Fastly, Inc. (FSLY) vs Workiva Inc. (WK)

Fastly, Inc. and Workiva Inc. are both Software Application companies. Fastly, Inc. is the larger, with a market value of $4.4B against $3.9B — 1.1× the size. Fastly, Inc. has negative trailing earnings, so its P/E is not meaningful; Workiva Inc. trades at 83.9×. Fastly, Inc. grew revenue faster over the last twelve months: 20.4% against 19.7%. Workiva Inc. has the higher net margin (4.87% vs −11.8%) and the higher return on invested capital (0.00% vs −5.26%). Across the 19 metrics below, Workiva Inc. leads on 15 and Fastly, Inc. on 4.

Valuation

Metric FSLY WK Software Application median
P/E n/m 83.90 24.79
P/S 5.72 4.01 2.67
P/B 3.97 n/m 3.01
Price to free cash flow 121.56 19.36 16.59
EV/EBITDA 5,250.15 93.95 14.40
EV/Sales 5.76 3.98 2.62
Earnings yield (2.12%) 1.19% 0.00%
Free cash flow yield 0.82% 5.17% 1.91%

Profitability

Metric FSLY WK Software Application median
Gross margin 61.47% 80.21% 67.03%
Operating margin (11.96%) 3.26% 0.00%
Net margin (11.80%) 4.87% 0.00%
Free cash flow margin 5.01% 20.73% 4.32%
Return on equity (8.39%) (57.50%) 0.00%
Return on assets (5.47%) 3.46% 0.00%
Return on invested capital (5.26%) 0.00% 0.00%

Growth

Metric FSLY WK Software Application median
Revenue growth (TTM) 20.35% 19.67% 12.40%
EPS growth (last fiscal year) 27.19% 52.53% —
Revenue growth, 5-year CAGR 16.49% 20.26% 13.72%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FSLY WK Software Application median
Debt to equity 0.33 (8.05) 0.02
Current ratio 3.36 1.47 1.55
Net debt to EBITDA 0.00 3.25 0.06

Dividend

Metric FSLY WK Software Application median
Dividend yield — — 1.25%
Payout ratio 0.00 0.00 0.00

Size

Metric FSLY WK Software Application median
Market cap 4.40b 3.89b 396.11m

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