Fastly, Inc.
FSLY Technology Software Application
Fastly, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $624.0 million, up 14.8% from fiscal 2024. In the quarter to June 2026, revenue grew 23.3%, EPS grew 61.5%, free cash flow fell 68.8% and total debt fell 4.14%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Fastly, Inc. (FSLY) Altman Z-score
Fastly, Inc.'s Altman Z-score for fiscal 2025 is 0.94, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.94 | 0.02 |
| FY2024 | 0.92 | (0.98) |
| FY2023 | 1.91 | 1.68 |
| FY2022 | 0.22 | (1.70) |
| FY2021 | 1.93 | (32.19) |
| FY2020 | 34.12 | 21.02 |
| FY2019 | 13.10 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.21 | — | 0.25 | |
| Retained earnings / total assets | (0.74) | — | −1.04 | |
| EBIT / total assets | (0.08) | — | −0.26 | |
| Market value of equity / total liabilities | 2.62 | — | 1.57 | |
| Sales / total assets | 0.42 | — | 0.42 | |
| Altman Z-score | Distress zone | 0.94 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.12 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MNDY monday.com Ltd. compare | 6.2× |
| QTWO Q2 Holdings, Inc. compare | 4.4× |
| SRAD Sportradar Group AG compare | 2.3× |
| BRZE Braze, Inc. compare | 2.2× |
| WK Workiva Inc. compare | 2.1× |
| FRSH Freshworks Inc. compare | 1.6× |
| CCC CCC Intelligent Solutions Holdings Inc. compare | 1.4× |
| FSLY Fastly, Inc. | 0.9× |
| BILL BILL Holdings, Inc. compare | 0.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets