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Fastly, Inc.

Rank #300Startup

FSLY · Nasdaq · Technology

Fastly, Inc. (FSLY) — Rank #300 by gross profitability (GP/assets 0.24) · ROE -12.3% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · CIK 0001517413 · all metrics point-in-time as of the filing date.

About

Fastly, Inc. operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally.

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The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet. The company offers network services to speed up and optimize the delivery of web and application traffic; content delivery network, such as dynamic site acceleration, origin shield, instant purge, surrogate keys, programmatic control, content compression, reliability features, fanout, domainr, modern protocols and performance services; staging environment; and video/ streaming solutions and services, including live streaming, live event monitoring, video on demand, cache reservation, and media shield. It also provides security solutions, such as DDoS protection, next-gen WAF, bot management, API and ATO protection, advanced rate limiting, privacy, and compliance services; load balancing; image optimization; and origin connect. In addition, the company offers professional services comprising managed and response security services; managed CDN; and support plans services. It serves customers operating in ecommerce, streaming media, gaming, digital publishing, and high tech to financial services industries. The company was formerly known as SkyCache, Inc. and changed its name to Fastly, Inc. in May 2012. Fastly, Inc.

was incorporated in 2011 and is headquartered in San Francisco, California.

Industry
Software - Application
Sector
Technology
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
fastly.com

Price History

FSLY-50.4% · -13.1% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens for pre-profit companies.

Market Cap

$3.92B

P/E (annual)

—

P/S (annual)

6.3

P/B

4.0

P/OCF (annual)

41.5

Shareholder Yield

-6.4%

Employees

1,140

Industry

Software - Application

Exchange

Nasdaq

Signal Flags

3 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
RPO outpacing revenueRemaining performance obligations growing faster than recognized revenue — forward demand building
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.24
Return on equity
-12.3%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.52
Current ratio
3.36×
Net cash
$13.54M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
18.8%

Growth

1/2 pass
Revenue growth
14.8%
Piotroski F-Score
6 / 9
Share dilution
6.4%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

21.5%

fairly valued

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 6.4% — per-share value needs a total required return of 27.9% once share-count change is priced in.

vs. own 6-year median revenue growth: 19.4%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

16.4%

r = 10% (base)

21.5%

r = 12%

25.9%

Net debt / market cap: -0.4%

Note: current FCF margin is 1.9σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $65.8M3Y mean FCF: $20.4M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

4.3xFair
1.8xmed 4.1x30.2x

P / B

Price / book value per share

2.9xFair
1.0xmed 2.1x8.3x

P / GP

Price / gross profit per share

7.5xFair
3.3xmed 7.7x51.4x

Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.

Profitability

Gross profitability (GP / assets)

0.24

Primary signal (Novy-Marx).

19th pctl of 38 SIC 7372 peers

Return on equity

-12.3%

Gross margin

57.1%

19th pctl of 38 SIC 7372 peers

Revenue growth (YoY)

14.8%

RPO growth (YoY)

44.8%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

13.0%

Revenue CAGR (5Y)

16.5%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.52

62nd pctl of 33 SIC 7372 peers (best = lowest)

Current ratio

3.36×

76th pctl of 38 SIC 7372 peers

Quick ratio

3.17×

Net cash

$13.54M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$65.75M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.54

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

18.8%

Stock-based comp intensity.

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Startup
View full financial statements →