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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) 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 $95.2M, roughly 1.5× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -41.6%, a 117.5% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -8.7%). Over the past eight quarters, Fat Brands, Inc's revenue compounded faster (-6.1% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
BSM vs FAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $140.0M |
| Net Profit | $72.2M | $-58.2M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | -12.4% |
| Net Margin | 75.9% | -41.6% |
| Revenue YoY | -8.7% | -2.3% |
| Net Profit YoY | 55.8% | -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 | $95.2M | — | ||
| Q3 25 | $105.2M | $140.0M | ||
| Q2 25 | $106.7M | $146.8M | ||
| Q1 25 | $115.3M | $142.0M | ||
| Q4 24 | $104.3M | $145.3M | ||
| Q3 24 | $103.2M | $143.4M | ||
| Q2 24 | $115.2M | $152.0M | ||
| Q1 24 | $116.8M | $152.0M |
| Q4 25 | $72.2M | — | ||
| Q3 25 | $91.7M | $-58.2M | ||
| Q2 25 | $120.0M | $-54.2M | ||
| Q1 25 | $15.9M | $-46.0M | ||
| Q4 24 | $46.3M | $-67.4M | ||
| Q3 24 | $92.7M | $-44.8M | ||
| Q2 24 | $68.3M | $-39.4M | ||
| Q1 24 | $63.9M | $-38.3M |
| Q4 25 | 78.6% | — | ||
| Q3 25 | 89.5% | -12.4% | ||
| Q2 25 | — | -10.6% | ||
| Q1 25 | 14.9% | -6.0% | ||
| Q4 24 | 45.6% | -27.1% | ||
| Q3 24 | 90.2% | -6.2% | ||
| Q2 24 | 59.5% | -1.8% | ||
| Q1 24 | 54.8% | -0.9% |
| Q4 25 | 75.9% | — | ||
| Q3 25 | 87.2% | -41.6% | ||
| Q2 25 | 112.5% | -36.9% | ||
| Q1 25 | 13.8% | -32.4% | ||
| Q4 24 | 44.4% | -46.4% | ||
| Q3 24 | 89.9% | -31.2% | ||
| Q2 24 | 59.3% | -25.9% | ||
| Q1 24 | 54.7% | -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 | $1.5M | — |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | — | $-585.8M |
| Total Assets | $1.3B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $2.9M | — | ||
| Q2 25 | $2.5M | — | ||
| Q1 25 | $2.4M | — | ||
| Q4 24 | $2.5M | — | ||
| Q3 24 | $21.0M | — | ||
| Q2 24 | $26.7M | — | ||
| Q1 24 | $40.5M | — |
| 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 | — | — | ||
| Q3 25 | — | $-585.8M | ||
| Q2 25 | — | $-536.5M | ||
| Q1 25 | — | $-493.9M | ||
| Q4 24 | — | $-455.7M | ||
| Q3 24 | — | $-386.1M | ||
| Q2 24 | — | $-338.6M | ||
| Q1 24 | — | $-296.8M |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | $1.4B | ||
| Q1 24 | $1.2B | $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 | $65.1M | $-14.5M |
| Free Cash FlowOCF − Capex | — | $-16.9M |
| FCF MarginFCF / Revenue | — | -12.1% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | — | ||
| Q3 25 | $99.8M | $-14.5M | ||
| Q2 25 | $80.5M | $-26.9M | ||
| Q1 25 | $64.8M | $-13.2M | ||
| Q4 24 | $91.0M | $-10.4M | ||
| Q3 24 | $93.2M | $-3.2M | ||
| Q2 24 | $100.4M | $-14.2M | ||
| Q1 24 | $104.5M | $-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 | 0.90× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
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% |
