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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) 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 $139.2M, roughly 1.0× ADMA BIOLOGICS, INC.). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs -41.6%, a 77.1% gap on every dollar of revenue. On growth, ADMA BIOLOGICS, INC. posted the faster year-over-year revenue change (18.4% vs -2.3%). ADMA BIOLOGICS, INC. produced more free cash flow last quarter ($34.6M vs $-16.9M). Over the past eight quarters, ADMA BIOLOGICS, INC.'s revenue compounded faster (30.4% CAGR vs -6.1%).
ADMA Biologics Inc. is a biopharmaceutical enterprise focused on the research, development, manufacturing and commercialization of specialty plasma-derived immunoglobulin therapies. It primarily operates in the United States, catering to patients with primary immunodeficiency and other immune-related disorders, healthcare providers and medical institutions across its core immune health therapeutic segment.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
ADMA vs FAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $140.0M |
| Net Profit | $49.4M | $-58.2M |
| Gross Margin | 63.8% | — |
| Operating Margin | 45.1% | -12.4% |
| Net Margin | 35.5% | -41.6% |
| Revenue YoY | 18.4% | -2.3% |
| Net Profit YoY | -55.9% | -30.1% |
| EPS (diluted) | $0.20 | $-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.
| Q4 25 | $139.2M | — | ||
| Q3 25 | $134.2M | $140.0M | ||
| Q2 25 | $122.0M | $146.8M | ||
| Q1 25 | $114.8M | $142.0M | ||
| Q4 24 | $117.5M | $145.3M | ||
| Q3 24 | $119.8M | $143.4M | ||
| Q2 24 | $107.2M | $152.0M | ||
| Q1 24 | $81.9M | $152.0M |
| Q4 25 | $49.4M | — | ||
| Q3 25 | $36.4M | $-58.2M | ||
| Q2 25 | $34.2M | $-54.2M | ||
| Q1 25 | $26.9M | $-46.0M | ||
| Q4 24 | $111.9M | $-67.4M | ||
| Q3 24 | $35.9M | $-44.8M | ||
| Q2 24 | $32.1M | $-39.4M | ||
| Q1 24 | $17.8M | $-38.3M |
| Q4 25 | 63.8% | — | ||
| Q3 25 | 56.3% | — | ||
| Q2 25 | 55.1% | — | ||
| Q1 25 | 53.2% | — | ||
| Q4 24 | 53.9% | — | ||
| Q3 24 | 49.8% | — | ||
| Q2 24 | 53.6% | — | ||
| Q1 24 | 47.8% | — |
| Q4 25 | 45.1% | — | ||
| Q3 25 | 38.0% | -12.4% | ||
| Q2 25 | 35.1% | -10.6% | ||
| Q1 25 | 30.4% | -6.0% | ||
| Q4 24 | 32.6% | -27.1% | ||
| Q3 24 | 33.1% | -6.2% | ||
| Q2 24 | 36.6% | -1.8% | ||
| Q1 24 | 26.7% | -0.9% |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 27.1% | -41.6% | ||
| Q2 25 | 28.1% | -36.9% | ||
| Q1 25 | 23.4% | -32.4% | ||
| Q4 24 | 95.2% | -46.4% | ||
| Q3 24 | 30.0% | -31.2% | ||
| Q2 24 | 29.9% | -25.9% | ||
| Q1 24 | 21.7% | -25.2% |
| Q4 25 | $0.20 | — | ||
| Q3 25 | $0.15 | $-3.39 | ||
| Q2 25 | $0.14 | $-3.17 | ||
| Q1 25 | $0.11 | $-2.73 | ||
| Q4 24 | $0.45 | $-4.06 | ||
| Q3 24 | $0.15 | $-2.74 | ||
| Q2 24 | $0.13 | $-2.43 | ||
| Q1 24 | $0.08 | $-2.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $87.6M | — |
| Total DebtLower is stronger | $72.1M | $1.3B |
| Stockholders' EquityBook value | $477.3M | $-585.8M |
| Total Assets | $624.2M | $1.2B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | — | ||
| Q3 25 | $61.4M | — | ||
| Q2 25 | $90.3M | — | ||
| Q1 25 | $71.6M | — | ||
| Q4 24 | $103.1M | — | ||
| Q3 24 | $86.7M | — | ||
| Q2 24 | $88.2M | — | ||
| Q1 24 | $45.3M | — |
| Q4 25 | $72.1M | — | ||
| Q3 25 | $72.4M | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $72.3M | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $477.3M | — | ||
| Q3 25 | $431.2M | $-585.8M | ||
| Q2 25 | $398.3M | $-536.5M | ||
| Q1 25 | $373.4M | $-493.9M | ||
| Q4 24 | $349.0M | $-455.7M | ||
| Q3 24 | $231.9M | $-386.1M | ||
| Q2 24 | $188.3M | $-338.6M | ||
| Q1 24 | $153.7M | $-296.8M |
| Q4 25 | $624.2M | — | ||
| Q3 25 | $568.7M | $1.2B | ||
| Q2 25 | $558.4M | $1.2B | ||
| Q1 25 | $510.6M | $1.3B | ||
| Q4 24 | $488.7M | $1.3B | ||
| Q3 24 | $390.6M | $1.3B | ||
| Q2 24 | $376.4M | $1.4B | ||
| Q1 24 | $350.9M | $1.4B |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $35.6M | $-14.5M |
| Free Cash FlowOCF − Capex | $34.6M | $-16.9M |
| FCF MarginFCF / Revenue | 24.8% | -12.1% |
| Capex IntensityCapex / Revenue | 0.8% | 1.7% |
| Cash ConversionOCF / Net Profit | 0.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | — | ||
| Q3 25 | $13.3M | $-14.5M | ||
| Q2 25 | $21.1M | $-26.9M | ||
| Q1 25 | $-19.7M | $-13.2M | ||
| Q4 24 | $50.2M | $-10.4M | ||
| Q3 24 | $25.0M | $-3.2M | ||
| Q2 24 | $45.6M | $-14.2M | ||
| Q1 24 | $-2.2M | $-28.4M |
| Q4 25 | $34.6M | — | ||
| Q3 25 | $-1.1M | $-16.9M | ||
| Q2 25 | $18.7M | $-29.3M | ||
| Q1 25 | $-24.4M | $-17.8M | ||
| Q4 24 | $47.5M | $-11.0M | ||
| Q3 24 | $24.0M | $-11.1M | ||
| Q2 24 | $43.6M | $-24.4M | ||
| Q1 24 | $-4.6M | $-32.5M |
| Q4 25 | 24.8% | — | ||
| Q3 25 | -0.8% | -12.1% | ||
| Q2 25 | 15.3% | -20.0% | ||
| Q1 25 | -21.2% | -12.5% | ||
| Q4 24 | 40.4% | -7.6% | ||
| Q3 24 | 20.0% | -7.7% | ||
| Q2 24 | 40.7% | -16.1% | ||
| Q1 24 | -5.6% | -21.4% |
| Q4 25 | 0.8% | — | ||
| Q3 25 | 10.7% | 1.7% | ||
| Q2 25 | 2.0% | 1.6% | ||
| Q1 25 | 4.1% | 3.2% | ||
| Q4 24 | 2.3% | 0.4% | ||
| Q3 24 | 0.9% | 5.5% | ||
| Q2 24 | 1.9% | 6.7% | ||
| Q1 24 | 2.9% | 2.7% |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.36× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | -0.12× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADMA
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
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% |
