Cloudflare Inc. (NET) 10-K Red Flags
Risk signals extracted deterministically from Cloudflare Inc.’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (13)
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 1 filing(s).
- Material weakness in internal controls: The term "material weakness" appears in 11 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Restatement of financial statements: The term "restate" "financial statements" appears in 28 recent filing(s) (vs 8 in the prior period). This risk language is ongoing.
- Deferred revenue growing — future revenue visibility: Deferred revenue grew +37.4% to $477.8M, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
- R&D intensity declining: R&D as % of revenue fell from 30.6% to 27.6%. This may signal reduced innovation investment — potentially impacting long-term competitive position. Compare with peer R&D trends.
- Endogenous analysis: 3 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 1 new risk-language term(s) detected in filing text: Going concern doubt.
- Ongoing high-severity risk language: Material weakness in internal controls, Restatement of financial statements.
- Composite risk: Elevated.
- Liquidity current ratio 1.96 (adequate).
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 1 filing(s).
- Material weakness in internal controls: The term "material weakness" appears in 11 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
Filings & ownership
- Latest annual report (10-K) filed Feb 26, 2026.
- Latest quarterly report (10-Q) filed May 8, 2026.
- 4 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Cloudflare Inc.; broad institutional reporting.
- Recent filers include SYMMETRY PEAK MANAGEMENT LLC, Crawford Lake Capital Management, LLC, Draper Asset Management, LLC.
- 20 recent 13G passive institutional ownership notices.
Full NET analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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