Fastly
FSLYNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $16.24 Prior regular-session close from the quote source.
- $17.00–$17.97 Regular-session low and high so far today.
- 5.7M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 10 projected Projected for 2027-02-10 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $7.87–$34.82 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FSLY if it sustains product differentiation, customer retention, and margin expansion versus hyperscalers and CDN rivals.
FSLY price history
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Investment thesis
What must happen next
Growing demand for edge delivery and programmable edge compute will keep driving Fastly's revenue higher as it retains and expands enterprise accounts.StrengtheningMateriality: High
revenue rose from 432,725,000 (2022) to 505,988,000 (2023) to 543,676,000 (2024) to 624,018,000 (2025) (annual GAAP). If true, top-line momentum funds margin expansion and reduces the need for dilutive capital; if false, the valuation premium will be at risk.
Watch: Large customers migrate workloads to hyperscalers (AWS/CloudFront) or rivals (Cloudflare, Akamai) and reduce spend.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
revenue rose from 432,725,000 (2022) to 505,988,000 (2023) to 543,676,000 (2024) to 624,018,000 (2025) (annual GAAP).
Open source ↗Scale and a higher-margin product mix (more edge compute/security) will push gross margin and then operating income toward profitability as fixed network costs spread and product pricing improves.HoldingMateriality: High
gross_profit increased from 209,781,000 (2022) to 266,328,000 (2023) to 295,938,000 (2024) to 356,203,000 (2025) (annual GAAP). Margin expansion is the channel that converts revenue growth into sustainable profits and justifies a premium valuation; failure here leaves the company loss-making despite revenue growth.
Watch: Rising network capacity or peering costs or increased investment in POPs raise cost of revenue.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
gross_profit increased from 209,781,000 (2022) to 266,328,000 (2023) to 295,938,000 (2024) to 356,203,000 (2025) (annual GAAP).
Open source ↗Improved monetization and collection/working-capital dynamics will sustain positive operating cash flow, de-risking the need for external capital.StrengtheningMateriality: Medium
operating_cash_flow improved from -69,632,000 (2022) to 362,000 (2023) to 16,406,000 (2024) to 94,444,000 (2025) (annual GAAP). Positive, growing operating cash flow reduces dilution risk and supports reinvestment; a reversal would force financing or cutbacks.
Watch: Improvement is driven by one-time working-capital timing or customer prepayments rather than sustainable margin/cash conversion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow improved from -69,632,000 (2022) to 362,000 (2023) to 16,406,000 (2024) to 94,444,000 (2025) (annual GAAP).
Open source ↗
Full investment case & evidence
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Original research
Growing demand for edge delivery and programmable edge compute will keep driving Fastly's revenue higher as it retains and expands enterprise accounts. If true, top-line momentum funds margin expansion and reduces the need for dilutive capital; if false, the valuation premium will be at risk.
Scale and a higher-margin product mix (more edge compute/security) will push gross margin and then operating income toward profitability as fixed network costs spread and product pricing improves. Margin expansion is the channel that converts revenue growth into sustainable profits and justifies a premium valuation; failure here leaves the company loss-making despite revenue growth.
Improved monetization and collection/working-capital dynamics will sustain positive operating cash flow, de-risking the need for external capital. Positive, growing operating cash flow reduces dilution risk and supports reinvestment; a reversal would force financing or cutbacks.
All standing thesis claims
Original report summary
it sustains product differentiation, customer retention, and margin expansion versus hyperscalers and CDN rivals.
Bull case and bear case
Bull case and bear case for Fastly
Where the evidence on Fastly stands: Holding on the latest evidence (Nov 12, 2026). Of its 3 thesis points, 2 strengthening and 1 holding.
Bull case: what the evidence supports
Growing demand for edge delivery and programmable edge compute will keep driving Fastly's revenue higher as it retains and expands enterprise accounts.
Scale and a higher-margin product mix (more edge compute/security) will push gross margin and then operating income toward profitability as fixed network costs spread and product pricing improves.
Improved monetization and collection/working-capital dynamics will sustain positive operating cash flow, de-risking the need for external capital.
Bear case: what would count against it
Large customers migrate workloads to hyperscalers (AWS/CloudFront) or rivals (Cloudflare, Akamai) and reduce spend.
Rising network capacity or peering costs or increased investment in POPs raise cost of revenue.
Improvement is driven by one-time working-capital timing or customer prepayments rather than sustainable margin/cash conversion.
Thesis-Break Engine
What has broken in Fastly’s thesis
Each break OptimistFi flagged on Fastly, dated — with what has historically followed the same kind of break across the market, not a forecast for Fastly.
- Price target fell below the stockcondition set before this filing
Across all companies, this kind of break has happened 1,809 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
Several kinds of break have stacked on Fastly at once. A cluster is a stronger read than any one signal alone.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Fastly filed an SEC 8-K on 2026-11-04: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Fastly filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Fastly filed an SEC 8-K on 2026-08-17: Entered a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large customers migrate workloads to hyperscalers (AWS/CloudFront) or rivals (Cloudflare, Akamai) and reduce spend.
- Rising network capacity or peering costs or increased investment in POPs raise cost of revenue.
- Improvement is driven by one-time working-capital timing or customer prepayments rather than sustainable margin/cash conversion.
FSLY news
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Financial statements
FSLY income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
FSLY: quick answers
- When does Fastly (FSLY) report earnings next?
- Fastly's next results are projected for February 10, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 4, 2026. Earnings calendar
- What is FSLY's short interest?
- As of October 30, 2026, 19.4M FSLY shares were sold short, 12.1% of its shares outstanding, down 5.6% from the count before. At the stock's average daily volume that is 4.1 days to cover. FINRA publishes the count twice a month. FSLY short interest history
- Have members of Congress traded FSLY?
- 3 trades in FSLY have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed FSLY trade