{
  "name": "Cloudflare",
  "period": "2026 Q2",
  "fye": "December 31",
  "price": 347.7,
  "shares": 355.931,
  "cash": 4162.8,
  "debt": 3293.75,
  "other": -297.2,
  "years": [
    "2023",
    "2024",
    "2025"
  ],
  "revenue": [
    1296.745,
    1669.626,
    2167.937
  ],
  "ebit": [
    -185.485,
    -154.761,
    -207.205
  ],
  "ocf": [
    254.406,
    380.429,
    603.114
  ],
  "capex": [
    134.942,
    213.514,
    342.552
  ],
  "sbc": [
    273.989,
    338.461,
    451.454
  ],
  "latest": [
    "2026 H1",
    1335.816,
    -267.69,
    275.894,
    135.436,
    274.113
  ],
  "qrev": [
    696.061,
    512.316
  ],
  "bridge_note": "以 2026-06-30 股数和净现金为起点；8 月实际发行 25 亿美元，净募资 24.623 亿、封顶看涨期权成本 2.595 亿，净资产桥接扣 2.972 亿。旧债本金现金偿还对净现金中性；实际净交付股数及其后现金变动仍待季报核验，另列股数敏感性。",
  "theme": [
    "#eef0f7",
    "#29334c",
    "#ee8b4f"
  ],
  "scenarios": [
    {
      "label": "谨慎",
      "rev1": 3100,
      "growth": [
        0.24,
        0.22,
        0.2,
        0.18
      ],
      "margins": [
        -0.04,
        0.01,
        0.07,
        0.13,
        0.18
      ],
      "wacc": 0.115,
      "g": 0.025,
      "roic": 0.3,
      "reinvest_ratio": 0.06
    },
    {
      "label": "基准",
      "rev1": 3400,
      "growth": [
        0.34,
        0.3,
        0.26,
        0.22
      ],
      "margins": [
        0.0,
        0.07,
        0.15,
        0.23,
        0.28
      ],
      "wacc": 0.1,
      "g": 0.03,
      "roic": 0.35,
      "reinvest_ratio": 0.05
    },
    {
      "label": "乐观",
      "rev1": 3700,
      "growth": [
        0.44,
        0.4,
        0.35,
        0.3
      ],
      "margins": [
        0.05,
        0.13,
        0.22,
        0.3,
        0.35
      ],
      "wacc": 0.09,
      "g": 0.035,
      "roic": 0.4,
      "reinvest_ratio": 0.04
    }
  ],
  "ticker": "NET",
  "source_urls": {
    "annual": "https://www.sec.gov/Archives/edgar/data/1477333/000147733326000016/cloud-20251231.htm",
    "quarter": "https://www.sec.gov/Archives/edgar/data/1477333/000147733326000054/cloud-20260630.htm",
    "earnings": "https://www.cloudflare.net/news/news-details/2026/Cloudflare-Announces-Second-Quarter-2026-Financial-Results/default.aspx",
    "workers-ai": "https://developers.cloudflare.com/workers-ai/",
    "price": "https://stockanalysis.com/stocks/net/history/",
    "financing": "https://www.cloudflare.com/press/press-releases/2026/cloudflare-inc-announces-pricing-of-offering-of-2-175-billion-of-0-convertible-senior-notes-due-2031/",
    "financing_completed": "https://www.sec.gov/Archives/edgar/data/1477333/000095010326012340/dp251721_8k.htm"
  },
  "fcf": [
    119.464,
    166.91499999999996,
    260.562
  ],
  "financial_data_unit": "USD million",
  "price_as_of": "2026-10-13T16:00:00-04:00",
  "share_unit": "million actual outstanding",
  "forecast_status": "author assumptions, not company guidance"
}