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Side-by-side financial comparison of Cloudflare, Inc. (NET) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
WATTS WATER TECHNOLOGIES INC is the larger business by last-quarter revenue ($625.1M vs $614.5M, roughly 1.0× Cloudflare, Inc.). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 13.4% vs -2.0%, a 15.4% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 15.7%). WATTS WATER TECHNOLOGIES INC produced more free cash flow last quarter ($140.3M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 4.6%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
NET vs WTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $625.1M |
| Net Profit | $-12.1M | $83.7M |
| Gross Margin | 73.6% | 49.5% |
| Operating Margin | -8.0% | 18.2% |
| Net Margin | -2.0% | 13.4% |
| Revenue YoY | 33.6% | 15.7% |
| Net Profit YoY | 6.0% | 24.0% |
| EPS (diluted) | $-0.03 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $562.0M | $611.7M | ||
| Q2 25 | $512.3M | $643.7M | ||
| Q1 25 | $479.1M | $558.0M | ||
| Q4 24 | $459.9M | $540.4M | ||
| Q3 24 | $430.1M | $543.6M | ||
| Q2 24 | $401.0M | $597.3M | ||
| Q1 24 | $378.6M | $570.9M |
| Q4 25 | $-12.1M | $83.7M | ||
| Q3 25 | $-1.3M | $82.2M | ||
| Q2 25 | $-50.4M | $100.9M | ||
| Q1 25 | $-38.5M | $74.0M | ||
| Q4 24 | $-12.8M | $67.5M | ||
| Q3 24 | $-15.3M | $69.1M | ||
| Q2 24 | $-15.1M | $82.0M | ||
| Q1 24 | $-35.5M | $72.6M |
| Q4 25 | 73.6% | 49.5% | ||
| Q3 25 | 74.0% | 48.8% | ||
| Q2 25 | 74.9% | 50.6% | ||
| Q1 25 | 75.9% | 48.8% | ||
| Q4 24 | 76.4% | 46.7% | ||
| Q3 24 | 77.7% | 47.3% | ||
| Q2 24 | 77.8% | 47.7% | ||
| Q1 24 | 77.5% | 46.9% |
| Q4 25 | -8.0% | 18.2% | ||
| Q3 25 | -6.7% | 18.2% | ||
| Q2 25 | -13.1% | 21.0% | ||
| Q1 25 | -11.1% | 15.7% | ||
| Q4 24 | -7.5% | 16.5% | ||
| Q3 24 | -7.2% | 17.1% | ||
| Q2 24 | -8.7% | 18.7% | ||
| Q1 24 | -14.4% | 16.9% |
| Q4 25 | -2.0% | 13.4% | ||
| Q3 25 | -0.2% | 13.4% | ||
| Q2 25 | -9.8% | 15.7% | ||
| Q1 25 | -8.0% | 13.3% | ||
| Q4 24 | -2.8% | 12.5% | ||
| Q3 24 | -3.6% | 12.7% | ||
| Q2 24 | -3.8% | 13.7% | ||
| Q1 24 | -9.4% | 12.7% |
| Q4 25 | $-0.03 | $2.50 | ||
| Q3 25 | $0.00 | $2.45 | ||
| Q2 25 | $-0.15 | $3.01 | ||
| Q1 25 | $-0.11 | $2.21 | ||
| Q4 24 | $-0.05 | $2.02 | ||
| Q3 24 | $-0.04 | $2.06 | ||
| Q2 24 | $-0.04 | $2.44 | ||
| Q1 24 | $-0.10 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $2.0B |
| Total Assets | $6.0B | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $405.5M | ||
| Q3 25 | $1.1B | $457.7M | ||
| Q2 25 | $1.5B | $369.3M | ||
| Q1 25 | $204.5M | $336.8M | ||
| Q4 24 | $147.7M | $386.9M | ||
| Q3 24 | $182.9M | $303.9M | ||
| Q2 24 | $157.0M | $279.4M | ||
| Q1 24 | $254.4M | $237.1M |
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $1.3B | $2.0B | ||
| Q2 25 | $1.2B | $1.9B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $973.1M | $1.7B | ||
| Q2 24 | $881.5M | $1.6B | ||
| Q1 24 | $797.2M | $1.6B |
| Q4 25 | $6.0B | $2.9B | ||
| Q3 25 | $5.8B | $2.7B | ||
| Q2 25 | $5.6B | $2.6B | ||
| Q1 25 | $3.7B | $2.5B | ||
| Q4 24 | $3.3B | $2.4B | ||
| Q3 24 | $3.1B | $2.4B | ||
| Q2 24 | $2.9B | $2.4B | ||
| Q1 24 | $2.8B | $2.3B |
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 | $154.7M |
| Free Cash FlowOCF − Capex | $105.2M | $140.3M |
| FCF MarginFCF / Revenue | 17.1% | 22.4% |
| Capex IntensityCapex / Revenue | 13.9% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $154.7M | ||
| Q3 25 | $167.1M | $122.4M | ||
| Q2 25 | $99.8M | $69.7M | ||
| Q1 25 | $145.8M | $55.2M | ||
| Q4 24 | $127.3M | $139.5M | ||
| Q3 24 | $104.7M | $90.7M | ||
| Q2 24 | $74.8M | $85.3M | ||
| Q1 24 | $73.6M | $45.6M |
| Q4 25 | $105.2M | $140.3M | ||
| Q3 25 | $82.5M | $110.9M | ||
| Q2 25 | $39.9M | $59.5M | ||
| Q1 25 | $59.9M | $45.6M | ||
| Q4 24 | $54.2M | $127.5M | ||
| Q3 24 | $54.5M | $84.3M | ||
| Q2 24 | $45.2M | $78.5M | ||
| Q1 24 | $41.5M | $35.5M |
| Q4 25 | 17.1% | 22.4% | ||
| Q3 25 | 14.7% | 18.1% | ||
| Q2 25 | 7.8% | 9.2% | ||
| Q1 25 | 12.5% | 8.2% | ||
| Q4 24 | 11.8% | 23.6% | ||
| Q3 24 | 12.7% | 15.5% | ||
| Q2 24 | 11.3% | 13.1% | ||
| Q1 24 | 11.0% | 6.2% |
| Q4 25 | 13.9% | 2.3% | ||
| Q3 25 | 15.1% | 1.9% | ||
| Q2 25 | 11.7% | 1.6% | ||
| Q1 25 | 17.9% | 1.7% | ||
| Q4 24 | 15.9% | 2.2% | ||
| Q3 24 | 11.7% | 1.2% | ||
| Q2 24 | 7.4% | 1.1% | ||
| Q1 24 | 8.5% | 1.8% |
| Q4 25 | — | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 0.63× |
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% |
WTS
Segment breakdown not available.
