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Side-by-side financial comparison of Cloudflare, Inc. (NET) and OLYMPIC STEEL INC (ZEUS). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $490.7M, roughly 1.3× OLYMPIC STEEL INC). OLYMPIC STEEL INC runs the higher net margin — 0.4% vs -2.0%, a 2.4% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 4.4%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $-12.9M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 0.1%).
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.
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
NET vs ZEUS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $490.7M |
| Net Profit | $-12.1M | $2.2M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 1.5% |
| Net Margin | -2.0% | 0.4% |
| Revenue YoY | 33.6% | 4.4% |
| Net Profit YoY | 6.0% | -21.2% |
| EPS (diluted) | $-0.03 | $0.18 |
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 | — | ||
| Q3 25 | $562.0M | $490.7M | ||
| Q2 25 | $512.3M | $496.5M | ||
| Q1 25 | $479.1M | $492.9M | ||
| Q4 24 | $459.9M | $418.8M | ||
| Q3 24 | $430.1M | $470.0M | ||
| Q2 24 | $401.0M | $526.3M | ||
| Q1 24 | $378.6M | $526.6M |
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $2.2M | ||
| Q2 25 | $-50.4M | $5.2M | ||
| Q1 25 | $-38.5M | $2.5M | ||
| Q4 24 | $-12.8M | $3.9M | ||
| Q3 24 | $-15.3M | $2.7M | ||
| Q2 24 | $-15.1M | $7.7M | ||
| Q1 24 | $-35.5M | $8.7M |
| 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% | — | ||
| Q3 25 | -6.7% | 1.5% | ||
| Q2 25 | -13.1% | 2.3% | ||
| Q1 25 | -11.1% | 1.6% | ||
| Q4 24 | -7.5% | 2.1% | ||
| Q3 24 | -7.2% | 1.7% | ||
| Q2 24 | -8.7% | 2.9% | ||
| Q1 24 | -14.4% | 3.0% |
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | 0.4% | ||
| Q2 25 | -9.8% | 1.1% | ||
| Q1 25 | -8.0% | 0.5% | ||
| Q4 24 | -2.8% | 0.9% | ||
| Q3 24 | -3.6% | 0.6% | ||
| Q2 24 | -3.8% | 1.5% | ||
| Q1 24 | -9.4% | 1.7% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | $0.18 | ||
| Q2 25 | $-0.15 | $0.45 | ||
| Q1 25 | $-0.11 | $0.21 | ||
| Q4 24 | $-0.05 | $0.33 | ||
| Q3 24 | $-0.04 | $0.23 | ||
| Q2 24 | $-0.04 | $0.66 | ||
| Q1 24 | $-0.10 | $0.75 |
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 | $7.5M |
| Total DebtLower is stronger | — | $240.9M |
| Stockholders' EquityBook value | $1.5B | $579.1M |
| Total Assets | $6.0B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | $7.5M | ||
| Q2 25 | $1.5B | $14.8M | ||
| Q1 25 | $204.5M | $13.3M | ||
| Q4 24 | $147.7M | $11.9M | ||
| Q3 24 | $182.9M | $11.1M | ||
| Q2 24 | $157.0M | $9.4M | ||
| Q1 24 | $254.4M | $10.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | $240.9M | ||
| Q2 25 | — | $233.2M | ||
| Q1 25 | — | $235.4M | ||
| Q4 24 | — | $272.5M | ||
| Q3 24 | — | $197.3M | ||
| Q2 24 | — | $209.2M | ||
| Q1 24 | — | $196.8M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | $579.1M | ||
| Q2 25 | $1.2B | $578.2M | ||
| Q1 25 | $1.4B | $574.2M | ||
| Q4 24 | $1.0B | $573.9M | ||
| Q3 24 | $973.1M | $570.6M | ||
| Q2 24 | $881.5M | $569.5M | ||
| Q1 24 | $797.2M | $563.0M |
| Q4 25 | $6.0B | — | ||
| Q3 25 | $5.8B | $1.1B | ||
| Q2 25 | $5.6B | $1.1B | ||
| Q1 25 | $3.7B | $1.1B | ||
| Q4 24 | $3.3B | $1.0B | ||
| Q3 24 | $3.1B | $1.0B | ||
| Q2 24 | $2.9B | $1.0B | ||
| Q1 24 | $2.8B | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.35× |
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 | $-5.4M |
| Free Cash FlowOCF − Capex | $105.2M | $-12.9M |
| FCF MarginFCF / Revenue | 17.1% | -2.6% |
| Capex IntensityCapex / Revenue | 13.9% | 1.5% |
| Cash ConversionOCF / Net Profit | — | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | — | ||
| Q3 25 | $167.1M | $-5.4M | ||
| Q2 25 | $99.8M | $15.5M | ||
| Q1 25 | $145.8M | $49.4M | ||
| Q4 24 | $127.3M | $14.6M | ||
| Q3 24 | $104.7M | $24.6M | ||
| Q2 24 | $74.8M | $-2.9M | ||
| Q1 24 | $73.6M | $-2.6M |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $-12.9M | ||
| Q2 25 | $39.9M | $6.8M | ||
| Q1 25 | $59.9M | $40.6M | ||
| Q4 24 | $54.2M | $7.4M | ||
| Q3 24 | $54.5M | $15.6M | ||
| Q2 24 | $45.2M | $-11.3M | ||
| Q1 24 | $41.5M | $-7.4M |
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | -2.6% | ||
| Q2 25 | 7.8% | 1.4% | ||
| Q1 25 | 12.5% | 8.2% | ||
| Q4 24 | 11.8% | 1.8% | ||
| Q3 24 | 12.7% | 3.3% | ||
| Q2 24 | 11.3% | -2.2% | ||
| Q1 24 | 11.0% | -1.4% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | 1.5% | ||
| Q2 25 | 11.7% | 1.7% | ||
| Q1 25 | 17.9% | 1.8% | ||
| Q4 24 | 15.9% | 1.7% | ||
| Q3 24 | 11.7% | 1.9% | ||
| Q2 24 | 7.4% | 1.6% | ||
| Q1 24 | 8.5% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | -2.50× | ||
| Q2 25 | — | 2.96× | ||
| Q1 25 | — | 19.70× | ||
| Q4 24 | — | 3.75× | ||
| Q3 24 | — | 9.01× | ||
| Q2 24 | — | -0.38× | ||
| Q1 24 | — | -0.30× |
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% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
