Cloudflare, Inc. (NET)

Executive Summary

Cloudflare is not a deep-value name and we will not pretend otherwise. At $210.52 the stock trades at roughly 26 times forward sales, a multiple that only makes sense if you believe the company’s distributed network is the right physical substrate for the next decade of AI inference and that management can convert that substrate into operating leverage as the business scales toward $4-plus billion in revenue. We at T&T Capital Management think the moat is real — 300-plus points of presence within roughly 50 milliseconds of nearly every internet user on earth is not something a competitor can rent into existence — but the price already reflects a great deal of that optionality.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers