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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Grindr Inc. (GRND). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $126.0M, roughly 1.1× Grindr Inc.). Grindr Inc. runs the higher net margin — 16.1% vs -41.6%, a 57.7% gap on every dollar of revenue. On growth, Grindr Inc. posted the faster year-over-year revenue change (29.0% vs -2.3%). Grindr Inc. produced more free cash flow last quarter ($24.5M vs $-16.9M). Over the past eight quarters, Grindr Inc.'s revenue compounded faster (29.3% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Grindr is a location-based social networking and online hookup application for LGBTQ people.
FAT vs GRND — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $126.0M |
| Net Profit | $-58.2M | $20.3M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 24.9% |
| Net Margin | -41.6% | 16.1% |
| Revenue YoY | -2.3% | 29.0% |
| Net Profit YoY | -30.1% | 116.4% |
| 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 | — | $126.0M | ||
| Q3 25 | $140.0M | $115.8M | ||
| Q2 25 | $146.8M | $104.2M | ||
| Q1 25 | $142.0M | $93.9M | ||
| Q4 24 | $145.3M | $97.6M | ||
| Q3 24 | $143.4M | $89.3M | ||
| Q2 24 | $152.0M | $82.3M | ||
| Q1 24 | $152.0M | $75.3M |
| Q4 25 | — | $20.3M | ||
| Q3 25 | $-58.2M | $30.8M | ||
| Q2 25 | $-54.2M | $16.6M | ||
| Q1 25 | $-46.0M | $27.0M | ||
| Q4 24 | $-67.4M | $-123.9M | ||
| Q3 24 | $-44.8M | $24.7M | ||
| Q2 24 | $-39.4M | $-22.4M | ||
| Q1 24 | $-38.3M | $-9.4M |
| Q4 25 | — | 24.9% | ||
| Q3 25 | -12.4% | 39.1% | ||
| Q2 25 | -10.6% | 23.4% | ||
| Q1 25 | -6.0% | 27.0% | ||
| Q4 24 | -27.1% | 20.9% | ||
| Q3 24 | -6.2% | 31.8% | ||
| Q2 24 | -1.8% | 29.8% | ||
| Q1 24 | -0.9% | 25.6% |
| Q4 25 | — | 16.1% | ||
| Q3 25 | -41.6% | 26.6% | ||
| Q2 25 | -36.9% | 16.0% | ||
| Q1 25 | -32.4% | 28.8% | ||
| Q4 24 | -46.4% | -126.9% | ||
| Q3 24 | -31.2% | 27.6% | ||
| Q2 24 | -25.9% | -27.2% | ||
| Q1 24 | -25.2% | -12.5% |
| Q4 25 | — | $0.10 | ||
| Q3 25 | $-3.39 | $0.16 | ||
| Q2 25 | $-3.17 | $0.08 | ||
| Q1 25 | $-2.73 | $0.09 | ||
| Q4 24 | $-4.06 | $-0.65 | ||
| Q3 24 | $-2.74 | $0.09 | ||
| Q2 24 | $-2.43 | $-0.13 | ||
| 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 | — | $87.0M |
| Total DebtLower is stronger | $1.3B | $395.9M |
| Stockholders' EquityBook value | $-585.8M | $47.0M |
| Total Assets | $1.2B | $531.0M |
| Debt / EquityLower = less leverage | — | 8.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $87.0M | ||
| Q3 25 | — | $6.3M | ||
| Q2 25 | — | $120.8M | ||
| Q1 25 | — | $255.9M | ||
| Q4 24 | — | $59.2M | ||
| Q3 24 | — | $39.1M | ||
| Q2 24 | — | $16.3M | ||
| Q1 24 | — | $21.5M |
| Q4 25 | — | $395.9M | ||
| Q3 25 | $1.3B | $279.9M | ||
| Q2 25 | $1.3B | $283.5M | ||
| Q1 25 | $1.3B | $287.0M | ||
| Q4 24 | $1.3B | $290.6M | ||
| Q3 24 | $1.2B | $294.1M | ||
| Q2 24 | $1.2B | $297.7M | ||
| Q1 24 | $1.2B | $315.0M |
| Q4 25 | — | $47.0M | ||
| Q3 25 | $-585.8M | $71.0M | ||
| Q2 25 | $-536.5M | $187.7M | ||
| Q1 25 | $-493.9M | $319.8M | ||
| Q4 24 | $-455.7M | $-131.6M | ||
| Q3 24 | $-386.1M | $-13.4M | ||
| Q2 24 | $-338.6M | $-41.7M | ||
| Q1 24 | $-296.8M | $-22.0M |
| Q4 25 | — | $531.0M | ||
| Q3 25 | $1.2B | $439.2M | ||
| Q2 25 | $1.2B | $547.6M | ||
| Q1 25 | $1.3B | $679.4M | ||
| Q4 24 | $1.3B | $479.1M | ||
| Q3 24 | $1.3B | $456.3M | ||
| Q2 24 | $1.4B | $435.0M | ||
| Q1 24 | $1.4B | $437.7M |
| Q4 25 | — | 8.42× | ||
| Q3 25 | — | 3.94× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 0.90× | ||
| 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 | $24.8M |
| Free Cash FlowOCF − Capex | $-16.9M | $24.5M |
| FCF MarginFCF / Revenue | -12.1% | 19.5% |
| Capex IntensityCapex / Revenue | 1.7% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $140.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $24.8M | ||
| Q3 25 | $-14.5M | $55.4M | ||
| Q2 25 | $-26.9M | $37.5M | ||
| Q1 25 | $-13.2M | $23.8M | ||
| Q4 24 | $-10.4M | $29.5M | ||
| Q3 24 | $-3.2M | $29.1M | ||
| Q2 24 | $-14.2M | $15.8M | ||
| Q1 24 | $-28.4M | $20.4M |
| Q4 25 | — | $24.5M | ||
| Q3 25 | $-16.9M | $55.2M | ||
| Q2 25 | $-29.3M | $37.3M | ||
| Q1 25 | $-17.8M | $23.7M | ||
| Q4 24 | $-11.0M | $29.3M | ||
| Q3 24 | $-11.1M | $28.8M | ||
| Q2 24 | $-24.4M | $15.7M | ||
| Q1 24 | $-32.5M | $20.3M |
| Q4 25 | — | 19.5% | ||
| Q3 25 | -12.1% | 47.7% | ||
| Q2 25 | -20.0% | 35.8% | ||
| Q1 25 | -12.5% | 25.2% | ||
| Q4 24 | -7.6% | 30.0% | ||
| Q3 24 | -7.7% | 32.2% | ||
| Q2 24 | -16.1% | 19.0% | ||
| Q1 24 | -21.4% | 26.9% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | 1.7% | 0.2% | ||
| Q2 25 | 1.6% | 0.2% | ||
| Q1 25 | 3.2% | 0.1% | ||
| Q4 24 | 0.4% | 0.3% | ||
| Q3 24 | 5.5% | 0.4% | ||
| Q2 24 | 6.7% | 0.2% | ||
| Q1 24 | 2.7% | 0.3% |
| Q4 25 | — | 1.22× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | 0.88× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.18× | ||
| 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% |
GRND
| License And Service | $102.9M | 82% |
| Advertising | $23.1M | 18% |
