Fastly Stock Up 133% YTD Hits 4-Year High Into Wednesday Earnings
Fastly shares jumped 8.4% to a 4-year high on a products showcase and LaLiga AI deal, setting up a high-stakes Wednesday earnings print after a 133% YTD run.
Separately, Fastly announced an AI-driven real-time anti-piracy partnership with LALIGA, a commercial catalyst not contemplated in the original article. The deal introduces a fresh fundamental angle — monetizing AI-adjacent edge workloads via a marquee sports-rights customer — that partially offsets the sentiment reset on the agentic AI trade.
Watch Wednesday's earnings print for two things: management commentary on the LALIGA partnership's revenue contribution and pipeline read-through, and any quantification of agentic AI-driven traffic that justifies (or undercuts) the rally that just unwound.
Fastly Stock Up 133% YTD Hits 4-Year High Into Wednesday Earnings
NEW YORK, April 29 —
Fastly (FSLY) jumped 8.4% to a four-year high ahead of Wednesday's quarterly print, lifted by a products showcase and a new AI partnership with LaLiga.
- Shares at $26.39, up 133% year-to-date and at the highest level in four years
- Trading at 5.21x sales and 71.5x forward earnings on $624mn TTM revenue
- Q1 results land Wednesday: revenue growth, enterprise customer count, and forward guide are the three lines that matter
What Actually Happened
Two events landed in the same week, and traders bid both. Fastly ran a products showcase and signed an AI partnership with LaLiga. That's the kind of enterprise logo that lets a content delivery vendor charge premium pricing on inference traffic. The 8.4% session move pushed shares to levels last seen in 2022, when the CDN group was still riding the post-pandemic streaming bid.
The setup matters more than the announcements. Fastly spent three years rebuilding credibility after the June 2021 outage and a string of guidance cuts that broke the growth-stock thesis. A 133% YTD rally says some of that credibility is back. Wednesday's print tells investors whether the multiple has run past the fundamentals.
The Catch
5.21x sales is no longer a busted-stock multiple. Fastly bottomed near 1.5x sales in 2024, when investors priced it as structurally broken. At 71.5x forward earnings on $624mn of trailing revenue, the stock now trades as if the LaLiga deal is already in the bookings. Any guidance softness, especially on enterprise customer adds, gets punished harder at $26 than it would have at $7.
Bottom Line
The stock is more interesting today than it was six months ago, and harder to underwrite at this level. Growth investors who missed the move face a binary event Wednesday with no margin of safety. Value investors lost their entry point in February. Watch one line on the print: enterprise customer count. That's the number that has historically moved Fastly's multiple in either direction.
A full Basis Report analysis with a BUY rating sits at /reports/ai9WwL0a4NYyQzGhBFAacMnk for readers who want the underlying model before Wednesday.
Basis Report does not hold positions in securities discussed. This is not investment advice.
Fastly is projected to post quarterly earnings on Wednesday, with the stock climbing to a 4-year high on a products showcase and a new LaLiga AI partnership ahead of the report.