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Friday 6 November 2026
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FatPipe, Inc.
FATN Technology Software Infrastructure
FatPipe, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $19.2 million, up 17.9% from fiscal 2025.
- Revenue
- +22.1%
- EPS
- +2,845.2%
- Free cash flow
- −371.9%
- Total debt
- −3.86%
Quarter to September 2026, against a year earlier
4.46
0.11
−2.41%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to March
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Sep ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 18 | 18 | 16 | 19 | 21 | +2.5% | 23 | 28 | 37 | +24.5% | |
| Gross margin, % | — | — | — | — | — | — | 94.01 | 94.01 | 93.48 | 91.00 | 90.26 | (3.0) pt | ||||||
| EBT | — | — | — | — | — | — | 6 | (10) | 3 | 3 | 4 | (14.6%) | ||||||
| EBT margin, % | — | — | — | — | — | — | 31.34 | 0.00 | 20.18 | 18.15 | 20.17 | (13.2) pt | ||||||
| Net income | — | — | — | — | — | — | 0 | 0 | 2 | 5 | 7 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 0.00 | 1.43 | 1.27 | 1.38 | 1.50 | n/m | |||||
| Earnings | — | — | — | — | — | — | — | 0.34 | 0.15 | 0.36 | 0.49 | +2.3% | ||||||
| Cash flow | — | — | — | — | — | — | — | (0.03) | (0.04) | (0.06) | (0.17) | +38.7% | ||||||
| Capex | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | +59.2% | ||||||
| Free cash flow | — | — | — | — | — | — | — | (0.03) | (0.04) | (0.06) | (0.18) | +39.8% | ||||||
| Book value | — | — | — | — | — | — | 0.00 | 1.13 | 1.24 | 1.82 | 1.96 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | 12 | 13 | 14 | 14 | +5.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 85.58 | 85.58 | 85.58 | 6.84 | 9.19 | 65.9 | |||||
| P/S | — | — | — | — | — | — | 10.26 | 10.26 | 10.26 | 1.76 | 2.98 | 8.1 | ||||||
| P/B | — | — | — | — | — | — | 10.50 | 10.50 | 10.50 | 1.34 | 2.27 | 8.2 | ||||||
| EV/Sales | — | — | — | — | — | — | 10.37 | 10.37 | 10.37 | 1.71 | 3.02 | 8.2 | ||||||
| EV/FCF | — | — | — | — | — | — | (324.28) | (324.28) | (324.28) | (39.49) | (25.79) | (253.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | 0 | (1) | (1) | (2) | +46.5% | |||||
| Capex | — | — | — | — | — | — | — | 0 | 0 | 0 | 0 | +65.4% | ||||||
| Free cash flow | — | — | — | — | — | — | — | 0 | (1) | (1) | (2) | +47.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 5 | 9 | 6 | 12 | 13 | +38.2% | |||||
| Net debt | — | — | — | — | — | — | 1 | 1 | 2 | (1) | 1 | n/m | ||||||
| Shareholders’ equity | — | — | — | — | — | — | 14 | 14 | 16 | 25 | 28 | +21.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | 0.09 | 10.56 | 15.83 | 19.78 | +15.8 pt | |||||
| ROIC | — | — | — | — | — | — | 22.83 | 0.00 | 12.30 | 9.26 | 9.46 | (13.6) pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | 0.00 | 13.12 | 24.16 | 27.45 | +24.2 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 154 | 154 | 172 | — | +5.7% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.12 | 0.11 | 0.11 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
FatPipe, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DAVA Endava PLC Sponsored ADR | $71.7M | — (loss-making) | — (loss-making) | +17.21% (above 0%: growing) | n/m | −136.07% (below 0%: shrinking) | 18.60% | (207.59%) | Compare |
| AGPU Axe Compute Inc. | $70.1M | — (loss-making) | — (loss-making) | +118,974.07% (above 0%: growing) | n/m | +221.90% (above 0%: growing) | 6.27% | (538.97%) | Compare |
| FATN FatPipe, Inc. | $64.6M | 9.2× | 12.4× | +22.10% (above 0%: growing) | n/m | −371.94% (below 0%: shrinking) | 89.97% | 17.47% | |
| AISP Airship AI Holdings, Inc. | $59.9M | 2.0× | — (loss-making) | +429.18% (above 0%: growing) | +40.00% (above 0%: growing) | +165.77% (above 0%: growing) | 56.22% | (9.00%) | Compare |
| VIVO Vivopower International Plc | $58.6M | — (loss-making) | — (loss-making) | −64.36% (below 0%: shrinking) | −30.77% (below 0%: shrinking) | −632.75% (below 0%: shrinking) | 7.63% | 0.00% | Compare |
| VERI Veritone, Inc. | $58.1M | — (loss-making) | — (loss-making) | +4.61% (above 0%: growing) | n/m | −31.94% (below 0%: shrinking) | 63.70% | (91.23%) | Compare |
| DVLT Datavault AI Inc. | $56.2M | — (loss-making) | — (loss-making) | +287.15% (above 0%: growing) | n/m | −956.82% (below 0%: shrinking) | 42.85% | (393.87%) | Compare |
| HOST Healthy Choice Wellness Corp. | $50.6M | — (loss-making) | — (loss-making) | −17.77% (below 0%: shrinking) | n/m | −215.75% (below 0%: shrinking) | 38.60% | (15.90%) | Compare |
| AIB AIB Data Centers Inc. | $50.0M | — (loss-making) | — | −35.21% (below 0%: shrinking) | n/m | −410.39% (below 0%: shrinking) | (17.74%) | (122.79%) | Compare |
| Median of peers | $58.3M | — | — | +10.91% | — | −175.91% | 28.60% | (107.01%) |