Home Stock Ideas Long Ideas Tech  Summary Cloudflare's 2025 revenue grew 30%, driven by rapid customer expansion, especially from its Developer Platform, though ARPU declined due to lower-spending developer customers. The company's P/S multiple is recalibrated to 16.0x based on subindustry growth trends, factoring in a 5-year forward revenue CAGR of 29.5% and ongoing share dilution. Key risks include competition from cloud hyperscalers, but long-term upsell opportunities exist as developer customers scale and potentially increase spending. Alllex/E+ via Getty Images By Anthony Goh, Senior Investment Research Analyst @ Khaveen Investments In our previous analysis of Cloudflare ( NET ), we identified a company with a clear cost and scale advantage in the CDN market, driven by Analyst’s Disclosure: I/we have a beneficial long position in the shares of NET either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions.…