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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) 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 $83.5M, roughly 1.7× BillionToOne, Inc.). BillionToOne, Inc. runs the higher net margin — 6.8% vs -41.6%, a 48.4% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs -2.3%). BillionToOne, Inc. produced more free cash flow last quarter ($6.5M vs $-16.9M).
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
BLLN vs FAT — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $140.0M |
| Net Profit | $5.7M | $-58.2M |
| Gross Margin | 69.9% | — |
| Operating Margin | 11.5% | -12.4% |
| Net Margin | 6.8% | -41.6% |
| Revenue YoY | 117.4% | -2.3% |
| Net Profit YoY | 138.3% | -30.1% |
| EPS (diluted) | $0.10 | $-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.
| Q3 25 | $83.5M | $140.0M | ||
| Q2 25 | — | $146.8M | ||
| Q1 25 | — | $142.0M | ||
| Q4 24 | — | $145.3M | ||
| Q3 24 | $38.4M | $143.4M | ||
| Q2 24 | — | $152.0M | ||
| Q1 24 | — | $152.0M | ||
| Q4 23 | — | $158.6M |
| Q3 25 | $5.7M | $-58.2M | ||
| Q2 25 | — | $-54.2M | ||
| Q1 25 | — | $-46.0M | ||
| Q4 24 | — | $-67.4M | ||
| Q3 24 | $-14.9M | $-44.8M | ||
| Q2 24 | — | $-39.4M | ||
| Q1 24 | — | $-38.3M | ||
| Q4 23 | — | $-26.2M |
| Q3 25 | 69.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q3 25 | 11.5% | -12.4% | ||
| Q2 25 | — | -10.6% | ||
| Q1 25 | — | -6.0% | ||
| Q4 24 | — | -27.1% | ||
| Q3 24 | -32.9% | -6.2% | ||
| Q2 24 | — | -1.8% | ||
| Q1 24 | — | -0.9% | ||
| Q4 23 | — | -2.0% |
| Q3 25 | 6.8% | -41.6% | ||
| Q2 25 | — | -36.9% | ||
| Q1 25 | — | -32.4% | ||
| Q4 24 | — | -46.4% | ||
| Q3 24 | -38.8% | -31.2% | ||
| Q2 24 | — | -25.9% | ||
| Q1 24 | — | -25.2% | ||
| Q4 23 | — | -16.5% |
| Q3 25 | $0.10 | $-3.39 | ||
| Q2 25 | — | $-3.17 | ||
| Q1 25 | — | $-2.73 | ||
| Q4 24 | — | $-4.06 | ||
| Q3 24 | $-1.47 | $-2.74 | ||
| Q2 24 | — | $-2.43 | ||
| Q1 24 | — | $-2.37 | ||
| Q4 23 | — | $-1.68 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $195.2M | — |
| Total DebtLower is stronger | $55.0M | $1.3B |
| Stockholders' EquityBook value | $-239.5M | $-585.8M |
| Total Assets | $327.5M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $195.2M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q3 25 | $55.0M | $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 23 | — | $1.2B |
| Q3 25 | $-239.5M | $-585.8M | ||
| Q2 25 | — | $-536.5M | ||
| Q1 25 | — | $-493.9M | ||
| Q4 24 | — | $-455.7M | ||
| Q3 24 | $-242.9M | $-386.1M | ||
| Q2 24 | — | $-338.6M | ||
| Q1 24 | — | $-296.8M | ||
| Q4 23 | — | $-255.9M |
| Q3 25 | $327.5M | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B | ||
| Q4 23 | — | $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 | $13.8M | $-14.5M |
| Free Cash FlowOCF − Capex | $6.5M | $-16.9M |
| FCF MarginFCF / Revenue | 7.7% | -12.1% |
| Capex IntensityCapex / Revenue | 8.8% | 1.7% |
| Cash ConversionOCF / Net Profit | 2.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $13.8M | $-14.5M | ||
| Q2 25 | — | $-26.9M | ||
| Q1 25 | — | $-13.2M | ||
| Q4 24 | — | $-10.4M | ||
| Q3 24 | — | $-3.2M | ||
| Q2 24 | — | $-14.2M | ||
| Q1 24 | — | $-28.4M | ||
| Q4 23 | — | $-12.6M |
| Q3 25 | $6.5M | $-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 23 | — | $-18.0M |
| Q3 25 | 7.7% | -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 23 | — | -11.4% |
| Q3 25 | 8.8% | 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 23 | — | 3.4% |
| Q3 25 | 2.42× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
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% |
