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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and Fat Brands, Inc (FAT). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $110.6M, roughly 1.3× American Assets Trust, Inc.). American Assets Trust, Inc. runs the higher net margin — 6.1% vs -41.6%, a 47.7% gap on every dollar of revenue. On growth, American Assets Trust, Inc. posted the faster year-over-year revenue change (1.8% vs -2.3%). Over the past eight quarters, American Assets Trust, Inc.'s revenue compounded faster (-0.1% CAGR vs -6.1%).
Personal Assets Trust is a large British investment trust. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Iain Ferguson CBE.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
AAT vs FAT — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $140.0M |
| Net Profit | $6.7M | $-58.2M |
| Gross Margin | — | — |
| Operating Margin | 23.4% | -12.4% |
| Net Margin | 6.1% | -41.6% |
| Revenue YoY | 1.8% | -2.3% |
| Net Profit YoY | -16.3% | -30.1% |
| EPS (diluted) | $0.08 | $-3.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $110.6M | — | ||
| Q4 25 | $110.1M | — | ||
| Q3 25 | $109.6M | $140.0M | ||
| Q2 25 | $107.9M | $146.8M | ||
| Q1 25 | $108.6M | $142.0M | ||
| Q4 24 | $113.5M | $145.3M | ||
| Q3 24 | $122.8M | $143.4M | ||
| Q2 24 | $110.9M | $152.0M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $4.5M | $-58.2M | ||
| Q2 25 | $5.5M | $-54.2M | ||
| Q1 25 | $42.5M | $-46.0M | ||
| Q4 24 | — | $-67.4M | ||
| Q3 24 | $16.7M | $-44.8M | ||
| Q2 24 | $11.9M | $-39.4M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | — | ||
| Q3 25 | 60.5% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 62.0% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 65.5% | — | ||
| Q2 24 | 63.6% | — |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | — | ||
| Q3 25 | 22.6% | -12.4% | ||
| Q2 25 | 24.1% | -10.6% | ||
| Q1 25 | 66.3% | -6.0% | ||
| Q4 24 | 26.5% | -27.1% | ||
| Q3 24 | 30.8% | -6.2% | ||
| Q2 24 | 27.8% | -1.8% |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.1% | -41.6% | ||
| Q2 25 | 5.1% | -36.9% | ||
| Q1 25 | 39.2% | -32.4% | ||
| Q4 24 | — | -46.4% | ||
| Q3 24 | 13.6% | -31.2% | ||
| Q2 24 | 10.7% | -25.9% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.06 | — | ||
| Q3 25 | $0.07 | $-3.39 | ||
| Q2 25 | $0.09 | $-3.17 | ||
| Q1 25 | $0.70 | $-2.73 | ||
| Q4 24 | $0.14 | $-4.06 | ||
| Q3 24 | $0.28 | $-2.74 | ||
| Q2 24 | $0.20 | $-2.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.3M | — |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $1.1B | $-585.8M |
| Total Assets | $2.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | — | ||
| Q4 25 | $129.4M | — | ||
| Q3 25 | $138.7M | — | ||
| Q2 25 | $143.7M | — | ||
| Q1 25 | $143.9M | — | ||
| Q4 24 | $425.7M | — | ||
| Q3 24 | $533.0M | — | ||
| Q2 24 | $114.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $-585.8M | ||
| Q2 25 | $1.2B | $-536.5M | ||
| Q1 25 | $1.2B | $-493.9M | ||
| Q4 24 | $1.2B | $-455.7M | ||
| Q3 24 | $1.2B | $-386.1M | ||
| Q2 24 | $1.2B | $-338.6M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $3.0B | $1.2B | ||
| Q1 25 | $3.0B | $1.3B | ||
| Q4 24 | $3.3B | $1.3B | ||
| Q3 24 | $3.4B | $1.3B | ||
| Q2 24 | $3.0B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.72× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-14.5M |
| Free Cash FlowOCF − Capex | — | $-16.9M |
| FCF MarginFCF / Revenue | — | -12.1% |
| Capex IntensityCapex / Revenue | 14.5% | 1.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $167.1M | — | ||
| Q3 25 | $40.5M | $-14.5M | ||
| Q2 25 | $49.2M | $-26.9M | ||
| Q1 25 | $36.9M | $-13.2M | ||
| Q4 24 | $207.1M | $-10.4M | ||
| Q3 24 | $52.4M | $-3.2M | ||
| Q2 24 | $59.3M | $-14.2M |
| Q1 26 | — | — | ||
| Q4 25 | $94.9M | — | ||
| Q3 25 | $23.1M | $-16.9M | ||
| Q2 25 | $28.4M | $-29.3M | ||
| Q1 25 | $20.4M | $-17.8M | ||
| Q4 24 | $136.9M | $-11.0M | ||
| Q3 24 | $28.0M | $-11.1M | ||
| Q2 24 | $43.6M | $-24.4M |
| Q1 26 | — | — | ||
| Q4 25 | 86.2% | — | ||
| Q3 25 | 21.1% | -12.1% | ||
| Q2 25 | 26.3% | -20.0% | ||
| Q1 25 | 18.8% | -12.5% | ||
| Q4 24 | 120.7% | -7.6% | ||
| Q3 24 | 22.8% | -7.7% | ||
| Q2 24 | 39.3% | -16.1% |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | — | ||
| Q3 25 | 15.9% | 1.7% | ||
| Q2 25 | 19.3% | 1.6% | ||
| Q1 25 | 15.1% | 3.2% | ||
| Q4 24 | 61.9% | 0.4% | ||
| Q3 24 | 19.9% | 5.5% | ||
| Q2 24 | 14.1% | 6.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 8.98× | — | ||
| Q2 25 | 9.01× | — | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.15× | — | ||
| Q2 24 | 4.98× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAT
| Rental income | $104.4M | 94% |
| Other | $6.2M | 6% |
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
