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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) 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 $132.7M, roughly 1.1× Emerald Holding, Inc.). Emerald Holding, Inc. runs the higher net margin — -22.8% vs -41.6%, a 18.8% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs -2.3%). Emerald Holding, Inc. produced more free cash flow last quarter ($11.7M vs $-16.9M). Over the past eight quarters, Emerald Holding, Inc.'s revenue compounded faster (-0.3% CAGR vs -6.1%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
EEX vs FAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $140.0M |
| Net Profit | $-30.2M | $-58.2M |
| Gross Margin | — | — |
| Operating Margin | -11.8% | -12.4% |
| Net Margin | -22.8% | -41.6% |
| Revenue YoY | 24.3% | -2.3% |
| Net Profit YoY | -692.2% | -30.1% |
| EPS (diluted) | $-0.15 | $-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 | $132.7M | — | ||
| Q3 25 | $77.5M | $140.0M | ||
| Q2 25 | $105.5M | $146.8M | ||
| Q1 25 | $147.7M | $142.0M | ||
| Q4 24 | $106.8M | $145.3M | ||
| Q3 24 | $72.6M | $143.4M | ||
| Q2 24 | $86.0M | $152.0M | ||
| Q1 24 | $133.4M | $152.0M |
| Q4 25 | $-30.2M | — | ||
| Q3 25 | $-14.4M | $-58.2M | ||
| Q2 25 | $-1.4M | $-54.2M | ||
| Q1 25 | $15.3M | $-46.0M | ||
| Q4 24 | $5.1M | $-67.4M | ||
| Q3 24 | $-11.1M | $-44.8M | ||
| Q2 24 | $-2.8M | $-39.4M | ||
| Q1 24 | $11.0M | $-38.3M |
| Q4 25 | -11.8% | — | ||
| Q3 25 | -10.1% | -12.4% | ||
| Q2 25 | 9.7% | -10.6% | ||
| Q1 25 | 24.2% | -6.0% | ||
| Q4 24 | 19.5% | -27.1% | ||
| Q3 24 | -6.5% | -6.2% | ||
| Q2 24 | 7.4% | -1.8% | ||
| Q1 24 | 18.2% | -0.9% |
| Q4 25 | -22.8% | — | ||
| Q3 25 | -18.6% | -41.6% | ||
| Q2 25 | -1.3% | -36.9% | ||
| Q1 25 | 10.4% | -32.4% | ||
| Q4 24 | 4.8% | -46.4% | ||
| Q3 24 | -15.3% | -31.2% | ||
| Q2 24 | -3.3% | -25.9% | ||
| Q1 24 | 8.2% | -25.2% |
| Q4 25 | $-0.15 | — | ||
| Q3 25 | $-0.07 | $-3.39 | ||
| Q2 25 | $-0.01 | $-3.17 | ||
| Q1 25 | $0.08 | $-2.73 | ||
| Q4 24 | $0.01 | $-4.06 | ||
| Q3 24 | $-0.05 | $-2.74 | ||
| Q2 24 | $-0.03 | $-2.43 | ||
| Q1 24 | $0.00 | $-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 | $100.9M | — |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $338.8M | $-585.8M |
| Total Assets | $1.2B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | — | ||
| Q3 25 | $95.4M | — | ||
| Q2 25 | $156.4M | — | ||
| Q1 25 | $276.8M | — | ||
| Q4 24 | $194.8M | — | ||
| Q3 24 | $188.9M | — | ||
| Q2 24 | $193.2M | — | ||
| Q1 24 | $186.8M | — |
| 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 | $338.8M | — | ||
| Q3 25 | $369.5M | $-585.8M | ||
| Q2 25 | $389.4M | $-536.5M | ||
| Q1 25 | $392.1M | $-493.9M | ||
| Q4 24 | $385.9M | $-455.7M | ||
| Q3 24 | $391.1M | $-386.1M | ||
| Q2 24 | $407.6M | $-338.6M | ||
| Q1 24 | $-90.7M | $-296.8M |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $1.1B | $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 | $12.3M | $-14.5M |
| Free Cash FlowOCF − Capex | $11.7M | $-16.9M |
| FCF MarginFCF / Revenue | 8.8% | -12.1% |
| Capex IntensityCapex / Revenue | 0.5% | 1.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | — | ||
| Q3 25 | $1.8M | $-14.5M | ||
| Q2 25 | $15.9M | $-26.9M | ||
| Q1 25 | $12.6M | $-13.2M | ||
| Q4 24 | $20.6M | $-10.4M | ||
| Q3 24 | $9.1M | $-3.2M | ||
| Q2 24 | $9.8M | $-14.2M | ||
| Q1 24 | $7.3M | $-28.4M |
| Q4 25 | $11.7M | — | ||
| Q3 25 | $1.5M | $-16.9M | ||
| Q2 25 | $15.8M | $-29.3M | ||
| Q1 25 | $12.4M | $-17.8M | ||
| Q4 24 | $19.9M | $-11.0M | ||
| Q3 24 | $9.0M | $-11.1M | ||
| Q2 24 | $9.6M | $-24.4M | ||
| Q1 24 | $7.0M | $-32.5M |
| Q4 25 | 8.8% | — | ||
| Q3 25 | 1.9% | -12.1% | ||
| Q2 25 | 15.0% | -20.0% | ||
| Q1 25 | 8.4% | -12.5% | ||
| Q4 24 | 18.6% | -7.6% | ||
| Q3 24 | 12.4% | -7.7% | ||
| Q2 24 | 11.2% | -16.1% | ||
| Q1 24 | 5.2% | -21.4% |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.4% | 1.7% | ||
| Q2 25 | 0.1% | 1.6% | ||
| Q1 25 | 0.1% | 3.2% | ||
| Q4 24 | 0.7% | 0.4% | ||
| Q3 24 | 0.1% | 5.5% | ||
| Q2 24 | 0.2% | 6.7% | ||
| Q1 24 | 0.2% | 2.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.82× | — | ||
| Q4 24 | 4.04× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
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% |
