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Side-by-side financial comparison of Fat Brands, Inc (FAT) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $140.0M, roughly 1.0× Fat Brands, Inc). Fat Brands, Inc runs the higher net margin — -41.6% vs -68.1%, a 26.5% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -2.3%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
FAT vs FIP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $143.5M |
| Net Profit | $-58.2M | $-97.7M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | -45.7% |
| Net Margin | -41.6% | -68.1% |
| Revenue YoY | -2.3% | 77.7% |
| Net Profit YoY | -30.1% | 21.6% |
| EPS (diluted) | $-3.39 | $-1.04 |
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 | — | $143.5M | ||
| Q3 25 | $140.0M | $140.6M | ||
| Q2 25 | $146.8M | $122.3M | ||
| Q1 25 | $142.0M | $96.2M | ||
| Q4 24 | $145.3M | $80.8M | ||
| Q3 24 | $143.4M | $83.3M | ||
| Q2 24 | $152.0M | $84.9M | ||
| Q1 24 | $152.0M | $82.5M |
| Q4 25 | — | $-97.7M | ||
| Q3 25 | $-58.2M | $-104.5M | ||
| Q2 25 | $-54.2M | $-70.0M | ||
| Q1 25 | $-46.0M | $120.2M | ||
| Q4 24 | $-67.4M | $-124.7M | ||
| Q3 24 | $-44.8M | $-43.0M | ||
| Q2 24 | $-39.4M | $-48.1M | ||
| Q1 24 | $-38.3M | $-50.3M |
| Q4 25 | — | -45.7% | ||
| Q3 25 | -12.4% | -70.8% | ||
| Q2 25 | -10.6% | -56.4% | ||
| Q1 25 | -6.0% | 81.8% | ||
| Q4 24 | -27.1% | -152.7% | ||
| Q3 24 | -6.2% | -51.7% | ||
| Q2 24 | -1.8% | -56.4% | ||
| Q1 24 | -0.9% | -58.8% |
| Q4 25 | — | -68.1% | ||
| Q3 25 | -41.6% | -74.4% | ||
| Q2 25 | -36.9% | -57.2% | ||
| Q1 25 | -32.4% | 125.0% | ||
| Q4 24 | -46.4% | -154.4% | ||
| Q3 24 | -31.2% | -51.6% | ||
| Q2 24 | -25.9% | -56.7% | ||
| Q1 24 | -25.2% | -60.9% |
| Q4 25 | — | $-1.04 | ||
| Q3 25 | $-3.39 | $-1.38 | ||
| Q2 25 | $-3.17 | $-0.73 | ||
| Q1 25 | $-2.73 | $0.89 | ||
| Q4 24 | $-4.06 | $-1.21 | ||
| Q3 24 | $-2.74 | $-0.45 | ||
| Q2 24 | $-2.43 | $-0.52 | ||
| Q1 24 | $-2.37 | $-0.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $57.4M |
| Total DebtLower is stronger | $1.3B | $3.8B |
| Stockholders' EquityBook value | $-585.8M | $21.3M |
| Total Assets | $1.2B | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $57.4M | ||
| Q3 25 | — | $34.7M | ||
| Q2 25 | — | $33.6M | ||
| Q1 25 | — | $26.3M | ||
| Q4 24 | — | $27.8M | ||
| Q3 24 | — | $20.3M | ||
| Q2 24 | — | $33.1M | ||
| Q1 24 | — | $23.0M |
| Q4 25 | — | $3.8B | ||
| Q3 25 | $1.3B | $3.7B | ||
| Q2 25 | $1.3B | $3.1B | ||
| Q1 25 | $1.3B | $2.8B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.2B | $1.3B |
| Q4 25 | — | $21.3M | ||
| Q3 25 | $-585.8M | $181.1M | ||
| Q2 25 | $-536.5M | $375.5M | ||
| Q1 25 | $-493.9M | $476.2M | ||
| Q4 24 | $-455.7M | $202.7M | ||
| Q3 24 | $-386.1M | $370.8M | ||
| Q2 24 | $-338.6M | $394.8M | ||
| Q1 24 | $-296.8M | $402.5M |
| Q4 25 | — | $5.7B | ||
| Q3 25 | $1.2B | $5.5B | ||
| Q2 25 | $1.2B | $4.4B | ||
| Q1 25 | $1.3B | $4.1B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.3B | $2.4B | ||
| Q2 24 | $1.4B | $2.5B | ||
| Q1 24 | $1.4B | $2.3B |
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | — | 3.34× |
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 | $-14.5M | $-2.8M |
| Free Cash FlowOCF − Capex | $-16.9M | $-68.6M |
| FCF MarginFCF / Revenue | -12.1% | -47.8% |
| Capex IntensityCapex / Revenue | 1.7% | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-2.8M | ||
| Q3 25 | $-14.5M | $-24.4M | ||
| Q2 25 | $-26.9M | $-5.2M | ||
| Q1 25 | $-13.2M | $-85.7M | ||
| Q4 24 | $-10.4M | $-8.1M | ||
| Q3 24 | $-3.2M | $14.2M | ||
| Q2 24 | $-14.2M | $-17.6M | ||
| Q1 24 | $-28.4M | $-3.9M |
| Q4 25 | — | $-68.6M | ||
| Q3 25 | $-16.9M | $-90.7M | ||
| Q2 25 | $-29.3M | $-87.5M | ||
| Q1 25 | $-17.8M | $-151.7M | ||
| Q4 24 | $-11.0M | $-34.3M | ||
| Q3 24 | $-11.1M | $-11.7M | ||
| Q2 24 | $-24.4M | $-32.1M | ||
| Q1 24 | $-32.5M | $-16.7M |
| Q4 25 | — | -47.8% | ||
| Q3 25 | -12.1% | -64.5% | ||
| Q2 25 | -20.0% | -71.6% | ||
| Q1 25 | -12.5% | -157.7% | ||
| Q4 24 | -7.6% | -42.4% | ||
| Q3 24 | -7.7% | -14.0% | ||
| Q2 24 | -16.1% | -37.9% | ||
| Q1 24 | -21.4% | -20.3% |
| Q4 25 | — | 45.9% | ||
| Q3 25 | 1.7% | 47.2% | ||
| Q2 25 | 1.6% | 67.3% | ||
| Q1 25 | 3.2% | 68.6% | ||
| Q4 24 | 0.4% | 32.5% | ||
| Q3 24 | 5.5% | 31.1% | ||
| Q2 24 | 6.7% | 17.2% | ||
| Q1 24 | 2.7% | 15.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
