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Side-by-side financial comparison of Fat Brands, Inc (FAT) and HA Sustainable Infrastructure Capital, Inc. (HASI). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $114.8M, roughly 1.2× HA Sustainable Infrastructure Capital, Inc.). Fat Brands, Inc runs the higher net margin — -41.6% vs -46.8%, a 5.2% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs -2.3%). Over the past eight quarters, HA Sustainable Infrastructure Capital, Inc.'s revenue compounded faster (4.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
FAT vs HASI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $114.8M |
| Net Profit | $-58.2M | $-53.8M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | -57.4% |
| Net Margin | -41.6% | -46.8% |
| Revenue YoY | -2.3% | 13.3% |
| Net Profit YoY | -30.1% | -176.7% |
| EPS (diluted) | $-3.39 | $-0.38 |
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 | — | $114.8M | ||
| Q3 25 | $140.0M | $103.1M | ||
| Q2 25 | $146.8M | $85.7M | ||
| Q1 25 | $142.0M | $96.9M | ||
| Q4 24 | $145.3M | $101.3M | ||
| Q3 24 | $143.4M | $82.0M | ||
| Q2 24 | $152.0M | $94.5M | ||
| Q1 24 | $152.0M | $105.8M |
| Q4 25 | — | $-53.8M | ||
| Q3 25 | $-58.2M | $83.3M | ||
| Q2 25 | $-54.2M | $98.4M | ||
| Q1 25 | $-46.0M | $56.6M | ||
| Q4 24 | $-67.4M | $70.1M | ||
| Q3 24 | $-44.8M | $-19.6M | ||
| Q2 24 | $-39.4M | $26.5M | ||
| Q1 24 | $-38.3M | $123.0M |
| Q4 25 | — | -57.4% | ||
| Q3 25 | -12.4% | — | ||
| Q2 25 | -10.6% | — | ||
| Q1 25 | -6.0% | 84.7% | ||
| Q4 24 | -27.1% | 90.9% | ||
| Q3 24 | -6.2% | -32.1% | ||
| Q2 24 | -1.8% | 39.5% | ||
| Q1 24 | -0.9% | — |
| Q4 25 | — | -46.8% | ||
| Q3 25 | -41.6% | 80.8% | ||
| Q2 25 | -36.9% | 114.9% | ||
| Q1 25 | -32.4% | 58.4% | ||
| Q4 24 | -46.4% | 69.2% | ||
| Q3 24 | -31.2% | -23.9% | ||
| Q2 24 | -25.9% | 28.1% | ||
| Q1 24 | -25.2% | 116.3% |
| Q4 25 | — | $-0.38 | ||
| Q3 25 | $-3.39 | $0.61 | ||
| Q2 25 | $-3.17 | $0.74 | ||
| Q1 25 | $-2.73 | $0.44 | ||
| Q4 24 | $-4.06 | $0.58 | ||
| Q3 24 | $-2.74 | $-0.17 | ||
| Q2 24 | $-2.43 | $0.23 | ||
| Q1 24 | $-2.37 | $0.98 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $110.2M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $2.7B |
| Total Assets | $1.2B | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $110.2M | ||
| Q3 25 | — | $301.8M | ||
| Q2 25 | — | $86.5M | ||
| Q1 25 | — | $67.4M | ||
| Q4 24 | — | $129.8M | ||
| Q3 24 | — | $44.1M | ||
| Q2 24 | — | $145.7M | ||
| 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 | — | $2.7B | ||
| Q3 25 | $-585.8M | $2.7B | ||
| Q2 25 | $-536.5M | $2.6B | ||
| Q1 25 | $-493.9M | $2.5B | ||
| Q4 24 | $-455.7M | $2.4B | ||
| Q3 24 | $-386.1M | $2.3B | ||
| Q2 24 | $-338.6M | $2.3B | ||
| Q1 24 | $-296.8M | $2.3B |
| Q4 25 | — | $8.2B | ||
| Q3 25 | $1.2B | $8.2B | ||
| Q2 25 | $1.2B | $7.6B | ||
| Q1 25 | $1.3B | $7.5B | ||
| Q4 24 | $1.3B | $7.1B | ||
| Q3 24 | $1.3B | $6.7B | ||
| Q2 24 | $1.4B | $6.7B | ||
| Q1 24 | $1.4B | $6.7B |
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 | $167.3M |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $167.3M | ||
| Q3 25 | $-14.5M | $-121.8M | ||
| Q2 25 | $-26.9M | $79.6M | ||
| Q1 25 | $-13.2M | $-37.1M | ||
| Q4 24 | $-10.4M | $5.9M | ||
| Q3 24 | $-3.2M | $21.9M | ||
| Q2 24 | $-14.2M | $-24.8M | ||
| Q1 24 | $-28.4M | $20.9M |
| Q4 25 | — | — | ||
| Q3 25 | $-16.9M | — | ||
| Q2 25 | $-29.3M | — | ||
| Q1 25 | $-17.8M | — | ||
| Q4 24 | $-11.0M | — | ||
| Q3 24 | $-11.1M | — | ||
| Q2 24 | $-24.4M | — | ||
| Q1 24 | $-32.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | -12.1% | — | ||
| Q2 25 | -20.0% | — | ||
| Q1 25 | -12.5% | — | ||
| Q4 24 | -7.6% | — | ||
| Q3 24 | -7.7% | — | ||
| Q2 24 | -16.1% | — | ||
| Q1 24 | -21.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 5.5% | — | ||
| Q2 24 | 6.7% | — | ||
| Q1 24 | 2.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.46× | ||
| Q2 25 | — | 0.81× | ||
| Q1 25 | — | -0.66× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.94× | ||
| Q1 24 | — | 0.17× |
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% |
HASI
Segment breakdown not available.
