Fatpipe Inc is a US-listed company in the communications equipment industry. Its financial year ends in March.
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Fatpipe Inc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $20m. Free-cash-flow margin held at -5.3%. The diluted share count is up 6.6% on a year earlier, which dilutes existing holders. It passes 4 of our 6 financial-health checks.
Our model value for Fatpipe is under review, so past values are not shown until it is resolved.
Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Fatpipe Inc's trailing-twelve-month revenue fell 9.8% year on year, with a free-cash-flow margin of -5.3%.
Current signal Net income rising while operating cash flow falls: TTM net income grew 164.1% while operating cash flow fell 25.1% — earnings and cash are telling different stories.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Fatpipe Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$8.3 ~$6.8–$11 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$4.4 ~$3.1–$6.3 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$3.7 ~$3.3–$4.3 | Included |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Fatpipe Inc with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2026 | Now |
|---|---|---|
| Share price | $2.44 | $5.00 |
| Market value | $34m | $70m |
| + Net debt (− = net cash) | −$590492 | $223213 |
| Enterprise value | $34m | $71m |
| Multiples | ||
| Price / sales | 1.8x | 3.5x |
| Price / earnings | 6.9x | 12.9x |
| Price / free cash flow | — | — |
| EV / EBITDA | 8.5x | 19.6x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 4, 2026, after the close. Analysts expect revenue of $5m and EPS of $0.04 (range $0.00 to $0.08) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.44 | −5% | $23m | +19% |
| Next | $0.52 | +18% | $28m | +23% |
Next year's EPS estimate has moved +130.0% in 90 days, across 4 analysts.
The consensus EPS forecast for the current fiscal year is +45.8% on 90 days ago. In the last 30 days, 0 analysts raised Fatpipe Inc's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.30 | $0.23 |
| 60 days ago | $0.45 | $0.53 |
| 30 days ago | $0.44 | $0.52 |
| 7 days ago | $0.44 | $0.52 |
| Now | $0.44 | $0.52 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.07 | $0.11 | +59.0% |
| Mar 2026 | $0.10 | $0.34 | +260.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +22.0%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $23m | $20m | −9.8% |
| Net margin | 9.2% | 26.9% | +192.8% |
| P/E multiple | 26.2x | 12.9x | −50.8% |
| Share count | 13m | 14m | −6.2% |
Biggest factor: net margin.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| FATN | +148% |
| Industry peers (median) | −6% |
| S&P 500 | +11% |
| Months that ended higher | |
| FATN | 27% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| FATN | −46% |
| S&P 500 | −9% |
Worst fall since April 8, 2025: 89% from April 8, 2025 to March 3, 2026. Getting back needed a 797% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| July 30, 2026 | +18.8% | +2.4% | +23.8% | +19.9% |
| May 18, 2026 | +15.9% | −0.7% | +1.2% | +34.4% |
| April 30, 2026 | +25.8% | +1.3% | +44.8% | +177.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY25 Q4 | $22.3M |
| FY26 Q1 | $22.5M |
| FY26 Q2 | $20.9M |
| FY26 Q3 | $21.8M |
| FY26 Q4 | $19.2M |
| FY27 Q1 | $20.3M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY25 Q4 | 15.5% |
| FY26 Q1 | 16.1% |
| FY26 Q2 | 6.5% |
| FY26 Q3 | 7.2% |
| FY26 Q4 | 18.7% |
| FY27 Q1 | 17.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY25 Q4 | -3.6% |
| FY26 Q1 | -4.5% |
| FY26 Q2 | -3.1% |
| FY26 Q3 | -1.4% |
| FY26 Q4 | -4.9% |
| FY27 Q1 | -5.3% |
Each dollar Fatpipe took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $19.2M | |
|---|---|---|
| Other income | $1.4M | 7.2% of revenue |
| Cost of revenue | $1.7M | 9.0% of revenue |
| Gross profit | $17.5M | 91.0% of revenue |
| Research and development | $1.9M | 9.9% of revenue |
| Selling, general and admin | $9.6M | 49.7% of revenue |
| Other operating costs | $2.4M | 12.7% of revenue |
| Operating income | $3.6M | 18.7% of revenue |
| Net income | $5M | 25.9% of revenue |
| Fiscal year | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 | LTM Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 18 | 16 | 19 | 20 |
| Gross profit | 17 | 15 | 17 | 18 |
| EBITDA | 6 | 4 | 4 | 4 |
| Operating income | 6 | 3 | 4 | 3 |
| Net income | 4 | 2 | 5 | 5 |
| Diluted EPS | $0.35 | $0.15 | $0.35 | $0.39 |
| Growth (year on year) | ||||
| Revenue | — | −8.8% | +17.9% | −9.8% |
| EBITDA | — | −36.6% | −1.5% | −6.8% |
| Operating income | — | −38.4% | +3.4% | −3.5% |
| Net income | — | −55.0% | +152.7% | +164.1% |
| Diluted EPS | — | −57.1% | +133.3% | +147.8% |
| Margins | ||||
| Gross margin | 94.0% | 93.5% | 91.0% | 90.7% |
| EBITDA margin | 35.5% | 24.7% | 20.6% | 17.8% |
| Operating margin | 31.6% | 21.3% | 18.7% | 17.2% |
| Net margin | 24.4% | 12.1% | 25.9% | 26.9% |
| Free-cash-flow margin | −2.1% | −3.2% | −4.3% | — |
| Cash flow | ||||
| Cash from operations | −0 | −1 | −1 | −1 |
| Capital spending | 0 | 0 | 0 | — |
| Free cash flow | −0 | −1 | −1 | — |
| Stock-based pay | — | — | 1 | 1 |
| Free cash flow after stock pay | — | — | −2 | — |
| Balance sheet | ||||
| Cash | 1 | 3 | 5 | 4 |
| Total debt | 0 | 5 | 5 | 5 |
| Net debt (negative = net cash) | −1 | 2 | −1 | 0 |
| Diluted shares | 12m | 13m | 14m | 14m |
| Quarter | 2025 Q2 Sept 2024 | 2025 Q3 Dec 2024 | 2025 Q4 Mar 2025 | 2026 Q1 Jun 2025 | 2026 Q2 Sept 2025 | 2026 Q3 Dec 2025 | 2026 Q4 Mar 2026 | 2027 Q1 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 5,596 | 3,149 | 9,832 | 3,936 | 3,959 | 4,088 | 7,225 | 5,032 |
| Gross profit | 5,366 | 2,769 | 3,626 | 3,709 | 3,646 | 3,584 | 6,541 | 4,641 |
| EBITDA | 2,271 | 192 | 310 | 1,095 | −0 | 407 | 2,255 | 945 |
| Operating income | 2,263 | 185 | 164 | 1,003 | −1 | 402 | 2,185 | 901 |
| Net income | 1,611 | 68 | −355 | 741 | −43 | 311 | 3,961 | 1,226 |
| Diluted EPS | $0.13 | $0.01 | −$0.03 | $0.05 | $0.00 | $0.02 | $0.28 | $0.09 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | +4.9% | −29.2% | +29.8% | −26.5% | +27.8% |
| EBITDA | — | — | — | +10.2% | −100.0% | +111.3% | +627.4% | −13.7% |
| Operating income | — | — | — | +16.6% | −100.0% | +117.7% | — | −10.1% |
| Net income | — | — | — | +18.5% | −102.7% | +357.2% | — | +65.5% |
| Diluted EPS | — | — | — | 0.0% | −100.0% | +100.0% | — | +80.0% |
| Margins | ||||||||
| Gross margin | 95.9% | 87.9% | 36.9% | 94.2% | 92.1% | 87.7% | 90.5% | 92.2% |
| EBITDA margin | 40.6% | 6.1% | 3.2% | 27.8% | −0.0% | 9.9% | 31.2% | 18.8% |
| Operating margin | 40.4% | 5.9% | 1.7% | 25.5% | −0.0% | 9.8% | 30.2% | 17.9% |
| Net margin | 28.8% | 2.2% | −3.6% | 18.8% | −1.1% | 7.6% | 54.8% | 24.4% |
| Free-cash-flow margin | — | — | — | −14.0% | — | 5.9% | −12.6% | −13.5% |
| Cash flow | ||||||||
| Cash from operations | 48 | −110 | −190 | −509 | 400 | 241 | −913 | −679 |
| Capital spending | — | — | — | 42 | — | 0 | 0 | 0 |
| Free cash flow | — | — | — | −551 | — | 241 | −913 | −679 |
| Stock-based pay | — | — | — | — | 625 | 0 | 145 | 204 |
| Free cash flow after stock pay | — | — | — | — | — | 241 | −1,058 | −883 |
| Last 12 months unless stated | FATN | AMPG | IOTR | CIIT | FKWL | BOSC | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $20m | $24m | $15m | $14m | $37m | $51m | $310m |
| Revenue growth, last 12 months | −9.8% | 24.2% | 40.4% | 51.0% | −20.8% | 26.6% | 10.6% |
| Revenue growth, 3-year average | — | 10.3% | — | 134.3% | −7.4% | 25.0% | 4.1% |
| Revenue growth, latest quarter | 27.8% | −26.8% | — | 121.3% | 21.2% | — | 13.2% |
| Gross margin | 90.7% | 36.7% | 21.4% | 8.8% | 17.1% | 23.9% | 43.7% |
| Operating margin | 17.2% | −34.7% | −7.7% | −14.6% | −7.3% | 5.8% | 2.4% |
| Operating margin, 3-year average | — | −39.7% | — | −8.4% | −10.9% | 3.7% | −1.4% |
| Net margin | 26.9% | −33.4% | −7.9% | −14.7% | −13.0% | 7.1% | 0.6% |
| Cash from operations / revenue | −4.7% | −54.6% | −15.2% | −20.4% | −17.2% | 10.0% | 9.9% |
| Free-cash-flow margin | −5.3% | −62.9% | −19.1% | −20.4% | −17.3% | 9.1% | 7.7% |
| Free-cash-flow margin, 3-year average | — | −47.4% | — | −13.2% | −5.4% | 2.7% | 2.2% |
| Stock pay / revenue | 4.8% | 7.8% | — | — | 0.0% | 0.3% | 4.2% |
| Change in share count | 6.6% | 42.0% | 10.1% | −21.3% | 0.0% | 7.2% | 1.6% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Products | $13M | 67.9% | ▲ 21.8% |
| Services | $3.8M | 19.6% | ▲ 21.2% |
| Consulting | $2.4M | 12.5% | ▼ 3.0% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $18.5M | 96.4% | ▲ 20.2% |
| Outside the US | $698,284 | 3.6% | ▼ 21.0% |
From Fatpipe Inc's 10-K filed May 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Torrey Growth & Income Advisors | $1.3M | 210K | 42.9% | New |
| Jane Street Group, LLC | $788,816 | 125K | 25.2% | New |
| Citadel Advisors LLC | $186,449 | 30K | 6.0% | New |
| Essex Investment Management Co LLC | $183,034 | 29K | 5.8% | New |
| Blackrock, Inc. | $170,226 | 27K | 5.4% | ▲ 24.6% |
| Allworth Financial LP | $161,753 | 26K | 5.2% | New |
| UBS Group AG | $150,211 | 24K | 4.8% | ▲ 2050.0% |
| Focus Partners Wealth | $108,253 | 17K | 3.5% | New |
| Osaic Holdings, Inc. | $34,650 | 6K | 1.1% | ▲ 450.0% |
| Jones Financial Companies LLLP | $2,978 | 0K | 0.1% | New |
| Royal Bank Of Canada | $2,000 | 0K | 0.1% | New |
| Wells Fargo & Company | $63 | 0K | 0.0% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Fatpipe Inc's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Bhaskar Ragula Director | March 3, 2026 | Buy | 20,000 | $1.45 | $29,000 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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