FSLY
Fastly, Inc.

Fastly, Inc.FSLY

Technology · Software - Application
15.85USD
+3.06%
Nov 08, 2026
FSLY overview ready
Programmable Edge Security and Content Delivery Platform for Enterprises
Fastly is an edge-security infrastructure provider: its programmable edge platform combines content delivery and application performance with next-generation WAF, API security, DDoS protection, bot management, and controls for AI-driven automated traffic.
Theme not measured
Edge Cloud / CDN has no leadership state this session.
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Solid fundamentals
Ev / sales is strong.
Primary risk
Intense competition from larger CDN and cloud security providers.
Market Nov 6Filing Sep 30Price action Nov 7Research Sep 8

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction1.4BusinessPerformance4.0BusinessQuality4.0Valuation3.0ThemeMomentum—Decelerating — Revenue is still growing (+20% YoY), but growth has slowed, down from +23%. The company is still loss-making: the diluted loss per share narrowed to -$0.07 from -$0.20 a year earlier. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Edge Cloud / CDN — Edge Cloud / CDN is tracked (3–4 priced members) — too few for a leadership state
Its economic family, Software, reads Weakening (+6.0pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$2.6B
Avg Volume (60D)
7.3M
60 sessions
Revenue Growth YoY
+14.8%
FY2025 vs FY2024
Gross Margin
+62.6%
Trailing twelve months
Operating Margin
-9.0%
Trailing twelve months
Free Cash Flow Yield
+2.2%
Distance from 200DMA
-27.0%
P/E
N/M
EV / Sales
3.5x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Decelerating

Revenue is still growing (+20% YoY), but growth has slowed, down from +23%. The company is still loss-making: the diluted loss per share narrowed to -$0.07 from -$0.20 a year earlier.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthSlowing
+20%
$190M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +23%
  2. +20%
  3. +23%
  4. +20%
Earnings growthLoss narrowing
-$0.07
Diluted EPS -$0.07 vs -$0.20 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
-5.9%
+12.3 pp YoY · gross margin 63.3% (+5.0 pp)
The share count is rising

Business Quality

4.0 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; intrinsic is the dissenting view.
Fastly, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces. It trades at 3.5x revenue, which requires sustained delivery to be justified.

Company Research

Thesis
Fastly is an edge-security infrastructure provider: its programmable edge platform combines content delivery and application performance with next-generation WAF, API security, DDoS protection, bot management, and controls for AI-driven automated traffic.
Opportunity
Moderate opportunity
Enterprise spending to protect cloud-hosted applications, APIs, automated traffic, and the expanding externally reachable attack surface as digital services and AI-driven interactions become more exposed.
Key risk
Intense competition from larger CDN and cloud security providers.

Economic classification

Loading the economic classification…

Business & Markets

Technology · Software - Application
What they do

Fastly operates an edge cloud platform that processes, serves, and secures customer applications by delivering digital experiences at the edge of the internet across multiple global regions.

How it earns

The company generates revenue primarily through subscription-based network and security services.

Products & services
Content delivery network (CDN)
Dynamic site acceleration
Origin shield
Instant purge
Programmable edge platform
Next-generation web application firewall (WAF)
API security
DDoS protection
Bot management
Customers & end markets
Enterprise customers with cloud-hosted applications
Developers building and securing digital experiences
Market position

Fastly is a challenger in the edge-security infrastructure market combining CDN and advanced security features.

Demand drivers
Medium cyclicality

Demand depends on enterprise IT budgets and digital transformation spending, which can fluctuate with economic cycles.