Cloudflare Inc (NET) is overvalued and Palantir Technologies Inc (PLTR) is overvalued.
Both trade above our estimate of their intrinsic value. PLTR is the closer of the two: -417%, against -758% for NET.
Values as of the 22 Sept 2026 close.
A 6.2x revenue multiple, discounted for its losses, values the shares at $41.13; the price of $353.00 is 758% above that value.
Leak Score 46/100 on 7 of 12 signals
A 12.5x revenue multiple, adjusted for growth and margin, values the shares at $35.76; the price of $184.99 is 417% above that value.
Leak Score 67/100 on 8 of 12 signals
| Metric | NET | PLTR |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $353.00 | $184.99 |
| Intrinsic value | $41.13 | $35.76 |
| Margin of safety | -758% | -417% |
| Leak Score | 46/100 (7/12) | 67/100 (8/12) |
| Market cap | $125.7B | $444.5B |
| Revenue growth, 5 years | 38.1% | 32.6% |
| Operating margin | -7.9% | 42.8% |
| Net margin | -8.2% | 49.0% |
| Return on equity | -14.4% | 38.4% |
| Debt to equity | 2.18 | 0.02 |
| P/E | — | 157.6x |
| Forward P/E | 211.0x | 80.9x |
| P/B | 77.6x | 45.5x |