Buy Like Buffett

The Moat Index

FASTLY, INC.

FSLY · Technology · FY2025 filings · No moat ·

Doesn't clear the bar

37/ 100
No moat

The four filters

Pricing power89

Median gross margin 54.4% over 9y, very stable.

Returns on capital0

Median ROIC -12.8%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -9x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$20.72
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

10 years of fundamentals

The business, in plain English

FASTLY, INC. booked $624.0M of revenue in FY2025 in the Technology sector and kept 57.1% of it as gross profit — a high-margin business by that measure. After every other cost, −19.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $104.9M (FY2017) to $624.0M (FY2025) — about 25.0% a year compounded over 8 years.

It earned −8.5% on invested capital in FY2025, with a median of −12.8% across 7 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $361.8M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 467.8% between FY2018 and FY2024 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (89/100) and Returns on Capital the weakest (0/100), which is how FSLY lands at 37/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2016–FY2025 · 10 fiscal years, normalized from FSLY’s SEC filings

RevenueSales, as filed$624.0M FY2025
$0$250M$500M2016201920222025
Gross marginRevenue kept after cost of goods57.1% FY2025
0%25%50%2016201920222025
Return on invested capitalOperating profit on the capital employed−8.5% FY2025
−10%−5%0%2016201920222025
Owner earningsCash an owner could take out−$150.4M FY2025
−$200M−$100M$02016201920222025

Gaps in a line mean that item isn’t in FSLY’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale36.9 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FSLY has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#350 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #348NVVE NUVVE HOLDING CORP.37.2No moat
  2. #349SMTC SEMTECH CORP37.1No moat
  3. #351AMPG AmpliTech Group, Inc.36.8No moat
  4. #352NPKI NPK International Inc.36.6No moat

Compare FSLY with its nearest peers →All Technology companies on the Index →

Common questions about FSLY

Does FASTLY, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores FASTLY, INC. (FSLY) 36.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 89, returns on capital 0, balance-sheet safety 28, capital discipline 24.
How has FSLY's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 36.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
Embed this score on your site

One iframe, no script. The badge shows FSLY’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/FSLY"
  width="340" height="150" style="border:0"
  title="FSLY Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FSLY. See the disclaimer.

FASTLY, INC. (FSLY) Moat Score — The Moat Index · Buy Like Buffett