Rankings Software, cloud & internet Fastly
Fastly
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−18
- Margin (GAAP loss)−6
- Absolute price level−6
Strengths
- Raised guidance+3
- Net retention+2
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 20.60 USD
- Median analyst target
- 28.00 USD
- Upside to median
- +35.9%
- Analysts
- 12
- Target range
- 22.00 – 37.00 USD
- 52-week change
- +148%
- P/E (trailing)
- n/a
- Forward P/E
- 38.5
- PEG
- 0.30
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−14 of −30
- −6Margin (GAAP loss)GAAP operating margin is -12% TTM (-82m $), and there have been losses every year since the listing; ROIC is -3.8%. The loss has, however, fallen from -244m $ in 2022, and gross margin has risen to 61.5%.
- −5Stock-based pay and dilutionStock-based compensation was 136m $ TTM (20% of revenue), almost three times FCF of 51m $. Share count has risen 7.1% over a year and 5-7% per year since 2022.
- −3Moat and scaleWith $687m in revenue, Fastly is under a third of Cloudflare and a small player in a CDN market that has long been under price pressure. Growth swung from 22% to 7% (2024) and back to 23%.
Price
Today's multiples against the company's own history and its peers. · 2 findings−24 of −35
- −18Multiples vs own historyP/S 6.8 versus 2.3-4.6 in 2022-25, EV/Sales 6.9 versus 2.5-4.8 and P/FCF 92 versus 23 at the end of 2025. The multiples are 2-4 times own history after a 241% rise in 52 weeks.
- −6Absolute price levelThe FCF yield is 1.1% (negative after share-based compensation), and forward P/E is 55 for a company with a GAAP loss. The price targets are 2.6% below the share price.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−7 of −35
- −5Customer concentrationThe ten largest customers accounted for 37% of revenue in Q2 2026 versus 31% a year earlier. One group's business units accounted for about 10% in 2025 (presumably ByteDance/TikTok), and growth outside the top 10 is only about 12%.
- −2Insider sellingCTO and co-founder Artur Bergman has sold continuously in 2026 (including 265,000 shares in March), and both the CEO and CFO have sold (CFO 47,676 shares in August). There are no insider purchases.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Raised guidanceQ2 revenue of $183.3m (+23%) was above guidance of $170-176m. Full-year guidance has been raised to $732-746m from about $717.5m, and non-GAAP operating income to $88-96m.
- +2Net retentionLTM net retention has risen to 117%, the highest in over three years (104% a year earlier). Security revenue grew 43%.
Caveats
What the score does not capture, or where the data is weak.
The stock has risen 241% over a year on AI/agent traffic, but the AI share of revenue is not disclosed. That the approx. 10% customer group is ByteDance/TikTok is a third-party interpretation. Short interest is 13.5%. Peers (Akamai, Cloudflare) have not been compared systematically. Q3 comes 4/11.
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