NET vs PANW: Cloudflare and Palo Alto Networks compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Palo Alto Networks is the larger company, worth $358.0B, about 2.6 times Cloudflare.
- Cloudflare grew revenue faster over the last year (+35.9% vs +34.5%).
- Palo Alto Networks keeps more of each dollar of revenue as operating profit (6.0% vs -14.1%).
- Cloudflare's price assumes faster free cash flow growth: about 49% a year, against 24% for Palo Alto Networks (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NET | PANW |
|---|---|---|
| Market cap | $136.9B | $358.0B |
| Share price | $360.93 | $418.78 |
| Revenue (last fiscal year) | $2.2B | $11.5B |
| Free cash flow (last fiscal year) | $287M | $4.1B |
| Revenue growth, last year | +35.9% | +34.5% |
| Revenue growth per year, last 5 fiscal years | +34.8% | +20.2% |
| Operating margin | -14.1% | 6.0% |
| Net margin | -8.2% | 2.7% |
| Return on equity | -12.7% | 1.1% |
| P/E (trailing) | — | 243.9x |
| Price / free cash flow | 422.2x | 103.2x |
| EV / EBITDA | 3478.2x | 235.6x |
| FCF growth the price implies | 49.1% | 24.5% |
| Dividend yield | — | — |
| Debt / equity | 3.00x | 0.76x |
| Fundamental grade | D | D |
| Superinvestors holding it | 4 | 9 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cloudflare
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $656M | -$28M | -19.5% |
| 2022 | $975M | -$20M | -20.6% |
| 2023 | $1.3B | $140M | -14.3% |
| 2024 | $1.7B | $195M | -9.3% |
| 2025 | $2.2B | $287M | -9.6% |
Palo Alto Networks
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $5.5B | $1.8B | -3.4% |
| 2023 | $6.9B | $2.6B | 5.6% |
| 2024 | $8.0B | $3.1B | 8.5% |
| 2025 | $9.2B | $3.5B | 13.5% |
| 2026 | $11.5B | $4.1B | 6.1% |
Where the revenue comes from
Cloudflare · by regions, 2025
United States$1.1B49%
Europe, Middle East, and Africa$599M28%
Asia Pacific$330M15%
Other$167M8%
Palo Alto Networks · by products, 2026
Subscription and support$9.2B80%
Product$2.3B20%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NET in InvestinglyQuestions
Which is bigger, Cloudflare or Palo Alto Networks?
Palo Alto Networks (PANW), at $358.0B against $136.9B.
Which grows faster, NET or PANW?
Cloudflare: revenue grew +35.9% over the last year, against +34.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.