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By earnings I take it you mean revenue or sales, based on the rest of the text about the revenue multiple. Typically earnings refers to profit in one form or another (often it means after-tax profit, sometimes operating profit).

Cloudflare of course has no earnings. Their operating loss last quarter was $28.8 million. Their operating loss for the past four quarters was $106 million.

https://www.investopedia.com/terms/e/earnings.asp




Correct, edited my comment to show revenue. I'm old enough to remember a time when an "undefined" P/E ratio would have raised eyebrows.




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