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Operates an edge cloud platform delivering content, compute and security (web application firewall) services for websites and apps.
Operates an edge cloud platform delivering content, compute and security (web application firewall) services for websites and apps.
Charges customers by the traffic it carries and the requests it handles, mostly under committed contracts with overage fees, so revenue moves with customers' usage. A small group of large customers accounts for much of the traffic. Its security products were built on the 2020 acquisition of Signal Sciences.
Moat: none (switching costs, process know-how). Some integration switching cost, but CDN/edge is a competitive commodity-leaning market dominated by larger players.
Headquarters: San Francisco, California, United States · Founded: 2011 · Employees: 1,140
Size Fastly (FSLY) is a United States Information Technology company (Information Technology Services) with a market value of $2.52B, the 1651st largest of 3,117 United States companies the cockpit tracks. Shares closed at $15.85 on 6 Nov 2026.
Performance Over six months the shares fell 22.7%, against -10.2% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 20.4% over the last twelve months (peer median +9.5%); the operating margin is -12.0% (peer median 8.9%).
Valuation It trades at 24.4× forward earnings against a peer median of 31.8× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 12.4 points below its cost of capital (6.2% WACC).
Backlog Backlog (remaining performance obligations) was $334M at 30 Sep 2026, up 24% on a year earlier — 0.5 years of trailing revenue. Backlog detail →
Short interest Short interest is 12.9% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $687M | $624M | $544M | $506M | $433M |
| Revenue growth | — | +15% | +7% | +17% | — |
| Gross profit | $406M | $337M | $277M | $251M | $201M |
| EBITDA | $4.13M | -$21.4M | -$61.8M | -$83.5M | -$143M |
| Net income | -$81.1M | -$122M | -$158M | -$133M | -$191M |
| Free cash flow | $18.7M | $42.2M | -$26.5M | -$31.9M | -$132M |
| Capital expenditure | $85.1M | $46.4M | $37.2M | $32.3M | $80.3M |
| Total debt | $398M | $430M | $405M | $433M | $834M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fastly FSLY | $2.52B | -23% | +20% | -12% | 24.4× | 37.8% |
| Cloudflare NET | $95.7B | +37% | +34% | -8% | 168.8× | n/a |
| Akamai Technologies AKAM | $11.9B | -44% | +6% | 12% | 12.8× | 17.0% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FSLY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.3% | -0.8% | lowest of 21 |
| 6-month return | -22.7% | -10.2% | 6th lowest of 21 |
| Distance from 52-week high | -54.5% | -34.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +20.4% | +9.5% | 3rd highest of 21 |
| Operating margin | -12.0% | 8.9% | lowest of 21 |
| Forward P/E | 24.4× | 31.8× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 37.8% | 16.9% | most demanding of 14 |
| Growth delivered (Del g) | +16.5% | +8.8% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | +21.3 pp | +3.3 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | -12.4 pp | +5.2 pp | 2nd lowest of 19 |
| Net debt / EBITDA | 14.7× | 0.9× | most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fastly FSLY | United States | $2.52B | -23% | +20% | -12% | 24.4× | 37.8% | +16.5% |
| Tata Elxsi TATAELXSI.NS | India | $2.52B | -10% | +10% | 20% | 32.7× | 25.3% | +15.5% |
| Hangzhou Turbine Power 300277.SZ | China | $2.57B | -37% | +1,784% | 3% | 33.2× | 36.4% | -10.7% |
| Netcompany Group A/S NETC.CO | Denmark | $2.44B | +1% | +30% | 11% | 20.4× | n/a | n/a |
| Beijing Ultrapower Software 300002.SZ | China | $2.43B | -14% | +9% | 15% | 20.4× | 4.2% | +10.2% |
| OVH Groupe OVH.PA | France | $2.41B | +17% | +6% | 38% | 46.6× | n/a | n/a |
| HMS Networks HMS.ST | Sweden | $2.41B | -17% | +15% | 27% | 31.9× | 14.3% | +19.5% |
| Shanghai AtHub 603881.SS | China | $2.66B | -33% | -5% | 16% | 101.4× | 16.9% | +13.6% |
| Shanghai Sunmi Technology 6810.HK | Hong Kong | $2.70B | -10% | +10% | 7% | n/a | n/a | n/a |
| Runjian 002929.SZ | China | $2.71B | +6% | -11% | 0% | 49.7× | n/a | n/a |
| Tieto TIETO.HE | Finland | $2.26B | -5% | -17% | 20% | 10.4× | -6.4% | -7.8% |
| Hand Enterprise Solutions 300170.SZ | China | $2.24B | -26% | +7% | 6% | 48.8× | 27.4% | +6.5% |
| Posco Dx 022100.KS | South Korea | $2.24B | -43% | -15% | 3% | 69.6× | 34.8% | +2.2% |
| Glodon 002410.SZ | China | $2.15B | -21% | -4% | 8% | 31.6× | 5.4% | +8.8% |
| Beijing Teamsun Technology 600410.SS | China | $2.09B | -42% | +19% | -9% | n/a | 26.0% | +3.6% |
| Globant GLOB | United States | $2.05B | +21% | -1% | 10% | 8.0× | -1.2% | +24.7% |
| PC Connection CNXN | United States | $2.00B | +19% | +10% | 4% | 16.6× | n/a | n/a |
| Atea ATEA.OL | Norway | $1.99B | +6% | +12% | 4% | 16.4× | -5.0% | -1.1% |
| Xi'an Bright Laser Technologies 688333.SS | China | $3.22B | -11% | +12% | 6% | 69.2× | n/a | n/a |
| GMO Internet 9449.T | Japan | $1.94B | -4% | +6% | 21% | 13.4× | n/a | n/a |
| Kainos KNOS.L | United Kingdom | $1.92B | +57% | +17% | 11% | 23.2× | 21.7% | +12.9% |
Fastly reported $334M of remaining performance obligations at 30 Sep 2026, up 24% from a year earlier and down 2% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 0.96.