Fatpipe Inc key statistics and ratios

In fiscal 2026, Fatpipe Inc had return on equity of 24.2%, an operating margin of 18.7%, debt equal to 18.3% of equity and a current ratio of 3.85. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fatpipe Inc: financial ratios, annual
Fiscal year	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMJun 2026
Gross margin	94.0%	93.5%	91.0%	90.7%
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%	—
Return on equity	31.3%	13.2%	24.2%	21.1%
Return on assets	20.4%	7.9%	15.8%	15.6%
Asset turnover	0.83	0.66	0.61	0.58
Current ratio	1.98	2.00	3.85	3.98
Debt to equity	0.0%	31.3%	18.3%	17.1%
Interest cover (operating income ÷ interest)	18.7x	10.5x	8.9x	8.1x
Effective tax rate	25.7%	39.4%	−42.6%	—
R&D as % of revenue	—	11.0%	9.9%	—
Capital spending as % of revenue	0.1%	0.1%	0.3%	—
Free cash flow ÷ net income	−8.8%	−26.6%	−16.8%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Fatpipe Inc: financial ratios, quarterly
Quarter	2025 Q2Sept 2024	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026
Gross margin	95.9%	87.9%	36.9%	94.2%	92.1%	87.7%	90.5%	92.2%
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%
Current ratio	—	—	2.00	2.59	2.74	2.71	3.85	3.98
Debt to equity	—	—	33.3%	27.7%	25.4%	23.7%	19.9%	18.6%
R&D as % of revenue	—	14.2%	4.9%	12.1%	—	11.1%	6.8%	10.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · June 30, 2026

What it owns · $35m

Short-term assets $16mLonger-term assets $19m

What it owes, and who funded it · $35m

Short-term liabilities $4mLonger-term liabilities $5mShareholders' equity $27m

Short-term assets cover short-term liabilities $16m of assets due within a year against $4m of liabilities due within a year.
Short-term assets cover long-term liabilities $16m short-term assets against $5m of longer-dated liabilities.
More cash than debt $4m of cash against $5m of debt.
Debt below 40% of shareholders' equity Debt is 19% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$950,836 of operating cash flow against $5m of debt.
Operating profit covers interest at least five times over Operating income of $3m against $428,615 of interest.

From Fatpipe Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Fatpipe Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Fatpipe Inc.