Akamai Technologies vs Cloudflare
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The short version
- Akamai Technologies is the larger business, with $4.2B of revenue in fiscal 2025 against $2.2B for Cloudflare, about 1.9 times as much.
- Cloudflare grew revenue faster (29.9%, against 5.4%).
- Akamai Technologies kept more of each dollar of sales as operating profit (13.5% operating margin, against −9.6%).
- Akamai Technologies turned more of its sales into free cash flow (24.0% FCF margin, against 13.3%).
- Akamai Technologies earned a higher return on the capital invested in it (6.3%, against −29.7%).
| Latest fiscal year | AKAM · FY25 | NET · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.4B | $115.4B |
| Revenue | $4.2B | $2.2B |
| Free cash flow | $1.0B | $288M |
| Net income | $452M | −$102M |
| Growth | ||
| Revenue growth | 5.4% | 29.9% |
| 5-year growth | 5.6% | 38.1% |
| Share count change | −4.7% | 2.1% |
| Profitability | ||
| Gross margin | 59.0% | 74.5% |
| Operating margin | 13.5% | −9.6% |
| Net margin | 10.7% | −4.7% |
| FCF margin | 24.0% | 13.3% |
| Return on capital | 6.3% | −29.7% |
| Return on equity | 9.2% | −8.2% |
| Balance sheet | ||
| Net debt | $2.9B | −$836M |
| Net debt / EBITDA | 2.3x | — |
| Dividends and buybacks | $800M | $0.0M |
| Valuation & quality | ||
| P/E | 33.8x | — |
| Piotroski F-score | 6 | 3 |
Revenue
FY16
AKAM $2.3B
NET —
FY17
AKAM $2.5B
NET $135M
FY18
AKAM $2.7B
NET $193M
FY19
AKAM $2.9B
NET $287M
FY20
AKAM $3.2B
NET $431M
FY21
AKAM $3.5B
NET $656M
FY22
AKAM $3.6B
NET $975M
FY23
AKAM $3.8B
NET $1.3B
FY24
AKAM $4.0B
NET $1.7B
FY25
AKAM $4.2B
NET $2.2B
AKAM
NET
Operating margin
FY16
AKAM 19.9%
NET —
FY17
AKAM 12.6%
NET −7.2%
FY18
AKAM 13.4%
NET −44.1%
FY19
AKAM 19.0%
NET −37.6%
FY20
AKAM 20.6%
NET −24.8%
FY21
AKAM 22.6%
NET −19.5%
FY22
AKAM 18.7%
NET −20.6%
FY23
AKAM 16.7%
NET −14.3%
FY24
AKAM 13.4%
NET −9.3%
FY25
AKAM 13.5%
NET −9.6%
AKAM
NET
Free cash flow
FY16
AKAM $691M
NET —
FY17
AKAM $547M
NET −$15.9M
FY18
AKAM $791M
NET −$68.8M
FY19
AKAM $699M
NET −$82.2M
FY20
AKAM $701M
NET −$73.5M
FY21
AKAM $1.1B
NET −$28.3M
FY22
AKAM $1.0B
NET −$20.0M
FY23
AKAM $891M
NET $140M
FY24
AKAM $1.1B
NET $195M
FY25
AKAM $1.0B
NET $288M
AKAM
NET
Return on capital
FY16
AKAM 9.1%
NET —
FY17
AKAM 6.1%
NET —
FY18
AKAM 10.7%
NET —
FY19
AKAM 16.1%
NET —
FY20
AKAM 13.5%
NET −65.6%
FY21
AKAM 13.7%
NET —
FY22
AKAM 10.0%
NET −56.9%
FY23
AKAM 8.3%
NET −37.4%
FY24
AKAM 7.1%
NET −28.8%
FY25
AKAM 6.3%
NET −29.7%
AKAM
NET
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.