FSLY vs. NET

Last updated Apr 1, 2026

Compare and contrast key facts about Fastly, Inc. (FSLY) and Cloudflare, Inc. (NET).

Performance

FSLY vs. NET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fastly, Inc. (FSLY) and Cloudflare, Inc. (NET). The values are adjusted to include any dividend payments, if applicable.

FSLY vs. NET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FSLY Fastly, Inc.	185.46%	7.84%	-46.97%	117.34%	-76.90%	-59.43%	335.33%	-30.89%
NET Cloudflare, Inc.	4.66%	83.09%	29.33%	84.16%	-65.62%	73.05%	345.43%	-5.22%

Fundamentals

Market Cap FSLY : $4.37B NET : $72.44B
EPS FSLY : -$0.82 NET : -$0.29
PS Ratio FSLY : 6.90 NET : 33.02
PB Ratio FSLY : 4.70 NET : 49.65
Total Revenue (TTM) FSLY : $624.02M NET : $2.17B
Gross Profit (TTM) FSLY : $351.40M NET : $1.62B
EBITDA (TTM) FSLY : -$39.96M NET : $41.60M

Returns By Period

In the year-to-date period, FSLY achieves a 185.46% return, which is significantly higher than NET's 4.66% return.

FSLY

• 1D: 13.87%
• 1M: 51.99%
• YTD: 185.46%
• 6M: 239.88%
• 1Y: 359.08%
• 3Y*: 17.84%
• 5Y*: -16.20%
• 10Y*: —

NET

• 1D: 6.02%
• 1M: 19.83%
• YTD: 4.66%
• 6M: -3.84%
• 1Y: 83.10%
• 3Y*: 49.58%
• 5Y*: 23.51%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

FSLY vs. NET — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FSLY

FSLY Risk / Return Rank: 98
FSLY Sharpe Ratio Rank: 98
FSLY Sortino Ratio Rank: 99
FSLY Omega Ratio Rank: 97
FSLY Calmar Ratio Rank: 98
FSLY Martin Ratio Rank: 98

NET

NET Risk / Return Rank: 81
NET Sharpe Ratio Rank: 86
NET Sortino Ratio Rank: 82
NET Omega Ratio Rank: 80
NET Calmar Ratio Rank: 80
NET Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FSLY vs. NET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fastly, Inc. (FSLY) and Cloudflare, Inc. (NET). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FSLY	NET	Difference
Sharpe ratio Return per unit of total volatility	3.37	1.59	+1.78
Sortino ratio Return per unit of downside risk	4.94	2.16	+2.79
Omega ratio Gain probability vs. loss probability	1.58	1.28	+0.30
Calmar ratio Return relative to maximum drawdown	9.76	2.16	+7.59
Martin ratio Return relative to average drawdown	25.25	5.20	+20.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSLY vs. NET - Sharpe Ratio Comparison

The current FSLY Sharpe Ratio is 3.37, which is higher than the NET Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of FSLY and NET, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FSLY	NET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	1.59	+1.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	0.35	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.68	-0.64

Correlation

The correlation between FSLY and NET is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FSLY vs. NET - Dividend Comparison

Neither FSLY nor NET has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

FSLY vs. NET - Drawdown Comparison

The maximum FSLY drawdown since its inception was -96.12%, which is greater than NET's maximum drawdown of -82.58%. Use the drawdown chart below to compare losses from any high point for FSLY and NET.

Drawdown Indicators

	FSLY	NET	Difference
Max Drawdown Largest peak-to-trough decline	-96.12%	-82.58%	-13.54%
Max Drawdown (1Y) Largest decline over 1 year	-35.49%	-36.76%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-93.05%	-82.58%	-10.47%
Current Drawdown Current decline from peak	-77.44%	-18.54%	-58.90%
Average Drawdown Average peak-to-trough decline	-69.85%	-38.20%	-31.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.72%	15.30%	-1.58%

Volatility

FSLY vs. NET - Volatility Comparison

Fastly, Inc. (FSLY) has a higher volatility of 28.89% compared to Cloudflare, Inc. (NET) at 14.82%. This indicates that FSLY's price experiences larger fluctuations and is considered to be riskier than NET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSLY	NET	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.89%	14.82%	+14.07%
Volatility (6M) Calculated over the trailing 6-month period	78.55%	39.57%	+38.98%
Volatility (1Y) Calculated over the trailing 1-year period	107.33%	52.62%	+54.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.47%	67.28%	+17.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.39%	66.98%	+20.41%

Financials

FSLY vs. NET - Profitability Comparison

The chart below illustrates the profitability comparison between Fastly, Inc. and Cloudflare, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

FSLY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Fastly, Inc. reported a gross profit of 105.96M and revenue of 172.61M. Therefore, the gross margin over that period was 61.4%.

NET - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Cloudflare, Inc. reported a gross profit of 452.55M and revenue of 614.51M. Therefore, the gross margin over that period was 73.6%.

FSLY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Fastly, Inc. reported an operating income of -15.09M and revenue of 172.61M, resulting in an operating margin of -8.7%.

NET - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Cloudflare, Inc. reported an operating income of -49.23M and revenue of 614.51M, resulting in an operating margin of -8.0%.

FSLY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Fastly, Inc. reported a net income of -15.51M and revenue of 172.61M, resulting in a net margin of -9.0%.

NET - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Cloudflare, Inc. reported a net income of -12.08M and revenue of 614.51M, resulting in a net margin of -2.0%.