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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Fat Brands, Inc (FAT). Click either name above to swap in a different company.
AMERICAN STATES WATER CO is the larger business by last-quarter revenue ($164.3M vs $140.0M, roughly 1.2× Fat Brands, Inc). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs -41.6%, a 59.1% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs -2.3%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs -6.1%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
AWR vs FAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $140.0M |
| Net Profit | $28.7M | $-58.2M |
| Gross Margin | 88.9% | — |
| Operating Margin | 27.4% | -12.4% |
| Net Margin | 17.5% | -41.6% |
| Revenue YoY | 14.8% | -2.3% |
| Net Profit YoY | 1.1% | -30.1% |
| EPS (diluted) | $0.74 | $-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 | $164.3M | — | ||
| Q3 25 | $182.7M | $140.0M | ||
| Q2 25 | $163.1M | $146.8M | ||
| Q1 25 | $148.0M | $142.0M | ||
| Q4 24 | $143.1M | $145.3M | ||
| Q3 24 | $161.8M | $143.4M | ||
| Q2 24 | $155.3M | $152.0M | ||
| Q1 24 | $135.3M | $152.0M |
| Q4 25 | $28.7M | — | ||
| Q3 25 | $41.2M | $-58.2M | ||
| Q2 25 | $33.7M | $-54.2M | ||
| Q1 25 | $26.8M | $-46.0M | ||
| Q4 24 | $28.4M | $-67.4M | ||
| Q3 24 | $35.8M | $-44.8M | ||
| Q2 24 | $31.9M | $-39.4M | ||
| Q1 24 | $23.1M | $-38.3M |
| Q4 25 | 88.9% | — | ||
| Q3 25 | 91.0% | — | ||
| Q2 25 | 92.1% | — | ||
| Q1 25 | 91.3% | — | ||
| Q4 24 | 92.4% | — | ||
| Q3 24 | 92.7% | — | ||
| Q2 24 | 89.6% | — | ||
| Q1 24 | 88.4% | — |
| Q4 25 | 27.4% | — | ||
| Q3 25 | 33.8% | -12.4% | ||
| Q2 25 | 31.3% | -10.6% | ||
| Q1 25 | 30.8% | -6.0% | ||
| Q4 24 | 27.0% | -27.1% | ||
| Q3 24 | 34.0% | -6.2% | ||
| Q2 24 | 33.3% | -1.8% | ||
| Q1 24 | 28.8% | -0.9% |
| Q4 25 | 17.5% | — | ||
| Q3 25 | 22.5% | -41.6% | ||
| Q2 25 | 20.7% | -36.9% | ||
| Q1 25 | 18.1% | -32.4% | ||
| Q4 24 | 19.9% | -46.4% | ||
| Q3 24 | 22.1% | -31.2% | ||
| Q2 24 | 20.5% | -25.9% | ||
| Q1 24 | 17.1% | -25.2% |
| Q4 25 | $0.74 | — | ||
| Q3 25 | $1.06 | $-3.39 | ||
| Q2 25 | $0.87 | $-3.17 | ||
| Q1 25 | $0.70 | $-2.73 | ||
| Q4 24 | $0.75 | $-4.06 | ||
| Q3 24 | $0.95 | $-2.74 | ||
| Q2 24 | $0.85 | $-2.43 | ||
| Q1 24 | $0.62 | $-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 | $18.8M | — |
| Total DebtLower is stronger | $782.7M | $1.3B |
| Stockholders' EquityBook value | $1.0B | $-585.8M |
| Total Assets | $2.7B | $1.2B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | — | ||
| Q3 25 | $26.1M | — | ||
| Q2 25 | $20.2M | — | ||
| Q1 25 | $21.2M | — | ||
| Q4 24 | $26.7M | — | ||
| Q3 24 | $16.5M | — | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $17.0M | — |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $640.4M | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | $-585.8M | ||
| Q2 25 | $972.5M | $-536.5M | ||
| Q1 25 | $956.4M | $-493.9M | ||
| Q4 24 | $920.1M | $-455.7M | ||
| Q3 24 | $879.5M | $-386.1M | ||
| Q2 24 | $833.5M | $-338.6M | ||
| Q1 24 | $800.5M | $-296.8M |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.5B | $1.3B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $2.3B | $1.4B | ||
| Q1 24 | $2.3B | $1.4B |
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| 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 | $27.7M | $-14.5M |
| Free Cash FlowOCF − Capex | $-36.0M | $-16.9M |
| FCF MarginFCF / Revenue | -21.9% | -12.1% |
| Capex IntensityCapex / Revenue | 38.8% | 1.7% |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | — | ||
| Q3 25 | $92.4M | $-14.5M | ||
| Q2 25 | $64.6M | $-26.9M | ||
| Q1 25 | $45.1M | $-13.2M | ||
| Q4 24 | $64.5M | $-10.4M | ||
| Q3 24 | $63.7M | $-3.2M | ||
| Q2 24 | $24.7M | $-14.2M | ||
| Q1 24 | $45.8M | $-28.4M |
| Q4 25 | $-36.0M | — | ||
| Q3 25 | $37.7M | $-16.9M | ||
| Q2 25 | $13.7M | $-29.3M | ||
| Q1 25 | $-22.5M | $-17.8M | ||
| Q4 24 | $6.0M | $-11.0M | ||
| Q3 24 | $-478.0K | $-11.1M | ||
| Q2 24 | $-37.0M | $-24.4M | ||
| Q1 24 | $-1.7M | $-32.5M |
| Q4 25 | -21.9% | — | ||
| Q3 25 | 20.7% | -12.1% | ||
| Q2 25 | 8.4% | -20.0% | ||
| Q1 25 | -15.2% | -12.5% | ||
| Q4 24 | 4.2% | -7.6% | ||
| Q3 24 | -0.3% | -7.7% | ||
| Q2 24 | -23.8% | -16.1% | ||
| Q1 24 | -1.3% | -21.4% |
| Q4 25 | 38.8% | — | ||
| Q3 25 | 29.9% | 1.7% | ||
| Q2 25 | 31.2% | 1.6% | ||
| Q1 25 | 45.6% | 3.2% | ||
| Q4 24 | 40.9% | 0.4% | ||
| Q3 24 | 39.7% | 5.5% | ||
| Q2 24 | 39.8% | 6.7% | ||
| Q1 24 | 35.2% | 2.7% |
| Q4 25 | 0.96× | — | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 1.98× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
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% |
