Akamai Technologies, Inc. (AKAM)
合理估值基本面
62
价格
$105.22
市值
$15.87B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
转换成本 · 狭窄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.
需求驱动因素
中度周期性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.
主要风险
- 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.
看多理由
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.
看空理由
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.
资产负债表与流动性
营收
$4.32B
最近12个月（截至2026/6/30）
净利润
$411M
最近12个月（截至2026/6/30）
自由现金流
$1.01B
股东权益合计
$4.98B
负债合计
$6.50B
流动比率
1.64
利息覆盖率
13.75
债务/EBITDA
7.32
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$102.30
当前价格
$105.22
安全边际
-2.9%
公允价值区间
$66.50 - $138.11
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
38.39
ROE
9.1%
市净率（P/B）
3.22
P/FCF
15.99
毛利率
57.5%
ROIC
2.9%
盈利能力雷达图
价值创造（经济护城河）
ROIC
2.9%
WACC
5.2%
ROIC − WACC
-2.3 pp
ROIC 低于资本成本：公司每投入一美元都在毁灭价值。
基本面分析标准
通过（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
未通过（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%
不可用（2）
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 |
审计风险
2
董事会风险
6
薪酬风险
2
股东权利风险
6
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
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