Latest Ratios: P/E Ratio -22.0x · EV/EBITDA N/A · ROE -12.8%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $1.5B | $1.3B | $2.3B | $997M | $4.1B | $9.0B | $1.4B | — | — |
| Enterprise Value | $3.1B | $1.7B | $1.4B | $2.6B | $1.7B | $5.0B | $9.1B | $1.4B | — | — |
| P/E Ratio → | -21.99 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.58 | 2.40 | 2.40 | 4.53 | 2.30 | 11.61 | 31.10 | 6.84 | — | — |
| P/B Ratio | 2.88 | 1.61 | 1.35 | 2.34 | 1.04 | 4.06 | 8.52 | 5.32 | — | — |
| P/FCF | 43.44 | 22.74 | — | — | — | — | — | — | — | — |
| P/OCF | 30.24 | 15.83 | 79.46 | 6331.78 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.80 | 2.62 | 5.17 | 3.90 | 14.11 | 31.20 | 6.91 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 26.54 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.1% | 57.1% | 54.4% | 52.6% | 48.5% | 52.9% | 58.7% | 55.9% | 54.7% | 53.6% |
| Operating Margin | -18.9% | -18.9% | -30.9% | -39.1% | -56.9% | -61.8% | -36.9% | -23.2% | -20.2% | -29.6% |
| Net Profit Margin | -19.5% | -19.5% | -29.1% | -26.3% | -44.1% | -62.9% | -33.0% | -25.7% | -21.4% | -30.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.8% | -12.8% | -16.3% | -13.8% | -19.4% | -21.5% | -14.5% | -82.0% | — | — |
| ROA | -8.2% | -8.2% | -10.6% | -7.8% | -9.4% | -13.2% | -12.5% | -21.3% | -22.2% | -27.9% |
| ROIC | -7.8% | -7.8% | -10.5% | -10.1% | -10.4% | -11.0% | -11.8% | -45.6% | — | — |
| ROCE | -8.9% | -8.9% | -12.3% | -12.7% | -13.1% | -13.9% | -15.2% | -22.4% | -25.5% | -31.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.42 | 0.44 | 0.87 | 1.04 | 0.09 | 0.12 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.27 | 0.12 | 0.33 | 0.72 | 0.87 | 0.03 | 0.05 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 3.80 | — | — | — | — | — | — | — | — |
| Interest Coverage | -8.39 | -8.39 | -55.59 | -31.91 | -31.39 | -41.45 | -68.34 | -8.75 | -15.99 | -27.89 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.61 | 2.61 | 4.21 | 3.14 | 4.18 | 4.74 | 2.78 | 6.72 | 3.69 | 4.16 |
| Quick Ratio | 2.61 | 2.61 | 4.21 | 3.14 | 4.18 | 4.74 | 2.78 | 6.72 | 3.69 | 4.16 |
| Cash Ratio | 1.86 | 1.86 | 2.83 | 2.19 | 3.40 | 4.00 | 2.06 | 3.53 | 2.63 | 2.75 |
| Asset Turnover | — | 0.42 | 0.37 | 0.33 | 0.23 | 0.16 | 0.24 | 0.62 | 0.89 | 0.90 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 69.04 | 77.87 | 86.92 | 75.56 | 66.57 | 63.07 | 67.62 | 62.44 | 66.44 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 2.3% | 4.4% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $147M | $138M | $129M | $122M | $116M | $104M | $68M | $79M | $79M |
Usage-based revenue volatility
According to current market data, Fastly trades at a price-to-sales multiple of 4.29, which appears to discount the firm relative to high-growth peers like Cloudflare, suggesting investors remain skeptical of the company's ability to sustain its recent revenue acceleration while simultaneously achieving meaningful GAAP profitability.
The forward P/E of 52.61 implies that the market is pricing in a significant earnings inflection that has yet to materialize in historical results. This valuation gap compared to sector leaders suggests that the market views Fastly as a speculative recovery play rather than a core growth compounder.
Based on reported financial figures, Fastly's ROIC has hovered in negative territory, reaching -1.7% in 2026Q1, which indicates that the company is currently destroying shareholder value through its heavy investment in network infrastructure that has not yet generated returns exceeding the firm's cost of capital.
The persistent negative ROIC trend over the last ten quarters highlights the difficulty of scaling a capital-intensive edge network. Investors should monitor whether the recent uptick in gross margins can eventually translate into positive returns on invested capital as the network reaches higher utilization levels.
As reported in recent quarterly filings, the company's Days Sales Outstanding (DSO) of 65 days in 2026Q1 reflects a slight improvement from the 78-day peak observed in 2024Q1, suggesting that management is making progress in tightening credit terms with its enterprise customer base to improve cash conversion.
While the reduction in DSO is a positive signal, the lack of consistent inventory data makes it difficult to fully assess the cash conversion cycle. The company's reliance on usage-based billing creates inherent friction in receivables management, which warrants further investigation into potential bad debt risks.
According to recent balance sheet disclosures, Fastly has successfully reduced its debt-to-equity ratio to 0.08 in 2026Q1 from 0.46 in 2025Q4, a move that significantly lowers the firm's interest burden and provides a more stable foundation for navigating its ongoing transition toward positive free cash flow.
This deleveraging trend is critical given the company's history of operating losses and the volatility of its usage-based revenue model. By reducing debt, the firm appears to be mitigating the risk of covenant breaches and increasing its resilience against potential macroeconomic headwinds in the technology sector.
Based on an analysis of the business model, the most commonly misapplied metric for Fastly is the trailing P/E ratio, which is rendered meaningless by the company's history of GAAP losses and heavy reliance on non-cash stock-based compensation to fund its operations.
Investors should instead focus on EV/Sales or free cash flow yield to better understand the underlying value of the platform. Using P/E to evaluate a company in this stage of its lifecycle obscures the true cash-generating potential of the edge cloud architecture and misrepresents the firm's actual financial health.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying FSLY stock.
Fastly, Inc.'s current P/E ratio is -22.0x. This places it at the 50th percentile of its historical range.
Fastly, Inc.'s return on equity (ROE) is -12.8%. The historical average is -25.7%.
Based on historical data, Fastly, Inc. is trading at a P/E of -22.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fastly, Inc. has 57.1% gross margin and -18.9% operating margin.