Fatpipe Inc/UT
FATN Nasdaq Services-Prepackaged Software Financials FY2024–FY2026
Revenue
Total sales reported in the income statement.
$19.2M
17.9%
vs prior year
Operating margin
Operating income as a share of revenue.
18.7%
2.6 pts
Net income
Profit after all expenses, interest and tax.
$5.0M
152.7%
Free cash flow
Cash from operations minus capital spending.
−$0.8M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.6%
2.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.39 EPS (TTM)
What Fatpipe Inc/UT does
No business description yet.
- Legal name
- Fatpipe Inc/UT
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · May 18, 2026
- Accession · CIK
- 0001493152-26-024184
0001993400
Revenue and margins
Fatpipe Inc/UT had $19.2M of revenue in fiscal 2026, up 17.9% on the year before.
FY24
Revenue $17.9M
FY25
Revenue $16.3M
FY26
Revenue $19.2M
Q1 '25
Revenue $3.8M
Q2 '25
Revenue $5.6M
Q3 '25
Revenue $3.1M
Q4 '25
Revenue $9.8M
Q1 '26
Revenue $3.9M
Q2 '26
Revenue $4.0M
Q3 '26
Revenue $4.1M
Q4 '26
Revenue $13.6M
Q1 '27
Revenue $5.0M
FY24
Gross 94.0%
Operating 31.6%
Net 24.4%
FCF −2.1%
FY25
Gross 93.5%
Operating 21.3%
Net 12.1%
FCF −3.2%
FY26
Gross 91.0%
Operating 18.7%
Net 25.9%
FCF −4.3%
Gross
Operating
Net
FCF
Q1 '25
Gross 92.4%
Operating 22.9%
Net 16.7%
FCF −6.8%
Q2 '25
Gross 95.9%
Operating 40.4%
Net 28.8%
FCF —
Q3 '25
Gross 87.9%
Operating 5.9%
Net 2.7%
FCF —
Q4 '25
Gross 36.9%
Operating 1.7%
Net −3.6%
FCF —
Q1 '26
Gross 94.2%
Operating 25.5%
Net 18.8%
FCF −14.0%
Q2 '26
Gross 92.1%
Operating −0.0%
Net −1.1%
FCF —
Q3 '26
Gross 87.7%
Operating 9.8%
Net 7.6%
FCF —
Q4 '26
Gross 48.3%
Operating 16.1%
Net 29.2%
FCF —
Q1 '27
Gross 92.2%
Operating 17.9%
Net 24.4%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2024 to 2026, diluted EPS grew 0.0% a year. Loss periods are shown in red.
FY24
Net income $4.4M
FY25
Net income $2.0M
FY26
Net income $5.0M
Q1 '25
Net income $0.6M
Q2 '25
Net income $1.6M
Q3 '25
Net income $0.1M
Q4 '25
Net income −$0.4M
Q1 '26
Net income $0.7M
Q2 '26
Net income −$0.0M
Q3 '26
Net income $0.3M
Q4 '26
Net income $4.0M
Q1 '27
Net income $1.2M
FY24
Diluted EPS $0.35
FY25
Diluted EPS $0.15
FY26
Diluted EPS $0.35
Q1 '25
Diluted EPS $0.05
Q2 '25
Diluted EPS $0.13
Q3 '25
Diluted EPS $0.01
Q4 '25
Diluted EPS −$0.04
Q1 '26
Diluted EPS $0.05
Q2 '26
Diluted EPS $0.00
Q3 '26
Diluted EPS $0.02
Q4 '26
Diluted EPS $0.28
Q1 '27
Diluted EPS $0.09
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY24
Return on capital —
Return on equity 31.3%
Return on assets 20.4%
FY25
Return on capital 12.5%
Return on equity 13.2%
Return on assets 7.9%
FY26
Return on capital 14.6%
Return on equity 24.2%
Return on assets 15.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$0.8M in fiscal 2026, −4.3% of revenue. Cash from operations minus capital spending.
FY24
Free cash flow −$0.4M
FY25
Free cash flow −$0.5M
FY26
Free cash flow −$0.8M
Q1 '25
Free cash flow −$0.3M
Q2 '25
Free cash flow —
Q3 '25
Free cash flow —
Q4 '25
Free cash flow —
Q1 '26
Free cash flow −$0.6M
Q2 '26
Free cash flow —
Q3 '26
Free cash flow —
Q4 '26
Free cash flow —
Q1 '27
Free cash flow —
FY24
Cash from operations −$0.4M
Capital spending $0.0M
FY25
Cash from operations −$0.5M
Capital spending $0.0M
FY26
Cash from operations −$0.8M
Capital spending $0.1M
Cash from operations
Capital spending
Q1 '25
Cash from operations −$0.3M
Capital spending $0.0M
Q2 '25
Cash from operations $0.0M
Capital spending —
Q3 '25
Cash from operations −$0.1M
Capital spending —
Q4 '25
Cash from operations −$0.2M
Capital spending —
Q1 '26
Cash from operations −$0.5M
Capital spending $0.0M
Q2 '26
Cash from operations $0.4M
Capital spending —
Q3 '26
Cash from operations $0.2M
Capital spending —
Q4 '26
Cash from operations −$0.9M
Capital spending —
Q1 '27
Cash from operations −$0.7M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Fatpipe Inc/UT returned — to shareholders in fiscal 2026. The diluted share count rose 8.9%.
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
FY26
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably Fatpipe Inc/UT can carry it.
FY24
Cash $1.1M
Debt —
FY25
Cash $2.9M
Debt $5.0M
FY26
Cash $5.2M
Debt $4.6M
Cash
Debt
| Fiscal year end | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash and short-term investments | $1.1M | $2.9M | $5.2M |
| Debt incl. finance leases | — | $5.0M | $4.6M |
| Net debt / EBITDA | — | 0.5x | −0.1x |
| Debt / equity | — | 0.3x | 0.2x |
| Interest coverage | 18.7x | 10.5x | 8.9x |
| Current ratio | 2.0x | 2.0x | 3.9x |
| Quick ratio | 2.0x | 1.9x | 3.7x |
| Total assets | $21.4M | $28.3M | $34.5M |
| Total liabilities | $7.4M | $12.4M | $9.3M |
| Shareholders' equity | $13.9M | $15.9M | $25.2M |
| Net debt (− = net cash) | — | $2.1M | −$0.6M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✕ |
| F-score | — / 3 | 2 / 8 | 4 / 9 |
| Accruals ratio | 22.1% | 9.9% | 18.3% |
| Altman Z'' | 6.54 | 4.96 | 7.38 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Income statement | |||
| Revenue | $17.9M | $16.3M | $19.2M |
| Gross profit | $16.8M | $15.2M | $17.5M |
| Research and development | — | $1.8M | $1.9M |
| Operating income | $5.6M | $3.5M | $3.6M |
| Interest expense | $0.3M | $0.3M | $0.4M |
| Pretax income | $5.6M | $3.3M | $3.5M |
| Income tax | $1.4M | $1.3M | −$1.5M |
| Net income | $4.4M | $2.0M | $5.0M |
| Net income to common | — | $2.0M | $5.0M |
| Diluted EPS | $0.35 | $0.15 | $0.35 |
| Diluted shares | 0.01B | 0.01B | 0.01B |
| Cash flow | |||
| Cash from operations | −$0.4M | −$0.5M | −$0.8M |
| Capital expenditure | $0.0M | $0.0M | $0.1M |
| Free cash flow | −$0.4M | −$0.5M | −$0.8M |
| Depreciation and amortization | $0.7M | $0.5M | $0.4M |
| Stock-based compensation | — | — | $0.8M |
| Balance sheet | |||
| Cash and short-term investments | $1.1M | $2.9M | $5.2M |
| Total debt | — | $5.0M | $4.6M |
| Current assets | $9.3M | $13.0M | $16.5M |
| Current liabilities | $4.7M | $6.5M | $4.3M |
| Inventory | $0.1M | $0.4M | $0.4M |
| Property and equipment, net | $0.1M | $0.1M | $0.1M |
| Intangible assets | $1.6M | $1.0M | $0.7M |
| Total assets | $21.4M | $28.3M | $34.5M |
| Total liabilities | $7.4M | $12.4M | $9.3M |
| Shareholders' equity | $13.9M | $15.9M | $25.2M |
| Margins | |||
| Gross margin | 94.0% | 93.5% | 91.0% |
| Operating margin | 31.6% | 21.3% | 18.7% |
| EBITDA margin | 35.5% | 24.7% | 20.6% |
| Net margin | 24.4% | 12.1% | 25.9% |
| FCF margin | −2.1% | −3.2% | −4.3% |
| Returns | |||
| Return on capital | — | 12.5% | 14.6% |
| Return on capital employed | 33.7% | 15.9% | 11.9% |
| Return on equity | 31.3% | 13.2% | 24.2% |
| Return on assets | 20.4% | 7.9% | 15.8% |
| Return on tangible equity | 35.3% | 13.2% | 20.3% |
| Growth | |||
| Revenue growth | — | −8.8% | 17.9% |
| Net income growth | — | −55.0% | 152.7% |
| EPS growth | — | −57.1% | 133.3% |
| Share count change | — | 3.3% | 8.9% |
| Financial health | |||
| Net debt / EBITDA | — | 0.5x | −0.1x |
| Debt / equity | — | 0.3x | 0.2x |
| Interest coverage | 18.7x | 10.5x | 8.9x |
| Current ratio | 2.0x | 2.0x | 3.9x |
| Quick ratio | 2.0x | 1.9x | 3.7x |
| Capital allocation | |||
| Capex / revenue | 0.1% | 0.1% | 0.3% |
| Stock comp / revenue | — | — | 4.0% |
| Quality scores | |||
| Piotroski F-score | — | 2.0 | 4.0 |
| Altman Z'' | 6.5 | 5.0 | 7.4 |
| Accruals ratio | 22.1% | 9.9% | 18.3% |
Source: SEC EDGAR XBRL filings (CIK 0001993400). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.