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Side-by-side financial comparison of Cloudflare, Inc. (NET) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $382.7M, roughly 1.6× INNOVATE Corp.). INNOVATE Corp. runs the higher net margin — -1.9% vs -2.0%, a 0.0% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 33.6%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
NET vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $382.7M |
| Net Profit | $-12.1M | $-7.4M |
| Gross Margin | 73.6% | 15.4% |
| Operating Margin | -8.0% | 3.7% |
| Net Margin | -2.0% | -1.9% |
| Revenue YoY | 33.6% | 61.7% |
| Net Profit YoY | 6.0% | 55.4% |
| EPS (diluted) | $-0.03 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $562.0M | $347.1M | ||
| Q2 25 | $512.3M | $242.0M | ||
| Q1 25 | $479.1M | $274.2M | ||
| Q4 24 | $459.9M | $236.6M | ||
| Q3 24 | $430.1M | $242.2M | ||
| Q2 24 | $401.0M | $313.1M | ||
| Q1 24 | $378.6M | $315.2M |
| Q4 25 | $-12.1M | $-7.4M | ||
| Q3 25 | $-1.3M | $-8.9M | ||
| Q2 25 | $-50.4M | $-19.8M | ||
| Q1 25 | $-38.5M | $-24.5M | ||
| Q4 24 | $-12.8M | $-16.6M | ||
| Q3 24 | $-15.3M | $-15.0M | ||
| Q2 24 | $-15.1M | $14.4M | ||
| Q1 24 | $-35.5M | $-17.4M |
| Q4 25 | 73.6% | 15.4% | ||
| Q3 25 | 74.0% | 14.3% | ||
| Q2 25 | 74.9% | 18.8% | ||
| Q1 25 | 75.9% | 16.6% | ||
| Q4 24 | 76.4% | 19.6% | ||
| Q3 24 | 77.7% | 19.9% | ||
| Q2 24 | 77.8% | 21.0% | ||
| Q1 24 | 77.5% | 15.4% |
| Q4 25 | -8.0% | 3.7% | ||
| Q3 25 | -6.7% | 1.8% | ||
| Q2 25 | -13.1% | 2.0% | ||
| Q1 25 | -11.1% | 1.2% | ||
| Q4 24 | -7.5% | 1.1% | ||
| Q3 24 | -7.2% | 2.4% | ||
| Q2 24 | -8.7% | 9.2% | ||
| Q1 24 | -14.4% | 0.9% |
| Q4 25 | -2.0% | -1.9% | ||
| Q3 25 | -0.2% | -2.6% | ||
| Q2 25 | -9.8% | -8.2% | ||
| Q1 25 | -8.0% | -8.9% | ||
| Q4 24 | -2.8% | -7.0% | ||
| Q3 24 | -3.6% | -6.2% | ||
| Q2 24 | -3.8% | 4.6% | ||
| Q1 24 | -9.4% | -5.5% |
| Q4 25 | $-0.03 | $-0.57 | ||
| Q3 25 | $0.00 | $-0.71 | ||
| Q2 25 | $-0.15 | $-1.67 | ||
| Q1 25 | $-0.11 | $-1.89 | ||
| Q4 24 | $-0.05 | $-0.72 | ||
| Q3 24 | $-0.04 | $-1.18 | ||
| Q2 24 | $-0.04 | $1.03 | ||
| Q1 24 | $-0.10 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $1.5B | $-240.1M |
| Total Assets | $6.0B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $112.1M | ||
| Q3 25 | $1.1B | $35.5M | ||
| Q2 25 | $1.5B | $33.4M | ||
| Q1 25 | $204.5M | $33.3M | ||
| Q4 24 | $147.7M | $48.8M | ||
| Q3 24 | $182.9M | $51.0M | ||
| Q2 24 | $157.0M | $80.2M | ||
| Q1 24 | $254.4M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $1.5B | $-240.1M | ||
| Q3 25 | $1.3B | $-233.3M | ||
| Q2 25 | $1.2B | $-224.8M | ||
| Q1 25 | $1.4B | $-204.2M | ||
| Q4 24 | $1.0B | $-180.4M | ||
| Q3 24 | $973.1M | $-163.1M | ||
| Q2 24 | $881.5M | $-149.0M | ||
| Q1 24 | $797.2M | $-184.4M |
| Q4 25 | $6.0B | $950.1M | ||
| Q3 25 | $5.8B | $913.2M | ||
| Q2 25 | $5.6B | $890.9M | ||
| Q1 25 | $3.7B | $868.0M | ||
| Q4 24 | $3.3B | $891.1M | ||
| Q3 24 | $3.1B | $897.2M | ||
| Q2 24 | $2.9B | $898.9M | ||
| Q1 24 | $2.8B | $943.5M |
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 | $101.1M |
| 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 | $101.1M | ||
| Q3 25 | $167.1M | $19.2M | ||
| Q2 25 | $99.8M | $40.4M | ||
| Q1 25 | $145.8M | $-14.1M | ||
| Q4 24 | $127.3M | $41.4M | ||
| Q3 24 | $104.7M | $-28.4M | ||
| Q2 24 | $74.8M | $21.5M | ||
| Q1 24 | $73.6M | $-25.4M |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $19.0M | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | $-18.8M | ||
| Q4 24 | $54.2M | $34.2M | ||
| Q3 24 | $54.5M | $-31.5M | ||
| Q2 24 | $45.2M | $18.4M | ||
| Q1 24 | $41.5M | $-31.0M |
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | 5.5% | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | -6.9% | ||
| Q4 24 | 11.8% | 14.5% | ||
| Q3 24 | 12.7% | -13.0% | ||
| Q2 24 | 11.3% | 5.9% | ||
| Q1 24 | 11.0% | -9.8% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | 0.1% | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | 1.7% | ||
| Q4 24 | 15.9% | 3.0% | ||
| Q3 24 | 11.7% | 1.3% | ||
| Q2 24 | 7.4% | 1.0% | ||
| Q1 24 | 8.5% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
