
| Q3 25 | $167.1M | $150.6M | ||
| Q2 25 | $99.8M | $89.4M | ||
| Q1 25 | $145.8M | $120.0M | ||
| Q4 24 | $127.3M | $445.5M | ||
| Q3 24 | $104.7M | $123.6M | ||
| Q2 24 | $74.8M | $61.2M | ||
| Q1 24 | $73.6M | $124.4M |
| Q4 25 | $105.2M | $481.2M | ||
| Q3 25 | $82.5M | $146.4M | ||
| Q2 25 | $39.9M | $85.2M | ||
| Q1 25 | $59.9M | $116.1M | ||
| Q4 24 | $54.2M | $433.3M | ||
| Q3 24 | $54.5M | $122.0M | ||
| Q2 24 | $45.2M | $58.2M | ||
| Q1 24 | $41.5M | $119.6M |
| Q4 25 | 17.1% | 151.1% | ||
| Q3 25 | 14.7% | 45.3% | ||
| Q2 25 | 7.8% | 27.8% | ||
| Q1 25 | 12.5% | 40.1% | ||
| Q4 24 | 11.8% | 165.4% | ||
| Q3 24 | 12.7% | 46.5% | ||
| Q2 24 | 11.3% | 22.7% | ||
| Q1 24 | 11.0% | 47.0% |
| Q4 25 | 13.9% | 5.6% | ||
| Q3 25 | 15.1% | 1.3% | ||
| Q2 25 | 11.7% | 1.4% | ||
| Q1 25 | 17.9% | 1.3% | ||
| Q4 24 | 15.9% | 4.6% | ||
| Q3 24 | 11.7% | 0.6% | ||
| Q2 24 | 7.4% | 1.2% | ||
| Q1 24 | 8.5% | 1.9% |
| Q4 25 | — | 3.87× | ||
| Q3 25 | — | 1.15× | ||
| Q2 25 | — | 0.74× | ||
| Q1 25 | — | 1.42× | ||
| Q4 24 | — | 4.72× | ||
| Q3 24 | — | 1.30× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 1.43× |
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% |
UBSI
Segment breakdown not available.
