Akamai Technologies, Inc. (AKAM)
適正価値ファンダメンタル
62
株価
$106.35
時価総額
$15.87B
パート1 · 企業の価値
概要
Akamai runs one of the world's largest networks of servers spread across thousands of locations close to internet users, originally built to make websites load faster by caching content nearby instead of fetching it from a distant data center. That same distributed network is now the foundation for two newer businesses: cybersecurity services that block attacks at the network edge, and cloud computing capacity sold as a lower-cost alternative to the big hyperscalers.
収益の仕組み
Akamai sells its network capacity mostly through subscription and usage-based contracts with large enterprises — media companies, banks, retailers — who pay to protect and speed up their websites and applications. Security is now the largest and fastest-growing piece of revenue, Compute (cloud infrastructure) the smallest but growing quickly, while the original Delivery business is shrinking as customers build multi-cloud setups or handle traffic themselves, a mix shift that is gradually changing what kind of company Akamai is.
セグメント別売上高
Cloud security services — application and API protection, DDoS mitigation, bot defense — sold mainly to large enterprises. The largest and fastest-growing part of the business.
The original content delivery network business: caching and speeding up websites, video and software downloads. Revenue has been declining as customers adopt alternatives.
Cloud infrastructure and computing capacity, positioned as a lower-cost alternative to the largest cloud providers. The smallest segment but growing at double digits.
競争優位性（moat）
スイッチングコスト · 狭いOnce a large enterprise has wired Akamai's network into how its website or app handles traffic and security, ripping it out and replacing it with a competitor's is disruptive engineering work, which keeps existing customers in place. But that stickiness has not stopped Akamai's original Delivery business from shrinking as buyers adopt cheaper multi-cloud alternatives, so the moat protects revenue more than it grows it.
需要を左右する要因
中程度の景気循環性Demand tracks enterprise spending on IT, security and internet infrastructure, which is more resilient than consumer spending but not immune to budget tightening in a downturn. Security spending in particular tends to hold up well even when other IT budgets are cut, since companies treat protection against attacks as close to mandatory.
主なリスク
- Competition from hyperscale cloud providers — AWS, Google Cloud, Microsoft Azure and dedicated CDN or security rivals like Cloudflare all compete for the same enterprise budgets, and some customers choose to build the capability themselves.
- Structural decline of the Delivery business — The original CDN business has shrunk for several consecutive years as customers shift to multi-cloud strategies or in-house solutions, and there is no guarantee the decline levels off.
- Cybersecurity threats to its own network — As a security vendor, Akamai is itself a target for sophisticated attacks, especially during periods of heightened geopolitical tension; a breach would damage the trust its security business depends on.
- Need for continuous innovation — Security and cloud computing evolve quickly; failing to keep pace with new threats and technologies, or losing engineering talent to competitors, could erode Akamai's relevance in its two growth segments.
強気材料
Buyers argue that Security and Compute are growing at double digits and now outweigh the shrinking Delivery business, that switching costs keep large enterprise customers in place, and that Akamai's global network gives it a lower-cost entry into cloud computing than building from scratch.
弱気材料
Sellers worry that Delivery's decline shows the core legacy business is being commoditized, that Security and Compute face well-funded competition from Cloudflare and the hyperscalers, and that Akamai must keep innovating just to hold its position against companies with far larger cloud infrastructure budgets.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 with claude-opus-5 — shared with all users
Cloudflare sells the same combination of content delivery, web application and API protection, DDoS mitigation and edge compute to the same enterprise and developer customers Akamai targets worldwide.
Through AWS it offers CloudFront, Shield and WAF alongside its cloud infrastructure, competing with Akamai both on delivery and security budgets and on the cloud computing spend Akamai is trying to win.
F5 sells application delivery, web application firewall and API security to the same large enterprises, both as appliances and through its Distributed Cloud service.
Azure Front Door, Azure CDN and Azure WAF put Microsoft in the same delivery and security deals, while Azure competes for the cloud computing workloads Akamai now pursues.
Fastly runs a competing global edge platform for content delivery, web application security and serverless compute, and names Akamai as a direct rival in its own annual report.
Imperva competes head-on for enterprise web application, API and bot protection contracts, the segment that now generates most of Akamai's revenue.
貸借対照表と流動性
売上高
$4.32B
直近12か月（2026/6/30まで）
純利益
$411M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$1.01B
自己資本合計
$4.98B
負債合計
$6.50B
流動比率
1.64
利払い倍率
13.75
負債/EBITDA
7.32
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$102.30
現在株価
$106.35
安全マージン
-4.0%
適正価値レンジ
$66.50 - $138.11
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
38.39
ROE
9.1%
P/B レシオ
3.22
P/FCF
15.99
粗利益率
57.5%
ROIC
2.9%
収益性レーダー
価値創造（経済的モート）
ROIC
2.9%
WACC
5.2%
ROIC − WACC
-2.3 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（18）
- EPS shows upward trend
- EPS CAGR 9.91%
- Price CAGR 5.91%
- Gross Margin 57.5%
- P/FCF 15.99
- Debt/Equity ratio
- Operating Margin 10.5%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Return on Tangible Assets
- ROE 8.5%
- Revenue Growth 5Y 5.6%
- Analyst Consensus 64% Buy
- Earnings Surprise avg 2.9%
- Earnings Quality (OCF/NI) 3.52
- Share Dilution -4.6%
- Piotroski F-Score 5/9
不合格（8）
- ROIC 2.9%
- P/B Ratio 3.22
- CapEx intensity
- Debt/EBITDA
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Net Margin Trend 9.5% vs 10.4%
データなし（2）
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Dr. F. Thomson Leighton | Co-Founder, CEO, President & Director | 68 |
| Mr. Edward J. McGowan CPA | Executive VP, CFO & Treasurer | 54 |
| Mr. Adam Karon | COO & GM of Cloud Technology Group | 53 |
| Mr. Paul Joseph | Executive Vice President of Global Sales & Services | 51 |
| Mr. Mani Sundaram | Executive VP & GM of Security Technology Group | 49 |
| Ms. Laura Howell | Senior VP & Chief Accounting Officer | 45 |
| Dr. Robert Blumofe Ph.D. | Executive VP & CTO | 60 |
| Ms. Kate Prouty | Senior VP & Chief Information Officer | - |
| Mr. Mark Stoutenberg | Head of Investor Relations | - |
| Mr. Aaron S. Ahola | Executive VP, General Counsel & Corporate Secretary | 55 |
監査リスク
2
取締役会リスク
6
報酬リスク
2
株主権利リスク
6
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for AKAM, sourced from Markets Gazette.
- 6d agoPOSITIVEAkamai +23% per accordo cloud da $12 mld con Anthropic: potrebbe raddoppiare
Akamai Technologies Inc. shares surged over 23% in pre-market trading following the announcement of a significant cloud computing deal with AI firm Anthropic. The seven-year agreement is valued at $11.6 billion, with Anthropic paying for access to Akamai's distributed AI infrastructure and software capabilities. The deal also includes an option to extend for an additional $9 billion, potentially bringing the total commitment to $20 billion. This substantial partnership underscores the escalating demand for computing power as AI developers scale their operations, signaling strong growth prospects for Akamai.
- 7d agoPOSITIVEAkamai Surges on $12 Billion Anthropic AI Computing Deal | Closing Bell
Akamai Technologies Inc. experienced a significant surge in its stock price following the announcement of a substantial $12 billion deal to provide AI computing services to Anthropic, a leading artificial intelligence company. This strategic partnership positions Akamai as a key infrastructure provider in the rapidly expanding AI sector. The agreement, spanning several years, is expected to significantly boost Akamai's revenue and profitability, underscoring the growing demand for specialized computing power to train and deploy advanced AI models. Investors view this deal as a major catalyst for future growth, validating Akamai's strategy in the high-growth AI market.
- 5/9/2026POSITIVEAnthropic Signs $1.8 Billion Akamai Cloud Deal Amid Surging Claude AI Demand: Report
Akamai Technologies has reportedly secured a significant $1.8 billion cloud computing deal with AI firm Anthropic. This agreement will bolster the infrastructure capacity for Anthropic's rapidly growing Claude AI platform. The deal underscores the increasing demand for robust cloud services to support advanced AI development and deployment. For Akamai investors, this substantial contract signifies a strong validation of its cloud capabilities and a significant revenue stream, potentially boosting future earnings and market position in the competitive AI infrastructure sector.
- 5/8/2026POSITIVEWhy Akamai Shares Are Trading Higher By 26%; Here Are 20 Stocks Moving Premarket
Akamai Technologies Inc. (NASDAQ: AKAM) experienced a significant pre-market surge of 26% following the release of its robust Q1 financial results. The company not only surpassed expectations for the first quarter but also issued an optimistic upward revision to its fiscal year 2026 sales guidance. This dual positive development suggests strong operational performance and a confident outlook for future revenue growth, signaling potential for continued stock appreciation and increased investor interest.
via Markets Gazette