DigitalOcean
DOCN · Internet Services & Infrastructure
$93.22
1.3%Cloudflare
NET · Internet Services & Infrastructure
$325.73
7.3%The short version
- Cloudflare is the larger business, with $2.2B of revenue in fiscal 2025 against $901M for DigitalOcean, about 2.4 times as much.
- Cloudflare grew revenue faster (29.9%, against 15.5%).
- DigitalOcean kept more of each dollar of sales as operating profit (17.4% operating margin, against −9.6% operating margin).
- DigitalOcean turned more of its sales into free cash flow (20.0% FCF margin, against 13.3% FCF margin).
- DigitalOcean earned a higher return on the capital invested in it (15.7%, against −29.7%).
| Latest fiscal year | DOCN · FY25 | NET · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.8B | $115.4B |
| Revenue | $901M | $2.2B |
| Free cash flow | $181M | $288M |
| Net income | $259M | −$102M |
| Growth | ||
| Revenue growth | 15.5% | 29.9% |
| 5-year growth | 23.1% | 38.1% |
| Share count change | 11.5% | 2.1% |
| Profitability | ||
| Gross margin | 59.9% | 74.5% |
| Operating margin | 17.4% | −9.6% |
| Net margin | 28.8% | −4.7% |
| FCF margin | 20.0% | 13.3% |
| Return on capital | 15.7% | −29.7% |
| Return on equity | — | −8.2% |
| Balance sheet | ||
| Net debt | $1.2B | −$836M |
| Net debt / EBITDA | 4.0x | — |
| Dividends and buybacks | $82.1M | $0.0M |
| Valuation & quality | ||
| P/E | 43.2x | — |
| Piotroski F-score | 7 | 3 |
FY17
DOCN —
NET $135M
FY18
DOCN —
NET $193M
FY19
DOCN $255M
NET $287M
FY20
DOCN $318M
NET $431M
FY21
DOCN $429M
NET $656M
FY22
DOCN $576M
NET $975M
FY23
DOCN $693M
NET $1.3B
FY24
DOCN $781M
NET $1.7B
FY25
DOCN $901M
NET $2.2B
DOCN
NET
FY17
DOCN —
NET −7.2%
FY18
DOCN —
NET −44.1%
FY19
DOCN −11.7%
NET −37.6%
FY20
DOCN −5.0%
NET −24.8%
FY21
DOCN −2.6%
NET −19.5%
FY22
DOCN −4.5%
NET −20.6%
FY23
DOCN 1.7%
NET −14.3%
FY24
DOCN 11.7%
NET −9.3%
FY25
DOCN 17.4%
NET −9.6%
DOCN
NET
FY17
DOCN —
NET −$15.9M
FY18
DOCN —
NET −$68.8M
FY19
DOCN −$13.6M
NET −$82.2M
FY20
DOCN −$39.9M
NET −$73.5M
FY21
DOCN $36.0M
NET −$28.3M
FY22
DOCN $88.8M
NET −$20.0M
FY23
DOCN $116M
NET $140M
FY24
DOCN $105M
NET $195M
FY25
DOCN $181M
NET $288M
DOCN
NET
FY17
DOCN —
NET —
FY18
DOCN —
NET —
FY19
DOCN —
NET —
FY20
DOCN —
NET −65.6%
FY21
DOCN −4.3%
NET —
FY22
DOCN −4.1%
NET −56.9%
FY23
DOCN 1.2%
NET −37.4%
FY24
DOCN 9.7%
NET −28.8%
FY25
DOCN 15.7%
NET −29.7%
DOCN
NET
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