FSLYFastly, Inc.

Services-Prepackaged Software · $3.7B market cap · 1,140 employees

6.3×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

TSR below peersYes
5 of 5 years
3+ of last 5 years
Dilutive SBCYes
19% of revenue
Over 10% of revenue
Goodwill-heavyYes
45% of assets
Over 40% of assets
Shareholder dissentYes
65% lowest support
Any vote under 80% support
Buyout-sizedYes
$3.7B market cap
Market cap $500M–$5B
Recurring revenueYes
9 of 10
10-K business scored 7+ of 10 for recurring revenue
Net insider sellingYes
−$91M net
Net sales over $10M in 12 months

8 other checks

High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Low revenue per employeeNo
$547K · 60th pct
Bottom quartile of its SIC industry
Quiet on AINo
15.0 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
AI-rollup shapedNo
1 of 10
10-K business scored 5+ of 10 as an AI-rollup target
Active 13DNo
0 filings
Active-intent 13D in 18 months

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY
Revenue	$354M	$433M	$506M	$544M	$624M	15%
Operating income	−$219M	−$246M	−$198M	−$168M	−$119M	29%
Net income	−$223M	−$191M	−$133M	−$158M	−$122M	23%
Operating cash flow	−$38M	−$70M	$362K	$16M	$94M	476%
Capex	$35M	$20M	$11M	$10M	$29M	178%
Stock-based comp	$140M	$146M	$136M	$108M	$117M	8.7%

None on file.

−$91Mnet selling by insiders, open market, last 12 months

Bought $0 · 0 tradesSold $91M · 177 trades

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	12	248
FY2024	—	—	11	201
FY2023	—	—	20	148
FY2022	—	—	9	95
FY2021	—	—	41	133