Does Fastly’s (FSLY) Auditor Switch to KPMG Reframe Its Governance and AI Execution Story?

• On March 4, 2026, Fastly’s audit committee appointed KPMG as its independent registered public accounting firm for the 2026 fiscal year, replacing Deloitte & Touche.
• This switch in auditors arrives as Fastly highlights improving operations, expanding AI-related workloads, and stronger recent quarterly results, putting its financial reporting under fresh external scrutiny.
• We’ll now examine how the move from Deloitte to KPMG might influence Fastly’s investment narrative around execution, governance, and growth.

Find 47 companies with promising cash flow potential yet trading below their fair value.

Fastly Investment Narrative Recap

To own Fastly, you need to believe its edge cloud and security platform can convert AI-driven traffic and cross-sell momentum into a path toward smaller losses over time, despite intense hyperscaler competition and commoditizing CDN services. The auditor change from Deloitte to KPMG does not materially alter those core drivers or the near term catalyst of sustaining enterprise growth and AI workloads, nor the key risk around persistent unprofitability and volatile, concentrated revenue.

The most relevant recent announcement here is Fastly’s Q4 2025 earnings, where revenue reached US$172.6 million with a narrower net loss of US$15.5 million, reinforcing the “turnaround” narrative just as KPMG steps in to review the books. That combination of improving reported metrics and fresh external scrutiny may shape how much confidence investors place in management’s execution story and Fastly’s ability to fund ongoing AI, security, and network investments.

Yet even with these improvements, investors should be aware that Fastly still relies heavily on a small group of large customers, which...

Read the full narrative on Fastly (it's free!)

Fastly's narrative projects $694.5 million revenue and $44.3 million earnings by 2028.

Uncover how Fastly's forecasts yield a $10.42 fair value, a 57% downside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were already penciling in around US$715.0 million of revenue and a possible US$50.0 million profit by 2028, showing how much more upbeat they are on multi-year, high-commit contracts and margin gains compared with the baseline view, and how the new KPMG appointment could be one of several developments that might cause you to rethink which narrative you find more convincing.

Explore 7 other fair value estimates on Fastly - why the stock might be worth as much as $20.00!

Reach Your Own Conclusion

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Fastly research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.
• Our free Fastly research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Fastly's overall financial health at a glance.

No Opportunity In Fastly?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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