FSLY · Fastly, Inc.

패스틀리 20% 가까이 급등…CFO “CPU 의존 구조가 높은 매출총이익률 뒷받침”

패스틀리, 2분기 호실적·가이던스 상향에도 하락…애널리스트들은 목표가 상향

패스틀리, 2026년 매출 전망 7억3,200만~7억4,600만 달러로 상향…3분기 EPS 0.11~0.13달러 전망

패스틀리, 보안 매출 급증에 연간 전망 상향

패슬리 Non-GAAP EPS 0.15달러, 예상치 0.08달러 상회…매출 1억8,332만달러도 940만달러 웃돌아

패슬리 2026년 2분기 실적 프리뷰

다가오는 실적 주간: PLTR, AMD, PFE, DIS, SHOP, VTRS, CGC, MCD, ROKU, ABNB 등

AI주, 모멘텀 반전 시험대에 오르다: 대응 전략은?

이번 주 주목할 만한 애널리스트 의견: PLTR, GFS, DVN 등 상위 추천 종목

패슬리, 1분기 실적 발표 후 레이몬드 제임스에서 투자의견 상향

패스틀리: AI 트래픽 급증

• Fastly remains a high-conviction buy, with accelerating AI-driven growth and a durable business model beyond the current data center capex cycle.
• FSLY raised FY26 revenue guidance to $732–$746 million (18% growth), with gross margin expectations up to 65%, reflecting strong operating leverage.
• Q2 revenue surged 23% y/y, net revenue retention hit 117%, and pro forma operating margin doubled to 15%, nearing Rule of 40 territory.
• Despite a sharp rally, FSLY trades at 6.4x EV/FY26 revenue, offering compelling value relative to faster-growing but more expensive peers like Cloudflare.

패스틀리, 본격 질주할 준비

• Fastly is rated a buy, driven by diversified demand across AI, cybersecurity, and IoT, not just AI hype.
• FSLY’s programmable edge computing and consumption-based model appeal to AI developers, though pricing may deter some compared to Cloudflare.
• FSLY’s 17.90% levered free cash flow margin and attractive price/sales ratio offset concerns about negative net income due to stock-based compensation.
• Risks include potential AI spending slowdowns, IoT adoption deceleration, and competitive threats, but FSLY’s diversified exposure lowers risk versus pure AI plays.

패스틀리, 반등 임박 (기술적 분석)

• Fastly is in technical breakout mode, trading above major resistance and bouncing off its 50-EMA, signaling bullish momentum.
• I expect FSLY's 200-EMA and anchored VWAP around $17 to provide a strong downside floor, with institutional demand supporting these levels.
• The options market anticipates a 14.5% move ahead of the August 5th earnings, with key levels at $22 resistance and $17 support.
• My strategy is to ride the momentum up to earnings, using a breach of the 50-EMA as a stop and avoiding fundamental risk.

Fastly: 축소되는 AI 프리미엄, 강력 매수

• Fastly remains a compelling AI-driven edge cloud platform despite a sharp post-earnings sell-off tied to disappointing Q2 guidance.
• FSLY achieved 20% year-over-year revenue growth in Q1'26 and posted its fifth consecutive quarter of positive free cash flow.
• Shares trade at a discounted 3.6X forward P/S, well below Cloudflare and Akamai, reflecting market overreaction to near-term deceleration.
• Slowing sequential growth and FCF compression are risks, but FSLY's expanding AI offerings and positve FCF trajectory support a bullish long-term outlook.

Fastly: 20% 성장률, 성숙한 CDN처럼 저평가된 종목

• Fastly trades at 4.3x EV/NTM revenue despite 20% revenue growth—the peer floor for comparable growth names is 5.5-6x, making the discount hard to justify on fundamentals alone.
• NRR accelerated from 100% to 113% in four consecutive quarters while RPO surged 63% YoY—both metrics signal the platform strategy is working, not hoping.
• Security revenue grew 47% YoY for the fourth straight quarter and now represents 22% of total revenue, directly driving a 9-point gross margin expansion since Q1 2025.
• Non-GAAP EPS hit $0.13 in Q1 2026, SBC has fallen from 34% to 19% of revenue, and FY2025 marked the first positive FCF year — three converging signals of profitability.