FatPipe

FATN

Software - Infrastructure · Technology

Exchange

NASDAQ Capital Market

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Weak

Stability

Strong

Valuation

Strong

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Winston Score History

The full picture

FatPipe, Inc. is a networking software company that helps businesses connect multiple internet lines together so their networks stay fast and reliable. Its core products include WAN optimization and SD-WAN software, which let companies combine several internet connections into one stronger, more stable link. The main customers are mid-sized businesses, government agencies, and organizations that cannot afford their network to go down.

FatPipe makes money by selling software licenses and support subscriptions to its customers. It operates primarily in the United States and holds several patents on its core network-bonding technology, which gives it some protection against larger competitors. The company is small, with a market cap around $100 million, but its high gross margins suggest the software itself is profitable to deliver. The key risk is competition from much larger networking vendors like Cisco and VMware, which have far greater resources to develop and market similar SD-WAN solutions.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+129.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

54.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 years

$21M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$21M cash & investments at current burn rate

Revenue accelerating

FatPipe grew revenue 129% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

92.2%

Premium pricing power — 92.2% gross margin

Profit after running costs

Operating Margin

17.9%

Healthy — 17.9% operating margin

Return on the money invested

ROCE

11.1%

Below par — 11.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+45.2%

Fast-growing sales (+45.2% YoY)

Profit growth

EPS YoY

+246.2%

Earnings growing fast (+246.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/7 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-17%

Weak — only -17% of profit becomes cash

Spare cash per sale

FCF Margin

-4.8%

Burning cash (-4.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.19

Conservative — low debt load (0.19)

Covers its interest

Interest Cover

6.97x

Adequate interest coverage (7.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.7x

no trend

Fair value — P/E 15.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+7.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.7 → 8.6)

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Dividends

Not applicable for this business.

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