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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) 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 $73.3M, roughly 1.9× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -41.6%, a 81.4% gap on every dollar of revenue. On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs -2.3%). Over the past eight quarters, Apollo Commercial Real Estate Finance, Inc.'s revenue compounded faster (-4.6% CAGR vs -6.1%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
ARI vs FAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $140.0M |
| Net Profit | $29.2M | $-58.2M |
| Gross Margin | — | — |
| Operating Margin | 39.7% | -12.4% |
| Net Margin | 39.9% | -41.6% |
| Revenue YoY | 4.0% | -2.3% |
| Net Profit YoY | -28.2% | -30.1% |
| EPS (diluted) | $0.19 | $-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 | $73.3M | — | ||
| Q3 25 | $61.6M | $140.0M | ||
| Q2 25 | $70.9M | $146.8M | ||
| Q1 25 | $65.8M | $142.0M | ||
| Q4 24 | $70.5M | $145.3M | ||
| Q3 24 | $71.6M | $143.4M | ||
| Q2 24 | $81.1M | $152.0M | ||
| Q1 24 | $80.5M | $152.0M |
| Q4 25 | $29.2M | — | ||
| Q3 25 | $50.8M | $-58.2M | ||
| Q2 25 | $20.7M | $-54.2M | ||
| Q1 25 | $26.0M | $-46.0M | ||
| Q4 24 | $40.7M | $-67.4M | ||
| Q3 24 | $-91.5M | $-44.8M | ||
| Q2 24 | $35.8M | $-39.4M | ||
| Q1 24 | $-104.5M | $-38.3M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 82.8% | -12.4% | ||
| Q2 25 | 29.4% | -10.6% | ||
| Q1 25 | 39.7% | -6.0% | ||
| Q4 24 | 57.9% | -27.1% | ||
| Q3 24 | -127.8% | -6.2% | ||
| Q2 24 | 44.2% | -1.8% | ||
| Q1 24 | -129.6% | -0.9% |
| Q4 25 | 39.9% | — | ||
| Q3 25 | 82.4% | -41.6% | ||
| Q2 25 | 29.3% | -36.9% | ||
| Q1 25 | 39.5% | -32.4% | ||
| Q4 24 | 57.7% | -46.4% | ||
| Q3 24 | -127.9% | -31.2% | ||
| Q2 24 | 44.1% | -25.9% | ||
| Q1 24 | -129.8% | -25.2% |
| Q4 25 | $0.19 | — | ||
| Q3 25 | $0.34 | $-3.39 | ||
| Q2 25 | $0.12 | $-3.17 | ||
| Q1 25 | $0.16 | $-2.73 | ||
| Q4 24 | $0.25 | $-4.06 | ||
| Q3 24 | $-0.69 | $-2.74 | ||
| Q2 24 | $0.23 | $-2.43 | ||
| Q1 24 | $-0.76 | $-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 | $139.8M | — |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $1.9B | $-585.8M |
| Total Assets | $9.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | — | ||
| Q3 25 | $245.9M | — | ||
| Q2 25 | $177.6M | — | ||
| Q1 25 | $166.4M | — | ||
| Q4 24 | $317.4M | — | ||
| Q3 24 | $194.3M | — | ||
| Q2 24 | $174.7M | — | ||
| Q1 24 | $161.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | $-585.8M | ||
| Q2 25 | $1.8B | $-536.5M | ||
| Q1 25 | $1.9B | $-493.9M | ||
| Q4 24 | $1.9B | $-455.7M | ||
| Q3 24 | $1.9B | $-386.1M | ||
| Q2 24 | $2.0B | $-338.6M | ||
| Q1 24 | $2.0B | $-296.8M |
| Q4 25 | $9.9B | — | ||
| Q3 25 | $9.5B | $1.2B | ||
| Q2 25 | $9.8B | $1.2B | ||
| Q1 25 | $8.8B | $1.3B | ||
| Q4 24 | $8.4B | $1.3B | ||
| Q3 24 | $9.1B | $1.3B | ||
| Q2 24 | $9.3B | $1.4B | ||
| Q1 24 | $9.2B | $1.4B |
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 | $142.5M | $-14.5M |
| Free Cash FlowOCF − Capex | — | $-16.9M |
| FCF MarginFCF / Revenue | — | -12.1% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | — | ||
| Q3 25 | $31.7M | $-14.5M | ||
| Q2 25 | $63.2M | $-26.9M | ||
| Q1 25 | $39.3M | $-13.2M | ||
| Q4 24 | $200.3M | $-10.4M | ||
| Q3 24 | $47.2M | $-3.2M | ||
| Q2 24 | $50.2M | $-14.2M | ||
| Q1 24 | $52.8M | $-28.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-16.9M | ||
| Q2 25 | — | $-29.3M | ||
| Q1 25 | — | $-17.8M | ||
| Q4 24 | — | $-11.0M | ||
| Q3 24 | — | $-11.1M | ||
| Q2 24 | — | $-24.4M | ||
| Q1 24 | — | $-32.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | -12.1% | ||
| Q2 25 | — | -20.0% | ||
| Q1 25 | — | -12.5% | ||
| Q4 24 | — | -7.6% | ||
| Q3 24 | — | -7.7% | ||
| Q2 24 | — | -16.1% | ||
| Q1 24 | — | -21.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | 6.7% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
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% |
