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PARTIAL
Analysis Report
Apr 23, 2026
Partial analysis — no complete end-to-end run on record.
Technology · Software - Application
Price
$16.54
Market Cap
$2.6B
Employees
1,100
Beta
0.35
Avg Volume
10,505,796
CEO
Charles Compton
Business Description
Fastly, Inc. offers an advanced edge cloud computing platform designed to efficiently manage, distribute, and safeguard client applications across a global footprint, including North America, the Asia Pacific region, Europe, and other international markets. This specialized Infrastructure as a Service (IaaS) empowers developers to build, secure, and rapidly deliver digital experiences right at the internet's edge. It functions as a highly customizable platform, optimized for web and application delivery. The company's broad range of offerings includes: Compute@Edge, their serverless computing environment. A comprehensive developer hub providing solution patterns, API and language references, change logs, and Fastly Fiddle resources. Specialized edge services such as device detection, geolocation, edge dictionaries, access control lists (ACLs), and authentication. Full site delivery capabilities, encompassing dynamic site acceleration, origin shield, instant cache purging, real-time logging and statistics, cloud optimization, programmatic control, edge databases, content compression, and support for modern protocols to ensure high performance and reliability. Streaming solutions for live media, media shield, and origin connect. Robust edge security features, including Distributed Denial of Service (DDoS) protection, a cloud-based web application firewall (WAF), Transport Layer Security (TLS), platform TLS, and various compliance services. Unified web application and API protection that incorporates runtime self-application protection, advanced rate limiting, API and account takeover (ATO) protection, bot mitigation, and a next-generation WAF. Supplementary edge applications like load balancers and image optimizers. Video on demand services and fully managed edge delivery services. Fastly caters to a wide array of industries, including digital publishing, media and entertainment, technology, e-commerce, travel and hospitality, and financial services. Originally incorporated in 2011 as SkyCache, Inc., the company officially adopted the name Fastly, Inc. in May 2012. Its corporate headquarters are situated in San Francisco, California.
Business History
Generated: Apr 23, 2026 10:00amPrice Overview
Last updated: Jun 27, 2026 10:49am (just now)$17.11
+0.90 (+5.52%)
Day Range
$15.75 – $17.20
52-Week Range
$6.29 – $34.82
50-Day MA
$20.56
200-Day MA
$15.35
Volume
10,755,189.00
Analyst Price Targets
Low
$13.00
Consensus
$23.43
High
$32.00
(27 analysts)
Share Structure
Outstanding
156,500,000.00
Float
145,234,817.00
Free Float
92.8%
High free float
— 92.8% of shares trade freely, ~7.2% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-19.92
Stock Price: $16.54
EPS (Diluted): -0.83
EPS (Diluted): -0.83
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.61
Stock Price: $16.54
Total Equity: $929.58M
Shares: 146,902,000
Total Equity: $929.58M
Shares: 146,902,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-2,172.69
Market Cap: $2.59B
Total Debt: $361.84M
Cash: $180.56M
EBITDA: -$9.27M
Total Debt: $361.84M
Cash: $180.56M
EBITDA: -$9.27M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$1.7B
Market Cap: $2.59B
Total Debt: $361.84M
Cash: $180.56M
Total Debt: $361.84M
Cash: $180.56M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
2.40
Stock Price: $16.54
Revenue: $624.02M
Shares: 146,902,000
Revenue: $624.02M
Shares: 146,902,000
EV/Sales (Total value vs revenue — works when P/E can't)
API2.80
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
57.1%
Gross Profit: $356.20M
Revenue: $624.02M
Revenue: $624.02M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-18.9%
Operating Income: -$117.80M
Revenue: $624.02M
Revenue: $624.02M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-19.5%
Net Income: -$121.68M
Revenue: $624.02M
Revenue: $624.02M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-10.9%
Net Income: -$121.68M
Total Equity: $929.58M
Total Equity: $929.58M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-7.4%
Operating Income: -$117.80M
Tax Rate: -2.1%
Equity: $929.58M
Total Debt: $361.84M
Cash: $180.56M
Tax Rate: -2.1%
Equity: $929.58M
Total Debt: $361.84M
Cash: $180.56M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
2.61
Current Assets: $506.71M
Current Liabilities: $194.00M
Current Liabilities: $194.00M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.39
Short-Term Debt: $38.56M
Long-Term Debt: $323.28M
Total Debt: $361.84M
Total Equity: $929.58M
Long-Term Debt: $323.28M
Total Debt: $361.84M
Total Equity: $929.58M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$4.25
Revenue: $624.02M
Shares: 146,902,000
Shares: 146,902,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$6.33
Total Equity: $929.58M
Shares: 146,902,000
Shares: 146,902,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$0.45
Operating CF: $94.44M
CapEx: -$28.69M
Shares: 146,902,000
CapEx: -$28.69M
Shares: 146,902,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $16.54
Stock Price: $16.54
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$121.68M
Net Income: -$121.68M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares FSLY against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Last run: Apr 23, 2026 10:34:54 am
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
Not applicable for Pre Profit Growth companies
4b
Earnings Power Value
— Floor value — worth with zero growth
Not applicable for Pre Profit Growth companies
4c
Anchored PE
— Industry PE adjusted for growth differential
Not applicable for Pre Profit Growth companies
4d
Reverse DCF
— What growth is the market pricing in?
Not applicable for Pre Profit Growth companies
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
Not applicable for Pre Profit Growth companies
4i
Book Value Analysis
— For deep value / turnaround stocks only
Not applicable for Pre Profit Growth companies
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 23, 2026 9:02am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $354.3M | $432.7M | $506.0M | $543.7M | $624.0M |
| Cost of Revenue | $167.0M | $222.9M | $239.7M | $247.7M | $267.8M |
| Gross Profit | $187.3M | $209.8M | $266.3M | $295.9M | $356.2M |
| Operating Expenses | $406.3M | $456.0M | $464.4M | $463.9M | $474.8M |
| Operating Income | -$219.0M | -$246.2M | -$198.0M | -$167.9M | -$117.8M |
| Net Income | -$222.7M | -$190.8M | -$133.1M | -$158.1M | -$121.7M |
| EBITDA | -$167.3M | -$120.5M | -$19.0M | -$79.1M | -$9.3M |
| EPS | $-1.92 | $-1.57 | $-1.03 | $-1.14 | $-0.83 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 23, 2026 9:02am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $166.1M | $143.4M | $107.9M | $286.2M | $180.6M |
| Total Current Assets | $624.6M | $636.5M | $463.7M | $440.2M | $506.7M |
| Total Assets | $2.2B | $1.9B | $1.5B | $1.5B | $1.5B |
| Current Liabilities | $131.9M | $152.3M | $147.7M | $104.5M | $194.0M |
| Long-Term Debt | $933.2M | $704.7M | $343.5M | $337.6M | $323.3M |
| Total Liabilities | $1.1B | $941.0M | $545.7M | $486.1M | $569.9M |
| Total Equity | $1.0B | $955.2M | $979.5M | $965.3M | $929.6M |
| Retained Earnings | -$510.9M | -$701.7M | -$834.8M | -$992.8M | -$1.1B |
Cash Flow (Annual)
Last updated: Jun 23, 2026 9:02am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$38.5M | -$69.6M | $362,000 | $16.4M | $94.4M |
| Capital Expenditure | -$50.4M | -$80.3M | -$32.3M | -$37.2M | -$28.7M |
| Free Cash Flow | -$88.9M | -$150.0M | -$31.9M | -$20.8M | $65.8M |
| Acquisitions (net) | -$1.2M | -$25.9M | $0 | -$3.8M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $103.1M | -$23.4M | -$35.5M | $178.1M | -$105.6M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 3:12pm (19h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$799.6M $781.7M – $823.5M
|
$884.1M $878.8M – $889.3M
|
$938.6M $924.5M – $956.8M
|
$1.0B $986.2M – $1.0B
|
| EBITDA |
$270.1M $264.1M – $278.2M
|
$298.7M $296.9M – $300.5M
|
$317.1M $312.3M – $323.3M
|
$338.3M $333.2M – $344.8M
|
| Net Income |
$59.4M $49.0M – $69.8M
|
$69.4M $67.9M – $71.0M
|
$77.9M $76.3M – $79.8M
|
$83.7M $82.1M – $85.8M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 23, 2026 9:02am (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +22.1% | +16.9% | +7.4% | +14.8% |
| Gross Profit Growth | +12.0% | +27.0% | +11.1% | +20.4% |
| Operating Income Growth | -12.4% | +19.6% | +15.2% | +29.8% |
| Net Income Growth | +14.3% | +30.2% | -18.8% | +23.0% |
| EBITDA Growth | +28.0% | +84.2% | -316.0% | +88.3% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 7:58am (2h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-17 | Lovett Scott R. | S-Sale | 41,716.00 | $17.77 | $741,293 |
| 2026-06-16 | Lovett Scott R. | S-Sale | 34,919.00 | $18.15 | $633,780 |
| 2026-06-03 | Ford Jeffrey | 0.00 | $0.00 | $0 | |
| 2026-06-03 | Hornik David | A-Award | 9,601.00 | $0.00 | $0 |
| 2026-06-03 | Meyers Charles J | A-Award | 9,601.00 | $0.00 | $0 |
| 2026-06-03 | PAISLEY CHRISTOPHER B | A-Award | 9,601.00 | $0.00 | $0 |
| 2026-06-03 | Compton Charles Lacey III | S-Sale | 3,482.00 | $20.17 | $70,232 |
| 2026-06-03 | Compton Charles Lacey III | S-Sale | 5,746.00 | $21.15 | $121,528 |
| 2026-06-03 | Compton Charles Lacey III | S-Sale | 85.00 | $21.85 | $1,857 |
| 2026-06-03 | Smith Vanessa C. | A-Award | 9,601.00 | $0.00 | $0 |
| 2026-06-03 | Bergman Artur | S-Sale | 1,100.00 | $19.84 | $21,824 |
| 2026-06-03 | Bergman Artur | S-Sale | 6,689.00 | $21.13 | $141,339 |
| 2026-06-03 | Bergman Artur | S-Sale | 100.00 | $21.83 | $2,183 |
| 2026-06-03 | Loop Paula | A-Award | 9,601.00 | $0.00 | $0 |
| 2026-06-03 | ALVAREZ AIDA | A-Award | 9,601.00 | $0.00 | $0 |
| 2026-06-03 | Daniels Richard Devon | A-Award | 9,601.00 | $0.00 | $0 |
| 2026-05-29 | Bergman Artur | S-Sale | 6,225.00 | $16.96 | $105,576 |
| 2026-05-29 | Compton Charles Lacey III | S-Sale | 15,028.00 | $16.96 | $254,875 |
| 2026-05-29 | PAISLEY CHRISTOPHER B | S-Sale | 1,000.00 | $16.96 | $16,960 |
| 2026-05-29 | Lovett Scott R. | S-Sale | 19,622.00 | $16.96 | $332,789 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for FSLY — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30