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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and Fat Brands, Inc (FAT). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $140.0M, roughly 1.7× Fat Brands, Inc). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -41.6%, a 46.0% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs -2.3%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-16.9M). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
CSW vs FAT — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $140.0M |
| Net Profit | $10.3M | $-58.2M |
| Gross Margin | 39.7% | — |
| Operating Margin | 7.4% | -12.4% |
| Net Margin | 4.4% | -41.6% |
| Revenue YoY | 20.3% | -2.3% |
| Net Profit YoY | -61.9% | -30.1% |
| EPS (diluted) | $0.62 | $-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 | $233.0M | — | ||
| Q3 25 | $277.0M | $140.0M | ||
| Q2 25 | $263.6M | $146.8M | ||
| Q1 25 | $230.5M | $142.0M | ||
| Q4 24 | $193.6M | $145.3M | ||
| Q3 24 | $227.9M | $143.4M | ||
| Q2 24 | $226.2M | $152.0M | ||
| Q1 24 | $210.9M | $152.0M |
| Q4 25 | $10.3M | — | ||
| Q3 25 | $40.7M | $-58.2M | ||
| Q2 25 | $40.9M | $-54.2M | ||
| Q1 25 | $35.1M | $-46.0M | ||
| Q4 24 | $26.9M | $-67.4M | ||
| Q3 24 | $36.1M | $-44.8M | ||
| Q2 24 | $38.6M | $-39.4M | ||
| Q1 24 | $31.8M | $-38.3M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 43.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 41.4% | — | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 44.4% | — |
| Q4 25 | 7.4% | — | ||
| Q3 25 | 20.5% | -12.4% | ||
| Q2 25 | 20.8% | -10.6% | ||
| Q1 25 | 19.5% | -6.0% | ||
| Q4 24 | 15.3% | -27.1% | ||
| Q3 24 | 22.6% | -6.2% | ||
| Q2 24 | 24.3% | -1.8% | ||
| Q1 24 | 21.0% | -0.9% |
| Q4 25 | 4.4% | — | ||
| Q3 25 | 14.7% | -41.6% | ||
| Q2 25 | 15.5% | -36.9% | ||
| Q1 25 | 15.2% | -32.4% | ||
| Q4 24 | 13.9% | -46.4% | ||
| Q3 24 | 15.8% | -31.2% | ||
| Q2 24 | 17.1% | -25.9% | ||
| Q1 24 | 15.1% | -25.2% |
| Q4 25 | $0.62 | — | ||
| Q3 25 | $2.41 | $-3.39 | ||
| Q2 25 | $2.43 | $-3.17 | ||
| Q1 25 | $2.05 | $-2.73 | ||
| Q4 24 | $1.60 | $-4.06 | ||
| Q3 24 | $2.26 | $-2.74 | ||
| Q2 24 | $2.47 | $-2.43 | ||
| Q1 24 | $2.03 | $-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 | $40.2M | — |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $1.1B | $-585.8M |
| Total Assets | $2.3B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | — | ||
| Q3 25 | $31.5M | — | ||
| Q2 25 | $38.0M | — | ||
| Q1 25 | $225.8M | — | ||
| Q4 24 | $213.8M | — | ||
| Q3 24 | $273.2M | — | ||
| Q2 24 | $18.9M | — | ||
| Q1 24 | $22.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | $800.1M | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $166.0M | $1.2B |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $-585.8M | ||
| Q2 25 | $1.1B | $-536.5M | ||
| Q1 25 | $1.1B | $-493.9M | ||
| Q4 24 | $1.0B | $-455.7M | ||
| Q3 24 | $1.0B | $-386.1M | ||
| Q2 24 | $650.2M | $-338.6M | ||
| Q1 24 | $615.7M | $-296.8M |
| Q4 25 | $2.3B | — | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $1.0B | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
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 | $28.9M | $-14.5M |
| Free Cash FlowOCF − Capex | $22.7M | $-16.9M |
| FCF MarginFCF / Revenue | 9.8% | -12.1% |
| Capex IntensityCapex / Revenue | 2.6% | 1.7% |
| Cash ConversionOCF / Net Profit | 2.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | — | ||
| Q3 25 | $61.8M | $-14.5M | ||
| Q2 25 | $60.6M | $-26.9M | ||
| Q1 25 | $27.3M | $-13.2M | ||
| Q4 24 | $11.6M | $-10.4M | ||
| Q3 24 | $66.8M | $-3.2M | ||
| Q2 24 | $62.7M | $-14.2M | ||
| Q1 24 | $22.4M | $-28.4M |
| Q4 25 | $22.7M | — | ||
| Q3 25 | $58.7M | $-16.9M | ||
| Q2 25 | $57.7M | $-29.3M | ||
| Q1 25 | $22.8M | $-17.8M | ||
| Q4 24 | $8.5M | $-11.0M | ||
| Q3 24 | $61.3M | $-11.1M | ||
| Q2 24 | $59.6M | $-24.4M | ||
| Q1 24 | $17.5M | $-32.5M |
| Q4 25 | 9.8% | — | ||
| Q3 25 | 21.2% | -12.1% | ||
| Q2 25 | 21.9% | -20.0% | ||
| Q1 25 | 9.9% | -12.5% | ||
| Q4 24 | 4.4% | -7.6% | ||
| Q3 24 | 26.9% | -7.7% | ||
| Q2 24 | 26.3% | -16.1% | ||
| Q1 24 | 8.3% | -21.4% |
| Q4 25 | 2.6% | — | ||
| Q3 25 | 1.1% | 1.7% | ||
| Q2 25 | 1.1% | 1.6% | ||
| Q1 25 | 2.0% | 3.2% | ||
| Q4 24 | 1.6% | 0.4% | ||
| Q3 24 | 2.4% | 5.5% | ||
| Q2 24 | 1.4% | 6.7% | ||
| Q1 24 | 2.3% | 2.7% |
| Q4 25 | 2.81× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — | ||
| Q1 24 | 0.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
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% |
