FatPipe, Inc. (FATN) vs Usio Inc (USIO)

FatPipe, Inc. and Usio Inc are both Software Infrastructure companies. FatPipe, Inc. is the larger, with a market value of $77.0M against $65.0M — 1.2× the size. Usio Inc has negative trailing earnings, so its P/E is not meaningful; FatPipe, Inc. trades at 13.4×. FatPipe, Inc. grew revenue faster over the last twelve months: 23.2% against 10.4%. FatPipe, Inc. has the higher net margin (26.8% vs −1.63%) and the higher return on invested capital (8.27% vs −5.13%). Across the 18 metrics below, FatPipe, Inc. leads on 14 and Usio Inc on 4.

Valuation

Metric FATN USIO Software Infrastructure median
P/E 13.38 n/m 28.02
P/S 3.69 0.70 3.07
P/B 2.82 3.45 3.36
Price to free cash flow n/m n/m 17.12
EV/EBITDA 19.60 158.24 14.91
EV/Sales 3.68 0.64 3.03
Earnings yield 7.47% (2.19%) 0.13%
Free cash flow yield (1.29%) (1.76%) 1.15%

Profitability

Metric FATN USIO Software Infrastructure median
Gross margin 90.68% 22.26% 61.23%
Operating margin 17.18% (1.21%) 0.00%
Net margin 26.80% (1.63%) 0.00%
Free cash flow margin (4.75%) (1.23%) 1.67%
Return on equity 23.20% (8.04%) 0.59%
Return on assets 16.12% (1.30%) 0.00%
Return on invested capital 8.27% (5.13%) 0.00%

Growth

Metric FATN USIO Software Infrastructure median
Revenue growth (TTM) 23.24% 10.39% 13.41%
EPS growth (last fiscal year) 130.41% (175.00%) —
Revenue growth, 5-year CAGR — 21.50% 15.81%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric FATN USIO Software Infrastructure median
Debt to equity 0.16 0.07 0.06
Current ratio 3.98 1.10 1.55
Net debt to EBITDA (0.25) 14.68 0.08

Dividend

Metric FATN USIO Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio — 0.00 0.00

Size

Metric FATN USIO Software Infrastructure median
Market cap 77.00m 64.97m 835.96m

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