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Side-by-side financial comparison of Fastly, Inc. (FSLY) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
Fastly, Inc. is the larger business by last-quarter revenue ($173.0M vs $91.6M, roughly 1.9× SHENANDOAH TELECOMMUNICATIONS CO). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -11.9%, a 6.0% gap on every dollar of revenue. On growth, Fastly, Inc. posted the faster year-over-year revenue change (19.8% vs 7.2%). Fastly, Inc. produced more free cash flow last quarter ($4.1M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs 14.3%).
Fastly, Inc. is an American company based in San Francisco, which describes itself as a cloud computing company. Fastly provides content delivery network services, image optimization, and load balancing services. Fastly's cloud security services include denial-of-service attack protection, bot mitigation, and a web application firewall.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
FSLY vs SHEN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.0M | $91.6M |
| Net Profit | $-20.5M | $-5.4M |
| Gross Margin | 62.5% | — |
| Operating Margin | 23.7% | -1.0% |
| Net Margin | -11.9% | -5.9% |
| Revenue YoY | 19.8% | 7.2% |
| Net Profit YoY | 47.6% | -95.8% |
| EPS (diluted) | $-0.13 | $-0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $173.0M | — | ||
| Q4 25 | $172.6M | $91.6M | ||
| Q3 25 | $158.2M | $89.8M | ||
| Q2 25 | $148.7M | $88.6M | ||
| Q1 25 | $144.5M | $87.9M | ||
| Q4 24 | $140.6M | $85.4M | ||
| Q3 24 | $137.2M | $87.6M | ||
| Q2 24 | $132.4M | $85.8M |
| Q1 26 | $-20.5M | — | ||
| Q4 25 | $-15.5M | $-5.4M | ||
| Q3 25 | $-29.5M | $-9.4M | ||
| Q2 25 | $-37.5M | $-9.0M | ||
| Q1 25 | $-39.1M | $-9.1M | ||
| Q4 24 | $-32.9M | $-2.7M | ||
| Q3 24 | $-38.0M | $-5.3M | ||
| Q2 24 | $-43.7M | $-12.9M |
| Q1 26 | 62.5% | — | ||
| Q4 25 | 61.4% | — | ||
| Q3 25 | 58.4% | — | ||
| Q2 25 | 54.5% | — | ||
| Q1 25 | 53.2% | — | ||
| Q4 24 | 53.4% | — | ||
| Q3 24 | 54.5% | — | ||
| Q2 24 | 55.1% | — |
| Q1 26 | 23.7% | — | ||
| Q4 25 | -8.7% | -1.0% | ||
| Q3 25 | -18.2% | -8.0% | ||
| Q2 25 | -24.8% | -10.3% | ||
| Q1 25 | -26.4% | -6.9% | ||
| Q4 24 | -24.4% | -6.7% | ||
| Q3 24 | -29.6% | -4.8% | ||
| Q2 24 | -35.3% | -18.5% |
| Q1 26 | -11.9% | — | ||
| Q4 25 | -9.0% | -5.9% | ||
| Q3 25 | -18.6% | -10.5% | ||
| Q2 25 | -25.2% | -10.2% | ||
| Q1 25 | -27.1% | -10.4% | ||
| Q4 24 | -23.4% | -3.2% | ||
| Q3 24 | -27.7% | -6.0% | ||
| Q2 24 | -33.0% | -15.0% |
| Q1 26 | $-0.13 | — | ||
| Q4 25 | $-0.10 | $-0.13 | ||
| Q3 25 | $-0.20 | $-0.20 | ||
| Q2 25 | $-0.26 | $-0.19 | ||
| Q1 25 | $-0.27 | $-0.19 | ||
| Q4 24 | $-0.23 | $-0.34 | ||
| Q3 24 | $-0.27 | $-0.13 | ||
| Q2 24 | $-0.32 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $146.7M | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $977.1M | $880.8M |
| Total Assets | $1.5B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $146.7M | — | ||
| Q4 25 | $361.8M | $27.3M | ||
| Q3 25 | $342.9M | $22.6M | ||
| Q2 25 | $321.2M | $29.1M | ||
| Q1 25 | $307.3M | $87.5M | ||
| Q4 24 | $295.9M | $46.3M | ||
| Q3 24 | $308.2M | $43.1M | ||
| Q2 24 | $311.8M | $43.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M |
| Q1 26 | $977.1M | — | ||
| Q4 25 | $929.6M | $880.8M | ||
| Q3 25 | $937.0M | $892.7M | ||
| Q2 25 | $942.6M | $902.0M | ||
| Q1 25 | $957.0M | $910.5M | ||
| Q4 24 | $965.3M | $918.6M | ||
| Q3 24 | $969.5M | $925.4M | ||
| Q2 24 | $981.2M | $933.1M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.5B | $1.7B | ||
| Q2 24 | $1.5B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.9M | $28.8M |
| Free Cash FlowOCF − Capex | $4.1M | $-78.6M |
| FCF MarginFCF / Revenue | 2.4% | -85.8% |
| Capex IntensityCapex / Revenue | 14.3% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $55.2M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.9M | — | ||
| Q4 25 | $22.4M | $28.8M | ||
| Q3 25 | $28.9M | $30.7M | ||
| Q2 25 | $25.8M | $20.9M | ||
| Q1 25 | $17.3M | $20.5M | ||
| Q4 24 | $5.2M | $20.6M | ||
| Q3 24 | $5.0M | $24.3M | ||
| Q2 24 | $-4.9M | $2.5M |
| Q1 26 | $4.1M | — | ||
| Q4 25 | $12.2M | $-78.6M | ||
| Q3 25 | $22.9M | $-51.4M | ||
| Q2 25 | $15.9M | $-65.3M | ||
| Q1 25 | $14.7M | $-62.7M | ||
| Q4 24 | $251.0K | $-72.0M | ||
| Q3 24 | $3.0M | $-51.3M | ||
| Q2 24 | $-6.7M | $-78.3M |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 7.1% | -85.8% | ||
| Q3 25 | 14.5% | -57.2% | ||
| Q2 25 | 10.7% | -73.7% | ||
| Q1 25 | 10.2% | -71.3% | ||
| Q4 24 | 0.2% | -84.3% | ||
| Q3 24 | 2.2% | -58.5% | ||
| Q2 24 | -5.1% | -91.3% |
| Q1 26 | 14.3% | — | ||
| Q4 25 | 5.9% | 117.2% | ||
| Q3 25 | 3.8% | 91.4% | ||
| Q2 25 | 6.6% | 97.3% | ||
| Q1 25 | 1.8% | 94.7% | ||
| Q4 24 | 3.5% | 108.4% | ||
| Q3 24 | 1.5% | 86.2% | ||
| Q2 24 | 1.3% | 94.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FSLY
| Network Services | $126.2M | 73% |
| Security | $38.8M | 22% |
| Other | $8.0M | 5% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
