NET
Cloudflare
Recurring SaaS
★ Quality 16/100Price today
$278.92
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See what it is worthcharlieapp.co
What this business is made of
The business
The bodyguard and fast lane for half the internet, by subscription.
Cloudflare runs a global edge computing network that speeds up and protects websites, APIs, and apps. It charges via tiered SaaS subscriptions, from free plans to six-figure enterprise contracts. 2024 revenue near $1.67B, growing ~27% annually.
Its network of 330+ cities and scale effects in security give it an edge in latency and threat data. Not a deep moat: edge and CDN are becoming commoditized, and AWS, Akamai, and Fastly compete on the same turf. The real bet is Workers as a distributed compute platform.
Revenue history
From $0.4B to $1.7B in 4 years — nearly 4.3x its size. Selling more and more is the base of everything else.
Catalysts and risks
Workers AI and R2 monetizing edge inference during 2025.
Enterprise expansion: customers >$100K growing ~28% year-over-year.
Non-GAAP operating margin heading toward 14%+ with scale leverage.
P/FCF of 144x prices in a decade of flawless execution.
CDN commoditization pressures pricing in the core.
Hyperscalers (AWS, Azure, GCP) can replicate edge compute at scale.
Charlie's note
“Good business, ridiculous price. Paying 144 times cash flow for something that competes with Amazon takes a faith I don't have.”
Analysis · May 2026
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