Fastly vs Mara Holdings
Mara Holdings is the larger business, with $907m of revenue in fiscal 2025 against $624m for Fastly (1.5 times as much). Mara Holdings grew faster (38.2% against 14.8%). Fastly kept more of each dollar of sales as profit: a net margin of -19.5% against -144.6%. Fastly carries less debt relative to equity (38.9% against 105.1%).
| Latest fiscal year | FastlyFSLY, 2025 | Mara HoldingsMARA, 2025 |
|---|---|---|
| Revenue | $624m | $907m |
| Revenue growth | 14.8% | 38.2% |
| Net income | −$122m | −$1.31bn |
| Operating margin | -19.1% | -135.0% |
| Net margin | -19.5% | -144.6% |
| Return on equity | -12.8% | -34.5% |
| Free cash flow | $65.8m | −$1.21bn |
| Cash | $181m | $547m |
| Total debt | $362m | $3.65bn |
| Debt to equity | 38.9% | 105.1% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $46.9m |
| Employees | 1,140 | 266 |
| Market value | $3.36bn | $2.72bn |
| Price vs our value range | — | — |
| Moat score | 24 (Weak) | 6 (Weak) |
| Insider trades, 12 months | 0 buys, 178 sales | 0 buys, 34 sales |