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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Flywire Corp (FLYW). Click either name above to swap in a different company.
Flywire Corp is the larger business by last-quarter revenue ($157.5M vs $140.0M, roughly 1.1× Fat Brands, Inc). Flywire Corp runs the higher net margin — 0.0% vs -41.6%, a 41.6% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs -2.3%). Flywire Corp produced more free cash flow last quarter ($4.5M vs $-16.9M). Over the past eight quarters, Flywire Corp's revenue compounded faster (17.5% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers worldwide.
FAT vs FLYW — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $157.5M |
| Net Profit | $-58.2M | $33.0K |
| Gross Margin | — | — |
| Operating Margin | -12.4% | -0.6% |
| Net Margin | -41.6% | 0.0% |
| Revenue YoY | -2.3% | 34.0% |
| Net Profit YoY | -30.1% | 100.2% |
| EPS (diluted) | $-3.39 | $0.01 |
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 | — | $157.5M | ||
| Q3 25 | $140.0M | $200.1M | ||
| Q2 25 | $146.8M | $131.9M | ||
| Q1 25 | $142.0M | $133.5M | ||
| Q4 24 | $145.3M | $117.5M | ||
| Q3 24 | $143.4M | $156.8M | ||
| Q2 24 | $152.0M | $103.7M | ||
| Q1 24 | $152.0M | $114.1M |
| Q4 25 | — | $33.0K | ||
| Q3 25 | $-58.2M | $29.6M | ||
| Q2 25 | $-54.2M | $-12.0M | ||
| Q1 25 | $-46.0M | $-4.2M | ||
| Q4 24 | $-67.4M | $-15.9M | ||
| Q3 24 | $-44.8M | $38.9M | ||
| Q2 24 | $-39.4M | $-13.9M | ||
| Q1 24 | $-38.3M | $-6.2M |
| Q4 25 | — | -0.6% | ||
| Q3 25 | -12.4% | 16.1% | ||
| Q2 25 | -10.6% | -6.8% | ||
| Q1 25 | -6.0% | -8.2% | ||
| Q4 24 | -27.1% | -4.9% | ||
| Q3 24 | -6.2% | 12.9% | ||
| Q2 24 | -1.8% | -15.2% | ||
| Q1 24 | -0.9% | -5.2% |
| Q4 25 | — | 0.0% | ||
| Q3 25 | -41.6% | 14.8% | ||
| Q2 25 | -36.9% | -9.1% | ||
| Q1 25 | -32.4% | -3.1% | ||
| Q4 24 | -46.4% | -13.5% | ||
| Q3 24 | -31.2% | 24.8% | ||
| Q2 24 | -25.9% | -13.4% | ||
| Q1 24 | -25.2% | -5.4% |
| Q4 25 | — | $0.01 | ||
| Q3 25 | $-3.39 | $0.23 | ||
| Q2 25 | $-3.17 | $-0.10 | ||
| Q1 25 | $-2.73 | $-0.03 | ||
| Q4 24 | $-4.06 | $-0.12 | ||
| Q3 24 | $-2.74 | $0.30 | ||
| Q2 24 | $-2.43 | $-0.11 | ||
| Q1 24 | $-2.37 | $-0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $355.0M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $835.2M |
| Total Assets | $1.2B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $355.0M | ||
| Q3 25 | — | $377.3M | ||
| Q2 25 | — | $274.2M | ||
| Q1 25 | — | $255.3M | ||
| Q4 24 | — | $611.1M | ||
| Q3 24 | — | $681.1M | ||
| Q2 24 | — | $571.0M | ||
| Q1 24 | — | $619.0M |
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | $15.0M | ||
| Q2 25 | $1.3B | $60.0M | ||
| Q1 25 | $1.3B | $60.0M | ||
| Q4 24 | $1.3B | $0 | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $835.2M | ||
| Q3 25 | $-585.8M | $829.1M | ||
| Q2 25 | $-536.5M | $792.4M | ||
| Q1 25 | $-493.9M | $784.3M | ||
| Q4 24 | $-455.7M | $814.8M | ||
| Q3 24 | $-386.1M | $843.2M | ||
| Q2 24 | $-338.6M | $802.6M | ||
| Q1 24 | $-296.8M | $-797.0M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.4B | $998.7M | ||
| Q1 24 | $1.4B | $998.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.02× | ||
| Q2 25 | — | 0.08× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $4.9M |
| Free Cash FlowOCF − Capex | $-16.9M | $4.5M |
| FCF MarginFCF / Revenue | -12.1% | 2.9% |
| Capex IntensityCapex / Revenue | 1.7% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 148.06× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $98.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.9M | ||
| Q3 25 | $-14.5M | $150.1M | ||
| Q2 25 | $-26.9M | $24.1M | ||
| Q1 25 | $-13.2M | $-78.9M | ||
| Q4 24 | $-10.4M | $-28.6M | ||
| Q3 24 | $-3.2M | $184.6M | ||
| Q2 24 | $-14.2M | $-19.3M | ||
| Q1 24 | $-28.4M | $-38.1M |
| Q4 25 | — | $4.5M | ||
| Q3 25 | $-16.9M | $149.9M | ||
| Q2 25 | $-29.3M | $23.5M | ||
| Q1 25 | $-17.8M | $-79.1M | ||
| Q4 24 | $-11.0M | $-28.7M | ||
| Q3 24 | $-11.1M | $184.4M | ||
| Q2 24 | $-24.4M | $-19.7M | ||
| Q1 24 | $-32.5M | $-38.3M |
| Q4 25 | — | 2.9% | ||
| Q3 25 | -12.1% | 74.9% | ||
| Q2 25 | -20.0% | 17.8% | ||
| Q1 25 | -12.5% | -59.3% | ||
| Q4 24 | -7.6% | -24.4% | ||
| Q3 24 | -7.7% | 117.6% | ||
| Q2 24 | -16.1% | -19.0% | ||
| Q1 24 | -21.4% | -33.6% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | 1.7% | 0.1% | ||
| Q2 25 | 1.6% | 0.4% | ||
| Q1 25 | 3.2% | 0.1% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 5.5% | 0.1% | ||
| Q2 24 | 6.7% | 0.3% | ||
| Q1 24 | 2.7% | 0.2% |
| Q4 25 | — | 148.06× | ||
| Q3 25 | — | 5.07× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 4.75× | ||
| 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% |
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
