Latest Ratios: P/E Ratio -40.3x · 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 | $2.5B | $1.5B | $1.3B | $2.3B | $997M | $4.1B | $9.0B | $1.4B | — | — |
| Enterprise Value | $2.7B | $1.7B | $1.4B | $2.6B | $1.7B | $5.0B | $9.1B | $1.4B | — | — |
| P/E Ratio → | -40.33 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.45 | 2.40 | 2.40 | 4.53 | 2.30 | 11.61 | 31.10 | 6.84 | — | — |
| P/B Ratio | 2.50 | 1.61 | 1.35 | 2.34 | 1.04 | 4.06 | 8.52 | 5.32 | — | — |
| P/FCF | 50.38 | 22.74 | — | — | — | — | — | — | — | — |
| P/OCF | 26.26 | 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 | 2.0% | 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 -40.3x. 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 -40.3x. 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
Persistent GAAP losses and dilution
Metrics are mathematically derived from official filings.
Forward Multiples Price in Recovery Expectations
Based on reported figures, FSLY trades at 37.73x price-to-free-cash-flow and 3.98x price-to-sales, a premium that appears to assume sustained margin expansion beyond the current -19.10x trailing earnings base.
The negative trailing P/E of -19.10 is not meaningful on its own, so the forward P/E of 30.17 and forward EV/EBITDA of 15.10 become the operative valuation anchors. Compared with Akamai's 27.07x P/E and 13.51x EV/EBITDA, FSLY screens at a modest premium on forward earnings despite slower profitability, which suggests investors are pricing in a successful transition toward GAAP breakeven. The 37.73x P/FCF multiple implies that free cash flow, rather than reported earnings, is the more relevant lens, and investors should monitor whether stock-based compensation continues to absorb a meaningful share of that cash generation.
Gross Margin Recovery Outpaces Operating Leverage
As reported in financial statements, FSLY's gross margin rose from 51.3% in 2025Q2 to 63.3% in 2026Q3, while operating margin improved only from -24.6% to -5.9%, indicating that cost-of-revenue gains are not yet translating fully into operating earnings.
The gross margin expansion suggests improving network utilization and a favorable shift in revenue mix toward higher-margin security and compute offerings. However, the gap between gross and operating margin remains wide, implying that operating expenses, including stock-based compensation, still absorb most of the gross profit gained. Net margin of -5.9% in the latest quarter should be read alongside the $34.9M of stock compensation, which is roughly three times the quarter's operating loss, so the earnings picture is heavily shaped by equity-based pay.
Returns Remain Negative but Trending Toward Breakeven
According to recent SEC filings, FSLY's ROIC improved from -2.5% in 2025Q1 to -0.7% in 2026Q3, and ROE moved from -4.1% to -1.1%, suggesting the capital base is approaching but has not yet reached value-neutral returns.
The trajectory of ROIC and ROE over the last ten quarters is directionally positive, with losses compressing as margins recovered. Relative to Cloudflare's -4.7% ROIC and Akamai's 4.7% ROIC, FSLY sits between the two, appearing neither clearly ahead nor clearly behind on capital efficiency. Continued compounding would depend on margin gains outpacing any further growth in invested capital, a dynamic that warrants monitoring in upcoming quarters.
Liquidity Cushion Thins as Cash Declines
Based on reported figures, FSLY's current ratio compressed from 4.21 in 2024Q4 to 3.07 in 2026Q3, while cash fell from $286.2M to $113.5M, suggesting a narrower buffer against near-term obligations despite a still-comfortable ratio.
A current ratio above 3.0 remains well above the 1.0 threshold typically associated with short-term solvency, so immediate liquidity risk appears limited. However, the decline in absolute cash reserves over the period is a more meaningful signal than the ratio itself, as it indicates that cash generation has not yet rebuilt the cushion depleted during the earlier loss-making years. Under a severe stress scenario, investors should monitor whether the company can sustain its current operating burn without relying on further capital markets access, though the reported data alone does not confirm the availability of such financing.
Improving Cash Flow May Reflect Equity Substitution
Based on reported figures, FSLY's free cash flow margin rose to 13.2% in 2026Q3, but stock-based compensation of $34.9M exceeded that quarter's $25.2M free cash flow, which may indicate that equity-based pay is substituting for cash expense.
The most commonly misapplied metric for FSLY is free cash flow margin, because it excludes the substantial stock-based compensation that functions as an economic cost to shareholders. Price-to-free-cash-flow may therefore flatter the valuation, and investors may find that an SBC-adjusted free cash flow or a fully diluted share count growth rate gives a more conservative view of per-share value creation. This interpretation is inferential and depends on how durable the equity-based compensation program proves to be.