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Side-by-side financial comparison of Fat Brands, Inc (FAT) and FIRST MID BANCSHARES, INC. (FMBH). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $88.2M, roughly 1.6× FIRST MID BANCSHARES, INC.). FIRST MID BANCSHARES, INC. runs the higher net margin — 26.8% vs -41.6%, a 68.4% gap on every dollar of revenue. On growth, FIRST MID BANCSHARES, INC. posted the faster year-over-year revenue change (3.4% vs -2.3%). FIRST MID BANCSHARES, INC. produced more free cash flow last quarter ($124.0M vs $-16.9M). Over the past eight quarters, FIRST MID BANCSHARES, INC.'s revenue compounded faster (5.0% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
First Mid Bancshares Inc. is a U.S.-headquartered regional financial services holding company. It provides full-range retail and commercial banking products, wealth management, insurance solutions, and agricultural financing, mainly serving individual consumers, small and medium-sized enterprises, and agricultural clients across multiple Midwestern states including Illinois, Missouri, and Indiana.
FAT vs FMBH — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $88.2M |
| Net Profit | $-58.2M | $23.7M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 34.0% |
| Net Margin | -41.6% | 26.8% |
| Revenue YoY | -2.3% | 3.4% |
| Net Profit YoY | -30.1% | 23.5% |
| EPS (diluted) | $-3.39 | $0.98 |
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 | — | $88.2M | ||
| Q3 25 | $140.0M | $89.3M | ||
| Q2 25 | $146.8M | $87.5M | ||
| Q1 25 | $142.0M | $84.3M | ||
| Q4 24 | $145.3M | $85.3M | ||
| Q3 24 | $143.4M | $80.6M | ||
| Q2 24 | $152.0M | $79.2M | ||
| Q1 24 | $152.0M | $79.9M |
| Q4 25 | — | $23.7M | ||
| Q3 25 | $-58.2M | $22.5M | ||
| Q2 25 | $-54.2M | $23.4M | ||
| Q1 25 | $-46.0M | $22.2M | ||
| Q4 24 | $-67.4M | $19.2M | ||
| Q3 24 | $-44.8M | $19.5M | ||
| Q2 24 | $-39.4M | $19.7M | ||
| Q1 24 | $-38.3M | $20.5M |
| Q4 25 | — | 34.0% | ||
| Q3 25 | -12.4% | 32.2% | ||
| Q2 25 | -10.6% | 34.4% | ||
| Q1 25 | -6.0% | 33.4% | ||
| Q4 24 | -27.1% | 29.7% | ||
| Q3 24 | -6.2% | 31.5% | ||
| Q2 24 | -1.8% | 33.7% | ||
| Q1 24 | -0.9% | 33.7% |
| Q4 25 | — | 26.8% | ||
| Q3 25 | -41.6% | 25.2% | ||
| Q2 25 | -36.9% | 26.8% | ||
| Q1 25 | -32.4% | 26.3% | ||
| Q4 24 | -46.4% | 22.5% | ||
| Q3 24 | -31.2% | 24.2% | ||
| Q2 24 | -25.9% | 24.9% | ||
| Q1 24 | -25.2% | 25.6% |
| Q4 25 | — | $0.98 | ||
| Q3 25 | $-3.39 | $0.94 | ||
| Q2 25 | $-3.17 | $0.98 | ||
| Q1 25 | $-2.73 | $0.93 | ||
| Q4 24 | $-4.06 | $0.81 | ||
| Q3 24 | $-2.74 | $0.81 | ||
| Q2 24 | $-2.43 | $0.82 | ||
| Q1 24 | $-2.37 | $0.86 |
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 | $354.5M |
| Stockholders' EquityBook value | $-585.8M | $958.7M |
| Total Assets | $1.2B | $8.0B |
| Debt / EquityLower = less leverage | — | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $354.5M | ||
| 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 | — | $958.7M | ||
| Q3 25 | $-585.8M | $932.2M | ||
| Q2 25 | $-536.5M | $894.1M | ||
| Q1 25 | $-493.9M | $870.9M | ||
| Q4 24 | $-455.7M | $846.4M | ||
| Q3 24 | $-386.1M | $858.5M | ||
| Q2 24 | $-338.6M | $813.6M | ||
| Q1 24 | $-296.8M | $798.0M |
| Q4 25 | — | $8.0B | ||
| Q3 25 | $1.2B | $7.8B | ||
| Q2 25 | $1.2B | $7.7B | ||
| Q1 25 | $1.3B | $7.6B | ||
| Q4 24 | $1.3B | $7.5B | ||
| Q3 24 | $1.3B | $7.6B | ||
| Q2 24 | $1.4B | $7.6B | ||
| Q1 24 | $1.4B | $7.7B |
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $130.9M |
| Free Cash FlowOCF − Capex | $-16.9M | $124.0M |
| FCF MarginFCF / Revenue | -12.1% | 140.6% |
| Capex IntensityCapex / Revenue | 1.7% | 7.8% |
| Cash ConversionOCF / Net Profit | — | 5.53× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $207.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $130.9M | ||
| Q3 25 | $-14.5M | $33.0M | ||
| Q2 25 | $-26.9M | $7.7M | ||
| Q1 25 | $-13.2M | $47.9M | ||
| Q4 24 | $-10.4M | $124.4M | ||
| Q3 24 | $-3.2M | $33.1M | ||
| Q2 24 | $-14.2M | $24.0M | ||
| Q1 24 | $-28.4M | $29.0M |
| Q4 25 | — | $124.0M | ||
| Q3 25 | $-16.9M | $31.9M | ||
| Q2 25 | $-29.3M | $6.0M | ||
| Q1 25 | $-17.8M | $46.0M | ||
| Q4 24 | $-11.0M | $119.5M | ||
| Q3 24 | $-11.1M | $32.0M | ||
| Q2 24 | $-24.4M | $22.9M | ||
| Q1 24 | $-32.5M | $27.6M |
| Q4 25 | — | 140.6% | ||
| Q3 25 | -12.1% | 35.8% | ||
| Q2 25 | -20.0% | 6.8% | ||
| Q1 25 | -12.5% | 54.5% | ||
| Q4 24 | -7.6% | 140.0% | ||
| Q3 24 | -7.7% | 39.7% | ||
| Q2 24 | -16.1% | 28.9% | ||
| Q1 24 | -21.4% | 34.5% |
| Q4 25 | — | 7.8% | ||
| Q3 25 | 1.7% | 1.2% | ||
| Q2 25 | 1.6% | 2.0% | ||
| Q1 25 | 3.2% | 2.3% | ||
| Q4 24 | 0.4% | 5.8% | ||
| Q3 24 | 5.5% | 1.4% | ||
| Q2 24 | 6.7% | 1.4% | ||
| Q1 24 | 2.7% | 1.9% |
| Q4 25 | — | 5.53× | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 2.16× | ||
| Q4 24 | — | 6.49× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.21× | ||
| Q1 24 | — | 1.42× |
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% |
FMBH
Segment breakdown not available.
