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FAT

FAT Brands Inc.

FAT

FAT Brands Inc. • NASDAQ
$0.55 ▲ 3.13% (+0.02)
Market Cap $9.90 M
52w High $4.10
52w Low $0.36
Dividend Yield 2.60%
P/E -0.04
Volume 142.43K
Outstanding Shares 18.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $140.009M ▼ $54.829M ▼ $-58.219M ▼ -41.582% ▼ $-3.39 ▼ $-8.927M ▼
Q2-2025 $146.836M ▲ $64.336M ▲ $-54.188M ▼ -36.904% ▼ $-3.17 ▼ $-7.161M ▼
Q1-2025 $142.019M ▼ $43.412M ▼ $-45.969M ▲ -32.368% ▲ $-2.73 ▲ $1.711M ▲
Q4-2024 $145.28M ▲ $75.581M ▲ $-67.417M ▼ -46.405% ▼ $-4.08 ▼ $-30.707M ▼
Q3-2024 $143.365M $45.374M $-44.755M -31.218% $-2.74 $1.651M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $14.017M ▲ $1.211B ▼ $1.804B ▲ $-585.824M ▼
Q2-2025 $7.648M ▼ $1.248B ▼ $1.791B ▲ $-536.459M ▼
Q1-2025 $12.15M ▼ $1.274B ▼ $1.773B ▲ $-493.936M ▼
Q4-2024 $23.383M ▲ $1.289B ▼ $1.745B ▲ $-455.712M ▼
Q3-2024 $16.837M $1.34B $1.726B $-386.15M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-55.369M ▼ $-26.907M ▼ $-2.403M ▼ $13.889M ▲ $-15.421M ▼ $-29.31M ▼
Q1-2025 $-46.311M ▲ $-13.217M ▼ $-24K ▲ $5.193M ▼ $-8.048M ▼ $-17.763M ▼
Q4-2024 $-67.417M ▼ $-10.41M ▼ $-504K ▲ $11.559M ▲ $645K ▲ $-11.001M ▲
Q3-2024 $-44.755M ▼ $-3.221M ▲ $-7.787M ▲ $4.639M ▲ $-6.369M ▲ $-11.093M ▲
Q2-2024 $-39.359M $-14.214M $-10.13M $1.625M $-22.727M $-24.426M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advertising
Advertising
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Factory
Factory
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Franchisor
Franchisor
 $0 ▲$0 ▲$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Restaurant Sales
Restaurant Sales
 $100.00M ▲$100.00M ▲$100.00M ▲$100.00M ▲
Royalty
Royalty
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown quickly over the past few years, but consistent profits have not followed. Gross profit has plateaued recently, and operating results have swung between slightly positive and slightly negative. After interest and other costs, bottom-line losses remain sizeable and have actually widened in the most recent year. In simple terms, the company is getting bigger, but it has not yet turned that scale into steady, sustainable profitability.

Balance Sheet

Balance Sheet The balance sheet shows a highly leveraged business. Total debt is very large relative to the size of the company, equity is negative, and the cash cushion is thin. This structure reflects the acquisition-heavy strategy but also adds financial risk and sensitivity to interest costs or any downturn in performance. There is not a lot of balance-sheet room for error, so ongoing access to financing and careful debt management are critical.

Cash Flow

Cash Flow Cash generation is a weak spot. Operating cash flow has generally been negative, and after even modest investment spending, free cash flow has been consistently in the red. That means the business has been relying on outside funding rather than paying for its own growth from internal cash. Until operating cash flows turn consistently positive, the overall financial profile will remain strained.

Competitive Edge

Competitive Edge FAT Brands has built a broad, diversified portfolio of restaurant concepts using an asset-light, franchise-focused model. Its scale across many brands, cuisines, and formats can help smooth out regional or trend-driven swings. The co-branding strategy—multiple concepts in one location—offers a clear differentiator and can boost franchisee economics. Centralized support in marketing, supply chain, and technology also adds value. On the other hand, the model is complex to manage, depends heavily on franchisee health, and faces intense competition from larger, better-capitalized global chains, all while carrying a heavy debt load.

Innovation and R&D

Innovation and R&D The company is not a traditional R&D story, but it is actively using technology and business-model innovation. It has rolled out unified digital ordering, upgraded cloud-based point-of-sale systems, and is experimenting with AI tools for customer interaction and menu boards. Operationally, its in-house production facility for certain ingredients and its co-branding and tri-branding formats are key innovations that support margins and differentiation. The development pipeline for new units, expansion of manufacturing use, and experiments like moving into sports franchises show ambition, but also execution risk given limited financial flexibility.

Summary

FAT Brands combines a distinctive, acquisition-driven, multi-brand franchise platform with a challenging financial profile. Strategically, it benefits from diversification across many concepts, creative co-branding, and growing use of technology and vertical integration to support franchisees. Financially, however, it is still loss-making, carries substantial debt, and has not yet demonstrated reliable positive cash flow. The story largely hinges on whether management can translate its scale, pipeline of new locations, and operational innovations into durable profitability while gradually reducing financial strain and successfully integrating past and future acquisitions.

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