WallStSmart

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

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Fortinet Inc generates 36974% more annual revenue ($7.53B vs $20.30M). FTNT leads profitability with a 28.2% profit margin vs 26.8%. FATN trades at a lower P/E of 15.4x. FTNT earns a higher WallStSmart Score of 73/100 (B).

FATN

Buy

57

out of 100

Grade: C

Growth: 8.0Profit: 8.0Value: 6.0Quality: 9.0
Piotroski: 4/9Altman Z: 3.64

FTNT

Strong Buy

73

out of 100

Grade: B

Growth: 8.7Profit: 9.5Value: 5.3Quality: 6.0
Piotroski: 5/9Altman Z: 1.50
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

Intrinsic value data unavailable for FATN.

FTNTUndervalued (+43.5%)

Margin of Safety

+43.5%

Fair Value

$276.16

Current Price

$156.07

$120.09 discount

UndervaluedFair: $276.16Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

FATN6 strengths · Avg: 9.0/10
EPS GrowthGrowth
74.0%10/10

Earnings expanding 74.0% YoY

Altman Z-ScoreHealth
3.6410/10

Safe zone — low bankruptcy risk

Profit MarginProfitability
26.8%9/10

Keeps 27 of every $100 in revenue as profit

Debt/EquityHealth
0.219/10

Conservative balance sheet, low leverage

P/E RatioValuation
15.4x8/10

Attractively priced relative to earnings

Price/BookValuation
3.0x8/10

Reasonable price relative to book value

FTNT6 strengths · Avg: 9.0/10
Return on EquityProfitability
136.7%10/10

Every $100 of equity generates 137 in profit

Operating MarginProfitability
33.6%10/10

Strong operational efficiency at 33.6%

Market CapQuality
$114.51B9/10

Large-cap with strong market position

Profit MarginProfitability
28.2%9/10

Keeps 28 of every $100 in revenue as profit

Revenue GrowthGrowth
25.6%8/10

Revenue surging 25.6% year-over-year

EPS GrowthGrowth
43.9%8/10

Earnings expanding 43.9% YoY

Areas to Watch

FATN2 concerns · Avg: 2.5/10
Market CapQuality
$86.89M3/10

Smaller company, higher risk/reward

Free Cash FlowQuality
$-683,5672/10

Negative free cash flow — burning cash

FTNT4 concerns · Avg: 3.0/10
PEG RatioValuation
1.744/10

Expensive relative to growth rate

Altman Z-ScoreHealth
1.504/10

Distress zone — elevated risk

P/E RatioValuation
56.1x2/10

Premium valuation, high expectations priced in

Price/BookValuation
74.0x2/10

Trading at 74.0x book value

Comparative Analysis Report

WallStSmart Research

Bull Case : FATN

The strongest argument for FATN centers on EPS Growth, Altman Z-Score, Profit Margin. Profitability is solid with margins at 26.8% and operating margin at 17.9%. Revenue growth of 27.8% 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 28.2% and operating margin at 33.6%. Revenue growth of 25.6% 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 PEG Ratio, Altman Z-Score, P/E Ratio. A P/E of 56.1x leaves little room for execution misses.

Key Dynamics to Monitor

FATN is growing revenue faster at 27.8% — sustainability is the question.

FTNT generates stronger free cash flow (966M), providing more financial flexibility.

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

Bottom Line

FTNT scores higher overall (73/100 vs 57/100), backed by strong 28.2% margins and 25.6% 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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