Discounted Cash Flow

Cloudflare, Inc.

NET · Based on 10 years of SEC filings

DCF estimate unavailable — only_0_profitable_out_of_last_5

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $134.9m $-10.7m $-15.9m -8.0%
2018 $192.7m (42.8%) $-87.2m (-711.0%) $-68.7m (-333.4%) -45.2% (-467.9%)
2019 $287.0m (49.0%) $-105.8m (-21.4%) $-82.2m (-19.6%) -36.9% (18.5%) $-0.72
2020 $431.1m (50.2%) $-119.4m (-12.8%) $-73.5m (10.6%) -27.7% (24.9%) $-0.40 (44.4%)
2021 $656.4m (52.3%) $-260.3m (-118.1%) $-28.3m (61.4%) -39.7% (-43.2%) $-0.83 (-107.5%)
2022 $975.2m (48.6%) $-193.4m (25.7%) $-20.0m (29.4%) -19.8% (50.0%) $-0.59 (28.9%)
2023 $1.3b (33.0%) $-183.9m (4.9%) $140.0m (799.7%) -14.2% (28.5%) $-0.55 (6.8%)
2024 $1.7b (28.8%) $-78.8m (57.2%) $195.4m (39.6%) -4.7% (66.7%) $-0.23 (58.2%)
2025 $2.2b (29.8%) $-102.3m (-29.8%) $287.5m (47.1%) -4.7% (0.1%) $-0.29 (-26.1%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

only_0_profitable_out_of_last_5

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.