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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Fastly, Inc. (FSLY). Click either name above to swap in a different company.
Fastly, Inc. is the larger business by last-quarter revenue ($172.6M vs $140.0M, roughly 1.2× Fat Brands, Inc). Fastly, Inc. runs the higher net margin — -9.0% vs -41.6%, a 32.6% gap on every dollar of revenue. On growth, Fastly, Inc. posted the faster year-over-year revenue change (22.8% vs -2.3%). Fastly, Inc. produced more free cash flow last quarter ($12.2M vs $-16.9M). Over the past eight quarters, Fastly, Inc.'s revenue compounded faster (13.7% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Fastly, Inc. is an American company based in San Francisco, which describes itself as a cloud computing company. Fastly provides content delivery network services, image optimization, and load balancing services. Fastly's cloud security services include denial-of-service attack protection, bot mitigation, and a web application firewall.
FAT vs FSLY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $172.6M |
| Net Profit | $-58.2M | $-15.5M |
| Gross Margin | — | 61.4% |
| Operating Margin | -12.4% | -8.7% |
| Net Margin | -41.6% | -9.0% |
| Revenue YoY | -2.3% | 22.8% |
| Net Profit YoY | -30.1% | 52.9% |
| EPS (diluted) | $-3.39 | $-0.10 |
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 | — | $172.6M | ||
| Q3 25 | $140.0M | $158.2M | ||
| Q2 25 | $146.8M | $148.7M | ||
| Q1 25 | $142.0M | $144.5M | ||
| Q4 24 | $145.3M | $140.6M | ||
| Q3 24 | $143.4M | $137.2M | ||
| Q2 24 | $152.0M | $132.4M | ||
| Q1 24 | $152.0M | $133.5M |
| Q4 25 | — | $-15.5M | ||
| Q3 25 | $-58.2M | $-29.5M | ||
| Q2 25 | $-54.2M | $-37.5M | ||
| Q1 25 | $-46.0M | $-39.1M | ||
| Q4 24 | $-67.4M | $-32.9M | ||
| Q3 24 | $-44.8M | $-38.0M | ||
| Q2 24 | $-39.4M | $-43.7M | ||
| Q1 24 | $-38.3M | $-43.4M |
| Q4 25 | — | 61.4% | ||
| Q3 25 | — | 58.4% | ||
| Q2 25 | — | 54.5% | ||
| Q1 25 | — | 53.2% | ||
| Q4 24 | — | 53.4% | ||
| Q3 24 | — | 54.5% | ||
| Q2 24 | — | 55.1% | ||
| Q1 24 | — | 54.8% |
| Q4 25 | — | -8.7% | ||
| Q3 25 | -12.4% | -18.2% | ||
| Q2 25 | -10.6% | -24.8% | ||
| Q1 25 | -6.0% | -26.4% | ||
| Q4 24 | -27.1% | -24.4% | ||
| Q3 24 | -6.2% | -29.6% | ||
| Q2 24 | -1.8% | -35.3% | ||
| Q1 24 | -0.9% | -34.6% |
| Q4 25 | — | -9.0% | ||
| Q3 25 | -41.6% | -18.6% | ||
| Q2 25 | -36.9% | -25.2% | ||
| Q1 25 | -32.4% | -27.1% | ||
| Q4 24 | -46.4% | -23.4% | ||
| Q3 24 | -31.2% | -27.7% | ||
| Q2 24 | -25.9% | -33.0% | ||
| Q1 24 | -25.2% | -32.5% |
| Q4 25 | — | $-0.10 | ||
| Q3 25 | $-3.39 | $-0.20 | ||
| Q2 25 | $-3.17 | $-0.26 | ||
| Q1 25 | $-2.73 | $-0.27 | ||
| Q4 24 | $-4.06 | $-0.23 | ||
| Q3 24 | $-2.74 | $-0.27 | ||
| Q2 24 | $-2.43 | $-0.32 | ||
| Q1 24 | $-2.37 | $-0.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $361.8M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $929.6M |
| Total Assets | $1.2B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $361.8M | ||
| Q3 25 | — | $342.9M | ||
| Q2 25 | — | $321.2M | ||
| Q1 25 | — | $307.3M | ||
| Q4 24 | — | $295.9M | ||
| Q3 24 | — | $308.2M | ||
| Q2 24 | — | $311.8M | ||
| Q1 24 | — | $329.5M |
| 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 | — | $929.6M | ||
| Q3 25 | $-585.8M | $937.0M | ||
| Q2 25 | $-536.5M | $942.6M | ||
| Q1 25 | $-493.9M | $957.0M | ||
| Q4 24 | $-455.7M | $965.3M | ||
| Q3 24 | $-386.1M | $969.5M | ||
| Q2 24 | $-338.6M | $981.2M | ||
| Q1 24 | $-296.8M | $991.8M |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.4B | $1.5B |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-16.9M | $12.2M |
| FCF MarginFCF / Revenue | -12.1% | 7.1% |
| Capex IntensityCapex / Revenue | 1.7% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $65.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.4M | ||
| Q3 25 | $-14.5M | $28.9M | ||
| Q2 25 | $-26.9M | $25.8M | ||
| Q1 25 | $-13.2M | $17.3M | ||
| Q4 24 | $-10.4M | $5.2M | ||
| Q3 24 | $-3.2M | $5.0M | ||
| Q2 24 | $-14.2M | $-4.9M | ||
| Q1 24 | $-28.4M | $11.1M |
| Q4 25 | — | $12.2M | ||
| Q3 25 | $-16.9M | $22.9M | ||
| Q2 25 | $-29.3M | $15.9M | ||
| Q1 25 | $-17.8M | $14.7M | ||
| Q4 24 | $-11.0M | $251.0K | ||
| Q3 24 | $-11.1M | $3.0M | ||
| Q2 24 | $-24.4M | $-6.7M | ||
| Q1 24 | $-32.5M | $9.5M |
| Q4 25 | — | 7.1% | ||
| Q3 25 | -12.1% | 14.5% | ||
| Q2 25 | -20.0% | 10.7% | ||
| Q1 25 | -12.5% | 10.2% | ||
| Q4 24 | -7.6% | 0.2% | ||
| Q3 24 | -7.7% | 2.2% | ||
| Q2 24 | -16.1% | -5.1% | ||
| Q1 24 | -21.4% | 7.1% |
| Q4 25 | — | 5.9% | ||
| Q3 25 | 1.7% | 3.8% | ||
| Q2 25 | 1.6% | 6.6% | ||
| Q1 25 | 3.2% | 1.8% | ||
| Q4 24 | 0.4% | 3.5% | ||
| Q3 24 | 5.5% | 1.5% | ||
| Q2 24 | 6.7% | 1.3% | ||
| Q1 24 | 2.7% | 1.2% |
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% |
FSLY
| Network Services | $130.8M | 76% |
| Security | $35.4M | 21% |
| Other | $6.4M | 4% |
