Forensic Analysis · Technology / Software · as of Aug 2, 2026
Fatpipe Inc (FATN)
A forensic read on Fatpipe Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
7.4
Altman Z-score
Watch
Earnings quality
4
Forensic signals
19.7%
ROE
17.9%
Revenue growth
Financial health / Altman Z-score above is based on book value, not market value — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Fatpipe Inc earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 7.4, placing it in the Safe zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-0.19×
FY2025–FY2026
Cash conversion.Over FY2025–FY2026, operating cash flow was -0.19× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+49.1%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +49.1% relative to their own average in FY2026 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +65% against revenue +18% and receivables up +14% against revenue +18%. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 24% of net operating assets.
+8.9%/yr
FY2025–FY2026
Share-count dilution.Diluted share count changed +9% over the last 1 year to FY2026 (+8.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2025 has been diluted ~8%.
10.5%
FY2026
Return on invested capital.Return on invested capital is 10.5% in the latest fiscal year and steady — around its ~10% cost of capital, so growth is roughly value-neutral.
Key fundamentals
Latest Revenue$19.2M
Revenue Growth YoY+17.9%
Net Margin25.9%
Free Cash Flow-$832,876.00
Return on Equity19.7%
Debt / Equity0.20x
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Fatpipe Inc:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FATN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown