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Side-by-side financial comparison of Fat Brands, Inc (FAT) and GCM Grosvenor Inc. (GCMG). Click either name above to swap in a different company.
GCM Grosvenor Inc. is the larger business by last-quarter revenue ($177.1M vs $140.0M, roughly 1.3× Fat Brands, Inc). GCM Grosvenor Inc. runs the higher net margin — 32.8% vs -41.6%, a 74.4% gap on every dollar of revenue. On growth, GCM Grosvenor Inc. posted the faster year-over-year revenue change (7.2% vs -2.3%). GCM Grosvenor Inc. produced more free cash flow last quarter ($175.0M vs $-16.9M). Over the past eight quarters, GCM Grosvenor Inc.'s revenue compounded faster (27.5% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
FAT vs GCMG — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $177.1M |
| Net Profit | $-58.2M | $58.2M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 30.9% |
| Net Margin | -41.6% | 32.8% |
| Revenue YoY | -2.3% | 7.2% |
| Net Profit YoY | -30.1% | 149.2% |
| EPS (diluted) | $-3.39 | $0.23 |
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 | — | $177.1M | ||
| Q3 25 | $140.0M | $135.0M | ||
| Q2 25 | $146.8M | $119.7M | ||
| Q1 25 | $142.0M | $125.8M | ||
| Q4 24 | $145.3M | $165.3M | ||
| Q3 24 | $143.4M | $122.9M | ||
| Q2 24 | $152.0M | $117.0M | ||
| Q1 24 | $152.0M | $108.9M |
| Q4 25 | — | $58.2M | ||
| Q3 25 | $-58.2M | $10.5M | ||
| Q2 25 | $-54.2M | $15.4M | ||
| Q1 25 | $-46.0M | $463.0K | ||
| Q4 24 | $-67.4M | $7.6M | ||
| Q3 24 | $-44.8M | $4.2M | ||
| Q2 24 | $-39.4M | $4.8M | ||
| Q1 24 | $-38.3M | $2.1M |
| Q4 25 | — | 30.9% | ||
| Q3 25 | -12.4% | 32.7% | ||
| Q2 25 | -10.6% | 16.1% | ||
| Q1 25 | -6.0% | 12.2% | ||
| Q4 24 | -27.1% | 26.4% | ||
| Q3 24 | -6.2% | 20.3% | ||
| Q2 24 | -1.8% | 17.8% | ||
| Q1 24 | -0.9% | -14.7% |
| Q4 25 | — | 32.8% | ||
| Q3 25 | -41.6% | 7.8% | ||
| Q2 25 | -36.9% | 12.9% | ||
| Q1 25 | -32.4% | 0.4% | ||
| Q4 24 | -46.4% | 4.6% | ||
| Q3 24 | -31.2% | 3.4% | ||
| Q2 24 | -25.9% | 4.1% | ||
| Q1 24 | -25.2% | 2.0% |
| Q4 25 | — | $0.23 | ||
| Q3 25 | $-3.39 | $0.16 | ||
| Q2 25 | $-3.17 | $0.05 | ||
| Q1 25 | $-2.73 | $-0.02 | ||
| Q4 24 | $-4.06 | $0.09 | ||
| Q3 24 | $-2.74 | $0.03 | ||
| Q2 24 | $-2.43 | $0.04 | ||
| Q1 24 | $-2.37 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $242.1M |
| Total DebtLower is stronger | $1.3B | $428.4M |
| Stockholders' EquityBook value | $-585.8M | $27.0M |
| Total Assets | $1.2B | $813.8M |
| Debt / EquityLower = less leverage | — | 15.87× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $242.1M | ||
| Q3 25 | — | $182.7M | ||
| Q2 25 | — | $136.3M | ||
| Q1 25 | — | $94.5M | ||
| Q4 24 | — | $89.5M | ||
| Q3 24 | — | $98.4M | ||
| Q2 24 | — | $73.9M | ||
| Q1 24 | — | $41.9M |
| Q4 25 | — | $428.4M | ||
| Q3 25 | $1.3B | $429.3M | ||
| Q2 25 | $1.3B | $430.2M | ||
| Q1 25 | $1.3B | $431.1M | ||
| Q4 24 | $1.3B | $432.0M | ||
| Q3 24 | $1.2B | $432.9M | ||
| Q2 24 | $1.2B | $433.8M | ||
| Q1 24 | $1.2B | $384.0M |
| Q4 25 | — | $27.0M | ||
| Q3 25 | $-585.8M | $-7.4M | ||
| Q2 25 | $-536.5M | $-12.3M | ||
| Q1 25 | $-493.9M | $-28.3M | ||
| Q4 24 | $-455.7M | $-27.6M | ||
| Q3 24 | $-386.1M | $-31.9M | ||
| Q2 24 | $-338.6M | $-28.5M | ||
| Q1 24 | $-296.8M | $-26.4M |
| Q4 25 | — | $813.8M | ||
| Q3 25 | $1.2B | $685.9M | ||
| Q2 25 | $1.2B | $636.9M | ||
| Q1 25 | $1.3B | $579.8M | ||
| Q4 24 | $1.3B | $612.7M | ||
| Q3 24 | $1.3B | $575.0M | ||
| Q2 24 | $1.4B | $543.9M | ||
| Q1 24 | $1.4B | $497.3M |
| Q4 25 | — | 15.87× | ||
| 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 | $183.5M |
| Free Cash FlowOCF − Capex | $-16.9M | $175.0M |
| FCF MarginFCF / Revenue | -12.1% | 98.8% |
| Capex IntensityCapex / Revenue | 1.7% | 4.8% |
| Cash ConversionOCF / Net Profit | — | 3.16× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $326.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $183.5M | ||
| Q3 25 | $-14.5M | $79.8M | ||
| Q2 25 | $-26.9M | $42.0M | ||
| Q1 25 | $-13.2M | $33.3M | ||
| Q4 24 | $-10.4M | $148.8M | ||
| Q3 24 | $-3.2M | $69.0M | ||
| Q2 24 | $-14.2M | $17.5M | ||
| Q1 24 | $-28.4M | $24.2M |
| Q4 25 | — | $175.0M | ||
| Q3 25 | $-16.9M | $78.3M | ||
| Q2 25 | $-29.3M | $40.8M | ||
| Q1 25 | $-17.8M | $32.1M | ||
| Q4 24 | $-11.0M | $132.0M | ||
| Q3 24 | $-11.1M | $62.2M | ||
| Q2 24 | $-24.4M | $12.8M | ||
| Q1 24 | $-32.5M | $20.0M |
| Q4 25 | — | 98.8% | ||
| Q3 25 | -12.1% | 58.0% | ||
| Q2 25 | -20.0% | 34.1% | ||
| Q1 25 | -12.5% | 25.5% | ||
| Q4 24 | -7.6% | 79.9% | ||
| Q3 24 | -7.7% | 50.6% | ||
| Q2 24 | -16.1% | 10.9% | ||
| Q1 24 | -21.4% | 18.4% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | 1.7% | 1.1% | ||
| Q2 25 | 1.6% | 1.0% | ||
| Q1 25 | 3.2% | 0.9% | ||
| Q4 24 | 0.4% | 10.1% | ||
| Q3 24 | 5.5% | 5.5% | ||
| Q2 24 | 6.7% | 4.0% | ||
| Q1 24 | 2.7% | 3.9% |
| Q4 25 | — | 3.16× | ||
| Q3 25 | — | 7.61× | ||
| Q2 25 | — | 2.72× | ||
| Q1 25 | — | 71.84× | ||
| Q4 24 | — | 19.54× | ||
| Q3 24 | — | 16.60× | ||
| Q2 24 | — | 3.64× | ||
| Q1 24 | — | 11.40× |
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% |
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
