Fatpipe Inc/UT earns about 21% on invested capital, but has diluted owners by 13% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $3.12 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue | $17.9M1 | $16.3M2 | $19.2M2 |
| Net income | $4.37M3 | $1.97M4 | $4.97M4 |
| Operating cash flow | −$363,4255 | −$504,1246 | −$780,3936 |
| Capital expenditure | $19,1887 | $19,7628 | $52,4838 |
| Free cash flow (derived) | −$382,6135,7 | −$523,8866,8 | −$832,8766,8 |
| Total debt | — | $4.99M9,10 | $4.62M11 |
| Cash & equivalents | $1.11M12 | $2.92M12 | $5.21M13 |
| Diluted shares | 12.4M | 12.9M | 14.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $18 of net worth that earned you $3.55 and generated −$0.59 of cash last year, against $3.3 of debt.
It earned an average 21% on invested capital over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 13% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$4.37M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2025-06-30 · period ending 2024-03-31 · accession 0001641172-25-017162 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-05-18 · periods ending 2025-03-31, 2026-03-31 · accession 0001493152-26-024184 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-06-30 · period ending 2024-03-31 · accession 0001641172-25-017162 (NetIncomeLoss)
- 10-K filed 2026-05-18 · periods ending 2025-03-31, 2026-03-31 · accession 0001493152-26-024184 (NetIncomeLoss)
- 10-K filed 2025-06-30 · period ending 2024-03-31 · accession 0001641172-25-017162 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-05-18 · periods ending 2025-03-31, 2026-03-31 · accession 0001493152-26-024184 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-06-30 · period ending 2024-03-31 · accession 0001641172-25-017162 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-05-18 · periods ending 2025-03-31, 2026-03-31 · accession 0001493152-26-024184 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-06-30 · period ending 2025-03-31 · accession 0001641172-25-017162 (LongTermDebt)
- 10-K filed 2025-06-30 · period ending 2025-03-31 · accession 0001641172-25-017162 (ShortTermBorrowings)
- 10-K filed 2026-05-18 · period ending 2026-03-31 · accession 0001493152-26-024184 (LongTermDebt)
- 10-K filed 2025-06-30 · periods ending 2024-03-31, 2025-03-31 · accession 0001641172-25-017162 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-05-18 · period ending 2026-03-31 · accession 0001493152-26-024184 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)