Latest Ratios: P/E Ratio -33.0x · 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 | $4.3B | $1.5B | $1.3B | $2.3B | $997M | $4.1B | $9.0B | $1.4B | — | — |
| Enterprise Value | $4.5B | $1.7B | $1.4B | $2.6B | $1.7B | $5.0B | $9.1B | $1.4B | — | — |
| P/E Ratio → | -33.04 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 6.88 | 2.40 | 2.40 | 4.53 | 2.30 | 11.61 | 31.10 | 6.84 | — | — |
| P/B Ratio | 4.33 | 1.61 | 1.35 | 2.34 | 1.04 | 4.06 | 8.52 | 5.32 | — | — |
| P/FCF | 65.27 | 22.74 | — | — | — | — | — | — | — | — |
| P/OCF | 45.44 | 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 | 1.5% | 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 |
Includes 30+ ratios · 9 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FSLY stock.
Fastly, Inc.'s current P/E ratio is -33.0x. 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 -33.0x. 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.
Key Metrics
Top Statement Risk
SBC dilution and competitive pricing
Metrics are mathematically derived from official filings.
Margin Expansion Signals Mix Shift
Gross margin improved to 63.3% in Q2 2026 from 51.3% a year earlier, per reported figures, suggesting a favorable shift toward higher-margin security and compute services.
The 12-point gross margin expansion over four quarters indicates that Fastly is successfully pivoting its revenue mix away from low-margin commodity delivery toward security and edge compute offerings. Operating margin improved to -7.9% from -24.6% in the same period, reflecting operating leverage as revenue growth outpaces expense growth. However, the company remains GAAP-unprofitable, and the sustainability of this margin trajectory depends on continued mix shift and disciplined cost control.
Return on Capital Inflecting Upward
ROIC improved to -0.9% in Q2 2026 from -2.8% a year earlier, as reported in financial statements, indicating that capital efficiency is beginning to recover from trough levels.
While still negative, the sequential improvement in ROIC from -2.5% in Q1 2026 to -0.9% in Q2 2026 suggests that the company is generating more operating income per dollar of invested capital. This improvement is driven primarily by margin expansion rather than asset turnover, which remains low at 0.12x. The capital-intensive nature of the edge network means that ROIC will only turn positive once operating margins reach sustainable positive territory, which appears to be on the horizon if current trends persist.
Working Capital Efficiency Improves
DSO fell to 61 days in Q2 2026 from 78 days in Q1 2024, based on reported figures, indicating faster collection from customers and improved working capital management.
The 17-day reduction in days sales outstanding over the ten-quarter period suggests that Fastly is tightening credit terms or improving collections, which is a positive sign for cash flow. However, the cash conversion cycle remains negative due to negative DPO, indicating that the company pays suppliers faster than it collects from customers. This is typical for infrastructure businesses with significant bandwidth and co-location costs, but it means that working capital will continue to be a drag on cash flow as the business scales.
Leverage Stable but Interest Coverage Weak
Debt-to-equity improved to 0.40 in Q2 2026 from 0.43 in Q1 2024, as reported in financial statements, but interest coverage remains negative at -3.58x.
The modest deleveraging is a positive sign, but the negative interest coverage ratio indicates that operating income is insufficient to cover interest expenses, which is a concern for a company with $398.3M in debt. The company's ability to service its debt relies on continued cash flow improvement and access to capital markets. Investors should monitor whether the recent operating leverage gains translate into positive interest coverage in the coming quarters.
Liquidity Buffer Thins Despite Strong Ratio
Current ratio improved to 3.36 in Q2 2026 from 1.46 in Q3 2025, per balance sheet data, but cash fell to $89.8M, raising concerns about the adequacy of the liquidity buffer.
The current ratio is strong, but it is inflated by the presence of short-term investments and receivables. The decline in cash to under $100M is notable, especially given the company's capital expenditure requirements and ongoing losses. While the company has access to debt markets, the thin cash position suggests that it may need to raise additional capital or generate sustained positive free cash flow to fund its growth initiatives without diluting shareholders.
Misapplied Metric: P/E on Negative Earnings
The most commonly misapplied ratio for Fastly is the P/E ratio, which is meaningless given negative GAAP earnings; instead, investors should focus on EV/EBITDA or P/FCF.
With a trailing P/E of -36.06, the metric provides no useful information about valuation. The forward P/E of 58.65 is based on analyst estimates that may not materialize. A more appropriate metric is EV/EBITDA, which is not available for trailing periods but is projected at 19.77x forward, or P/FCF at 71.24x, which reflects the company's improving cash generation. Investors should also consider the impact of stock-based compensation, which is a real economic cost that is not captured in EBITDA, making EV/EBITDA potentially flattering.