Symbols / FATN Stock $3.12 +2.63% FatPipe, Inc.

Technology • Software - Infrastructure • United States • NCM
FATN (Stock) Chart
O: — H: — L: — C: — V: —
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Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Technology
Industry Software - Infrastructure
CEO Dr. Ragula Bhaskar Ph.D.
Exch · Country NCM · United States
Market Cap 43.44M
Enterprise Value 41.96M
Income 653.78K
Sales 15.78M
FCF (ttm) 1.44M
Book/sh 1.52
Cash/sh 0.44
Employees 154
Insider 10d —
IPO Apr 08, 2025
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E 62.40
Forward P/E 62.40
PEG —
P/S 2.75
P/B 2.05
P/C —
EV/EBITDA 20.84
EV/Sales 2.66
Quick Ratio 2.65
Current Ratio 2.71
Debt/Eq 27.39
LT Debt/Eq —
EPS (ttm) 0.05
EPS next Y 0.05
EPS Growth 3.28%
Revenue Growth 29.80%
EPS Gr Q/Q 3.57%
Rev Gr Q/Q —
Earnings (next) 2026-05-18
Earnings (prior) —
ROA 3.37%
ROE 3.39%
ROIC —
Gross Margin 92.31%
Oper. Margin 9.84%
Profit Margin 4.14%
Shs Outstand 13.92M
Shs Float 7.80M
Insider Own 55.29%
Instit Own 0.87%
Short Float 1.22%
Short Ratio 0.23
Short Interest 75.88K
52W High 12.38
vs 52W High -74.80%
52W Low 1.31
vs 52W Low 138.17%
Beta —
Impl. Vol. —
Rel Volume 0.92
Avg Volume 2.21M
Volume 2.02M
Target (mean) $6.50
Tgt Median $6.50
Tgt Low $5.00
Tgt High $8.00
# Analysts 2
Recom None
Prev Close $3.04
Price $3.12
Change 2.63%
About

FatPipe, Inc. develops application-aware, secure software-defined wide area network, secure access service edge, and network monitoring service (NMS) software solutions in the United States, India, and internationally. The company offers SD-WAN, a network architecture solution that allows enterprises to utilize software and virtualization technologies to enhance the performance, security, and manageability of their WANs that connect offices, data centers, cloud applications, and cloud storage; SASE that provides virtual network functions, which combine networking and network security services into a single cloud-delivered solution; and NMS, a EnterpriseView reporting system for network monitoring that provides a platform to monitor an end-user's WAN and the performance of FatPipe devices under management. It also provides technical support services, professional, technology development, and training services. In addition, the company offers its solutions to enterprises, communication service providers, security service providers, government organizations, and other middle-market companies. The company sells its software solutions through a subscription-based model through a network of distributors, value-added resellers, internet service providers, and other third parties. FatPipe, Inc. was incorporated in 2010 and is headquartered in Salt Lake City, Utah.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$6.50
Mean price target
2. Current target
$3.12
Latest analyst target
3. DCF / Fair value
$1.87
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$3.12
Low
$5.00
High
$8.00
Mean
$6.50

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-05-01 main D. Boral Capital Buy → Buy $8
2026-03-23 init D. Boral Capital — → Buy $8
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-03 BHASKAR RAGULA PH.D. Director and Beneficial Owner of more than 10% of a Class of Security — 20,000 $1.45 $29,000
2025-01-15 DATTA SANCHAITA Director and Beneficial Owner of more than 10% of a Class of Security — 4,500 $2.12 $9,625
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-03-31 2024-03-31 2023-03-31 2022-03-31
Total Revenue
16.29
-8.80%
17.86
+13.07%
15.80
+27.41%
12.40
Operating Revenue
16.29
-8.80%
17.86
+13.07%
15.80
+27.41%
12.40
Cost Of Revenue
1.06
-0.74%
1.07
-2.99%
1.10
+59.41%
0.69
Reconciled Cost Of Revenue
1.06
-0.74%
1.07
-2.99%
1.10
+59.41%
0.69
Gross Profit
15.23
-9.31%
16.79
+14.28%
14.69
+25.52%
11.71
Operating Expense
11.76
+5.40%
11.15
-2.63%
11.45
-3.99%
11.93
Research And Development
1.79
+2.85%
1.74
-3.30%
1.80
+9.92%
1.63
Selling General And Administration
9.97
+5.87%
9.42
-2.50%
9.66
-6.20%
10.30
Selling And Marketing Expense
3.75
+10.54%
3.40
+1.31%
3.35
+7.40%
3.12
General And Administrative Expense
6.21
+3.24%
6.02
-4.53%
6.31
-12.11%
7.17
Salaries And Wages
2.79
-2.63%
2.87
+7.02%
2.68
-5.37%
2.83
Other Gand A
3.42
+8.59%
3.15
-13.07%
3.63
-16.51%
4.34
Total Expenses
12.82
+4.86%
12.22
-2.66%
12.56
-0.52%
12.62
Operating Income
3.47
-38.43%
5.64
+74.07%
3.24
+1545.17%
-0.22
Total Operating Income As Reported
3.47
-38.43%
5.64
+74.07%
3.24
+1545.18%
-0.22
EBITDA
4.16
-36.92%
6.60
+72.28%
3.83
+271.23%
1.03
Normalized EBITDA
4.06
-38.20%
6.57
+69.36%
3.88
+318.15%
0.93
Reconciled Depreciation
0.55
-21.96%
0.70
+20.08%
0.58
+13.35%
0.51
EBIT
3.62
-38.69%
5.90
+81.64%
3.25
+526.93%
0.52
Total Unusual Items
0.10
+272.94%
0.03
+154.40%
-0.05
-148.13%
0.10
Total Unusual Items Excluding Goodwill
0.10
+272.94%
0.03
+154.40%
-0.05
-148.13%
0.10
Net Income
1.97
-54.97%
4.37
+49.96%
2.91
+501.95%
0.48
Pretax Income
3.29
-41.27%
5.60
+78.22%
3.14
+545.19%
0.49
Net Non Operating Interest Income Expense
-0.29
-4.49%
-0.27
-156.89%
-0.11
-301.77%
0.05
Interest Expense Non Operating
0.33
+9.19%
0.30
+182.01%
0.11
+242.59%
0.03
Net Interest Income
-0.29
-4.49%
-0.27
-156.89%
-0.11
-301.77%
0.05
Interest Expense
0.33
+9.19%
0.30
+182.01%
0.11
+242.59%
0.03
Interest Income Non Operating
0.04
+56.59%
0.03
+20244.03%
0.00
-99.84%
0.08
Interest Income
0.04
+56.59%
0.03
+20244.03%
0.00
-99.84%
0.08
Other Income Expense
0.10
-56.05%
0.23
+2469.15%
0.01
-98.61%
0.66
Other Non Operating Income Expenses
0.00
-99.12%
0.21
+251.29%
0.06
-89.33%
0.55
Gain On Sale Of Security
0.10
+272.94%
0.03
+154.40%
-0.05
-148.13%
0.10
Tax Provision
1.33
+1.23%
1.32
+416.18%
0.26
+681.57%
0.03
Tax Rate For Calcs
0.00
+10.95%
0.00
+214.31%
0.00
+21.14%
0.00
Tax Effect Of Unusual Items
0.03
+313.79%
0.01
+270.98%
-0.00
-158.31%
0.01
Net Income Including Noncontrolling Interests
1.95
-54.37%
4.28
+48.30%
2.89
+535.38%
0.45
Net Income From Continuing Operation Net Minority Interest
1.97
-54.97%
4.37
+49.96%
2.91
+501.95%
0.48
Net Income From Continuing And Discontinued Operation
1.97
-54.97%
4.37
+49.96%
2.91
+501.95%
0.48
Net Income Continuous Operations
1.95
-54.37%
4.28
+48.30%
2.89
+535.38%
0.45
Minority Interests
0.01
-84.47%
0.09
+234.98%
0.03
-12.05%
0.03
Normalized Income
1.89
-56.43%
4.35
+46.95%
2.96
+664.51%
0.39
Net Income Common Stockholders
1.97
-54.97%
4.37
+49.96%
2.91
+501.95%
0.48
Diluted EPS
0.14
-54.82%
0.32
+49.47%
0.21
+501.95%
0.04
Basic EPS
0.14
-54.97%
0.32
+49.96%
0.21
+501.95%
0.04
Basic Average Shares
13.72
+0.00%
13.72
+0.00%
13.72
+0.00%
13.72
Diluted Average Shares
13.72
-0.33%
13.77
+0.33%
13.72
-9.04%
15.09
Diluted NI Availto Com Stockholders
1.97
-54.97%
4.37
+49.96%
2.91
+501.95%
0.48
Line Item Trend 2025-03-31 2024-03-31 2023-03-31 2022-03-31
Total Assets
28.29
+31.96%
21.44
+36.27%
15.73
+45.40%
10.82
Current Assets
12.96
+38.83%
9.34
+28.95%
7.24
+14.83%
6.31
Cash Cash Equivalents And Short Term Investments
2.92
+162.52%
1.11
+3.25%
1.08
-21.68%
1.38
Cash And Cash Equivalents
2.92
+162.52%
1.11
+3.25%
1.08
-21.68%
1.38
Cash Financial
2.92
+162.52%
1.11
—
—
Receivables
8.96
+18.96%
7.53
+56.72%
4.80
+16.19%
4.13
Accounts Receivable
3.76
+19.01%
3.16
+30.70%
2.42
-5.29%
2.56
Other Receivables
5.19
+18.93%
4.36
+83.15%
2.38
+50.96%
1.58
Inventory
0.42
+269.69%
0.11
-68.11%
0.36
-45.74%
0.66
Other Current Assets
0.67
+14.42%
0.58
-41.95%
1.00
+622.62%
0.14
Total Non Current Assets
15.33
+26.65%
12.10
+42.52%
8.49
+88.10%
4.51
Net PPE
1.51
+439.52%
0.28
-64.99%
0.80
+472.72%
0.14
Gross PPE
2.21
+135.02%
0.94
+17.14%
0.80
+472.72%
0.14
Accumulated Depreciation
-0.69
-5.23%
-0.66
—
—
Machinery Furniture Equipment
0.75
+2.29%
0.73
—
—
Other Properties
1.46
+610.02%
0.20
-74.41%
0.80
+472.72%
0.14
Goodwill And Other Intangible Assets
1.05
-32.65%
1.56
-28.44%
2.18
-17.65%
2.64
Other Intangible Assets
1.05
-32.65%
1.56
—
—
Investments And Advances
—
0.00
0.00
—
Non Current Accounts Receivable
12.31
+23.59%
9.96
+84.23%
5.41
+236.70%
1.61
Non Current Deferred Assets
0.08
-34.52%
0.12
0.00
—
Non Current Deferred Taxes Assets
0.08
-34.52%
0.12
0.00
—
Other Non Current Assets
0.38
+102.82%
0.19
+72.89%
0.11
-14.29%
0.13
Total Liabilities Net Minority Interest
12.36
+67.36%
7.39
+19.68%
6.17
+52.86%
4.04
Current Liabilities
6.49
+37.48%
4.72
+19.32%
3.96
+24.32%
3.18
Payables And Accrued Expenses
1.24
+59.50%
0.78
-54.16%
1.69
+96.69%
0.86
Payables
1.22
+100.52%
0.61
+152.22%
0.24
+223.59%
0.07
Accounts Payable
0.44
+4.72%
0.42
+73.17%
0.24
+223.59%
0.07
Other Payable
0.78
+310.40%
0.19
—
—
Current Accrued Expenses
0.02
-88.73%
0.17
-88.42%
1.45
+84.67%
0.79
Current Debt And Capital Lease Obligation
0.83
+192.13%
0.28
-31.16%
0.41
+377.99%
0.09
Current Debt
0.46
+286.19%
0.12
—
0.09
Other Current Borrowings
0.46
+286.19%
0.12
—
0.09
Current Capital Lease Obligation
0.37
+123.38%
0.16
-60.23%
0.41
—
Current Deferred Liabilities
4.33
+35.02%
3.20
+73.24%
1.85
-17.24%
2.23
Current Deferred Revenue
1.36
-10.58%
1.52
-17.85%
1.85
-17.24%
2.23
Other Current Liabilities
0.09
-79.89%
0.46
—
—
Total Non Current Liabilities Net Minority Interest
5.87
+120.26%
2.67
+20.32%
2.22
+158.96%
0.86
Long Term Debt And Capital Lease Obligation
5.76
+125.69%
2.55
+15.08%
2.22
+158.96%
0.86
Long Term Debt
4.64
+85.69%
2.50
+25.00%
2.00
+133.69%
0.86
Long Term Capital Lease Obligation
1.11
+2103.32%
0.05
-76.62%
0.22
—
Other Non Current Liabilities
0.12
+0.85%
0.12
—
—
Stockholders Equity
15.93
+14.26%
13.94
+48.77%
9.37
+42.69%
6.57
Common Stock Equity
15.93
+14.26%
13.94
+48.77%
9.37
+42.69%
6.57
Capital Stock
0.13
+4.64%
0.12
+0.00%
0.12
+0.00%
0.12
Common Stock
0.13
+4.64%
0.12
+0.00%
0.12
+0.00%
0.12
Share Issued
13.72
+0.00%
13.72
+0.00%
13.72
+0.00%
13.72
Ordinary Shares Number
13.72
+0.00%
13.72
+0.00%
13.72
+0.00%
13.72
Additional Paid In Capital
1.59
+4.64%
1.52
+0.00%
1.52
+0.00%
1.52
Retained Earnings
11.11
+22.85%
9.04
+93.43%
4.67
+147.38%
1.89
Gains Losses Not Affecting Retained Earnings
3.10
-4.73%
3.25
+6.64%
3.05
+0.61%
3.03
Minority Interest
0.00
-100.00%
0.11
-40.80%
0.19
-11.66%
0.22
Other Equity Adjustments
3.10
-4.73%
3.25
+6.64%
3.05
+0.61%
3.03
Total Equity Gross Minority Interest
15.93
+13.35%
14.05
+46.99%
9.56
+40.97%
6.78
Total Capitalization
20.57
+25.13%
16.44
+44.59%
11.37
+53.19%
7.42
Working Capital
6.47
+40.22%
4.62
+40.56%
3.28
+5.17%
3.12
Invested Capital
21.03
+27.02%
16.56
+45.65%
11.37
+51.43%
7.51
Total Debt
6.59
+132.35%
2.83
+7.82%
2.63
+179.04%
0.94
Net Debt
2.19
+44.96%
1.51
+63.41%
0.92
—
Capital Lease Obligations
1.48
+589.63%
0.21
-65.87%
0.63
—
Net Tangible Assets
14.88
+20.16%
12.38
+72.13%
7.19
+83.34%
3.92
Tangible Book Value
14.88
+20.16%
12.38
+72.13%
7.19
+83.34%
3.92
Current Deferred Taxes Liabilities
2.97
+76.15%
1.68
—
—
Current Provisions
0.00
—
—
—
Other Equity Interest
—
0.00
—
—
Line Item Trend 2025-03-31 2024-03-31 2023-03-31 2022-03-31
Operating Cash Flow
-0.50
-38.71%
-0.36
+80.27%
-1.84
-866.47%
-0.19
Cash Flow From Continuing Operating Activities
-0.50
-38.71%
-0.36
+62.83%
-0.98
-412.95%
-0.19
Net Income From Continuing Operations
1.95
-54.37%
4.28
+36.24%
3.14
+591.62%
0.45
Depreciation Amortization Depletion
0.55
-21.96%
0.70
+20.08%
0.58
+13.35%
0.51
Depreciation
0.03
-57.18%
0.08
—
—
Amortization Cash Flow
0.51
-17.38%
0.62
—
—
Depreciation And Amortization
0.55
-21.96%
0.70
+20.08%
0.58
+13.35%
0.51
Amortization Of Intangibles
0.51
-17.38%
0.62
—
—
Other Non Cash Items
—
0.42
+148.69%
-0.86
—
Provisionand Write Offof Assets
0.72
+365.65%
0.15
+147.58%
-0.32
-238.70%
0.23
Asset Impairment Charge
0.05
-3.31%
0.05
0.00
—
Operating Gains Losses
—
0.05
+8273.21%
0.00
+100.11%
-0.55
Change In Working Capital
-3.77
+32.65%
-5.60
-27.89%
-4.38
-419.67%
-0.84
Change In Receivables
-4.55
+39.28%
-7.49
-75.18%
-4.27
-667.19%
-0.56
Changes In Account Receivables
-1.10
-59.27%
-0.69
-205.17%
0.66
+159.62%
-1.10
Change In Inventory
-0.31
-226.29%
0.24
-19.20%
0.30
+152.20%
-0.57
Change In Payables And Accrued Expense
1.50
+35.73%
1.11
+91.61%
0.58
+105.27%
0.28
Change In Accrued Expense
1.48
+59.38%
0.93
+126.29%
0.41
+15.12%
0.36
Change In Payable
0.02
-88.82%
0.18
+6.04%
0.17
+320.22%
-0.08
Change In Account Payable
0.02
-88.82%
0.18
+6.04%
0.17
+320.22%
-0.08
Change In Other Working Capital
-0.16
+51.28%
-0.33
+14.27%
-0.38
-268.16%
0.23
Change In Other Current Assets
-0.28
-180.72%
0.34
+157.27%
-0.60
-170.53%
-0.22
Change In Other Current Liabilities
0.02
-96.84%
0.53
0.00
—
Investing Cash Flow
-0.02
-2.99%
-0.02
+88.27%
-0.16
-326.35%
-0.04
Cash Flow From Continuing Investing Activities
-0.02
-2.99%
-0.02
+88.27%
-0.16
-326.35%
-0.04
Net PPE Purchase And Sale
-0.02
+12.64%
-0.02
+88.27%
-0.16
-361.73%
-0.04
Purchase Of PPE
-0.02
+12.64%
-0.02
+88.27%
-0.16
-361.73%
-0.04
Capital Expenditure
-0.02
-2.99%
-0.02
+88.27%
-0.16
-326.35%
-0.04
Net Intangibles Purchase And Sale
-0.00
0.00
—
-0.00
Purchase Of Intangibles
-0.00
0.00
—
-0.00
Financing Cash Flow
2.49
+1108.56%
0.21
-87.81%
1.69
+450.17%
-0.48
Cash Flow From Continuing Financing Activities
2.49
+1108.56%
0.21
-87.81%
1.69
+450.17%
-0.48
Net Issuance Payments Of Debt
2.49
+2801.26%
0.09
-94.92%
1.69
+450.17%
-0.48
Issuance Of Debt
5.51
+1002.73%
0.50
-80.98%
2.63
+207.19%
0.86
Repayment Of Debt
-3.03
-630.81%
-0.41
+56.03%
-0.94
+29.56%
-1.34
Long Term Debt Issuance
5.51
+1002.73%
0.50
-80.98%
2.63
+207.19%
0.86
Long Term Debt Payments
-3.03
-630.81%
-0.41
+56.03%
-0.94
+29.56%
-1.34
Net Long Term Debt Issuance
2.49
+2801.26%
0.09
-94.92%
1.69
+450.17%
-0.48
Net Other Financing Charges
—
0.12
—
—
Changes In Cash
1.96
+1208.80%
-0.18
+44.52%
-0.32
+55.13%
-0.71
Effect Of Exchange Rate Changes
-0.15
-172.57%
0.21
+931.15%
0.02
+116.38%
-0.13
Beginning Cash Position
1.11
+3.25%
1.08
-21.68%
1.38
-37.80%
2.21
End Cash Position
2.92
+162.52%
1.11
+3.25%
1.08
-21.68%
1.38
Free Cash Flow
-0.52
-36.92%
-0.38
+80.92%
-2.01
-776.00%
-0.23
Interest Paid Supplemental Data
0.33
+9.19%
0.30
+182.01%
0.11
+242.59%
0.03
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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