Does Fatpipe Inc/UT have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores Fatpipe Inc/UT (FATN) 72.6 out of 100 — a Narrow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 76, balance-sheet safety 72, capital discipline 26.

Is FATN stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 2% assumed growth, capped at 4%), estimated intrinsic value is $5.41 per share versus a recent price of $4.54 — 16% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has FATN's Moat Score changed over time?

The record logs 1 reading since Jul 18, 2026; the latest reads 72.6 out of 100 (narrow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Fatpipe Inc/UT

FATN · Technology · $63.7M mkt cap · FY2026 filings · Narrow moat ·

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power100

Median gross margin 93.5% over 3y, very stable.

Returns on capital76

Median ROIC 14.6%, above the 9% hurdle in 100% of years.

Balance-sheet safety72

Net cash position — no leverage risk.

Capital discipline26

Owner earnings +2.3%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

16% below value

Owner earnings (normalized): $5.0M
Est. intrinsic value / share: $5.41
Recent price: $4.54
Discount to value: 16% below value

Conservative model: 9% discount rate, 2% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

4 years of fundamentals

The business, in plain English

Fatpipe Inc/UT booked $19.2M of revenue in FY2026 in the Technology sector and kept 91.0% of it as gross profit — a high-margin business by that measure. After every other cost, 25.9% of each revenue dollar reached the bottom line.

It earned 14.6% on invested capital in FY2026, with a median of 14.6% across 3 filed years. The Returns on Capital filter above scores it 76/100.

The balance sheet carried $4.6M of total debt in FY2026 against $5.3M of owner earnings — roughly 0.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 72/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Capital Discipline the weakest (26/100), which is how FATN lands at 73/100 — a Narrow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$19.2M FY2026

Gross marginRevenue kept after cost of goods91.0% FY2026

Return on invested capitalOperating profit on the capital employed14.6% FY2026

Owner earningsCash an owner could take out$5.3M FY2026

Gaps in a line mean that item isn’t in FATN’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale72.6 / 100

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FATN has read Narrow moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How Fatpipe Inc/UT’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored FATN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, FATN did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#77 of 579 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#75ALRM ALARM.COM HOLDINGS, INC.72.8 out of 100, Narrow moatNarrow moat
#76FN FABRINET72.6 out of 100, Narrow moatNarrow moat
#78KFRC Kforce Inc72.5 out of 100, Narrow moatNarrow moat
#79HUBB HUBBELL INC72.2 out of 100, Narrow moatNarrow moat

Compare FATN with its nearest peers →All Technology companies on the Index →

Common questions about FATN

Does Fatpipe Inc/UT have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores Fatpipe Inc/UT (FATN) 72.6 out of 100 — a Narrow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 76, balance-sheet safety 72, capital discipline 26.
Is FATN stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 2% assumed growth, capped at 4%), estimated intrinsic value is $5.41 per share versus a recent price of $4.54 — 16% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has FATN's Moat Score changed over time?: The record logs 1 reading since Jul 18, 2026; the latest reads 72.6 out of 100 (narrow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows FATN’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/FATN"
  width="340" height="150" style="border:0"
  title="FATN Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FATN. See the disclaimer.