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Side-by-side financial comparison of Fat Brands, Inc (FAT) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $101.1M, roughly 1.4× FORRESTER RESEARCH, INC.). FORRESTER RESEARCH, INC. runs the higher net margin — -33.5% vs -41.6%, a 8.1% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -6.5%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-16.9M). Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
FAT vs FORR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $101.1M |
| Net Profit | $-58.2M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | -12.4% | -36.6% |
| Net Margin | -41.6% | -33.5% |
| Revenue YoY | -2.3% | -6.5% |
| Net Profit YoY | -30.1% | -7941.4% |
| EPS (diluted) | $-3.39 | $-1.75 |
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 | — | $101.1M | ||
| Q3 25 | $140.0M | $94.3M | ||
| Q2 25 | $146.8M | $111.7M | ||
| Q1 25 | $142.0M | $89.9M | ||
| Q4 24 | $145.3M | $108.0M | ||
| Q3 24 | $143.4M | $102.5M | ||
| Q2 24 | $152.0M | $121.8M | ||
| Q1 24 | $152.0M | $100.1M |
| Q4 25 | — | $-33.9M | ||
| Q3 25 | $-58.2M | $-2.1M | ||
| Q2 25 | $-54.2M | $3.9M | ||
| Q1 25 | $-46.0M | $-87.3M | ||
| Q4 24 | $-67.4M | $432.0K | ||
| Q3 24 | $-44.8M | $-5.8M | ||
| Q2 24 | $-39.4M | $6.3M | ||
| Q1 24 | $-38.3M | $-6.7M |
| Q4 25 | — | 56.7% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | — | 60.5% | ||
| Q2 24 | — | 57.3% | ||
| Q1 24 | — | 54.9% |
| Q4 25 | — | -36.6% | ||
| Q3 25 | -12.4% | 4.7% | ||
| Q2 25 | -10.6% | 6.2% | ||
| Q1 25 | -6.0% | -97.5% | ||
| Q4 24 | -27.1% | -0.5% | ||
| Q3 24 | -6.2% | -0.7% | ||
| Q2 24 | -1.8% | 9.3% | ||
| Q1 24 | -0.9% | -9.3% |
| Q4 25 | — | -33.5% | ||
| Q3 25 | -41.6% | -2.3% | ||
| Q2 25 | -36.9% | 3.5% | ||
| Q1 25 | -32.4% | -97.1% | ||
| Q4 24 | -46.4% | 0.4% | ||
| Q3 24 | -31.2% | -5.7% | ||
| Q2 24 | -25.9% | 5.2% | ||
| Q1 24 | -25.2% | -6.7% |
| Q4 25 | — | $-1.75 | ||
| Q3 25 | $-3.39 | $-0.11 | ||
| Q2 25 | $-3.17 | $0.20 | ||
| Q1 25 | $-2.73 | $-4.62 | ||
| Q4 24 | $-4.06 | $0.02 | ||
| Q3 24 | $-2.74 | $-0.30 | ||
| Q2 24 | $-2.43 | $0.33 | ||
| Q1 24 | $-2.37 | $-0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $63.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $126.5M |
| Total Assets | $1.2B | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.3M | ||
| Q3 25 | — | $65.1M | ||
| Q2 25 | — | $67.8M | ||
| Q1 25 | — | $75.6M | ||
| Q4 24 | — | $56.1M | ||
| Q3 24 | — | $62.8M | ||
| Q2 24 | — | $58.9M | ||
| Q1 24 | — | $61.4M |
| 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 | — | $126.5M | ||
| Q3 25 | $-585.8M | $157.7M | ||
| Q2 25 | $-536.5M | $159.5M | ||
| Q1 25 | $-493.9M | $147.4M | ||
| Q4 24 | $-455.7M | $229.5M | ||
| Q3 24 | $-386.1M | $234.3M | ||
| Q2 24 | $-338.6M | $237.1M | ||
| Q1 24 | $-296.8M | $230.9M |
| Q4 25 | — | $404.0M | ||
| Q3 25 | $1.2B | $414.2M | ||
| Q2 25 | $1.2B | $436.0M | ||
| Q1 25 | $1.3B | $439.8M | ||
| Q4 24 | $1.3B | $503.9M | ||
| Q3 24 | $1.3B | $505.3M | ||
| Q2 24 | $1.4B | $524.2M | ||
| Q1 24 | $1.4B | $555.7M |
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 | $-3.2M |
| Free Cash FlowOCF − Capex | $-16.9M | $-4.3M |
| FCF MarginFCF / Revenue | -12.1% | -4.2% |
| Capex IntensityCapex / Revenue | 1.7% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.2M | ||
| Q3 25 | $-14.5M | $1.2M | ||
| Q2 25 | $-26.9M | $-3.6M | ||
| Q1 25 | $-13.2M | $26.7M | ||
| Q4 24 | $-10.4M | $-1.8M | ||
| Q3 24 | $-3.2M | $264.0K | ||
| Q2 24 | $-14.2M | $-2.9M | ||
| Q1 24 | $-28.4M | $611.0K |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | $-16.9M | $524.0K | ||
| Q2 25 | $-29.3M | $-4.2M | ||
| Q1 25 | $-17.8M | $26.1M | ||
| Q4 24 | $-11.0M | $-2.5M | ||
| Q3 24 | $-11.1M | $-223.0K | ||
| Q2 24 | $-24.4M | $-3.7M | ||
| Q1 24 | $-32.5M | $-815.0K |
| Q4 25 | — | -4.2% | ||
| Q3 25 | -12.1% | 0.6% | ||
| Q2 25 | -20.0% | -3.8% | ||
| Q1 25 | -12.5% | 29.0% | ||
| Q4 24 | -7.6% | -2.3% | ||
| Q3 24 | -7.7% | -0.2% | ||
| Q2 24 | -16.1% | -3.1% | ||
| Q1 24 | -21.4% | -0.8% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 1.7% | 0.7% | ||
| Q2 25 | 1.6% | 0.5% | ||
| Q1 25 | 3.2% | 0.7% | ||
| Q4 24 | 0.4% | 0.6% | ||
| Q3 24 | 5.5% | 0.5% | ||
| Q2 24 | 6.7% | 0.7% | ||
| Q1 24 | 2.7% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
