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Side-by-side financial comparison of Fat Brands, Inc (FAT) and HCI Group, Inc. (HCI). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $140.0M, roughly 1.8× Fat Brands, Inc). HCI Group, Inc. runs the higher net margin — 39.7% vs -41.6%, a 81.2% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs -2.3%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $-16.9M). Over the past eight quarters, HCI Group, Inc.'s revenue compounded faster (9.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
FAT vs HCI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $246.2M |
| Net Profit | $-58.2M | $97.7M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 58.5% |
| Net Margin | -41.6% | 39.7% |
| Revenue YoY | -2.3% | 52.1% |
| Net Profit YoY | -30.1% | 3679.2% |
| EPS (diluted) | $-3.39 | $7.29 |
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 | — | $246.2M | ||
| Q3 25 | $140.0M | $216.3M | ||
| Q2 25 | $146.8M | $221.9M | ||
| Q1 25 | $142.0M | $216.4M | ||
| Q4 24 | $145.3M | $161.9M | ||
| Q3 24 | $143.4M | $175.3M | ||
| Q2 24 | $152.0M | $206.2M | ||
| Q1 24 | $152.0M | $206.6M |
| Q4 25 | — | $97.7M | ||
| Q3 25 | $-58.2M | $65.5M | ||
| Q2 25 | $-54.2M | $66.2M | ||
| Q1 25 | $-46.0M | $69.7M | ||
| Q4 24 | $-67.4M | $2.6M | ||
| Q3 24 | $-44.8M | $5.7M | ||
| Q2 24 | $-39.4M | $54.1M | ||
| Q1 24 | $-38.3M | $47.6M |
| Q4 25 | — | 58.5% | ||
| Q3 25 | -12.4% | 41.9% | ||
| Q2 25 | -10.6% | 42.5% | ||
| Q1 25 | -6.0% | 46.4% | ||
| Q4 24 | -27.1% | 3.6% | ||
| Q3 24 | -6.2% | 8.0% | ||
| Q2 24 | -1.8% | 36.9% | ||
| Q1 24 | -0.9% | 37.5% |
| Q4 25 | — | 39.7% | ||
| Q3 25 | -41.6% | 30.3% | ||
| Q2 25 | -36.9% | 29.8% | ||
| Q1 25 | -32.4% | 32.2% | ||
| Q4 24 | -46.4% | 1.6% | ||
| Q3 24 | -31.2% | 3.2% | ||
| Q2 24 | -25.9% | 26.2% | ||
| Q1 24 | -25.2% | 23.0% |
| Q4 25 | — | $7.29 | ||
| Q3 25 | $-3.39 | $4.90 | ||
| Q2 25 | $-3.17 | $5.18 | ||
| Q1 25 | $-2.73 | $5.35 | ||
| Q4 24 | $-4.06 | $0.32 | ||
| Q3 24 | $-2.74 | $0.52 | ||
| Q2 24 | $-2.43 | $4.24 | ||
| Q1 24 | $-2.37 | $3.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.2B |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $1.0B |
| Total Assets | $1.2B | $2.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $987.9M | ||
| Q2 25 | — | $947.2M | ||
| Q1 25 | — | $754.5M | ||
| Q4 24 | — | $532.5M | ||
| Q3 24 | — | $518.8M | ||
| Q2 24 | — | $445.8M | ||
| Q1 24 | — | $655.4M |
| 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 | — | $1.0B | ||
| Q3 25 | $-585.8M | $821.8M | ||
| Q2 25 | $-536.5M | $758.6M | ||
| Q1 25 | $-493.9M | $522.7M | ||
| Q4 24 | $-455.7M | $453.3M | ||
| Q3 24 | $-386.1M | $455.3M | ||
| Q2 24 | $-338.6M | $447.3M | ||
| Q1 24 | $-296.8M | $395.7M |
| Q4 25 | — | $2.5B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.3B | $2.3B | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $1.3B | $2.0B | ||
| Q2 24 | $1.4B | $1.9B | ||
| Q1 24 | $1.4B | $1.8B |
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 | $444.4M |
| Free Cash FlowOCF − Capex | $-16.9M | $440.8M |
| FCF MarginFCF / Revenue | -12.1% | 179.0% |
| Capex IntensityCapex / Revenue | 1.7% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $771.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $444.4M | ||
| Q3 25 | $-14.5M | $26.7M | ||
| Q2 25 | $-26.9M | $145.0M | ||
| Q1 25 | $-13.2M | $162.0M | ||
| Q4 24 | $-10.4M | $331.8M | ||
| Q3 24 | $-3.2M | $104.1M | ||
| Q2 24 | $-14.2M | $-29.0M | ||
| Q1 24 | $-28.4M | $182.0M |
| Q4 25 | — | $440.8M | ||
| Q3 25 | $-16.9M | $25.9M | ||
| Q2 25 | $-29.3M | $144.5M | ||
| Q1 25 | $-17.8M | $160.3M | ||
| Q4 24 | $-11.0M | $327.8M | ||
| Q3 24 | $-11.1M | $103.2M | ||
| Q2 24 | $-24.4M | $-30.1M | ||
| Q1 24 | $-32.5M | $181.0M |
| Q4 25 | — | 179.0% | ||
| Q3 25 | -12.1% | 12.0% | ||
| Q2 25 | -20.0% | 65.1% | ||
| Q1 25 | -12.5% | 74.1% | ||
| Q4 24 | -7.6% | 202.5% | ||
| Q3 24 | -7.7% | 58.9% | ||
| Q2 24 | -16.1% | -14.6% | ||
| Q1 24 | -21.4% | 87.6% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | 1.7% | 0.4% | ||
| Q2 25 | 1.6% | 0.2% | ||
| Q1 25 | 3.2% | 0.8% | ||
| Q4 24 | 0.4% | 2.5% | ||
| Q3 24 | 5.5% | 0.5% | ||
| Q2 24 | 6.7% | 0.5% | ||
| Q1 24 | 2.7% | 0.5% |
| Q4 25 | — | 4.55× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 2.19× | ||
| Q1 25 | — | 2.32× | ||
| Q4 24 | — | 128.41× | ||
| Q3 24 | — | 18.33× | ||
| Q2 24 | — | -0.54× | ||
| Q1 24 | — | 3.82× |
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% |
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
