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Side-by-side financial comparison of Cloudflare, Inc. (NET) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $566.0M, roughly 1.1× WillScot Holdings Corp). Cloudflare, Inc. runs the higher net margin — -2.0% vs -33.1%, a 31.1% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -6.1%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -1.8%).
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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
NET vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $566.0M |
| Net Profit | $-12.1M | $-187.3M |
| Gross Margin | 73.6% | 50.4% |
| Operating Margin | -8.0% | -32.5% |
| Net Margin | -2.0% | -33.1% |
| Revenue YoY | 33.6% | -6.1% |
| Net Profit YoY | 6.0% | -310.0% |
| EPS (diluted) | $-0.03 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $562.0M | $566.8M | ||
| Q2 25 | $512.3M | $589.1M | ||
| Q1 25 | $479.1M | $559.6M | ||
| Q4 24 | $459.9M | $602.5M | ||
| Q3 24 | $430.1M | $601.4M | ||
| Q2 24 | $401.0M | $604.6M | ||
| Q1 24 | $378.6M | $587.2M |
| Q4 25 | $-12.1M | $-187.3M | ||
| Q3 25 | $-1.3M | $43.3M | ||
| Q2 25 | $-50.4M | $47.9M | ||
| Q1 25 | $-38.5M | $43.1M | ||
| Q4 24 | $-12.8M | $89.2M | ||
| Q3 24 | $-15.3M | $-70.5M | ||
| Q2 24 | $-15.1M | $-46.9M | ||
| Q1 24 | $-35.5M | $56.2M |
| Q4 25 | 73.6% | 50.4% | ||
| Q3 25 | 74.0% | 49.7% | ||
| Q2 25 | 74.9% | 50.3% | ||
| Q1 25 | 75.9% | 53.7% | ||
| Q4 24 | 76.4% | 55.8% | ||
| Q3 24 | 77.7% | 53.5% | ||
| Q2 24 | 77.8% | 54.1% | ||
| Q1 24 | 77.5% | 54.0% |
| Q4 25 | -8.0% | -32.5% | ||
| Q3 25 | -6.7% | 21.0% | ||
| Q2 25 | -13.1% | 21.5% | ||
| Q1 25 | -11.1% | 21.3% | ||
| Q4 24 | -7.5% | 28.9% | ||
| Q3 24 | -7.2% | -5.9% | ||
| Q2 24 | -8.7% | -0.9% | ||
| Q1 24 | -14.4% | 22.1% |
| Q4 25 | -2.0% | -33.1% | ||
| Q3 25 | -0.2% | 7.6% | ||
| Q2 25 | -9.8% | 8.1% | ||
| Q1 25 | -8.0% | 7.7% | ||
| Q4 24 | -2.8% | 14.8% | ||
| Q3 24 | -3.6% | -11.7% | ||
| Q2 24 | -3.8% | -7.7% | ||
| Q1 24 | -9.4% | 9.6% |
| Q4 25 | $-0.03 | $-1.02 | ||
| Q3 25 | $0.00 | $0.24 | ||
| Q2 25 | $-0.15 | $0.26 | ||
| Q1 25 | $-0.11 | $0.23 | ||
| Q4 24 | $-0.05 | $0.48 | ||
| Q3 24 | $-0.04 | $-0.37 | ||
| Q2 24 | $-0.04 | $-0.25 | ||
| Q1 24 | $-0.10 | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $1.5B | $856.3M |
| Total Assets | $6.0B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $14.6M | ||
| Q3 25 | $1.1B | $14.8M | ||
| Q2 25 | $1.5B | $12.8M | ||
| Q1 25 | $204.5M | $10.7M | ||
| Q4 24 | $147.7M | $9.0M | ||
| Q3 24 | $182.9M | $11.0M | ||
| Q2 24 | $157.0M | $5.9M | ||
| Q1 24 | $254.4M | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $1.5B | $856.3M | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $973.1M | $1.1B | ||
| Q2 24 | $881.5M | $1.2B | ||
| Q1 24 | $797.2M | $1.3B |
| Q4 25 | $6.0B | $5.8B | ||
| Q3 25 | $5.8B | $6.1B | ||
| Q2 25 | $5.6B | $6.1B | ||
| Q1 25 | $3.7B | $6.0B | ||
| Q4 24 | $3.3B | $6.0B | ||
| Q3 24 | $3.1B | $6.0B | ||
| Q2 24 | $2.9B | $6.0B | ||
| Q1 24 | $2.8B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | $105.2M | $149.7M |
| FCF MarginFCF / Revenue | 17.1% | 26.5% |
| Capex IntensityCapex / Revenue | 13.9% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $158.9M | ||
| Q3 25 | $167.1M | $191.2M | ||
| Q2 25 | $99.8M | $205.3M | ||
| Q1 25 | $145.8M | $206.6M | ||
| Q4 24 | $127.3M | $178.9M | ||
| Q3 24 | $104.7M | $-1.6M | ||
| Q2 24 | $74.8M | $175.6M | ||
| Q1 24 | $73.6M | $208.7M |
| Q4 25 | $105.2M | $149.7M | ||
| Q3 25 | $82.5M | $186.9M | ||
| Q2 25 | $39.9M | $199.0M | ||
| Q1 25 | $59.9M | $202.0M | ||
| Q4 24 | $54.2M | $176.6M | ||
| Q3 24 | $54.5M | $-4.9M | ||
| Q2 24 | $45.2M | $169.4M | ||
| Q1 24 | $41.5M | $202.1M |
| Q4 25 | 17.1% | 26.5% | ||
| Q3 25 | 14.7% | 33.0% | ||
| Q2 25 | 7.8% | 33.8% | ||
| Q1 25 | 12.5% | 36.1% | ||
| Q4 24 | 11.8% | 29.3% | ||
| Q3 24 | 12.7% | -0.8% | ||
| Q2 24 | 11.3% | 28.0% | ||
| Q1 24 | 11.0% | 34.4% |
| Q4 25 | 13.9% | 1.6% | ||
| Q3 25 | 15.1% | 0.7% | ||
| Q2 25 | 11.7% | 1.1% | ||
| Q1 25 | 17.9% | 0.8% | ||
| Q4 24 | 15.9% | 0.4% | ||
| Q3 24 | 11.7% | 0.6% | ||
| Q2 24 | 7.4% | 1.0% | ||
| Q1 24 | 8.5% | 1.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
