Fastly, Inc. (FSLY) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Jun 27, 2026
Fastly, Inc. (FSLY)
A forensic read on Fastly, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.1
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-10.9%
ROE
$2.7B
Market cap
Fastly, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 0.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-8%Return on invested capital.Return on invested capital is -8% and rising from -12% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+6.9%/yrShare-count dilution.Diluted share count changed +21% over the last 3 years to FY2025 (+6.9%/yr). The count is GROWING — existing holders are being diluted. That's ~6.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~21%.
19% of revStock-based comp load.Stock-based compensation ran 19% of revenue and 178% of free cash flow in FY2025 — about $0.80 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-19.5%
Debt / Equity0.39x
Free Cash Flow$65.8M
Latest Revenue$624.0M
Return on Equity-13.1%
Revenue Growth YoY+14.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Fastly, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FSLY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown