The company maintains a healthy capital structure with a current ratio of 3.85 as of 2025Q4 and a manageable debt-to-equity ratio of 0.23, supported by an expansion in total assets to $34.5M.
| Total Current Assets | 16.46M | 12.96M | 9.34M | 7.24M | 6.31M |
| Cash & Short-Term Investments | 5.21M | 2.92M | 1.11M | 1.08M | 1.38M |
| Cash Only | 5.21M | 2.92M | 1.11M | 1.08M | 1.38M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 26.46M | 8.96M | 7.53M | 4.8M | 4.13M |
| Days Sales Outstanding | 502.72 | 200.69 | 153.85 | 111 | 121.72 |
| Inventory | 445.84K | 419.68K | 113.52K | 355.95K | 655.99K |
| Days Inventory Outstanding | 35.91 | 144.29 | 38.74 | 117.84 | 346.2 |
| Other Current Assets | -15.66M | 666.38K | 582.39K | 1M | 138.84K |
| Total Non-Current Assets | 18.07M | 15.33M | 12.1M | 8.49M | 4.51M |
| Property, Plant & Equipment | 1.14M | 1.51M | 280.48K | 801.16K | 139.89K |
| Fixed Asset Turnover | 16.88x | 10.76x | 63.68x | 19.72x | 88.62x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 694.19K | 1.05M | 1.56M | 2.18M | 2.64M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 16.16M | 12.69M | 10.15M | 5.51M | 1.73M |
| Total Assets | 34.52M | 28.29M | 21.44M | 15.73M | 10.82M |
| Asset Turnover | 0.56x | 0.58x | 0.83x | 1.00x | 1.15x |
| Asset Growth % | 22.04% | 31.96% | 36.27% | 45.4% | - |
| Total Current Liabilities | 4.27M | 6.49M | 4.72M | 3.96M | 3.18M |
| Accounts Payable | 390.17K | 437.25K | 417.53K | 241.11K | 74.51K |
| Days Payables Outstanding | 31.43 | 150.33 | 142.48 | 79.82 | 39.32 |
| Short-Term Debt | 792.8K | 463.42K | 120K | 0 | 86.35K |
| Deferred Revenue (Current) | 1.09M | 1.36M | 1.52M | 1.85M | 2.23M |
| Other Current Liabilities | 1.99M | 3.06M | 2.14M | 0 | 0 |
| Current Ratio | 3.85x | 2.00x | 1.98x | 1.83x | 1.98x |
| Quick Ratio | 3.75x | 1.93x | 1.95x | 1.74x | 1.78x |
| Cash Conversion Cycle | 507.2 | 194.64 | 50.1 | 149.02 | 428.6 |
| Total Non-Current Liabilities | 5.04M | 5.87M | 2.67M | 2.22M | 855.83K |
| Long-Term Debt | 4.92M | 4.64M | 2.5M | 2M | 855.83K |
| Capital Lease Obligations | 0 | 1.11M | 50.56K | 216.28K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 121.82K | 116.99K | 116.01K | 0 | 0 |
| Total Liabilities | 9.31M | 12.36M | 7.39M | 6.17M | 4.04M |
| Total Debt | 5.71M | 6.59M | 2.83M | 2.63M | 942.18K |
| Net Debt | 493.35K | 3.67M | 1.72M | 1.55M | -433.67K |
| Debt / Equity | 0.23x | 0.41x | 0.20x | 0.28x | 0.14x |
| Debt / EBITDA | 1.44x | 1.64x | 0.45x | 0.69x | 3.25x |
| Net Debt / EBITDA | 0.12x | 0.91x | 0.27x | 0.41x | -1.50x |
| Interest Coverage | 7.56x | 10.97x | 19.53x | 30.32x | 16.57x |
| Total Equity | 25.22M | 15.93M | 14.05M | 9.56M | 6.78M |
| Equity Growth % | 58.34% | 13.35% | 46.99% | 40.97% | - |
| Book Value per Share | 1.80 | 1.24 | 0.93 | 0.69 | 0.49 |
| Total Shareholders' Equity | 25.22M | 15.93M | 13.94M | 9.37M | 6.57M |
| Common Stock | 132.25K | 130.26K | 124.49K | 124.49K | 124.49K |
| Retained Earnings | 16.08M | 11.11M | 9.04M | 4.67M | 1.89M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.91M | 3.1M | 3.25M | 3.05M | 3.03M |
| Minority Interest | 0 | 0 | 112.65K | 190.29K | 215.41K |
Working capital volatility
According to recent balance sheet filings, FatPipe has grown total assets from $21.4M in 2023Q4 to $34.5M by 2025Q4, reflecting a deliberate expansion of the firm's resource base despite the inherent volatility in its underlying revenue streams and operational cash flow cycles.
The increase in total assets appears to be driven by a combination of retained earnings growth and strategic investment in the business. However, investors should monitor whether this asset accumulation translates into sustainable long-term value or if it merely reflects temporary working capital fluctuations that may reverse in subsequent periods.
As reported in financial statements, FatPipe's current ratio improved to 3.85 in 2025Q4 from 1.98 in 2023Q4, yet this headline strength may be misleading given the significant $6.1M working capital drain observed in the most recent quarter, which warrants further investigation into cash conversion efficiency.
While the current ratio suggests a comfortable cushion against short-term obligations, the underlying cash position of $5.2M remains modest relative to the company's operational scale. The disconnect between liquidity ratios and actual cash generation suggests that the firm's ability to fund ongoing R&D and marketing may be more constrained than the balance sheet implies.
Based on the company's reported figures, equity has expanded to $25.2M in 2025Q4, primarily fueled by a steady accumulation of retained earnings which grew from $9.0M in 2023Q4 to $16.1M, indicating a self-funding model that avoids excessive reliance on external equity dilution.
The reliance on retained earnings as the primary driver of equity growth suggests a disciplined approach to capital allocation. This internal funding mechanism appears to provide a degree of independence, though the quality of this equity remains sensitive to the sustainability of the net margins that have historically bolstered these figures.
As indicated by the quarterly balance sheet data, the firm's reported asset growth is significantly impacted by working capital volatility, with the 2025Q4 period showing a notable $6.1M outflow that obscures the true operational cash requirements of the business and complicates the assessment of liquidity.
The discrepancy between accounting asset growth and cash flow performance suggests that investors should be cautious of relying solely on balance sheet snapshots. This volatility may indicate underlying inefficiencies in receivables management or inventory cycles that could pose a risk to the company's financial stability if not addressed.
Quick answers to the most common questions about buying FATN stock.
As of 2025, FatPipe, Inc. Common Stock (FATN) had total assets of $34.5M including $16.5M in current assets.
FatPipe, Inc. Common Stock (FATN) carries total debt of $5.7M, offset by $5.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FatPipe, Inc. Common Stock (FATN) has total shareholders' equity (book value) of $25.2M ($1.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FatPipe, Inc. Common Stock (FATN) reported a current ratio of 3.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.