Screener
/
SEC EDGAR
/CIK 0001477333
/10-K filed Feb 26, 2026, compared with Feb 20, 2025
/Numbers from the XBRL of the 10-Ks
NYSE
Technology · Software
Cloudflare, Inc. NET
Accounting checks on the latest 10-K
0 facts worth reading about, 10 checks with nothing to note
10-K, 8-K and filing index
Worth reading about
0
facts that a reader may want to look into
Nothing to note
10
checks where the filing shows nothing unusual
Not applicable
1
checks that do not fit this company
Facts from the latest 10-K that are worth reading about. They are not a verdict on the company.
What each check found
Each one cites its filing
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Receivables growing faster than revenueReceivables +20.8% ($316.8M to $382.5M) vs revenue +29.8% ($1.7B to $2.2B), -9.1 pts apart
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Cash from operations lower than net incomeCash from operations $603.1M vs net income −$102.3M (FY ending Dec 31, 2025)
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Auditor changeSame auditor in both 10-Ks: KPMG LLPSource: 10-K 0001477333-26-000016: auditor KPMG LLP; 10-K 0001477333-25-000043: auditor KPMG LLP; no 8-K item 4.01 in the last 2 years
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Going concern languageNo statement of substantial doubt about going concern
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Restatement (8-K item 4.02)No 8-K item 4.02 in the last 2 yearsSource: Filing index, 8-Ks since Nov 15, 2024
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Late filing notice (NT 10-K or NT 10-Q)No NT 10-K or NT 10-Q in the last 2 yearsSource: Filing index since Nov 15, 2024
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Critical audit matters changedThe same matters as last year: Sufficiency of audit evidence over revenue from contracted customers
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Material weakness in internal controlNo sentence in the 10-K concludes that controls were not effective because of a material weakness
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Material impairment (8-K item 2.06)No 8-K item 2.06 in the last 2 yearsSource: Filing index, 8-Ks since Nov 15, 2024
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Bankruptcy (8-K item 1.03)No 8-K item 1.03 in the last 2 yearsSource: Filing index, 8-Ks since Nov 15, 2024
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Inventory growing faster than revenue not applicableThe 10-K does not report inventory for both years.
Did the profit turn into cash?
Net income against operating cash flow, FY2017 to FY2025 · 10-K XBRL
Net income
Operating cash flow
The figure above each year is cash flow ÷ net income; amber when below 1. Hover a bar for its XBRL tag and filing.
Ratios over five years
Trends · the 10-K's own numbers
Each ratio is worked out from the 10-K's own numbers; hover a value for its source. The small grey figure under each value (“peers”) is the median of 9 companies in the same peer group, for the same fiscal year. The line at the right shows the company (solid) against the peer median (dashed) on one scale. A ratio that moves is a reason to read the filing, not a verdict.
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend |
|---|---|---|---|---|---|---|
| Days of sales in receivables Receivables / revenue x 365 How long customers take to pay. A rise means sales are being booked faster than cash arrives. | 53 peers 84 | 56 peers 82 | 70 peers 81 | 69 peers 78 | 64 peers 72 | |
| Gross margin (Revenue - cost of revenue) / revenue What is left of each sales dollar after the direct cost of the goods or services. | 77.6% peers 76.9% | 76.1% peers 78.1% | 76.3% peers 79.0% | 77.3% peers 79.7% | 74.5% peers 78.6% | |
| Accruals ratio (Net income - cash from operations) / average total assets The part of profit that is not cash, as a share of the balance sheet. Higher means more of the profit rests on accounting estimates. | −17.3% peers −7.6% | −12.8% peers −9.0% | −16.4% peers −6.7% | −15.2% peers −7.3% | −15.1% peers −8.9% | |
| SG&A / revenue Selling, general and administrative expense / revenue Overhead per dollar of sales. A sudden fall can come from cutting costs, or from moving costs elsewhere. | 18.2% peers 15.6% | 18.4% peers 14.4% | 16.8% peers 15.1% | 16.7% peers 11.5% | 18.0% peers 10.9% |
Published score, FY2025
Published formulas · 10-K line items
Academic formulas, worked out from this company's 10-K numbers. They describe a pattern in the figures; they do not say what the company did, and they are not a view on the shares. Every input is a line item from the filing.
Piotroski F-ScorePiotroski 2000, Journal of Accounting Research
3 / 9
One point for each test the company passes. The paper used it on low price-to-book companies; here it is shown as a summary of the year's financial direction.
The tests
| Return on assets is positiveNet income / assets at the start of the year, above zero. | – 0 |
|---|---|
| Cash from operations is positiveOperating cash flow above zero. | ✓ 1 |
| Return on assets roseThis year's return on assets above last year's. | – 0 |
| Cash from operations exceeds net incomeOperating cash flow / assets above return on assets. | ✓ 1 |
| Long-term debt fell relative to assetsLong-term debt / average assets lower than last year. | – 0 |
| Current ratio roseCurrent assets / current liabilities above last year's. | – 0 |
| No new shares issuedDiluted share count not above last year's (the paper tests for an equity offering). | – 0 |
| Gross margin rose(Revenue - cost of revenue) / revenue above last year's. | – 0 |
| Asset turnover roseRevenue / assets at the start of the year above last year's. | ✓ 1 |
What it does not mean: a low score is not a prediction of a fall, and a high score is not a reason to buy. A test the XBRL could not support is shown as n/a and left out of the total.
How each check works
what it measures, the threshold, what it does not mean
| Check | What it measures | When it is marked | What it does not mean |
|---|---|---|---|
| Receivables growing faster than revenue | Whether customers owe more, relative to sales, than a year ago. | Receivables grew more than 10 percentage points faster than revenue, and grew. | Not proof that revenue is overstated. A large deal at year end, longer payment terms or an acquisition can do the same. |
| Cash from operations lower than net income | Whether reported profit is backed by cash from the business. | Cash from operations is below net income. Not computed for banks and other financial companies. | Common in fast-growing or seasonal companies. It is a question to ask, not a failure. |
| Inventory growing faster than revenue | Whether stock is piling up relative to sales. | Inventory grew more than 10 percentage points faster than revenue, and grew. | May be a planned build ahead of a product launch or a supply-chain change. |
| Auditor change | Whether the company changed its auditor. | An 8-K item 4.01 in the last 2 years, or a different auditor name in the two latest 10-Ks. | Often routine: rotation, a tender, or an audit firm merger. |
| Going concern language | Whether the 10-K states substantial doubt about continuing as a going concern. | A sentence to that effect is found in the 10-K text. Quoted as filed. | The wording is the company's, not our estimate. It can also appear in a sentence saying the doubt was removed. |
| Restatement (8-K item 4.02) | Whether the company said earlier financial statements should no longer be relied on. | An 8-K item 4.02 in the last 2 years. | Some restatements are small and do not change the picture. |
| Late filing notice | Whether the company asked for more time to file a 10-K or 10-Q. | An NT 10-K or NT 10-Q in the last 2 years. | Delays can be technical and one-off. |
| Critical audit matters changed | Which topics the auditor singled out as most difficult, and whether they changed. | A matter is new in the latest 10-K compared with the one before. | A new matter shows where the auditor spent its effort, not that something is wrong. |
| Material weakness in internal control | Whether the 10-K concludes that internal control over financial reporting was not effective because of a material weakness. | A sentence in the 10-K text concludes that controls were not effective because of a material weakness, quoted as filed. Sentences that say there is none, that one could occur, or that an earlier one was fixed are not marked. | It is the company's or the auditor's own wording, not our estimate. Many are about one account or process and are fixed within a year. It does not say the numbers are wrong. |
| Material impairment (8-K item 2.06) | Whether the company told the SEC it expects a material charge for impaired assets, such as goodwill. | An 8-K item 2.06 in the last 2 years. | A non-cash write-down. It says an earlier value was too high, not that the business is failing or that cash ran out. |
| Bankruptcy (8-K item 1.03) | Whether the company filed for bankruptcy or receivership. | An 8-K item 1.03 in the last 2 years. | The filing is the company's own and is a fact. It does not say what shareholders will get or whether the business continues. |
The 10-point threshold is our choice, not an academic result. Every check cites the filing and the line items it used.
The auditor
Auditor's report in the 10-K filed Feb 26, 2026
Firm
Kpmg LLP
Santa Clara, California
Auditor since
2014
12 years
Critical audit matters
1
1 the year before
What the auditor found hardest this year
- Sufficiency of audit evidence over revenue from contracted customersAlso last yearAs discussed in Notes 2 and 3 to the consolidated financial statements, the Company recorded $2,167.9 million of total revenues for the year-ended December 31, 2025, a portion of which related to contracted customers. The Company’s revenue is generated from pay-as-you-go and contracted customers and is comprised of...
Years with the same auditor, closest peers
BMI 99 · Ernst & Young LLP PBI 92 · PricewaterhouseCoopers LLP GLW 82 · PricewaterhouseCoopers LLP TXN 74 · Ernst & Young LLP DXC 61 · Deloitte & Touche LLP TYL 60 · Ernst & Young LLP ADI 58 · Ernst & Young INTC 58 · Ernst & Young LLP TER 58 · PricewaterhouseCoopers LLP VSH 58 · Ernst & Young LLP PSN 57 · PricewaterhouseCoopers LLP AMD 56 · Ernst & Young LLP WDC 56 · Kpmg LLP KLAC 49 · PricewaterhouseCoopers LLP STX 46 · Ernst & Young LLP MKSI 45 · PricewaterhouseCoopers LLP ADBE 43 · Kpmg LLP ADSK 43 · Ernst & Young LLP MSFT 43 · Deloitte & Touche LLP CRUS 42 · Ernst & Young LLP MU 42 · PricewaterhouseCoopers LLP QCOM 41 · PricewaterhouseCoopers LLP DELL 40 · PricewaterhouseCoopers LLP PLXS 40 · PricewaterhouseCoopers LLP CSCO 38 · PricewaterhouseCoopers LLP INTU 36 · Ernst & Young LLP PRGS 36 · Deloitte & Touche LLP CIEN 33 · PricewaterhouseCoopers LLP DIOD 33 · Baker Tilly US, LLP NTCT 33 · PricewaterhouseCoopers LLP PTC 33 · PricewaterhouseCoopers LLP SNPS 33 · Kpmg LLP VYX 33 · PricewaterhouseCoopers LLP NTAP 31 · Deloitte & Touche LLP SSNC 31 · PricewaterhouseCoopers LLP VRSN 31 · Kpmg LLP IT 30 · Kpmg LLP MTCH 30 · Ernst & Young LLP APH 29 · Deloitte & Touche LLP CLS 29 · Kpmg LLP CTSH 29 · PricewaterhouseCoopers LLP FFIV 29 · PricewaterhouseCoopers LLP AKAM 28 · PricewaterhouseCoopers LLP CVLT 28 · Ernst & Young LLP ENS 28 · Ernst & Young LLP FN 27 · PricewaterhouseCoopers ABAS Ltd. IPGP 27 · Deloitte & Touche LLP ON 27 · PricewaterhouseCoopers LLP AMKR 26 · PricewaterhouseCoopers LLP FSLR 26 · PricewaterhouseCoopers LLP PEGA 26 · Deloitte & Touche LLP HPQ 25 · Ernst & Young LLP MCHP 25 · Ernst & Young LLP OTEX 25 · Kpmg LLP ACN 24 · Kpmg LLP BSY 24 · Kpmg LLP CRM 24 · Ernst & Young LLP FLEX 24 · Deloitte & Touche LLP FTNT 24 · Deloitte & Touche LLP GEN 24 · Kpmg LLP MANH 24 · Ernst & Young LLP OLED 24 · Kpmg, LLP ORCL 24 · Ernst & Young LLP ROP 24 · PricewaterhouseCoopers LLP SWKS 24 · Kpmg LLP SYNA 23 · Kpmg LLP FICO 22 · Deloitte & Touche LLP GDDY 22 · Ernst & Young LLP NVDA 22 · PricewaterhouseCoopers LLP AMAT 21 · Kpmg LLP POWI 21 · Deloitte & Touche LLP QLYS 21 · Grant Thornton LLP VIAV 21 · PricewaterhouseCoopers LLP ZBRA 21 · Ernst & Young LLP CCC 20 · Deloitte & Touche LLP EPAM 20 · Deloitte & Touche LLP GWRE 20 · Kpmg LLP MRCY 20 · Kpmg LLP AVGO 19 · PricewaterhouseCoopers LLP CGNX 19 · Grant Thornton LLP TDC 19 · PricewaterhouseCoopers LLP TEL 19 · Deloitte & Touche LLP VRNS 19 · Kost Forer Gabbay & Kasierer AMBA 18 · PricewaterhouseCoopers LLP ANET 18 · Ernst & Young LLP COHR 18 · Ernst & Young LLP ONTO 18 · Ernst & Young LLP PLTR 18 · Ernst & Young LLP VISN 18 · Ernst & Young LLP WDAY 18 · Ernst & Young LLP AAPL 17 · Ernst & Young LLP ACIW 17 · Deloitte & Touche LLP ALRM 17 · PricewaterhouseCoopers LLP DOCU 17 · PricewaterhouseCoopers LLP PANW 17 · Ernst & Young LLP PAYC 17 · Grant Thornton LLP AVTR 16 · Deloitte & Touche LLP ENPH 16 · Deloitte & Touche LLP FROG 16 · Kost Forer Gabbay & Kasierer JBL 16 · Ernst & Young LLP MTSI 16 · Deloitte & Touche LLP RNG 16 · Kpmg LLP WK 16 · Ernst & Young LLP CDW 15 · Ernst & Young LLP NOW 15 · PricewaterhouseCoopers LLP SHOP 15 · PricewaterhouseCoopers LLP APPF 14 · PricewaterhouseCoopers LLP BOX 14 · Ernst & Young LLP KLIC 14 · PricewaterhouseCoopers LLP QS 14 · Ernst & Young LLP SPB 14 · Kpmg LLP TEAM 14 · Ernst & Young LLP DBX 13 · Ernst & Young LLP FORM 13 · Kpmg LLP MDB 13 · PricewaterhouseCoopers LLP NTNX 13 · Deloitte & Touche LLP OKTA 13 · Ernst & Young LLP P 13 · Deloitte & Touche LLP PCTY 13 · Kpmg LLP PINS 13 · Ernst & Young LLP QTWO 13 · Ernst & Young LLP SPSC 13 · Kpmg, LLP TWLO 13 · Kpmg LLP NET 12 · Kpmg LLP BL 12 · PricewaterhouseCoopers LLP KEYS 12 · PricewaterhouseCoopers LLP LOGI 12 · Kpmg LLP TENB 12 · Ernst & Young LLP TRIP 12 · Kpmg LLP TTMI 12 · Kpmg LLP AGYS 11 · Grant Thornton LLP DOCS 11 · Deloitte & Touche LLP ENR 11 · PricewaterhouseCoopers LLP EVTC 11 · Deloitte & Touche LLP HPE 11 · Ernst & Young LLP MIR 11 · Deloitte & Touche LLP PCOR 11 · PricewaterhouseCoopers LLP TDY 11 · Deloitte & Touche LLP TTD 11 · PricewaterhouseCoopers LLP ZS 11 · PricewaterhouseCoopers LLP BRKR 10 · PricewaterhouseCoopers LLP CARG 10 · Ernst & Young LLP CRWD 10 · PricewaterhouseCoopers LLP DDOG 10 · Deloitte & Touche LLP HUBS 10 · PricewaterhouseCoopers LLP ITRI 10 · Deloitte & Touche LLP LITE 10 · Deloitte & Touche LLP MRVL 10 · Deloitte & Touche LLP NCNO 10 · Ernst & Young LLP SMTC 10 · Deloitte & Touche LLP SNAP 10 · Ernst & Young LLP UI 10 · Kpmg LLP UPWK 10 · PricewaterhouseCoopers LLP ZM 10 · Kpmg LLP ALKT 9 · Ernst & Young LLP SANM 9 · PricewaterhouseCoopers LLP TTAN 9 · PricewaterhouseCoopers LLP CRDO 8 · Ernst & Young LLP DUOL 8 · Deloitte & Touche LLP ESTC 8 · PricewaterhouseCoopers LLP FLUT 8 · Kpmg FRSH 8 · Deloitte & Touche LLP INTA 8 · Deloitte & Touche LLP IOT 8 · Deloitte & Touche LLP MGNI 8 · Deloitte & Touche LLP MSI 8 · PricewaterhouseCoopers LLP RBRK 8 · Kpmg LLP S 8 · Deloitte & Touche LLP SAIC 8 · Ernst & Young LLP AEIS 7 · Ernst & Young LLP BRZE 7 · Ernst & Young LLP DV 7 · Deloitte & Touche LLP GTLB 7 · Kpmg LLP GTM 7 · Kpmg LLP MPWR 7 · Ernst & Young LLP PPLI 7 · Ernst & Young LLP RBLX 7 · Deloitte & Touche LLP SNOW 7 · PricewaterhouseCoopers LLP TEM 7 · PricewaterhouseCoopers LLP TOST 7 · Ernst & Young LLP U 7 · Ernst & Young LLP VERX 7 · Crowe LLP VNT 7 · Ernst & Young LLP YOU 7 · Ernst & Young LLPWe have served as the Company’s auditor since 2019. ALAB 6 · PricewaterhouseCoopers LLP BB 6 · PricewaterhouseCoopers LLP CDNS 6 · PricewaterhouseCoopers LLP IONQ 6 · Ernst & Young LLP KD 6 · PricewaterhouseCoopers LLP LSCC 6 · Ernst & Young LLP NXPI 6 · EY Accountants B.V. PAR 6 · Deloitte & Touche LLP PI 6 · Ernst & Young LLP ZETA 6 · Deloitte & Touche LLP APLD 5 · CBIZ CPAs P.C. AVPT 5 · Deloitte & Touche LLP BBAI 5 · Grant Thornton LLP BLKB 5 · Ernst & Young LLP ENVX 5 · Deloitte & Touche LLP KVYO 5 · Deloitte & Touche LLP NXT 5 · Deloitte & Touche LLP RGTI 5 · Bdo Usa, P.C. WAY 5 · Kpmg LLP ALGM 4 · PricewaterhouseCoopers LLP CACI 4 · PricewaterhouseCoopers LLP DT 4 · Ernst & Young, LLP ESE 4 · Grant Thornton LLP MBLY 4 · Kesselman & Kesselman C.P.A.s PATH 4 · Kpmg LLP AUR 3 · PricewaterhouseCoopers LLP BILL 3 · PricewaterhouseCoopers LLP DOCN 3 · PricewaterhouseCoopers LLP LIF 3 · Deloitte and Touche LLP NATL 3 · PricewaterhouseCoopers LLP OSIS 3 · Grant Thornton LLP QBTS 3 · Grant Thornton LLP RUM 3 · Baker Tilly US, LLP SNDK 3 · Kpmg LLP SOUN 3 · PricewaterhouseCoopers LLP ST 3 · Deloitte & Touche LLP CRWV 2 · Deloitte & Touche LLP MQ 2 · Kpmg LLP NOVT 2 · Deloitte & Touche LLP Q 2 · PricewaterhouseCoopers LLP QUBT 2 · Bpm LLP RAL 2 · Ernst & Young LLP RMBS 2 · Kpmg LLP SITM 2 · Deloitte & Touche LLP SMCI 2 · Bdo Usa, P.C. LRCX 1 · Kpmg LLP SLAB 1 · Deloitte & Touche LLP TRMB 1 · Kpmg LLPThe first year is from the report's own sentence "We have served as the Company's auditor since ...". Critical audit matters are the parts of the audit the auditor judged hardest; a new one is worth reading. A long tenure is common and not a finding by itself. Open the 10-K
Sources
The latest 10-K and its XBRL, the auditor's report, and 8-K items 4.01, 4.02, 2.06 and 1.03 in the filing index. Each check names its source.
Also
Revised numbers: past numbers a later 10-K reports differently.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/NET/export.csv") into a cell.