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FatPipe, Inc. Common Stock (FATN) 10-Year Financial Performance & Capital Metrics

FATN • • Industrial / General
TechnologyInfrastructure SoftwareCommunications & Network InfrastructureContent Delivery & Network Optimization
AboutFatPipe, Inc. develops secure software-defined wide area network (SD-WAN), secure access service edge (SASE), and network monitoring service (NMS) software solutions for organizations in the United States 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 and next generation security functions, which combine networking and next generation 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, security compliance parameters, and the performance of FatPipe devices under management. It also provides technical support services, which includes implementation, configuration, and training services. The company offers its solutions to enterprises, communication service providers, security service providers, government organizations, and other middle-market companies. It sells its software solutions through a subscription-based model through a network of distributors, value-added resellers, internet service providers, and other third parties. The company was incorporated in 2009 and is based in Salt Lake City, Utah.FatPipe Networks, Inc. develops, manufactures, and markets router clustering products for wide area network (WAN) optimization, reliability, and security. The company provides IPVPN, a device for WAN optimization in private and public lines; MPVPN that provides VPN security, fault tolerance, and speed for critical VPNs; WARP, a solution for WAN redundancy, reliability, and increased bandwidth of data traffic directed from the network to the Internet, as well as data traffic directed to servers hosted internally; and XTREME, a high-speed router clustering device for WAN redundancy, reliability, load balancing, and speed for data traffic directed from the network to the Internet. It also offers WAN Optimization technology solutions; EnterpriseView for network administrators to monitor, manage, and maintain FatPipe devices from a central location; Symphony that offers software-defined WAN (SD-WAN) solution; SD-WAN for Azure that addresses connectivity issues for cloud-based real-time applications; and Cloud Connect that provides access to cloud services and centralized control of branch offices' web traffic. In addition, the company's solutions comprise premise managed, hosted managed, high bandwidth, multi-line WAN optimization, multi-path security, application control and visibility, hybrid multi line WAN, software-defined WAN, and secure hybrid WAN solutions, as well as FatPipe as a Service for MSPs. It serves markets, including healthcare benefits, hospital, hospitality, education, manufacturing, retail, publishing/media, financial, tax courts, government, government contractor, and government agency. The company markets and sells its products through a network of resellers, distributors, and dealers worldwide. FatPipe Networks, Inc. was formerly known as Ragula Systems, Inc. and changed its name to FatPipe Networks, Inc. in April 2004. The company was founded in 1989 and is based in Salt Lake City, Utah with operations in the United States, Nigeria, Philippines, Australia, India, and South Africa.Show more
  • Revenue $16M -8.8%
  • EBITDA $4M -36.6%
  • Net Income $2M -55.0%
  • EPS (Diluted) 0.15 -53.1%
  • Gross Margin 93.48% -0.6%
  • EBITDA Margin 24.66% -30.5%
  • Operating Margin 21.31% -32.5%
  • Net Margin 12.07% -50.6%
  • ROE 13.12% -64.5%
  • ROIC 14.73% -53.2%
  • Debt/Equity 0.41 +105.0%
  • Interest Coverage 10.52 -43.6%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 28.6%
  • ✓Share count reduced 14.8% through buybacks
  • ✓Healthy 5Y average net margin of 14.7%

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 5 (bottom 5%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-
3Y9.53%
TTM-

Profit (Net Income) CAGR

10Y-
5Y-
3Y59.6%
TTM-

EPS CAGR

10Y-
5Y-
3Y62.28%
TTM-

ROCE

10Y Avg22.01%
5Y Avg22.01%
3Y Avg30.33%
Latest18.03%

Peer Comparison

Content Delivery & Network Optimization
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
VRSNVeriSign, Inc.23.1B249.2231.154.31%49.86%3.79%
AKAMAkamai Technologies, Inc.13.17B91.5327.994.7%12.26%10.71%6.33%0.95
FFIVF5, Inc.15.92B273.9923.209.66%22.42%19.28%5.69%0.06
FATNFatPipe, Inc. Common Stock27.85M2.0013.33-8.8%6.11%4.13%0.41
NETCloudflare, Inc.58.05B184.14-800.6128.76%-5.12%-7.65%0.34%1.40

Profit & Loss

Mar 2022Mar 2023Mar 2024Mar 2025
Sales/Revenue+12.4M15.8M17.86M16.29M
Revenue Growth %-0.27%0.13%-0.09%
Cost of Goods Sold+691.61K1.1M1.07M1.06M
COGS % of Revenue0.06%0.07%0.06%0.07%
Gross Profit+11.71M14.69M16.79M15.23M
Gross Margin %0.94%0.93%0.94%0.93%
Gross Profit Growth %-0.26%0.14%-0.09%
Operating Expenses+11.93M11.45M11.15M11.76M
OpEx % of Revenue0.96%0.73%0.62%0.72%
Selling, General & Admin10.3M9.66M9.42M9.97M
SG&A % of Revenue0.83%0.61%0.53%0.61%
Research & Development1.63M1.8M1.74M1.79M
R&D % of Revenue0.13%0.11%0.1%0.11%
Other Operating Expenses-1000
Operating Income+-224.13K3.24M5.64M3.47M
Operating Margin %-0.02%0.21%0.32%0.21%
Operating Income Growth %-15.45%0.74%-0.38%
EBITDA+289.62K3.82M6.34M4.02M
EBITDA Margin %0.02%0.24%0.35%0.25%
EBITDA Growth %-12.19%0.66%-0.37%
D&A (Non-Cash Add-back)513.75K582.33K699.26K545.71K
EBIT518.15K3.25M5.9M3.62M
Net Interest Income+53.03K-107K-274.86K-287.2K
Interest Income84.3K13427.26K42.69K
Interest Expense31.27K107.13K302.12K329.89K
Other Income/Expense711.01K-97.86K-40.02K-183.99K
Pretax Income+486.88K3.14M5.6M3.29M
Pretax Margin %0.04%0.2%0.31%0.2%
Income Tax+32.69K255.46K1.32M1.33M
Effective Tax Rate %0.99%0.93%0.78%0.6%
Net Income+483.73K2.91M4.37M1.97M
Net Margin %0.04%0.18%0.24%0.12%
Net Income Growth %-5.02%0.5%-0.55%
Net Income (Continuing)454.19K2.89M4.28M1.95M
Discontinued Operations0000
Minority Interest215.41K190.29K112.65K0
EPS (Diluted)+0.040.210.320.15
EPS Growth %-4.98%0.52%-0.53%
EPS (Basic)0.040.210.320.15
Diluted Shares Outstanding13.77M13.77M15.09M12.86M
Basic Shares Outstanding13.77M13.77M13.72M12.86M
Dividend Payout Ratio----

Balance Sheet

Mar 2022Mar 2023Mar 2024Mar 2025
Total Current Assets+6.31M7.24M9.34M12.96M
Cash & Short-Term Investments1.38M1.08M1.11M2.92M
Cash Only1.38M1.08M1.11M2.92M
Short-Term Investments0000
Accounts Receivable4.13M4.8M7.53M8.96M
Days Sales Outstanding121.72111153.85200.69
Inventory655.99K355.95K113.52K419.68K
Days Inventory Outstanding346.2117.8438.74144.29
Other Current Assets138.84K1M582.39K666.38K
Total Non-Current Assets+4.51M8.49M12.1M15.33M
Property, Plant & Equipment139.89K801.16K280.48K1.51M
Fixed Asset Turnover88.62x19.72x63.68x10.76x
Goodwill0000
Intangible Assets2.64M2.18M1.56M1.05M
Long-Term Investments0000
Other Non-Current Assets1.73M5.51M10.15M12.69M
Total Assets+10.82M15.73M21.44M28.29M
Asset Turnover1.15x1.00x0.83x0.58x
Asset Growth %-0.45%0.36%0.32%
Total Current Liabilities+3.18M3.96M4.72M6.49M
Accounts Payable74.51K241.11K417.53K437.25K
Days Payables Outstanding39.3279.82142.48150.33
Short-Term Debt86.35K0120K463.42K
Deferred Revenue (Current)1000K1000K1000K1000K
Other Current Liabilities002.14M3.06M
Current Ratio1.98x1.83x1.98x2.00x
Quick Ratio1.78x1.74x1.95x1.93x
Cash Conversion Cycle428.6149.0250.1194.64
Total Non-Current Liabilities+855.83K2.22M2.67M5.87M
Long-Term Debt855.83K2M2.5M4.64M
Capital Lease Obligations0216.28K50.56K1.11M
Deferred Tax Liabilities0000
Other Non-Current Liabilities00116.01K116.99K
Total Liabilities4.04M6.17M7.39M12.36M
Total Debt+942.18K2.63M2.83M6.59M
Net Debt-433.67K1.55M1.72M3.67M
Debt / Equity0.14x0.28x0.20x0.41x
Debt / EBITDA3.25x0.69x0.45x1.64x
Net Debt / EBITDA-1.50x0.41x0.27x0.91x
Interest Coverage-7.17x30.24x18.66x10.52x
Total Equity+6.78M9.56M14.05M15.93M
Equity Growth %-0.41%0.47%0.13%
Book Value per Share0.490.690.931.24
Total Shareholders' Equity6.57M9.37M13.94M15.93M
Common Stock124.49K124.49K124.49K130.26K
Retained Earnings1.89M4.67M9.04M11.11M
Treasury Stock0000
Accumulated OCI3.03M3.05M3.25M3.1M
Minority Interest215.41K190.29K112.65K0

Cash Flow

Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operations+-190.61K-1.84M-363.43K-504.12K
Operating CF Margin %-0.02%-0.12%-0.02%-0.03%
Operating CF Growth %--8.66%0.8%-0.39%
Net Income454.19K3.14M4.28M1.95M
Depreciation & Amortization513.75K582.33K699.26K545.71K
Stock-Based Compensation0000
Deferred Taxes0000
Other Non-Cash Items-315.94K-1.19M257.56K768.8K
Working Capital Changes-842.62K-4.38M-5.6M-3.77M
Change in Receivables-557.03K-4.27M-7.49M-4.55M
Change in Inventory-574.77K300.04K242.43K-306.15K
Change in Payables-75.55K166.38K176.42K19.72K
Cash from Investing+-38.35K-163.53K-19.19K-19.76K
Capital Expenditures-35.42K-163.53K-19.19K-16.76K
CapEx % of Revenue0%0.01%0%0%
Acquisitions----
Investments----
Other Investing-2.94K00-3K
Cash from Financing+-481.72K1.69M205.68K2.49M
Debt Issued (Net)----
Equity Issued (Net)----
Dividends Paid0000
Share Repurchases----
Other Financing00120K0
Net Change in Cash----
Free Cash Flow+-228.97K-2.01M-382.61K-523.89K
FCF Margin %-0.02%-0.13%-0.02%-0.03%
FCF Growth %--7.76%0.81%-0.37%
FCF per Share-0.02-0.15-0.03-0.04
FCF Conversion (FCF/Net Income)-0.39x-0.63x-0.08x-0.26x
Interest Paid31.27K107.13K302.12K329.89K
Taxes Paid0000

Key Ratios

Metric2021202220232024
Return on Equity (ROE)7.13%35.64%36.99%13.12%
Return on Invested Capital (ROIC)-2.65%27.83%31.46%14.73%
Gross Margin94.42%93.02%94.01%93.48%
Net Margin3.9%18.43%24.45%12.07%
Debt / Equity0.14x0.28x0.20x0.41x
Interest Coverage-7.17x30.24x18.66x10.52x
FCF Conversion-0.39x-0.63x-0.08x-0.26x
Revenue Growth-27.41%13.07%-8.8%

Revenue by Segment

2024
Product10.71M
Product Growth-
Service3.11M
Service Growth-
Consulting2.47M
Consulting Growth-

Revenue by Geography

2024
UNITED STATES15.4M
UNITED STATES Growth-
Non-US884.37K
Non-US Growth-

Frequently Asked Questions

Valuation & Price

FatPipe, Inc. Common Stock (FATN) has a price-to-earnings (P/E) ratio of 13.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

FatPipe, Inc. Common Stock (FATN) reported $14.2M in revenue for fiscal year 2024. This represents a 14% increase from $12.4M in 2021.

FatPipe, Inc. Common Stock (FATN) saw revenue decline by 8.8% over the past year.

Yes, FatPipe, Inc. Common Stock (FATN) is profitable, generating $0.9M in net income for fiscal year 2024 (12.1% net margin).

Dividend & Returns

FatPipe, Inc. Common Stock (FATN) has a return on equity (ROE) of 13.1%. This is reasonable for most industries.

FatPipe, Inc. Common Stock (FATN) had negative free cash flow of $0.4M in fiscal year 2024, likely due to heavy capital investments.

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