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Cloudflare, Inc (N2ET34) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Cloudflare, Inc BRL 44.29, price BRL 101, upside -56.2%, quality 33 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Technology · BR · ISIN US18915M1071

CI Thin data Sep 23, 2026

Cloudflare, Inc

N2ET34 · SA

Weakest SetupStrongly overvalued and low quality.

!Fair value R$44.29 · Strongly overvalued (−56.2%)
!Quality 33/100
!Mixed Growth (revenue 3y +30.5 %/yr)
!Loss-making · -3.7% net margin (TTM)
✓Moderate debt · generates free cash flow
!Narrow moat 15/100
!Evidence only low, so the estimate is less certain
!The models disagree: range R$24.38 to R$78.93

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

R$103.95 R$10.79 Fair Value R$44.29 Jan 2022 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

56‑month range R$10.79 – R$103.95 · fair‑value band R$24.38 – R$78.93 · the R$101.20 price screens above the R$44.29 fair value. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Cloudflare, Inc. operates as a cloud services provider that delivers a range of services to businesses worldwide.

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Cloudflare, Inc. operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides a cloud-based security solution to secure a range of combination of platforms, including public and private cloud, on-premises, software-as-a-service applications, and Internet of things (IoT) devices; and application security products comprising web application firewall, bot management, distributed denial of service mitigation, API security, SSL/TLS encryption, client-side security, and security center products. It also offers application performance solutions, such as content delivery, load balancing, DNS, smart shield, video stream delivery, web optimization, cloudfare waiting room, and cloudfare data localization suite; SASE platform that combines network services and Zero Trust and workplace security products that provides a cloud-based network and security-as-a-service; network services, including magic WAN, magic transit, magic firewall, cloudflare network interconnect, and spectrum. In addition, the company provides zero trust security services which include cloudflare zero trust network access, secure web gateway, and one client; and remote browser isolation, cloud access security broker, cloud email security, digital experience monitoring, and data loss prevention products. Further, it provides developer-based solutions comprising workers AI, vectorize, AI gateway, cloudflare workers, cloudflare pages, R2 object storage, workers KV, durable objects, D1, hyperdrive, queues, cloudfare stream, cloudfare images, and cloudflare realtime; and consumer offerings, such as 1.1.1.1 DNS and with WARPm and cloudfare registrar that offers secure registration and management of domain names. The company serves customers in technology, healthcare, financial services, consumer and retail, industrial, and non-profit industries, as well as government. The company was incorporated in 2009 and is headquartered in San Francisco, California.

Stock analysis

Cloudflare, Inc (N2ET34) currently trades at R$101.20, while our model-based Fair Value estimate is R$44.29, 56.2% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of R$89.75 per share, and 0 of the 7 models we run sit above the R$101.20 price.

Bear case: the Asset-Based group reads lowest at R$15.90, and 7 of the 7 models stay below the price. Evidence for this calculation is low.

Scenario range: R$24.38 (bear) to R$78.93 (bull), the price of R$101.20 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 33/100 (below-average quality), in the Technology sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Cloudflare, Inc reported revenue of $2.2B in FY2025 versus $975M in FY2022, a compound +30.5%/yr. Reported net income was −$102M in FY2025.

Key figures

Market cap R$35.6B (≈ $6.8B) · P/S ratio 11.7 · EPS (TTM) R$−1.30 · Net margin −4.7% · Return on equity −5.9% · Return on assets (EBIT) −6.1% · Operating margin −9.7% · Revenue (TTM) $2.3B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 3% below its 52-week high and 119% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −23% fair-value upside, at −56%, N2ET34 screens richer than that median.

Fair Value models

Bear R$24.38 Fair Value R$44.29 Bull R$78.93
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF R$52.42 R$89.75 R$206.14 71
Growth DCF R$48.21 R$100.03 R$201.45 70
5Y Revenue Exit R$33.52 R$68.18 R$140.56 65
All 7 models by family
DCF Models
FCF DCF R$52.42 R$89.75 R$206.14 71
5Y Revenue Exit R$33.52 R$68.18 R$140.56 65
10Y Revenue Exit R$38.30 R$98.97 R$135.99 63
Multiples
EV/Revenue R$21.80 R$38.32 R$54.84 52
Asset-Based
NCAV (Graham) R$11.86 R$15.90 R$23.72 54
Growth DCF
Growth DCF R$48.21 R$100.03 R$201.45 70
Rev-Margin DCF R$36.50 R$80.43 R$168.04 64

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Quality Score breakdown

Overall quality 33/100

Of which business quality 39 · Market factors (momentum, volatility) 66

Profitability 16
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 45
Balance sheet, leverage, solvency risk
Investment 8
Disciplined investing over empire-building
Low Volatility 5
Calm price path (market factor)
Momentum 88
Price trend over the last 3–12 months (market factor)
52W Momentum 98
Distance to the 52-week high (market factor)
Net Issuance 61
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+29.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.5%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−20.6% (2022) → −9.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+23.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+24.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +21.0% a year for the price and +21.3% for the forecasts.
Forecast 2026 (sales)+29.8%
Forecast 2027 (sales)+27.7%
Projected 2028 (sales)+24.4%
Projected 2029 (sales)+21.2%
Projected 2030 (sales)+18.0%

N2ET34 screens overvalued: fair value 56% below the price. Compare with Microsoft Corporation →

Recent news

News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Synopsys, Inc SNPS $434.94 $249.20 −43%
CoreWeave, Inc CRWV $87.12 $58.32 −33%
Block, Inc XYZ $74.04 $76.95 +4%
NetApp, Inc NTAP $204.41 $157.26 −23%
Okta, Inc OKTA $202.18 $142.12 −30%

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Cloudflare, Inc · Fair Value
R$44.29 −56%Fair Value
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Cite: Fair Value Calculator (2026). "Cloudflare, Inc Fair Value". https://www.fairvalue-calculator.com/stock/N2ET34

Frequently asked questions

Is Cloudflare, Inc (N2ET34) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of R$44.29 versus a price of R$101.20, about −56% upside (overvalued).
What is the fair value of N2ET34?
Our model-based fair value for Cloudflare, Inc is R$44.29 (as of Sep 23, 2026), built from audited fundamentals. The current price: R$101.20.
What is the quality score of N2ET34?
Cloudflare, Inc has a Quality Score of 33/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cloudflare, Inc (N2ET34)?
Our model-based price target is the fair value of R$44.29 (as of Sep 23, 2026) from 7 valuation models. Cautious scenario R$24.38, optimistic scenario R$78.93. It is a calculation from audited fundamentals, not an analyst target.
What is the Cloudflare, Inc stock forecast for 2026?
Our models put fair value at R$44.29, about −56% upside versus a price of R$101.20 (overvalued). Cautious scenario R$24.38, optimistic scenario R$78.93. The calculation is refreshed regularly with new filings.
What is the revenue of Cloudflare, Inc (N2ET34)?
Cloudflare, Inc reported trailing-twelve-month revenue of about $2.3B (latest available figure, as of Sep 23, 2026).
What growth is priced into Cloudflare, Inc (N2ET34)?
For today's price to be fair in a discounted-cash-flow model, Cloudflare, Inc would have to grow free cash flow by +23.9 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +30.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of N2ET34 use?
Our models discount Cloudflare, Inc at 14.9 %: a base by market capitalisation (mid), damped by beta 1.67, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cloudflare, Inc that is +23.9 % per year a year over ten years, using the same discount rate (14.9 %) and the same formula as our fair value.
How much growth has Cloudflare, Inc (N2ET34) delivered so far?
Over the past 3 years revenue at Cloudflare, Inc grew +30.5 % a year. The price currently implies +23.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cloudflare, Inc (N2ET34) growing?
The median revenue growth in the sector is +15.1 % a year. That is the yardstick for the growth priced into Cloudflare, Inc (+23.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cloudflare, Inc (N2ET34)?
The free-cash-flow yield on the price is 3.82 %: that much free cash flow Cloudflare, Inc produces per unit of market value. When it exceeds the discount rate of our models (14.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cloudflare, Inc (N2ET34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cloudflare, Inc it is R$44.29 per share (as of Sep 23, 2026), against a price of R$101.20. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Cloudflare, Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, N2ET34 trades above its calculated fair value: price R$101.20, fair value R$44.29, a gap of about −56% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of N2ET34?
No. The price is what the market pays today (R$101.20); the fair value is what the company's own numbers justify (R$44.29). For Cloudflare, Inc the two are R$56.91 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cloudflare, Inc worth?
The market values Cloudflare, Inc at about R$35.6B (market capitalisation, as of Sep 23, 2026). Per share that is R$101.20; our models calculate a fair value of R$44.29 per share.
What do the bullish and bearish scenarios say about N2ET34?
Our models span a range for Cloudflare, Inc: cautious scenario R$24.38, base R$44.29, optimistic R$78.93 per share (as of Sep 23, 2026, price R$101.20). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is N2ET34 from its 52-week high?
Cloudflare, Inc trades at R$101.20, about 3% below its 52-week high of R$103.95 and 119% above the low of R$46.16 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$44.29 is for.
Which stocks are comparable to Cloudflare, Inc?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, CrowdStrike Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cloudflare, Inc stock attractive at the current price?
The data as of Sep 23, 2026: price R$101.20, calculated fair value R$44.29 (−56%), Quality Score 33/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of N2ET34 calculated?
We run Cloudflare, Inc through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$44.29, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Cloudflare, Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cloudflare, Inc (N2ET34)?
The closing price on Oct 2, 2026 was R$101.20. Our model-based fair value is R$44.29, about −56% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cloudflare, Inc right now?
The price sits above even our optimistic bull case (R$78.93). The favourable scenario is already priced in. Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (R$24.38 to R$78.93). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Cloudflare, Inc

How large is the market capitalisation of Cloudflare, Inc (N2ET34)?
The market capitalisation of Cloudflare, Inc is R$35.6B (≈ $6.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cloudflare, Inc (N2ET34)?
The price-to-sales ratio of Cloudflare, Inc is 11.7 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cloudflare, Inc (N2ET34)?
Earnings per share at Cloudflare, Inc are R$−1.30. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Cloudflare, Inc (N2ET34)?
The net margin of Cloudflare, Inc is −4.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cloudflare, Inc (N2ET34)?
The return on equity (ROE) of Cloudflare, Inc is −5.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cloudflare, Inc (N2ET34)?
On an EBIT basis the return on assets of Cloudflare, Inc is −6.1% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cloudflare, Inc (N2ET34)?
The operating margin of Cloudflare, Inc is −9.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cloudflare, Inc (N2ET34)?
Revenue at Cloudflare, Inc is growing +33.5% versus a year earlier (3y avg +30.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Cloudflare, Inc (N2ET34) carry?
The net debt of Cloudflare, Inc is $2.3B (fiscal year 2025, ≈ 8.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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