How Does Fastly Stock Compare With Peers?
Fastly (FSLY) stock has seen a significant rally, up 59% over the past year, outperforming most of its peers, as of February 12, 2026. However, how does the edge cloud platform truly stack up against rapidly scaling cloud and security players in the current AI-driven market? A closer look reveals moderate LTM revenue growth of 9.45% and continued unprofitability on an operating basis, with a negative PE ratio of -17.09 and an LTM operating margin of -23.21%. Despite this, the company exhibits positive LTM free cash flow generation of 5.77% and is increasingly seen as a “pure play” on the infrastructure of the AI-driven web, with strategic advancements in AI expected to fuel its growth. Its future upside likely hinges on accelerated enterprise adoption of its edge AI offerings and improved margins amidst fierce competition in the rapidly expanding edge computing market.
- FSLY’s -23.2% operating margin, lowest among peers versus GOOGL’s 32.0%, signals aggressive investment for market share over immediate profit.
- FSLY’s 9.4% revenue growth, outpacing AKAM, FFIV but lagging NET, ZS, GOOGL, indicates moderate adoption in edge computing vs. broader cloud security.
- FSLY’s 59.3% stock gain and -17.1 PE, despite GOOGL’s stronger returns, reflects speculative investor confidence in future profitability not current.
Here’s how Fastly stacks up across size, valuation, and profitability versus key peers.
| FSLY | NET | AKAM | ZS | FFIV | GOOGL | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 2.4 | 64.7 | 15.0 | 27.1 | 15.1 | 3,730.9 |
| Revenue ($ Bil) | 0.6 | 2.0 | 4.1 | 2.8 | 3.1 | 402.8 |
| PE Ratio | -17.1 | -627.7 | 29.6 | -660.4 | 21.4 | 28.2 |
| LTM Revenue Growth | 9.4% | 28.1% | 4.2% | 23.2% | 8.8% | 15.1% |
| LTM Operating Margin | -23.2% | -9.6% | 15.4% | -4.7% | 25.1% | 32.0% |
| LTM FCF Margin | 5.8% | 10.4% | 17.4% | 29.9% | 27.4% | 18.2% |
| 12M Market Return | 59.3% | 7.1% | 3.5% | -19.1% | -15.6% | 69.0% |
For more details on Fastly, read Buy or Sell FSLY Stock. Below we compare FSLY’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| FSLY | 9.4% | – | 7.4% | 16.9% | 22.1% |
| NET | 28.1% | – | 28.8% | 33.0% | 48.6% |
| AKAM | 4.2% | – | 4.7% | 5.4% | 4.5% |
| ZS | 23.2% | 23.3% | 34.1% | 48.2% | |
| FFIV | 8.8% | 9.7% | 0.1% | 4.4% | |
| GOOGL | 15.1% | 15.1% | 13.9% | 8.7% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| FSLY | -23.2% | – | -28.3% | -38.3% | -56.9% |
| NET | -9.6% | – | -9.3% | -14.3% | -20.6% |
| AKAM | 15.4% | – | 15.9% | 18.5% | 19.7% |
| ZS | -4.7% | -4.8% | -5.6% | -14.5% | |
| FFIV | 25.1% | 25.6% | 23.7% | 19.1% | |
| GOOGL | 32.0% | 32.0% | 32.1% | 27.4% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| FSLY | -17.1 | – | -8.9 | -9.1 | -11.4 |
| NET | -627.7 | – | -854.2 | -195.3 | -140.5 |
| AKAM | 29.6 | – | 26.2 | 26.6 | 36.0 |
| ZS | -660.4 | -837.3 | -467.7 | -158.7 | |
| FFIV | 21.4 | 21.3 | 26.1 | 27.1 | |
| GOOGL | 28.2 | 28.7 | 23.3 | 23.9 |
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