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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $340.0M, roughly 1.8× Walker & Dunlop, Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -12.9%, a 10.9% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -0.4%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $-680.1M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 22.1%).
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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
NET vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $340.0M |
| Net Profit | $-12.1M | $-13.9M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | -17.2% |
| Net Margin | -2.0% | -12.9% |
| Revenue YoY | 33.6% | -0.4% |
| Net Profit YoY | 6.0% | -131.0% |
| EPS (diluted) | $-0.03 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $562.0M | $337.7M | ||
| Q2 25 | $512.3M | $319.2M | ||
| Q1 25 | $479.1M | $237.4M | ||
| Q4 24 | $459.9M | $341.5M | ||
| Q3 24 | $430.1M | $292.3M | ||
| Q2 24 | $401.0M | $270.7M | ||
| Q1 24 | $378.6M | $228.1M |
| Q4 25 | $-12.1M | $-13.9M | ||
| Q3 25 | $-1.3M | $33.5M | ||
| Q2 25 | $-50.4M | $34.0M | ||
| Q1 25 | $-38.5M | $2.8M | ||
| Q4 24 | $-12.8M | $44.8M | ||
| Q3 24 | $-15.3M | $28.8M | ||
| Q2 24 | $-15.1M | $22.7M | ||
| Q1 24 | $-35.5M | $11.9M |
| 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% | -17.2% | ||
| Q3 25 | -6.7% | 13.6% | ||
| Q2 25 | -13.1% | 14.5% | ||
| Q1 25 | -11.1% | 2.2% | ||
| Q4 24 | -7.5% | 15.3% | ||
| Q3 24 | -7.2% | 12.8% | ||
| Q2 24 | -8.7% | 10.4% | ||
| Q1 24 | -14.4% | 6.0% |
| Q4 25 | -2.0% | -12.9% | ||
| Q3 25 | -0.2% | 9.9% | ||
| Q2 25 | -9.8% | 10.6% | ||
| Q1 25 | -8.0% | 1.2% | ||
| Q4 24 | -2.8% | 13.1% | ||
| Q3 24 | -3.6% | 9.9% | ||
| Q2 24 | -3.8% | 8.4% | ||
| Q1 24 | -9.4% | 5.2% |
| Q4 25 | $-0.03 | $-0.41 | ||
| Q3 25 | $0.00 | $0.98 | ||
| Q2 25 | $-0.15 | $0.99 | ||
| Q1 25 | $-0.11 | $0.08 | ||
| Q4 24 | $-0.05 | $1.32 | ||
| Q3 24 | $-0.04 | $0.85 | ||
| Q2 24 | $-0.04 | $0.67 | ||
| Q1 24 | $-0.10 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $1.7B |
| Total Assets | $6.0B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $299.3M | ||
| Q3 25 | $1.1B | $274.8M | ||
| Q2 25 | $1.5B | $233.7M | ||
| Q1 25 | $204.5M | $181.0M | ||
| Q4 24 | $147.7M | $279.3M | ||
| Q3 24 | $182.9M | $179.8M | ||
| Q2 24 | $157.0M | $208.1M | ||
| Q1 24 | $254.4M | $216.5M |
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $973.1M | $1.7B | ||
| Q2 24 | $881.5M | $1.7B | ||
| Q1 24 | $797.2M | $1.7B |
| Q4 25 | $6.0B | $5.1B | ||
| Q3 25 | $5.8B | $5.8B | ||
| Q2 25 | $5.6B | $4.7B | ||
| Q1 25 | $3.7B | $4.5B | ||
| Q4 24 | $3.3B | $4.4B | ||
| Q3 24 | $3.1B | $4.6B | ||
| Q2 24 | $2.9B | $4.2B | ||
| Q1 24 | $2.8B | $3.8B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | $105.2M | $-680.1M |
| FCF MarginFCF / Revenue | 17.1% | -200.0% |
| Capex IntensityCapex / Revenue | 13.9% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $-664.3M | ||
| Q3 25 | $167.1M | $-948.1M | ||
| Q2 25 | $99.8M | $-238.5M | ||
| Q1 25 | $145.8M | $-281.1M | ||
| Q4 24 | $127.3M | $129.4M | ||
| Q3 24 | $104.7M | $-202.0M | ||
| Q2 24 | $74.8M | $-237.8M | ||
| Q1 24 | $73.6M | $38.4M |
| Q4 25 | $105.2M | $-680.1M | ||
| Q3 25 | $82.5M | $-950.4M | ||
| Q2 25 | $39.9M | $-241.0M | ||
| Q1 25 | $59.9M | $-284.7M | ||
| Q4 24 | $54.2M | $116.4M | ||
| Q3 24 | $54.5M | $-204.0M | ||
| Q2 24 | $45.2M | $-241.7M | ||
| Q1 24 | $41.5M | $35.2M |
| Q4 25 | 17.1% | -200.0% | ||
| Q3 25 | 14.7% | -281.5% | ||
| Q2 25 | 7.8% | -75.5% | ||
| Q1 25 | 12.5% | -120.0% | ||
| Q4 24 | 11.8% | 34.1% | ||
| Q3 24 | 12.7% | -69.8% | ||
| Q2 24 | 11.3% | -89.3% | ||
| Q1 24 | 11.0% | 15.4% |
| Q4 25 | 13.9% | 4.6% | ||
| Q3 25 | 15.1% | 0.7% | ||
| Q2 25 | 11.7% | 0.8% | ||
| Q1 25 | 17.9% | 1.5% | ||
| Q4 24 | 15.9% | 3.8% | ||
| Q3 24 | 11.7% | 0.7% | ||
| Q2 24 | 7.4% | 1.4% | ||
| Q1 24 | 8.5% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× | ||
| Q1 24 | — | 3.24× |
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% |
WD
Segment breakdown not available.
