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Cloudflare (NET)

Infrastructure · IPO 2019 · Historical SBC from SEC EDGAR

Financials (2025)
Revenue
$2.2B
Revenue Growth YoY
29.8%
EBITDA
negative
Net Income
$-102M
Stock Price
—
Market Cap
—
Stock-Based Compensation (2025)
SBC Expense
$451M
SBC % of Revenue
20.8%
SBC % of EBITDA
neg EBITDA
SBC % of Market Cap
—
Buybacks
$0
Unrecognized SBC
—
SBC % of Revenue — Historical
SBC vs Buybacks ($M) — Historical
SBC % Revenue vs SBC % Market Cap
Revenue-based SBC % is the P&L view. Market-cap-based % is the shareholder dilution view — how much of the company is given away each year.
Market Cap vs Cumulative SBC
Total SBC expense paid since earliest data year vs current market cap. Shows the cumulative cost of stock-based compensation relative to company size.
GAAP vs "Adjusted" Earnings
GAAP net income already includes SBC as a real expense. But many companies highlight "adjusted" earnings that add SBC back, flattering profitability. The orange gap shows how much non-GAAP metrics overstate real earnings each year.
Ownership Retained Over Time
100 = your original ownership at the earliest data year. Net share issuance drives this down.
Annual Gross Dilution vs Buyback Offset
Red = gross share issuance from SBC. Green = shares retired via buybacks. Both as % of prior-year shares.
Year-by-Year Detail
Year SBC ($) Revenue ($) EBITDA ($) SBC % Rev SBC % EBITDA Rev Growth Buybacks ($) Net Income ($) Shares (EOY) Price (EOY) Market Cap SBC % MCap Unrecognized SBC ($)
2025 $451M $2.2B $-17M 20.8% neg 29.8% $0 $-102M 347,000,000 — — — —
2024 $338M $1.7B $-27M 20.3% neg 28.8% $0 $-79M 342,000,000 — — — —
2023 $274M $1.3B $-50M 21.1% neg 33.0% $34K $-184M 335,000,000 — — — —
2022 $203M $975M $-99M 20.8% neg 48.6% $3K $-193M 327,000,000 — — — —
2021 $90M $656M $-61M 13.7% neg 52.3% $189K $-260M 319,000,000 — — — —
2020 $56M $431M $-57M 13.1% neg 50.2% $157K $-119M 312,000,000 — — — —
2019 $37M $287M $-78M 12.8% neg 49.0% $283K $-106M 300,000,000 — — — —
2018 $27M $193M $-66M 14.2% neg 42.8% $65K $-87M — — — — —
2017 IPO $3M $135M $2M 2.0% 112.7% — $16K $-11M — — — — —