Fastly
FSLY on Nasdaq. Fastly sells edge cloud services to companies delivering online applications. Market value $4.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.83 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -12 cents a year. Above 10 is good.
Quality score: 44 of 100. Price score: 4 of 100. Our list needs 70 on quality and 60 on price.
$26.01 a share, 236% above its 1-year low
Over the past year the price has ranged from $7.74 to $34.82.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $354m | $433m | $506m | $544m | $624m |
| Operating margin | |||||
| Operating margin | -61.8% | -56.9% | -39.1% | -30.9% | -19.1% |
| Debt to equity | |||||
| Debt to equity | 0.96 | 0.78 | 0.37 | 0.35 | 0.39 |
| Shares outstanding | |||||
| Shares outstanding | 0.12bn | 0.13bn | 0.14bn | 0.15bn | 0.16bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.39× equity
- Revenue growth, five yearsStrong, 16.5% a year
- Buying back its own sharesNo, 30% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $183 million last quarter, up 23% on a year ago.
- A loss of $16 million, compared with a loss of $38 million a year ago.
- It loses 12 cents on each $1 of sales, compared with 26 cents a year earlier.
- Spare cash over the past 12 months: $34 million, up from $12 million.
- 8% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $234 million more than cash, down from $256 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $137m |
| December 2024 | $141m |
| March 2025 | $144m |
| June 2025 | $149m |
| September 2025 | $158m |
| December 2025 | $173m |
| March 2026 | $173m |
| June 2026 | $183m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$38m |
| December 2024 | -$33m |
| March 2025 | -$39m |
| June 2025 | -$38m |
| September 2025 | -$29m |
| December 2025 | -$16m |
| March 2026 | -$21m |
| June 2026 | -$16m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, down from 2 last quarter. 282 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $354,550 | <0.1% | Cut |
Sold out this quarter
- Polen CapitalDan DavidowitzSold out
Largest holders overall
- BlackRock$279mAdded
- FMR$218mAdded
- Vanguard Portfolio Management$180mCut
- Capital World Investors$151mAdded
- First Trust Advisors LP$141mAdded
- D. E. Shaw$121mAdded
- Vanguard Capital Management$116mAdded
- TWO Sigma Investments, LP$111mAdded
- Penserra Capital Management$85mAdded
- Legal & General Group$80mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- BlackRock, Inc.Passive investor8.9%+1.2 ptsSince 30 June 2026
- FMR LLCPassive investorat least 7.7%+1.9 pts(filed with 1 related holder)Since 30 June 2026
- Vanguard Portfolio ManagementPassive investor7.3%Since 31 March 2026
- Capital World InvestorsPassive investor5.3%Since 30 June 2026
- Per Artur BergmanPassive investorat least 4.7%(filed with 6 related holders)Since 31 December 2025
- Legal & General Investment Management LtdPassive investorat least 4.4%−1.0 pts(filed with 1 related holder)Since 31 December 2023
- Legal & General Group PlcPassive investorat least 2.8%−1.5 pts(filed with 5 related holders)Since 30 June 2026
- Morgan StanleyPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 8.9%+1.2 pts | 30 June 2026 | |
FMR LLC Passive investor | at least 7.7%+1.9 pts (filed with 1 related holder) | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 7.3% | 31 March 2026 | |
Capital World Investors Passive investor | 5.3% | 30 June 2026 | |
Per Artur Bergman Passive investor | at least 4.7% (filed with 6 related holders) | 31 December 2025 | |
Legal & General Investment Management Ltd Passive investor | at least 4.4%−1.0 pts (filed with 1 related holder) | 31 December 2023 | |
Legal & General Group Plc Passive investor | at least 2.8%−1.5 pts (filed with 5 related holders) | 30 June 2026 | |
Morgan Stanley Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $90m, $77m of it under preset trading plans.
- Bergman ArturChief Technology Officer, DirectorSoldunder a preset trading plan
- Date
- 29 September 2026
- Shares
- 3,961
- Price
- $25.26
- Value
- $100,055
- Bergman ArturChief Technology Officer, DirectorSoldunder a preset trading plan
- Date
- 28 September 2026
- Shares
- 33,078
- Price
- $24.75
- Value
- $818,776
- Bergman ArturChief Technology Officer, DirectorSoldunder a preset trading plan
- Date
- 23 September 2026
- Shares
- 379,602
- Price
- $30.16
- Value
- $11m
- Bergman ArturChief Technology Officer, DirectorSoldunder a preset trading plan
- Date
- 22 September 2026
- Shares
- 27,900
- Price
- $27.82
- Value
- $776,178
- Bergman ArturChief Technology Officer, DirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 49,146
- Price
- $27.38
- Value
- $1m
- Lovett Scott R.President, Go to MarketSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 41,815
- Price
- $24.64
- Value
- $1m
- Ford JeffreyPrincipal Accounting OfficerSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 45,832
- Price
- $24.65
- Value
- $1m
- Bergman ArturChief Technology Officer, DirectorSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 2,200
- Price
- $25.30
- Value
- $55,660
- Ford JeffreyPrincipal Accounting OfficerSold
- Date
- 16 September 2026
- Shares
- 37,091
- Price
- $23.84
- Value
- $884,249
- Lovett Scott R.President, Go to MarketSold
- Date
- 16 September 2026
- Shares
- 34,820
- Price
- $23.85
- Value
- $830,457
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 September 2026 | Bergman Artur Chief Technology Officer, Director | Sold under a preset trading plan | 3,961 | $25.26 | $100,055 |
| 28 September 2026 | Bergman Artur Chief Technology Officer, Director | Sold under a preset trading plan | 33,078 | $24.75 | $818,776 |
| 23 September 2026 | Bergman Artur Chief Technology Officer, Director | Sold under a preset trading plan | 379,602 | $30.16 | $11m |
| 22 September 2026 | Bergman Artur Chief Technology Officer, Director | Sold under a preset trading plan | 27,900 | $27.82 | $776,178 |
| 21 September 2026 | Bergman Artur Chief Technology Officer, Director | Sold under a preset trading plan | 49,146 | $27.38 | $1m |
| 17 September 2026 | Lovett Scott R. President, Go to Market | Sold under a preset trading plan | 41,815 | $24.64 | $1m |
| 17 September 2026 | Ford Jeffrey Principal Accounting Officer | Sold under a preset trading plan | 45,832 | $24.65 | $1m |
| 17 September 2026 | Bergman Artur Chief Technology Officer, Director | Sold under a preset trading plan | 2,200 | $25.30 | $55,660 |
| 16 September 2026 | Ford Jeffrey Principal Accounting Officer | Sold | 37,091 | $23.84 | $884,249 |
| 16 September 2026 | Lovett Scott R. President, Go to Market | Sold | 34,820 | $23.85 | $830,457 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“Also on March 4, 2026, the Company, with the approval of the Audit Committee, dismissed Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 5 March 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.