` Comparison: NET vs SHOP - Alpha Spread
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NET
vs
SHOP

Over the past 12 months, NET has significantly outperformed SHOP, delivering a return of +86% compared to the SHOP's +35% growth.

Valuation Growth Profitability Solvency Stocks Performance
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NET
SHOP
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Stocks Compared:
NET SHOP
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Valuation Comparison

NET Intrinsic Value
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SHOP Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Multiples-Based Value Wall St Target
Cloudflare Inc
NYSE:NET
196.21 USD
Shopify Inc
NASDAQ:SHOP
114.36 USD
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
NET, SHOP

NET
SHOP
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Cloudflare Inc
Revenue
Shopify Inc
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
NET, SHOP

NET
SHOP
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Cloudflare Inc
NYSE:NET
Shopify Inc
NASDAQ:SHOP
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What is Free Cash Flow?

Gross Margin

NET
74.5%
SHOP
48.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Cloudflare Inc
Shopify Inc

Operating Margin

NET
-9.3%
SHOP
12.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Cloudflare Inc
Shopify Inc

Net Margin

NET
-4.7%
SHOP
10.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Cloudflare Inc
Shopify Inc

FCF Margin

NET
12%
SHOP
17.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Cloudflare Inc
Shopify Inc

ROE

NET
-8.2%
SHOP
9.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Cloudflare Inc
Shopify Inc

ROA

NET
-2.2%
SHOP
8.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Cloudflare Inc
Shopify Inc

ROIC

NET
-14%
SHOP
15.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Cloudflare Inc
Shopify Inc

ROCE

NET
-6.5%
SHOP
11.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Cloudflare Inc
Shopify Inc

Solvency Comparison

Cloudflare Inc
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Shopify Inc
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
NET, SHOP

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SHOP
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Performance Gap
NET, SHOP

Performance Gap Between NET and SHOP
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Performance By Year
NET, SHOP

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SHOP
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