Cybersecurity Has Entered a Phase of Structural Growth and Valuation Dispersion - Cloudflare, Inc.

NET (quick overview): Cloudflare combines application security, zero trust, edge networking, developer services and AI-traffic infrastructure, offering exposure to several long-duration growth trends. Trailing revenue is about $2.51 billion, growing roughly 36%, but the ~$110.8 billion market cap equates to nearly 44x sales while the company remains GAAP operating-loss-making. That valuation requires sustained growth, margin expansion, operating leverage and meaningful monetization of AI and security offerings.

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