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FatPipe, Inc. (FATN)

Nasdaq: FATN · Services-Prepackaged Software · Salt Lake City, UT · filing with the SEC since 2023
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Grade5.5
◀ Past 4.2● Present 6.2▶ Future 5.7
2 est.
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The grade of FatPipe, Inc.

Nine metrics read from its own filings, by tense
Headline grade
5.5/10
◀ Past4.225% of the headline
● Present6.235% of the headline
▶ Future5.740% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

4.2/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed
7.3/10

Has it survived what it has been through?

No warning events in its filings since 2023.

weight 22% of this tense · 73rd percentile among 230 sector filers · read for itself

From the record

FatPipe, Inc.'s filings since 2023 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
4.0/10

What has it actually done, year after year?

+3.7% a year over 3 filed years; profitable in 3 of 3.

weight 45% of this tense · 40th percentile among 213 sector filers · read for its customers

From the record

FatPipe, Inc.'s 3 filed years say what it did: revenue went from $18 million in fiscal 2024 to $19 million in fiscal 2026, up 3.7% a year; it rose in 1 of 2 years; the deepest fall was 9% from fiscal 2024 to fiscal 2025; net income was positive in 3 of 3 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span3.7%bottom 20% of its family
  • the share of years revenue rosebottom 14% of its family
  • the share of filed years with a profittop 7% of its family
  • the deepest fall from a revenue peak8.8%bottom 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
2.4/10

How has it treated the people who own it?

Share count grew 6.1% a year. 0% of cash flow returned. Insiders: 0 sales, 1 purchases.

weight 33% of this tense · 24th percentile among 152 sector filers · read for its shareholders

From the record

Over the 2 fiscal years to 2026-03-31, FatPipe, Inc.'s diluted share count grew about 6.1% a year, and dividends and buybacks returned about 0% of its net income over 3 years (its filed statements). Its officers and directors filed 0 sales and 1 purchase of their own stock on the open market in the year to 2026-11-06, buying about $29 thousand (their Form 4 filings).

What it rests on

  • the share count over the yearsbottom 34% of its family
  • cash returned against operating cash flowbottom 14% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

6.2/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
6.7/10

Is it financially healthy right now?

ROE 20%: 20¢ of profit per shareholder dollar. Leverage 27%: owes 27¢ per asset dollar.

weight 45% of this tense · 67th percentile among 217 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2026-03-31, FatPipe, Inc. earned about 20 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 51 cents per dollar of everything the company owns. Leverage: it owed about 27 cents per dollar of assets, and net share issuance: its share count grew 8.9% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 24% of its family
  • return on equitytop 16% of its family
  • gross profit against assetstop 21% of its family
  • the share count against the year beforebottom 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
4.6/10

How strong is its position in its industry?

bottom 46% of 218 in its family; net margin 25.9%.

weight 33% of this tense · 46th percentile among 218 sector filers · read for its customers

From the record

FatPipe, Inc.'s standing among 218 graded names in its industry family: revenue of $19 million in fiscal 2026 ranks in the bottom 18% by size; a net margin of 25.9% ranks in the top 9%; revenue growth of 3.7% a year over the last 2 filed years ranks in the bottom 28% (its annual reports).

What it rests on

  • revenue against the family$19.2Mbottom 18% of its family
  • net margin25.9%top 9% of its family
  • three-year revenue growth3.7%bottom 28% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
7.7/10

What are the people in charge doing?

SI estimate 7.7/10, confidence 35 of 100 (one part).

weight 22% of this tense · 77th percentile among 167 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the top 23% of 167 in its family; the record of its people begins on 2025-04-10 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 1.6 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read
The record of its people begins on 2025-04-10 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 1.6 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned
one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 167 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: FatPipe, Inc.'s leadership is put at 7.7 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the top 23% of 167 in its family; the record of its people begins on 2025-04-10 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 1.6 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.7/1040% of the headline grade · 2 of 3 filed, 1 estimated

Room to expand

as filed
4.2/10

How much room does it have to grow?

bottom 42% of 216 in its family for room to expand.

weight 22% of this tense · 42nd percentile among 216 sector filers · read for itself

From the record

FatPipe, Inc.'s room to grow, from the newest filed statements (fiscal 2026): cash of $5 million against debt of $5 million leaves 1.7% of its assets as net cash, bottom 26% of its family; cash from operations less capital spending is -4.3% of revenue (bottom 27%); a gross margin of 91% (top 2%); research spending of 9.9% of revenue (bottom 17%) (its annual report).

What it rests on

  • cash less debt against assets1.7%bottom 26% of its family
  • cash from operations less capital spending against revenue-4.3%bottom 27% of its family
  • gross margin91.0%top 2% of its family
  • research spending against revenue9.9%bottom 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
7.0/10

What could actually drive growth from here?

top 30% of 213 in its family for growth drivers.

weight 45% of this tense · 70th percentile among 213 sector filers · read for its customers

From the record

FatPipe, Inc.'s growth drivers, from the filed years to fiscal 2026: revenue grew 3.7% a year over the last three filed years against 3.7% over all 3, speeding up (top 27% of its family); the newest year grew 17.9% (top 35%); research spending grew 6.6% a year (bottom 49%); capital spending grew 65.4% a year (top 9%) (its annual reports). FatPipe, Inc. reported 3 product lines in fiscal 2026: Product at $13 million (68%), Service at $4 million (20%), Consulting at $2 million (13%); 2 of 3 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span+0.0 points a yeartop 27% of its family
  • the newest year's revenue growth17.9%top 35% of its family
  • three-year growth of research spending6.6%bottom 49% of its family
  • three-year growth of capital spending65.4%top 9% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

SI estimate
5.1/10

Did its newest year beat what its own record pointed to?

SI estimate 5.1/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 194 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 194 members with one.
What the record cannot read
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned
family median, 194 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: FatPipe, Inc.'s expectations vs reality is put at 5.1 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 194 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton FATN · research, not advice