WallStSmart

FatPipe, Inc. Common Stock (FATN)vsFortinet Inc (FTNT)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Fortinet Inc generates 36913% more annual revenue ($7.11B vs $19.21M). FTNT leads profitability with a 27.5% profit margin vs 25.9%. FATN trades at a lower P/E of 17.5x. FTNT earns a higher WallStSmart Score of 67/100 (B-).

FATN

Buy

63

out of 100

Grade: C+

Growth: 8.7Profit: 8.5Value: 6.0Quality: 9.0
Piotroski: 4/9Altman Z: 3.64

FTNT

Strong Buy

67

out of 100

Grade: B-

Growth: 8.0Profit: 9.5Value: 4.7Quality: 5.5
Piotroski: 5/9Altman Z: 1.50
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

Intrinsic value data unavailable for FATN.

FTNTUndervalued (+45.4%)

Margin of Safety

+45.4%

Fair Value

$265.15

Current Price

$149.67

$115.48 discount

UndervaluedFair: $265.15Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

FATN6 strengths · Avg: 9.7/10
Operating MarginProfitability
30.2%10/10

Strong operational efficiency at 30.2%

Revenue GrowthGrowth
90.4%10/10

Revenue surging 90.4% year-over-year

EPS GrowthGrowth
327.7%10/10

Earnings expanding 327.7% YoY

Altman Z-ScoreHealth
3.6410/10

Safe zone — low bankruptcy risk

Profit MarginProfitability
25.9%9/10

Keeps 26 of every $100 in revenue as profit

Debt/EquityHealth
0.239/10

Conservative balance sheet, low leverage

FTNT6 strengths · Avg: 9.0/10
Return on EquityProfitability
197.5%10/10

Every $100 of equity generates 197 in profit

Operating MarginProfitability
31.3%10/10

Strong operational efficiency at 31.3%

Market CapQuality
$109.06B9/10

Large-cap with strong market position

Profit MarginProfitability
27.5%9/10

Keeps 28 of every $100 in revenue as profit

Revenue GrowthGrowth
20.1%8/10

Revenue surging 20.1% year-over-year

EPS GrowthGrowth
28.6%8/10

Earnings expanding 28.6% YoY

Areas to Watch

FATN2 concerns · Avg: 2.5/10
Market CapQuality
$85.97M3/10

Smaller company, higher risk/reward

Free Cash FlowQuality
$-921,0402/10

Negative free cash flow — burning cash

FTNT4 concerns · Avg: 2.5/10
Altman Z-ScoreHealth
1.504/10

Distress zone — elevated risk

PEG RatioValuation
3.322/10

Expensive relative to growth rate

P/E RatioValuation
57.7x2/10

Premium valuation, high expectations priced in

Price/BookValuation
110.9x2/10

Trading at 110.9x book value

Comparative Analysis Report

WallStSmart Research

Bull Case : FATN

The strongest argument for FATN centers on Operating Margin, Revenue Growth, EPS Growth. Profitability is solid with margins at 25.9% and operating margin at 30.2%. Revenue growth of 90.4% demonstrates continued momentum.

Bull Case : FTNT

The strongest argument for FTNT centers on Return on Equity, Operating Margin, Market Cap. Profitability is solid with margins at 27.5% and operating margin at 31.3%. Revenue growth of 20.1% demonstrates continued momentum.

Bear Case : FATN

The primary concerns for FATN are Market Cap, Free Cash Flow.

Bear Case : FTNT

The primary concerns for FTNT are Altman Z-Score, PEG Ratio, P/E Ratio. A P/E of 57.7x leaves little room for execution misses.

Key Dynamics to Monitor

FATN is growing revenue faster at 90.4% — sustainability is the question.

FTNT generates stronger free cash flow (1.0B), providing more financial flexibility.

Monitor SOFTWARE - INFRASTRUCTURE industry trends, competitive dynamics, and regulatory changes.

Bottom Line

FTNT scores higher overall (67/100 vs 63/100), backed by strong 27.5% margins and 20.1% revenue growth. Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

FatPipe, Inc. Common Stock

TECHNOLOGY · SOFTWARE - INFRASTRUCTURE · USA

FatPipe, Inc. develops secure software-defined wide area network (SD-WAN), secure access service edge (SASE), and network monitoring service (NMS) software solutions for organizations in the United States and internationally. The company is headquartered in Salt Lake City, Utah.

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Fortinet Inc

TECHNOLOGY · SOFTWARE - INFRASTRUCTURE · USA

Fortinet (Nasdaq: FTNT) is an American multinational corporation headquartered in Sunnyvale, California. It develops and sells cybersecurity solutions, including but not limited to physical products such as firewalls, plus software and services such as anti-virus protection, intrusion prevention systems and endpoint security components.

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