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Side-by-side financial comparison of Cloudflare, Inc. (NET) and VALHI INC (VHI). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $494.5M, roughly 1.2× VALHI INC). Cloudflare, Inc. runs the higher net margin — -2.0% vs -10.8%, a 8.8% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 2.8%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $89.8M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -3.5%).
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.
Valhi, Inc. is an American holding company operating through wholly and majority-owned subsidiaries in a number of different industries. It was founded in 1987 as a result of the merger of the LLC Corporation and Amalgamated Sugar Company. The Contran Corporation owned 93% of Valhi's common stock as of December 2014. The chairman of the company was Harold Simmons until his death in 2013. As of 2014 it was a Fortune 1000 company.
NET vs VHI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $494.5M |
| Net Profit | $-12.1M | $-53.2M |
| Gross Margin | 73.6% | 6.9% |
| Operating Margin | -8.0% | -6.2% |
| Net Margin | -2.0% | -10.8% |
| Revenue YoY | 33.6% | 2.8% |
| Net Profit YoY | 6.0% | -333.3% |
| EPS (diluted) | $-0.03 | $-1.86 |
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 | $494.5M | ||
| Q3 25 | $562.0M | $503.5M | ||
| Q2 25 | $512.3M | $540.4M | ||
| Q1 25 | $479.1M | $538.6M | ||
| Q4 24 | $459.9M | $480.9M | ||
| Q3 24 | $430.1M | $533.6M | ||
| Q2 24 | $401.0M | $559.7M | ||
| Q1 24 | $378.6M | $530.6M |
| Q4 25 | $-12.1M | $-53.2M | ||
| Q3 25 | $-1.3M | $-22.2M | ||
| Q2 25 | $-50.4M | $900.0K | ||
| Q1 25 | $-38.5M | $16.9M | ||
| Q4 24 | $-12.8M | $22.8M | ||
| Q3 24 | $-15.3M | $57.5M | ||
| Q2 24 | $-15.1M | $19.9M | ||
| Q1 24 | $-35.5M | $7.8M |
| Q4 25 | 73.6% | 6.9% | ||
| Q3 25 | 74.0% | 12.0% | ||
| Q2 25 | 74.9% | 14.5% | ||
| Q1 25 | 75.9% | 22.7% | ||
| Q4 24 | 76.4% | 20.9% | ||
| Q3 24 | 77.7% | 21.8% | ||
| Q2 24 | 77.8% | 21.7% | ||
| Q1 24 | 77.5% | 16.3% |
| Q4 25 | -8.0% | -6.2% | ||
| Q3 25 | -6.7% | 1.7% | ||
| Q2 25 | -13.1% | 6.6% | ||
| Q1 25 | -11.1% | 9.3% | ||
| Q4 24 | -7.5% | 11.8% | ||
| Q3 24 | -7.2% | 12.7% | ||
| Q2 24 | -8.7% | 9.8% | ||
| Q1 24 | -14.4% | 5.9% |
| Q4 25 | -2.0% | -10.8% | ||
| Q3 25 | -0.2% | -4.4% | ||
| Q2 25 | -9.8% | 0.2% | ||
| Q1 25 | -8.0% | 3.1% | ||
| Q4 24 | -2.8% | 4.7% | ||
| Q3 24 | -3.6% | 10.8% | ||
| Q2 24 | -3.8% | 3.6% | ||
| Q1 24 | -9.4% | 1.5% |
| Q4 25 | $-0.03 | $-1.86 | ||
| Q3 25 | $0.00 | $-0.78 | ||
| Q2 25 | $-0.15 | $0.03 | ||
| Q1 25 | $-0.11 | $0.59 | ||
| Q4 24 | $-0.05 | $0.81 | ||
| Q3 24 | $-0.04 | $2.01 | ||
| Q2 24 | $-0.04 | $0.70 | ||
| Q1 24 | $-0.10 | $0.27 |
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 | $216.9M |
| Total DebtLower is stronger | — | $590.9M |
| Stockholders' EquityBook value | $1.5B | $1.0B |
| Total Assets | $6.0B | $2.6B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $216.9M | ||
| Q3 25 | $1.1B | $186.6M | ||
| Q2 25 | $1.5B | $190.9M | ||
| Q1 25 | $204.5M | $196.4M | ||
| Q4 24 | $147.7M | $350.2M | ||
| Q3 24 | $182.9M | $316.7M | ||
| Q2 24 | $157.0M | $386.9M | ||
| Q1 24 | $254.4M | $372.7M |
| Q4 25 | — | $590.9M | ||
| Q3 25 | — | $661.5M | ||
| Q2 25 | — | $544.8M | ||
| Q1 25 | — | $525.9M | ||
| Q4 24 | — | $484.4M | ||
| Q3 24 | — | $526.6M | ||
| Q2 24 | — | $497.4M | ||
| Q1 24 | — | $511.2M |
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $973.1M | $1.0B | ||
| Q2 24 | $881.5M | $962.6M | ||
| Q1 24 | $797.2M | $928.2M |
| Q4 25 | $6.0B | $2.6B | ||
| Q3 25 | $5.8B | $2.7B | ||
| Q2 25 | $5.6B | $2.8B | ||
| Q1 25 | $3.7B | $2.8B | ||
| Q4 24 | $3.3B | $2.8B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $2.9B | $2.5B | ||
| Q1 24 | $2.8B | $2.6B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.55× |
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 | $100.6M |
| Free Cash FlowOCF − Capex | $105.2M | $89.8M |
| FCF MarginFCF / Revenue | 17.1% | 18.2% |
| Capex IntensityCapex / Revenue | 13.9% | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $-82.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $100.6M | ||
| Q3 25 | $167.1M | $-1.9M | ||
| Q2 25 | $99.8M | $21.7M | ||
| Q1 25 | $145.8M | $-155.9M | ||
| Q4 24 | $127.3M | $45.8M | ||
| Q3 24 | $104.7M | $13.5M | ||
| Q2 24 | $74.8M | $33.5M | ||
| Q1 24 | $73.6M | $-48.8M |
| Q4 25 | $105.2M | $89.8M | ||
| Q3 25 | $82.5M | $-12.3M | ||
| Q2 25 | $39.9M | $9.1M | ||
| Q1 25 | $59.9M | $-168.7M | ||
| Q4 24 | $54.2M | $33.3M | ||
| Q3 24 | $54.5M | $3.9M | ||
| Q2 24 | $45.2M | $29.7M | ||
| Q1 24 | $41.5M | $-53.8M |
| Q4 25 | 17.1% | 18.2% | ||
| Q3 25 | 14.7% | -2.4% | ||
| Q2 25 | 7.8% | 1.7% | ||
| Q1 25 | 12.5% | -31.3% | ||
| Q4 24 | 11.8% | 6.9% | ||
| Q3 24 | 12.7% | 0.7% | ||
| Q2 24 | 11.3% | 5.3% | ||
| Q1 24 | 11.0% | -10.1% |
| Q4 25 | 13.9% | 2.2% | ||
| Q3 25 | 15.1% | 2.1% | ||
| Q2 25 | 11.7% | 2.3% | ||
| Q1 25 | 17.9% | 2.4% | ||
| Q4 24 | 15.9% | 2.6% | ||
| Q3 24 | 11.7% | 1.8% | ||
| Q2 24 | 7.4% | 0.7% | ||
| Q1 24 | 8.5% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 24.11× | ||
| Q1 25 | — | -9.22× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | — | 1.68× | ||
| Q1 24 | — | -6.26× |
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% |
VHI
| Chemicals | $418.3M | 85% |
| Real Estate Management And Development | $38.5M | 8% |
| Security Products | $29.5M | 6% |
| Marine Components | $8.2M | 2% |
