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FatPipe, Inc. (FATN) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of FatPipe, Inc. $3.79, price $5.25, upside -27.8%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Technology · US · ISIN US3119211007

FI FatPipe, Inc. logo Some data Sep 23, 2026

FatPipe, Inc.

FATN · US

Weak valuationQuality is weak on top of the rich price.

!Fair value $3.79 · Overvalued (−28%)
!Quality 50/100
!Expensive Growth (revenue 3y +6.7 %/yr)
✓Highly profitable · 25.9% net margin (TTM)
!Low debt · negative free cash flow
!Mixed vs. peers (6/12)
✓Wide moat 79/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$13.00 $1.45 Fair Value $3.79 Apr 2025 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

18‑month range $1.45 – $13.00 · fair‑value band $2.41 – $4.92 · the $5.25 price screens above the $3.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

FatPipe, Inc. develops application-aware, secure software-defined wide area network, secure access service edge, and network monitoring service (NMS) software solutions in the United States, India, and internationally.

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FatPipe, Inc. develops application-aware, secure software-defined wide area network, secure access service edge, and network monitoring service (NMS) software solutions in the United States, India, and internationally. The company offers SD-WAN, a network architecture solution that allows enterprises to utilize software and virtualization technologies to enhance the performance, security, and manageability of their WANs that connect offices, data centers, cloud applications, and cloud storage; SASE that provides virtual network functions, which combine networking and network security services into a single cloud-delivered solution; and NMS, a EnterpriseView reporting system for network monitoring that provides a platform to monitor an end-user's WAN and the performance of FatPipe devices under management. It also provides technical support services, professional, technology development, cyber security, and training services. In addition, the company offers its solutions to enterprises, communication service providers, security service providers, government organizations, and other middle-market companies. The company sells its software solutions through a subscription-based model through a network of distributors, value-added resellers, internet service providers, and other third parties. FatPipe, Inc. was incorporated in 2009 and is headquartered in Salt Lake City, Utah.

Stock analysis

FatPipe, Inc. Common Stock (FATN) currently trades at $5.25, while our model-based Fair Value estimate is $3.79, implying the stock looks roughly 38.5% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of $7.55 per share, and 7 of the 15 models we run sit above the $5.25 price.

Bear case: the Asset-Based group reads lowest at $1.20, and 8 of the 15 models stay below the price. Evidence for this calculation is medium.

Scenario range: $2.41 (bear) to $4.92 (bull), the price of $5.25 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 50/100 (solid quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

FatPipe, Inc. Common Stock reported revenue of $19.2M in FY2026 versus $12.4M in FY2022, a compound +11.6%/yr. Reported net income was $5.0M in FY2026, compounding +79.0%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.

Key figures

Market cap $73.5M · P/E ratio 15.0 · P/S ratio 3.88 · EPS (TTM) $0.3500 · Net margin 25.9% · Return on equity 24.2% · Return on assets (EBIT) 13.5% · Operating margin 30.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 34% below its 52-week high and 262% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −19% fair-value upside, at −28%, FATN screens richer than that median.

Fair Value models

Bear $2.41 Fair Value $3.79 Bull $4.92
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then ($0.1707 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EPV $1.72 $1.91 $2.07 74
Owner Earnings $3.77 $5.78 $8.58 73
ROIC Compounder $1.72 $1.99 $2.37 69
All 15 models by family
DCF Models
Owner Earnings $3.77 $5.78 $8.58 73
Earnings-Based
Graham-Dodd $2.41 $10.35 $14.15 61
Lynch FV $2.65 $3.79 $4.92 58
PEG = 1.0 $2.65 $3.79 $4.92 55
EPV $1.72 $1.91 $2.07 74
Multiples
P/E Multiple $7.44 $9.92 $12.40 63
P/S Multiple $4.52 $6.02 $7.53 58
P/B Multiple $4.52 $6.02 $7.53 55
EV/EBIT $4.68 $6.21 $7.75 66
EV/EBITDA $3.88 $5.15 $6.42 67
EV/Revenue $2.40 $3.40 $4.40 54
Asset-Based
NCAV (Graham) $0.9000 $1.20 $1.80 54
Economic Profit
Residual Income $1.83 $2.42 $6.36 59
ROIC Compounder $1.72 $1.99 $2.37 69
Growth Earnings
Growth-Adj P/E $5.28 $7.55 $9.81 65

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Quality Score breakdown

Overall quality 50/100

Of which business quality 48 · Market factors (momentum, volatility) 31

Profitability 74
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 3
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 29
Distance to the 52-week high (market factor)
Net Issuance 39
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 51/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+17.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.7%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +58.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+58.8%
Dividend (yield on the price)0.0%
Profit margin 2022 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−2% → 19%
⚠ Approximate: the rate leans on 2026, which sits 68% above its own trend.

FATN screens 39% overvalued. Compare with Microsoft Corporation →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 382 stocks

Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside −28% · Below median
Profitability
Return on equity (TTM) 24% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 26% · Top 25%
Operating margin (TTM) 30% · Top 25%
Growth and dividend
Revenue growth 90% · Top 25%
Balance sheet
Debt / equity 0.17× · Above median

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/E (TTM) 15.0× · Cheaper than median
P/B 2.92× · Pricier than median
P/S (TTM) 3.83× · Pricier than median
EV/EBITDA 18.3× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 16
FUTURE (revenue growth)100 · sector 48
PAST (return on equity)97 · sector 18
HEALTH (low debt)92 · sector 97
DIVIDEND (yield)0 · sector 33

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Palo Alto Networks, Inc PANW $374.57 $114.50 −69%
CrowdStrike Holdings CRWD $250.06 $35.15 −86%
Fortinet, Inc FTNT $174.26 $164.92 −5%
Synopsys, Inc SNPS $409.24 $250.04 −39%
Block, Inc XYZ $77.53 $101.29 +31%
CoreWeave, Inc CRWV $86.76 $71.79 −17%
NetApp, Inc NTAP $192.91 $157.18 −19%

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FatPipe, Inc. Common Stock · Fair Value
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Cite: Fair Value Calculator (2026). "FatPipe, Inc. Common Stock Fair Value". https://www.fairvalue-calculator.com/stock/FATN

Frequently asked questions

Is FatPipe, Inc. (FATN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $3.79 versus a price of $5.25, about −28% upside (overvalued).
What is the fair value of FATN?
Our model-based fair value for FatPipe, Inc. Common Stock is $3.79 (as of Sep 23, 2026), built from audited fundamentals. The current price: $5.25.
What is the quality score of FATN?
FatPipe, Inc. Common Stock has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for FatPipe, Inc. (FATN)?
Our model-based price target is the fair value of $3.79 (as of Sep 23, 2026) from 15 valuation models. Cautious scenario $2.41, optimistic scenario $4.92. It is a calculation from audited fundamentals, not an analyst target.
What is the FatPipe, Inc. Common Stock stock forecast for 2026?
Our models put fair value at $3.79, about −28% upside versus a price of $5.25 (overvalued). Cautious scenario $2.41, optimistic scenario $4.92. The calculation is refreshed regularly with new filings.
What is the revenue of FatPipe, Inc. (FATN)?
FatPipe, Inc. Common Stock reported trailing-twelve-month revenue of about $19.2M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of FatPipe, Inc. (FATN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FatPipe, Inc. Common Stock it is $3.79 per share (as of Sep 23, 2026), against a price of $5.25. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is FatPipe, Inc. Common Stock stock overvalued or undervalued in 2026?
As of Sep 23, 2026, FATN trades above its calculated fair value: price $5.25, fair value $3.79, a gap of about −28% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FATN?
No. The price is what the market pays today ($5.25); the fair value is what the company's own numbers justify ($3.79). For FatPipe, Inc. Common Stock the two are $1.46 per share apart. That gap is exactly why we show both numbers side by side.
How much is FatPipe, Inc. Common Stock worth?
The market values FatPipe, Inc. Common Stock at about $73.5M (market capitalisation, as of Sep 23, 2026). Per share that is $5.25; our models calculate a fair value of $3.79 per share.
What do the bullish and bearish scenarios say about FATN?
Our models span a range for FatPipe, Inc. Common Stock: cautious scenario $2.41, base $3.79, optimistic $4.92 per share (as of Sep 23, 2026, price $5.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FATN?
FatPipe, Inc. Common Stock trades at a price-to-earnings ratio of 15.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $3.79 is built from several models across several years. Other multiples: P/B 2.9, P/S 3.8, EV/EBITDA 18.3.
How solid is the balance sheet of FatPipe, Inc. (FATN)?
Balance-sheet figures for FatPipe, Inc. Common Stock (as of Sep 23, 2026): return on equity 24.2%, debt of 0.17 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is FATN from its 52-week high?
FatPipe, Inc. Common Stock trades at $5.25, about 34% below its 52-week high of $7.96 and 262% above the low of $1.45 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $3.79 is for.
Which stocks are comparable to FatPipe, Inc. Common Stock?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is FatPipe, Inc. Common Stock stock attractive at the current price?
The data as of Sep 23, 2026: price $5.25, calculated fair value $3.79 (−28%), Quality Score 50/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FATN calculated?
We run FatPipe, Inc. Common Stock through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $3.79, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. FatPipe, Inc. Common Stock itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of FatPipe, Inc. (FATN)?
The closing price on Sep 23, 2026 was $5.25. Our model-based fair value is $3.79, about −28% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FatPipe, Inc. Common Stock right now?
The price sits above even our optimistic bull case ($4.92). The favourable scenario is already priced in. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($2.41 to $4.92) leaves room in how you read the outcome.

Key figures of FatPipe, Inc. Common Stock

How large is the market capitalisation of FatPipe, Inc. (FATN)?
The market capitalisation of FatPipe, Inc. Common Stock is $73.5M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of FatPipe, Inc. (FATN)?
The price-to-sales ratio of FatPipe, Inc. Common Stock is 3.88 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of FatPipe, Inc. (FATN)?
Earnings per share at FatPipe, Inc. Common Stock are $0.3500 (price ÷ EPS = P/E 15.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of FatPipe, Inc. (FATN)?
The net margin of FatPipe, Inc. Common Stock is 25.9% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of FatPipe, Inc. (FATN)?
The return on equity (ROE) of FatPipe, Inc. Common Stock is 24.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of FatPipe, Inc. (FATN)?
On an EBIT basis the return on assets of FatPipe, Inc. Common Stock is 13.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of FatPipe, Inc. (FATN)?
The operating margin of FatPipe, Inc. Common Stock is 30.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FatPipe, Inc. (FATN)?
Revenue at FatPipe, Inc. Common Stock is growing +90.4% versus a year earlier (3y avg +6.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at FatPipe, Inc. (FATN)?
Earnings per share at FatPipe, Inc. Common Stock are growing +328% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does FatPipe, Inc. (FATN) generate?
The free cash flow of FatPipe, Inc. Common Stock is −$833K (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does FatPipe, Inc. (FATN) carry?
The net debt of FatPipe, Inc. Common Stock is $493K (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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