FatPipe, Inc. (FATN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-57.1%

$2.14

vs $5.00 price

Levered DCF

-$0.68

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

6.76

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	6.78×	86.67×	40.63×	61.9×	370.37×
P/B	1.34×	10.5×	12.8×	19.1×	27.26×
P/S	1.76×	10.26×	9.99×	11.33×	14.44×
EV / EBITDA	7.94×	41.03×	27.29×	47.13×	173.02×
Gross margin	91.0%	93.5%	94.0%	93.0%	94.4%
Operating margin	18.7%	21.3%	31.6%	20.5%	-1.8%
Net margin	25.9%	12.1%	24.4%	18.4%	3.9%
Current ratio	3.85×	2×	1.98×	1.83×	1.98×
Debt / equity	0.23×	0.41×	0.2×	0.28×	0.14×
Interest coverage	7.56×	10.52×	18.66×	30.24×	-7.17×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	19.7%	12.3%	31.3%	31.1%	7.4%
Return on invested capital	11.6%	9.1%	25.4%	24.4%	-2.7%
Return on assets	14.4%	7.0%	20.4%	18.5%	4.5%
Free cash flow yield	-2.5%	-0.3%	-0.2%	-1.1%	-0.1%
Earnings yield	14.7%	1.2%	2.4%	1.6%	0.3%
Enterprise value	$34.4M	$170.8M	$180.1M	$180.5M	$178.5M
Net debt / EBITDA	0.11×	0.88×	0.26×	0.41×	-0.42×
Cash conversion cycle (days)	215	195	50	149	429