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Side-by-side financial comparison of Cloudflare, Inc. (NET) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($789.0M vs $614.5M, roughly 1.3× Cloudflare, Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs -2.0%, a 10.5% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 6.8%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $86.0M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 8.5%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
NET vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $789.0M |
| Net Profit | $-12.1M | $67.0M |
| Gross Margin | 73.6% | 49.7% |
| Operating Margin | -8.0% | 15.0% |
| Net Margin | -2.0% | 8.5% |
| Revenue YoY | 33.6% | 6.8% |
| Net Profit YoY | 6.0% | -17.3% |
| EPS (diluted) | $-0.03 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $562.0M | $783.0M | ||
| Q2 25 | $512.3M | $776.0M | ||
| Q1 25 | $479.1M | $705.0M | ||
| Q4 24 | $459.9M | $739.0M | ||
| Q3 24 | $430.1M | $731.0M | ||
| Q2 24 | $401.0M | $730.0M | ||
| Q1 24 | $378.6M | $670.0M |
| Q4 25 | $-12.1M | $67.0M | ||
| Q3 25 | $-1.3M | $100.0M | ||
| Q2 25 | $-50.4M | $91.0M | ||
| Q1 25 | $-38.5M | $67.0M | ||
| Q4 24 | $-12.8M | $81.0M | ||
| Q3 24 | $-15.3M | $88.0M | ||
| Q2 24 | $-15.1M | $101.0M | ||
| Q1 24 | $-35.5M | $56.0M |
| Q4 25 | 73.6% | 49.7% | ||
| Q3 25 | 74.0% | 50.3% | ||
| Q2 25 | 74.9% | 49.4% | ||
| Q1 25 | 75.9% | 48.4% | ||
| Q4 24 | 76.4% | 47.4% | ||
| Q3 24 | 77.7% | 49.0% | ||
| Q2 24 | 77.8% | 50.1% | ||
| Q1 24 | 77.5% | 47.6% |
| Q4 25 | -8.0% | 15.0% | ||
| Q3 25 | -6.7% | 19.9% | ||
| Q2 25 | -13.1% | 17.9% | ||
| Q1 25 | -11.1% | 15.5% | ||
| Q4 24 | -7.5% | 15.6% | ||
| Q3 24 | -7.2% | 17.8% | ||
| Q2 24 | -8.7% | 17.3% | ||
| Q1 24 | -14.4% | 13.6% |
| Q4 25 | -2.0% | 8.5% | ||
| Q3 25 | -0.2% | 12.8% | ||
| Q2 25 | -9.8% | 11.7% | ||
| Q1 25 | -8.0% | 9.5% | ||
| Q4 24 | -2.8% | 11.0% | ||
| Q3 24 | -3.6% | 12.0% | ||
| Q2 24 | -3.8% | 13.8% | ||
| Q1 24 | -9.4% | 8.4% |
| Q4 25 | $-0.03 | $0.33 | ||
| Q3 25 | $0.00 | $0.49 | ||
| Q2 25 | $-0.15 | $0.45 | ||
| Q1 25 | $-0.11 | $0.33 | ||
| Q4 24 | $-0.05 | $0.40 | ||
| Q3 24 | $-0.04 | $0.44 | ||
| Q2 24 | $-0.04 | $0.50 | ||
| Q1 24 | $-0.10 | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $1.5B | $1.3B |
| Total Assets | $6.0B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $295.0M | ||
| Q3 25 | $1.1B | $255.0M | ||
| Q2 25 | $1.5B | $272.0M | ||
| Q1 25 | $204.5M | $267.0M | ||
| Q4 24 | $147.7M | $298.0M | ||
| Q3 24 | $182.9M | $327.0M | ||
| Q2 24 | $157.0M | $295.0M | ||
| Q1 24 | $254.4M | $344.0M |
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.4B | $970.0M | ||
| Q4 24 | $1.0B | $904.0M | ||
| Q3 24 | $973.1M | $872.0M | ||
| Q2 24 | $881.5M | $769.0M | ||
| Q1 24 | $797.2M | $671.0M |
| Q4 25 | $6.0B | $2.9B | ||
| Q3 25 | $5.8B | $2.9B | ||
| Q2 25 | $5.6B | $2.9B | ||
| Q1 25 | $3.7B | $2.9B | ||
| Q4 24 | $3.3B | $2.8B | ||
| Q3 24 | $3.1B | $2.9B | ||
| Q2 24 | $2.9B | $2.7B | ||
| Q1 24 | $2.8B | $2.8B |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $105.2M | $86.0M |
| FCF MarginFCF / Revenue | 17.1% | 10.9% |
| Capex IntensityCapex / Revenue | 13.9% | 7.4% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $144.0M | ||
| Q3 25 | $167.1M | $155.0M | ||
| Q2 25 | $99.8M | $147.0M | ||
| Q1 25 | $145.8M | $154.0M | ||
| Q4 24 | $127.3M | $130.0M | ||
| Q3 24 | $104.7M | $150.0M | ||
| Q2 24 | $74.8M | $103.0M | ||
| Q1 24 | $73.6M | $141.0M |
| Q4 25 | $105.2M | $86.0M | ||
| Q3 25 | $82.5M | $109.0M | ||
| Q2 25 | $39.9M | $105.0M | ||
| Q1 25 | $59.9M | $103.0M | ||
| Q4 24 | $54.2M | $72.0M | ||
| Q3 24 | $54.5M | $84.0M | ||
| Q2 24 | $45.2M | $47.0M | ||
| Q1 24 | $41.5M | $84.0M |
| Q4 25 | 17.1% | 10.9% | ||
| Q3 25 | 14.7% | 13.9% | ||
| Q2 25 | 7.8% | 13.5% | ||
| Q1 25 | 12.5% | 14.6% | ||
| Q4 24 | 11.8% | 9.7% | ||
| Q3 24 | 12.7% | 11.5% | ||
| Q2 24 | 11.3% | 6.4% | ||
| Q1 24 | 11.0% | 12.5% |
| Q4 25 | 13.9% | 7.4% | ||
| Q3 25 | 15.1% | 5.9% | ||
| Q2 25 | 11.7% | 5.4% | ||
| Q1 25 | 17.9% | 7.2% | ||
| Q4 24 | 15.9% | 7.8% | ||
| Q3 24 | 11.7% | 9.0% | ||
| Q2 24 | 7.4% | 7.7% | ||
| Q1 24 | 8.5% | 8.5% |
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | — | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
