MeritValue

Fatpipe Inc/UT

FATNdata completeness 100%3 fiscal years on file
The thesis, from the filings

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 $3.23 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025FY 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−$523,8866−$832,8766
Total debt—$5.32M9$5.02M10
Cash & equivalents$1.11M11$2.92M11$5.21M12
Diluted shares12.4M12.9M14.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$18
your share of equity
Profit it earned you last year
$3.55
Free cash flow it threw off
−$0.59
Debt you’d be carrying
$3.58

10 shares is a claim on $18 of net worth that earned you $3.55 and generated −$0.59 of cash last year, against $3.58 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
21% avg · 3y
FY24 34%FY25 12%FY26 16%

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 →
Management signal · capital allocation
+13% shares · 3y

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.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$3.23
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.37M
  • growthAssumed0.0%
Graham Number
$3.77
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-03-31 · accession 0001641172-25-017162 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-03-31 · accession 0001493152-26-024184 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001641172-25-017162 (NetIncomeLoss)
  4. 10-K · period ending 2025-03-31 · accession 0001493152-26-024184 (NetIncomeLoss)
  5. 10-K · period ending 2024-03-31 · accession 0001641172-25-017162 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2025-03-31 · accession 0001493152-26-024184 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-03-31 · accession 0001641172-25-017162 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2025-03-31 · accession 0001493152-26-024184 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2025-03-31 · accession 0001641172-25-017162 (LongTermDebtCurrent)
  10. 10-K · period ending 2026-03-31 · accession 0001493152-26-024184 (LongTermDebtCurrent)
  11. 10-K · period ending 2024-03-31 · accession 0001641172-25-017162 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2026-03-31 · accession 0001493152-26-024184 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)