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Side-by-side financial comparison of DENNY'S Corp (DENN) 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 $113.2M, roughly 1.2× DENNY'S Corp). DENNY'S Corp runs the higher net margin — 0.6% vs -41.6%, a 42.1% gap on every dollar of revenue. On growth, DENNY'S Corp posted the faster year-over-year revenue change (1.3% vs -2.3%). DENNY'S Corp produced more free cash flow last quarter ($16.0M vs $-16.9M). Over the past eight quarters, DENNY'S Corp's revenue compounded faster (-0.9% CAGR vs -6.1%).
Denny's is an American table service diner-style restaurant chain. It operates over 1,400 restaurants in the United States, Canada, México, Puerto Rico, and several other international locations.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
DENN vs FAT — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.2M | $140.0M |
| Net Profit | $632.0K | $-58.2M |
| Gross Margin | — | — |
| Operating Margin | 9.2% | -12.4% |
| Net Margin | 0.6% | -41.6% |
| Revenue YoY | 1.3% | -2.3% |
| Net Profit YoY | -90.3% | -30.1% |
| EPS (diluted) | $0.01 | $-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 | $113.2M | $140.0M | ||
| Q2 25 | $117.7M | $146.8M | ||
| Q1 25 | $111.6M | $142.0M | ||
| Q4 24 | $114.7M | $145.3M | ||
| Q3 24 | $111.8M | $143.4M | ||
| Q2 24 | $115.9M | $152.0M | ||
| Q1 24 | $110.0M | $152.0M | ||
| Q4 23 | $115.4M | $158.6M |
| Q3 25 | $632.0K | $-58.2M | ||
| Q2 25 | $2.5M | $-54.2M | ||
| Q1 25 | $326.0K | $-46.0M | ||
| Q4 24 | $6.8M | $-67.4M | ||
| Q3 24 | $6.5M | $-44.8M | ||
| Q2 24 | $3.6M | $-39.4M | ||
| Q1 24 | $4.7M | $-38.3M | ||
| Q4 23 | $2.9M | $-26.2M |
| Q3 25 | 9.2% | -12.4% | ||
| Q2 25 | 7.3% | -10.6% | ||
| Q1 25 | 4.7% | -6.0% | ||
| Q4 24 | 12.6% | -27.1% | ||
| Q3 24 | 10.5% | -6.2% | ||
| Q2 24 | 7.9% | -1.8% | ||
| Q1 24 | 9.1% | -0.9% | ||
| Q4 23 | 6.7% | -2.0% |
| Q3 25 | 0.6% | -41.6% | ||
| Q2 25 | 2.1% | -36.9% | ||
| Q1 25 | 0.3% | -32.4% | ||
| Q4 24 | 5.9% | -46.4% | ||
| Q3 24 | 5.8% | -31.2% | ||
| Q2 24 | 3.1% | -25.9% | ||
| Q1 24 | 4.3% | -25.2% | ||
| Q4 23 | 2.5% | -16.5% |
| Q3 25 | $0.01 | $-3.39 | ||
| Q2 25 | $0.05 | $-3.17 | ||
| Q1 25 | $0.01 | $-2.73 | ||
| Q4 24 | $0.13 | $-4.06 | ||
| Q3 24 | $0.12 | $-2.74 | ||
| Q2 24 | $0.07 | $-2.43 | ||
| Q1 24 | $0.09 | $-2.37 | ||
| Q4 23 | $0.05 | $-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 | — | — |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $-32.7M | $-585.8M |
| Total Assets | $502.9M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $1.1M | — | ||
| Q4 24 | $100.0K | — | ||
| Q3 24 | $2.9M | — | ||
| Q2 24 | $2.8M | — | ||
| Q1 24 | $2.8M | — | ||
| Q4 23 | $100.0K | — |
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $270.6M | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B | ||
| Q4 23 | $264.6M | $1.2B |
| Q3 25 | $-32.7M | $-585.8M | ||
| Q2 25 | $-34.6M | $-536.5M | ||
| Q1 25 | $-36.4M | $-493.9M | ||
| Q4 24 | $-34.0M | $-455.7M | ||
| Q3 24 | $-54.5M | $-386.1M | ||
| Q2 24 | $-53.2M | $-338.6M | ||
| Q1 24 | $-55.7M | $-296.8M | ||
| Q4 23 | $-62.7M | $-255.9M |
| Q3 25 | $502.9M | $1.2B | ||
| Q2 25 | $491.1M | $1.2B | ||
| Q1 25 | $488.1M | $1.3B | ||
| Q4 24 | $496.3M | $1.3B | ||
| Q3 24 | $461.6M | $1.3B | ||
| Q2 24 | $459.9M | $1.4B | ||
| Q1 24 | $460.4M | $1.4B | ||
| Q4 23 | $464.8M | $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 | $16.0M | $-14.5M |
| Free Cash FlowOCF − Capex | $16.0M | $-16.9M |
| FCF MarginFCF / Revenue | 14.1% | -12.1% |
| Capex IntensityCapex / Revenue | 0.0% | 1.7% |
| Cash ConversionOCF / Net Profit | 25.28× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $16.0M | $-14.5M | ||
| Q2 25 | $9.4M | $-26.9M | ||
| Q1 25 | $5.0M | $-13.2M | ||
| Q4 24 | $8.5M | $-10.4M | ||
| Q3 24 | $6.6M | $-3.2M | ||
| Q2 24 | $14.2M | $-14.2M | ||
| Q1 24 | $215.0K | $-28.4M | ||
| Q4 23 | $21.4M | $-12.6M |
| Q3 25 | $16.0M | $-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 | 14.1% | -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 | 0.0% | 1.7% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | 0.0% | 5.5% | ||
| Q2 24 | — | 6.7% | ||
| Q1 24 | — | 2.7% | ||
| Q4 23 | — | 3.4% |
| Q3 25 | 25.28× | — | ||
| Q2 25 | 3.79× | — | ||
| Q1 25 | 15.38× | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 3.97× | — | ||
| Q1 24 | 0.05× | — | ||
| Q4 23 | 7.36× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DENN
| Franchisor Owned Outlet | $57.4M | 51% |
| Royalty | $27.7M | 25% |
| Advertising | $18.6M | 16% |
| Occupancy | $7.7M | 7% |
| Initial And Other Fees | $1.7M | 1% |
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% |
