FatPipe Inc. Financials
This page shows FatPipe Inc. (FATN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FatPipe's software-like gross margins are being offset by weak cash conversion and externally funded balance-sheet growth.
FY2025 cash growth to$2.9M did not come from the business, because operating cash flow was still-$504K . With financing cash flow at$2.5M and net income still positive, the stronger cash balance says more about external funding than about how reliably reported profit turns into spendable cash.
Gross margin stayed near
Near-term liquidity looks manageable because the current ratio stayed around 2.0x and cash rose to
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of FatPipe Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FatPipe Inc. has an operating margin of 18.7%, meaning the company retains $19 of operating profit per $100 of revenue. This strong profitability earns a score of 71/100, reflecting efficient cost management and pricing power. This is down from 21.3% the prior year.
FatPipe Inc.'s revenue surged 17.9% year-over-year to $19.2M, reflecting rapid business expansion. This strong growth earns a score of 40/100.
FatPipe Inc. carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.85, FatPipe Inc. holds $3.85 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 76/100.
While FatPipe Inc. generated -$780K in operating cash flow, capex of $52K consumed most of it, leaving -$833K in free cash flow. This results in a low score of 16/100, reflecting heavy capital investment rather than weak cash generation.
FatPipe Inc.'s ROE of 19.7% shows moderate profitability relative to equity, earning a score of 55/100. This is up from 12.3% the prior year.
FatPipe Inc. scores 8.79, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($105.7M) relative to total liabilities ($9.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
FatPipe Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, FatPipe Inc. generates $-0.16 in operating cash flow (-$780K OCF vs $5.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
FatPipe Inc. earns $8.9 in operating income for every $1 of interest expense ($3.6M vs $403K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
FatPipe Inc. generated $19.2M in revenue in fiscal year 2026. This represents an increase of 17.9% from the prior year.
FatPipe Inc.'s EBITDA was $4.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.5% from the prior year.
FatPipe Inc. reported $5.0M in net income in fiscal year 2026. This represents an increase of 152.7% from the prior year.
FatPipe Inc. earned $0.35 per diluted share (EPS) in fiscal year 2026. This represents an increase of 133.3% from the prior year.
Cash & Balance Sheet
FatPipe Inc. generated -$833K in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 59.0% from the prior year.
FatPipe Inc. held $5.2M in cash against $4.6M in long-term debt as of fiscal year 2026.
FatPipe Inc. had 14M shares outstanding in fiscal year 2026. This represents an increase of 7.7% from the prior year.
Margins & Returns
FatPipe Inc.'s gross margin was 91.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 2.5 percentage points from the prior year.
FatPipe Inc.'s operating margin was 18.7% in fiscal year 2026, reflecting core business profitability. This is down 2.6 percentage points from the prior year.
FatPipe Inc.'s net profit margin was 25.9% in fiscal year 2026, showing the share of revenue converted to profit. This is up 13.8 percentage points from the prior year.
FatPipe Inc.'s ROE was 19.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 7.4 percentage points from the prior year.
Capital Allocation
FatPipe Inc. invested $1.9M in research and development in fiscal year 2026. This represents an increase of 6.6% from the prior year.
FatPipe Inc. invested $52K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 165.6% from the prior year.
FATN Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.2M+76.8% | $4.1M+3.2% | $4.0M+0.6% | $3.9M+3.7% | $3.8M+20.5% | $3.1M-43.7% | $5.6M+49.2% | $3.8M |
| Cost of Revenue | $685K+35.9% | $504K+61.0% | $313K+37.9% | $227K+34.5% | $169K-55.6% | $380K+65.7% | $229K-19.2% | $284K |
| Gross Profit | $6.5M+82.5% | $3.6M-1.7% | $3.6M-1.7% | $3.7M+2.3% | $3.6M+30.9% | $2.8M-48.4% | $5.4M+54.8% | $3.5M |
| R&D Expenses | N/A | $454K | N/A | N/A | N/A | $449K | N/A | N/A |
| SG&A Expenses | $2.0M+135.6% | $828K-40.5% | $1.4M+137.3% | $587K-45.8% | $1.1M+88.8% | $574K-51.5% | $1.2M+103.7% | $581K |
| Operating Income | $2.2M+443.0% | $402K+50846.5% | -$793-100.1% | $1.0M+512.5% | $164K-11.4% | $185K-91.8% | $2.3M+163.2% | $860K |
| Interest Expense | $103K-0.6% | $104K-17.4% | $126K+80.3% | $70K+77.5% | $39K-66.7% | $118K+36.7% | $86K+0.4% | $86K |
| Income Tax | -$1.8M-2069.6% | $90K+816.1% | -$13K-105.9% | $215K-58.6% | $520K+765.5% | $60K-89.1% | $551K+237.3% | $163K |
| Net Income | $4.0M+1175.2% | $311K+816.0% | -$43K-105.9% | $741K+309.0% | -$355K-520.4% | $84K-94.8% | $1.6M+157.6% | $625K |
| EPS (Diluted) | N/A | $0.02 | $0.00-100.0% | $0.05 | N/A | $0.01-92.3% | $0.13+160.0% | $0.05 |
FATN Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $34.5M+6.6% | $32.4M+0.4% | $32.2M+0.7% | $32.0M+13.2% | $28.3M | N/A | N/A | N/A |
| Current Assets | $16.5M-0.7% | $16.6M-0.2% | $16.6M+1.6% | $16.3M+26.0% | $13.0M | N/A | N/A | N/A |
| Cash & Equivalents | $5.2M-15.4% | $6.2M-1.1% | $6.2M+5.5% | $5.9M+102.3% | $2.9M+80.7% | $1.6M+91.1% | $846K+10.2% | $768K |
| Inventory | $446K+166.4% | $167K-49.1% | $329K-19.5% | $408K-2.7% | $420K | N/A | N/A | N/A |
| Accounts Receivable | $4.3M-2.7% | $4.4M+1.8% | $4.3M+9.3% | $4.0M+5.4% | $3.8M | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $9.3M-17.0% | $11.2M-0.3% | $11.3M-3.2% | $11.6M-6.0% | $12.4M | N/A | N/A | N/A |
| Current Liabilities | $4.3M-30.3% | $6.1M+1.1% | $6.1M-4.0% | $6.3M-2.9% | $6.5M | N/A | N/A | N/A |
| Long-Term Debt | $4.6M+0.5% | $4.6M-3.4% | $4.8M-3.1% | $4.9M-1.2% | $5.0M | N/A | N/A | N/A |
| Total Equity | $25.2M+19.2% | $21.2M+0.8% | $21.0M+2.9% | $20.4M+28.1% | $15.9M-4.4% | $16.7M+2.4% | $16.3M+11.6% | $14.6M |
| Retained Earnings | $16.1M+32.7% | $12.1M+2.6% | $11.8M-0.4% | $11.8M+6.7% | $11.1M | N/A | N/A | N/A |
FATN Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$913K-478.8% | $241K-39.7% | $400K+178.6% | -$509K-167.7% | -$190K-72.7% | -$110K-327.7% | $48K+119.1% | -$252K |
| Capital Expenditures | N/A | N/A | N/A | $42K | N/A | N/A | N/A | $2K |
| Free Cash Flow | N/A | N/A | N/A | -$551K | N/A | N/A | N/A | -$254K |
| Investing Cash Flow | -$9K+0.1% | -$9K-221.7% | $7K+116.5% | -$42K-505.2% | -$7K+71.9% | -$25K-245.4% | $17K+446.8% | -$5K |
| Financing Cash Flow | $23K+108.2% | -$285K-2265.4% | -$12K-100.3% | $3.6M+82.2% | $2.0M+228.1% | $601K | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FATN Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 90.5%+2.8pp | 87.7%-4.4pp | 92.1%-2.1pp | 94.2%-1.3pp | 95.5%+7.6pp | 87.9%-8.0pp | 95.9%+3.5pp | 92.4% |
| Operating Margin | 30.2%+20.4pp | 9.8%+9.9pp | -0.0%-25.5pp | 25.5%+21.2pp | 4.3%-1.6pp | 5.9%-34.6pp | 40.5%+17.5pp | 22.9% |
| Net Margin | 54.8%+47.2pp | 7.6%+8.7pp | -1.1%-19.9pp | 18.8%+28.2pp | -9.3%-12.0pp | 2.7%-26.1pp | 28.8%+12.1pp | 16.7% |
| Return on Equity | 15.7%+14.2pp | 1.5%+1.7pp | -0.2%-3.8pp | 3.6%+5.9pp | -2.2%-2.7pp | 0.5%-9.4pp | 9.9%+5.6pp | 4.3% |
| Return on Assets | 11.5%+10.5pp | 1.0%+1.1pp | -0.1%-2.4pp | 2.3%+3.6pp | -1.3% | N/A | N/A | N/A |
| Current Ratio | 3.85+1.1 | 2.71-0.0 | 2.74+0.2 | 2.59+0.6 | 2.00 | N/A | N/A | N/A |
| Debt-to-Equity | 0.18-0.0 | 0.220.0 | 0.23-0.0 | 0.24-0.1 | 0.31 | N/A | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | -14.0% | N/A | N/A | N/A | -6.8% |
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Frequently Asked Questions
What is FatPipe Inc.'s annual revenue?
FatPipe Inc. (FATN) reported $19.2M in total revenue for fiscal year 2026. This represents a 17.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is FatPipe Inc.'s revenue growing?
FatPipe Inc. (FATN) revenue grew by 17.9% year-over-year, from $16.3M to $19.2M in fiscal year 2026.
Is FatPipe Inc. profitable?
Yes, FatPipe Inc. (FATN) reported a net income of $5.0M in fiscal year 2026, with a net profit margin of 25.9%.
What is FatPipe Inc.'s EBITDA?
FatPipe Inc. (FATN) had EBITDA of $4.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does FatPipe Inc. have?
As of fiscal year 2026, FatPipe Inc. (FATN) had $5.2M in cash and equivalents against $4.6M in long-term debt.
What is FatPipe Inc.'s gross margin?
FatPipe Inc. (FATN) had a gross margin of 91.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is FatPipe Inc.'s operating margin?
FatPipe Inc. (FATN) had an operating margin of 18.7% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is FatPipe Inc.'s net profit margin?
FatPipe Inc. (FATN) had a net profit margin of 25.9% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is FatPipe Inc.'s return on equity (ROE)?
FatPipe Inc. (FATN) has a return on equity of 19.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is FatPipe Inc.'s free cash flow?
FatPipe Inc. (FATN) generated -$833K in free cash flow during fiscal year 2026. This represents a -59.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is FatPipe Inc.'s operating cash flow?
FatPipe Inc. (FATN) generated -$780K in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are FatPipe Inc.'s total assets?
FatPipe Inc. (FATN) had $34.5M in total assets as of fiscal year 2026, including both current and long-term assets.
What are FatPipe Inc.'s capital expenditures?
FatPipe Inc. (FATN) invested $52K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does FatPipe Inc. spend on research and development?
FatPipe Inc. (FATN) invested $1.9M in research and development during fiscal year 2026.
What is FatPipe Inc.'s current ratio?
FatPipe Inc. (FATN) had a current ratio of 3.85 as of fiscal year 2026, which is generally considered healthy.
What is FatPipe Inc.'s debt-to-equity ratio?
FatPipe Inc. (FATN) had a debt-to-equity ratio of 0.18 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is FatPipe Inc.'s return on assets (ROA)?
FatPipe Inc. (FATN) had a return on assets of 14.4% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is FatPipe Inc.'s cash runway?
Based on fiscal year 2026 data, FatPipe Inc. (FATN) had $5.2M in cash against an annual operating cash burn of $780K. This gives an estimated cash runway of approximately 80 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is FatPipe Inc.'s Altman Z-Score?
FatPipe Inc. (FATN) has an Altman Z-Score of 8.79, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is FatPipe Inc.'s Piotroski F-Score?
FatPipe Inc. (FATN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are FatPipe Inc.'s earnings high quality?
FatPipe Inc. (FATN) has an earnings quality ratio of -0.16x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can FatPipe Inc. cover its interest payments?
FatPipe Inc. (FATN) has an interest coverage ratio of 8.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is FatPipe Inc.?
FatPipe Inc. (FATN) scores 59 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.