Fatpipe vs Iothree
Fatpipe is the larger business, with $19.2m of revenue in fiscal 2026 against $14.7m for Iothree (1.3 times as much). Iothree grew faster (40.4% against 17.9%). Fatpipe kept more of each dollar of sales as profit: a net margin of 25.9% against -7.9%. Iothree carries less debt relative to equity (8.4% against 18.3%).
| Latest fiscal year | FatpipeFATN, 2026 | IothreeIOTR, 2026 |
|---|---|---|
| Revenue | $19.2m | $14.7m |
| Revenue growth | 17.9% | 40.4% |
| Net income | $5.0m | −$1.2m |
| Operating margin | 18.7% | -7.7% |
| Net margin | 25.9% | -7.9% |
| Return on equity | 24.2% | -37.4% |
| Free cash flow | −$832,876 | −$2.8m |
| Cash | $5.2m | $2.1m |
| Total debt | $4.6m | $376,704 |
| Debt to equity | 18.3% | 8.4% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 172 | — |
| Market value | $74.0m | $4.5m |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 1 buys, 0 sales | — |