FSLY Technology

Fastly, Inc.

$21.07+2.28%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 3.4B USD
Enterprise value: 3.6B USD
Full-time employees: 1,140

Overall health

Strength: lower risk than most peers: a steadier share price and more short-term liquiditylower risk: a steadier share price and more liquidity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #990 of 1,612 technology companies (bottom 39%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 19% of revenue in 2025.
Fastly paid employees $117M in stock in 2025, 19% of its $624M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -19% in 2025, the smallest loss relative to revenue of the last 6 years.
Fastly still lost money on operations in 2025 (margin -19%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Fastly reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $291M in 2020 to $624M in 2025.
Fastly's fiscal-year revenue rose in each of the five years to 2025, from $291M to $624M.

StockQuotient Score

46/ 100

Oct 5 46 → Nov 4 46

Valuation

Is the price right?

17/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-1.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield1.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.45Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield29.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

71/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 5.3%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth13.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.11Sector median: 0.0483 · MAD: 0.0793

Revenue growth20.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.16Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

13/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 4.1 points to -12.0%

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-12.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.58Sector median: 0.0631 · MAD: 0.0710

Return on assets-5.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.30Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-5.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.41Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin61.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-8.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Beta
▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.31

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 1.51Sector median: 0.8710 · MAD: 0.3700

Current ratio3.36×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.24Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.33×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.34Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Fastly

Is Fastly getting weaker?: Its latest SEC filing (Aug 5, 2026) got stronger: operating margin rose 4.1 points to -12.0%. Its overall score is unchanged at 46/100 since Oct 28, 2026.
How is Fastly valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 17/100 against 1,711 technology peers. Earnings yield -2.4% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -2.4% vs peers 2.2% (weaker than 100% of peers).
Is Fastly growing?: Yes, faster than most of its peers. Growth scores 71/100 against 1,711 technology peers. Revenue growth 20.4% vs a peer median of 8.5% (stronger than 77% of peers).Revenue growth 20.4% vs peers 8.5% (stronger than 77% of peers).
How profitable is Fastly?: Less profitable than most of its peers. Profitability scores 13/100 against 1,711 technology peers. Return on assets -5.4% vs a peer median of 2.9% (weaker than 90% of peers).Return on assets -5.4% vs peers 2.9% (weaker than 90% of peers).
How risky is Fastly?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 0.31 vs a peer median of 0.87 (stronger than 90% of peers).Beta 0.31 vs peers 0.87 (stronger than 90% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 4.1 points to -12.0%

Worth watching: Fastly is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	652.6M USD	687.2M USD	+5.3%
Net income (12 months)	−103.1M USD	−81.1M USD	−21.3%
Operating margin	-16.0%	-12.0%	+4.1 pts
Free cash flow (12 months)	58.9M USD	50.7M USD	−14.0%
Debt	323.6M USD	324.0M USD	+0.1%
Cash	146.7M USD	89.8M USD	−38.8%
Shares outstanding	156.5M	159.3M	+1.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	52.9%	48.5%	52.6%	54.4%	57.1%	▲ 2.6 pts
Operating margin	-61.8%	-56.9%	-39.1%	-30.9%	-19.1%	▲ 12 pts
Net margin	-62.9%	-44.1%	-26.3%	-29.1%	-19.5%	▲ 9.6 pts
Return on assets (ROA)	-10.3%	-10.1%	-8.7%	-10.9%	-8.1%	▲ 2.8 pts
Return on equity (ROE)	-22.0%	-20.0%	-13.6%	-16.4%	-13.1%	▲ 3.3 pts
Free cash flow margin	-20.7%	-20.7%	-2.1%	1.1%	10.5%	▲ 9.4 pts
Current ratio	4.74×	4.18×	3.14×	4.21×	2.61×	▼ 38%
Debt to equity	0.92×	0.74×	0.35×	0.35×	0.39×	▲ 11%
Interest coverage	-41.76×	-41.82×	-48.88×	-61.13×	-9.37×	▲ 85%

FSLY price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: a steadier share price and more short-term liquiditylower risk: a steadier share price and more liquidity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #990 of 1,612 technology companies (bottom 39%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 19% of revenue in 2025.

Fastly paid employees $117M in stock in 2025, 19% of its $624M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -19% in 2025, the smallest loss relative to revenue of the last 6 years.

Fastly still lost money on operations in 2025 (margin -19%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Fastly reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $291M in 2020 to $624M in 2025.

Fastly's fiscal-year revenue rose in each of the five years to 2025, from $291M to $624M.

Questions investors ask about Fastly

Is Fastly getting weaker?

Its latest SEC filing (Aug 5, 2026) got stronger: operating margin rose 4.1 points to -12.0%. Its overall score is unchanged at 46/100 since Oct 28, 2026.

How is Fastly valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 17/100 against 1,711 technology peers. Earnings yield -2.4% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -2.4% vs peers 2.2% (weaker than 100% of peers).

Is Fastly growing?

Yes, faster than most of its peers. Growth scores 71/100 against 1,711 technology peers. Revenue growth 20.4% vs a peer median of 8.5% (stronger than 77% of peers).Revenue growth 20.4% vs peers 8.5% (stronger than 77% of peers).

How profitable is Fastly?

Less profitable than most of its peers. Profitability scores 13/100 against 1,711 technology peers. Return on assets -5.4% vs a peer median of 2.9% (weaker than 90% of peers).Return on assets -5.4% vs peers 2.9% (weaker than 90% of peers).

How risky is Fastly?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 0.31 vs a peer median of 0.87 (stronger than 90% of peers).Beta 0.31 vs peers 0.87 (stronger than 90% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

652.6M USD

687.2M USD

+5.3%

Net income (12 months)

−103.1M USD

−81.1M USD

−21.3%

Operating margin

-16.0%

-12.0%

+4.1 pts

Free cash flow (12 months)

58.9M USD

50.7M USD

−14.0%

Debt

323.6M USD

324.0M USD

+0.1%

Cash

146.7M USD

89.8M USD

−38.8%

Shares outstanding

156.5M

159.3M

+1.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

52.9%

48.5%

52.6%

54.4%

57.1%

▲ 2.6 pts

Operating margin

-61.8%

-56.9%

-39.1%

-30.9%

-19.1%

▲ 12 pts

Net margin

-62.9%

-44.1%

-26.3%

-29.1%

-19.5%

▲ 9.6 pts

Return on assets (ROA)

-10.3%

-10.1%

-8.7%

-10.9%

-8.1%

▲ 2.8 pts

Return on equity (ROE)

-22.0%

-20.0%

-13.6%

-16.4%

-13.1%

▲ 3.3 pts

Free cash flow margin

-20.7%

-2.1%

1.1%

10.5%

▲ 9.4 pts

Current ratio

4.74×

4.18×

3.14×

4.21×

2.61×

▼ 38%

Debt to equity

0.92×

0.74×

0.35×

0.39×

▲ 11%

Interest coverage

-41.76×

-41.82×

-48.88×

-61.13×

-9.37×

▲ 85%