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Side-by-side financial comparison of Biglari Holdings Inc. (BH) 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 $99.9M, roughly 1.4× Biglari Holdings Inc.). Fat Brands, Inc runs the higher net margin — -41.6% vs -49.9%, a 8.3% gap on every dollar of revenue. On growth, Biglari Holdings Inc. posted the faster year-over-year revenue change (9.6% vs -2.3%). Biglari Holdings Inc. produced more free cash flow last quarter ($6.4M vs $-16.9M). Over the past eight quarters, Biglari Holdings Inc.'s revenue compounded faster (5.7% CAGR vs -6.1%).
Biglari Holdings Inc. is an American holding company headquartered in San Antonio, Texas, founded by entrepreneur Sardar Biglari. Its subsidiaries include Steak 'n Shake, Maxim magazine, First Guard Insurance, Southern Pioneer Insurance, Southern Oil, Abraxas Petroleum and Western Sizzlin'.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
BH vs FAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $99.9M | $140.0M |
| Net Profit | $-49.9M | $-58.2M |
| Gross Margin | 58.3% | — |
| Operating Margin | -64.1% | -12.4% |
| Net Margin | -49.9% | -41.6% |
| Revenue YoY | 9.6% | -2.3% |
| Net Profit YoY | -385.3% | -30.1% |
| EPS (diluted) | — | $-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 | $99.9M | — | ||
| Q3 25 | $99.7M | $140.0M | ||
| Q2 25 | $100.6M | $146.8M | ||
| Q1 25 | $95.0M | $142.0M | ||
| Q4 24 | $91.1M | $145.3M | ||
| Q3 24 | $90.4M | $143.4M | ||
| Q2 24 | $91.1M | $152.0M | ||
| Q1 24 | $89.5M | $152.0M |
| Q4 25 | $-49.9M | — | ||
| Q3 25 | $-5.3M | $-58.2M | ||
| Q2 25 | $50.9M | $-54.2M | ||
| Q1 25 | $-33.3M | $-46.0M | ||
| Q4 24 | $-10.3M | $-67.4M | ||
| Q3 24 | $32.1M | $-44.8M | ||
| Q2 24 | $-48.2M | $-39.4M | ||
| Q1 24 | $22.6M | $-38.3M |
| Q4 25 | 58.3% | — | ||
| Q3 25 | 58.1% | — | ||
| Q2 25 | 60.2% | — | ||
| Q1 25 | 60.3% | — | ||
| Q4 24 | 60.6% | — | ||
| Q3 24 | 59.9% | — | ||
| Q2 24 | 59.5% | — | ||
| Q1 24 | 61.5% | — |
| Q4 25 | -64.1% | — | ||
| Q3 25 | -7.6% | -12.4% | ||
| Q2 25 | 64.7% | -10.6% | ||
| Q1 25 | -43.3% | -6.0% | ||
| Q4 24 | -19.7% | -27.1% | ||
| Q3 24 | 47.9% | -6.2% | ||
| Q2 24 | -69.0% | -1.8% | ||
| Q1 24 | 32.9% | -0.9% |
| Q4 25 | -49.9% | — | ||
| Q3 25 | -5.3% | -41.6% | ||
| Q2 25 | 50.6% | -36.9% | ||
| Q1 25 | -35.0% | -32.4% | ||
| Q4 24 | -11.3% | -46.4% | ||
| Q3 24 | 35.5% | -31.2% | ||
| Q2 24 | -52.9% | -25.9% | ||
| Q1 24 | 25.2% | -25.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-3.39 | ||
| Q2 25 | — | $-3.17 | ||
| Q1 25 | — | $-2.73 | ||
| Q4 24 | — | $-4.06 | ||
| Q3 24 | — | $-2.74 | ||
| Q2 24 | — | $-2.43 | ||
| Q1 24 | — | $-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 | $268.8M | — |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $523.4M | $-585.8M |
| Total Assets | $1.0B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $268.8M | — | ||
| Q3 25 | $272.5M | — | ||
| Q2 25 | $32.8M | — | ||
| Q1 25 | $28.7M | — | ||
| Q4 24 | $30.7M | — | ||
| Q3 24 | $29.9M | — | ||
| Q2 24 | $26.9M | — | ||
| Q1 24 | $34.5M | — |
| 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 | $523.4M | — | ||
| Q3 25 | $580.3M | $-585.8M | ||
| Q2 25 | $589.3M | $-536.5M | ||
| Q1 25 | $539.8M | $-493.9M | ||
| Q4 24 | $573.0M | $-455.7M | ||
| Q3 24 | $601.8M | $-386.1M | ||
| Q2 24 | $569.2M | $-338.6M | ||
| Q1 24 | $618.6M | $-296.8M |
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $863.6M | $1.2B | ||
| Q1 25 | $829.1M | $1.3B | ||
| Q4 24 | $866.1M | $1.3B | ||
| Q3 24 | $865.1M | $1.3B | ||
| Q2 24 | $809.1M | $1.4B | ||
| Q1 24 | $885.3M | $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 | $17.8M | $-14.5M |
| Free Cash FlowOCF − Capex | $6.4M | $-16.9M |
| FCF MarginFCF / Revenue | 6.4% | -12.1% |
| Capex IntensityCapex / Revenue | 11.4% | 1.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $76.6M | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.8M | — | ||
| Q3 25 | $31.2M | $-14.5M | ||
| Q2 25 | $42.1M | $-26.9M | ||
| Q1 25 | $15.8M | $-13.2M | ||
| Q4 24 | $18.0M | $-10.4M | ||
| Q3 24 | $10.8M | $-3.2M | ||
| Q2 24 | $1.8M | $-14.2M | ||
| Q1 24 | $19.1M | $-28.4M |
| Q4 25 | $6.4M | — | ||
| Q3 25 | $22.3M | $-16.9M | ||
| Q2 25 | $39.4M | $-29.3M | ||
| Q1 25 | $8.5M | $-17.8M | ||
| Q4 24 | $10.9M | $-11.0M | ||
| Q3 24 | $3.7M | $-11.1M | ||
| Q2 24 | $-10.0M | $-24.4M | ||
| Q1 24 | $14.5M | $-32.5M |
| Q4 25 | 6.4% | — | ||
| Q3 25 | 22.4% | -12.1% | ||
| Q2 25 | 39.2% | -20.0% | ||
| Q1 25 | 8.9% | -12.5% | ||
| Q4 24 | 12.0% | -7.6% | ||
| Q3 24 | 4.1% | -7.7% | ||
| Q2 24 | -11.0% | -16.1% | ||
| Q1 24 | 16.2% | -21.4% |
| Q4 25 | 11.4% | — | ||
| Q3 25 | 9.0% | 1.7% | ||
| Q2 25 | 2.7% | 1.6% | ||
| Q1 25 | 7.7% | 3.2% | ||
| Q4 24 | 7.8% | 0.4% | ||
| Q3 24 | 7.8% | 5.5% | ||
| Q2 24 | 13.0% | 6.7% | ||
| Q1 24 | 5.1% | 2.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.85× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BH
| Products | $45.9M | 46% |
| Franchisor | $20.5M | 21% |
| Insurance Operations | $19.1M | 19% |
| Oil And Gas Segment | $5.4M | 5% |
| Royalty | $4.1M | 4% |
| Abraxas Petroleum | $2.7M | 3% |
| Other | $2.2M | 2% |
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% |
