vs
Side-by-side financial comparison of Fat Brands, Inc (FAT) and HEALTHSTREAM INC (HSTM). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $79.7M, roughly 1.8× HEALTHSTREAM INC). On growth, HEALTHSTREAM INC posted the faster year-over-year revenue change (7.4% vs -2.3%). HEALTHSTREAM INC produced more free cash flow last quarter ($13.0M vs $-16.9M). Over the past eight quarters, HEALTHSTREAM INC's revenue compounded faster (4.7% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
HealthStream Inc is a leading U.S.-based provider of workforce development, compliance, and training solutions tailored for the healthcare industry. It offers cloud-based platforms covering clinical skill training, talent management, patient safety education, and regulatory adherence tools, serving over 4,000 healthcare organizations including hospitals, clinics, and long-term care facilities nationwide.
FAT vs HSTM — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $79.7M |
| Net Profit | $-58.2M | — |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 3.0% |
| Net Margin | -41.6% | — |
| Revenue YoY | -2.3% | 7.4% |
| Net Profit YoY | -30.1% | — |
| EPS (diluted) | $-3.39 | $0.09 |
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 | — | $79.7M | ||
| Q3 25 | $140.0M | $76.5M | ||
| Q2 25 | $146.8M | $74.4M | ||
| Q1 25 | $142.0M | $73.5M | ||
| Q4 24 | $145.3M | $74.2M | ||
| Q3 24 | $143.4M | $73.1M | ||
| Q2 24 | $152.0M | $71.6M | ||
| Q1 24 | $152.0M | $72.8M |
| Q4 25 | — | — | ||
| Q3 25 | $-58.2M | $6.1M | ||
| Q2 25 | $-54.2M | $5.4M | ||
| Q1 25 | $-46.0M | $4.3M | ||
| Q4 24 | $-67.4M | — | ||
| Q3 24 | $-44.8M | $5.7M | ||
| Q2 24 | $-39.4M | $4.2M | ||
| Q1 24 | $-38.3M | $5.2M |
| Q4 25 | — | 3.0% | ||
| Q3 25 | -12.4% | 9.9% | ||
| Q2 25 | -10.6% | 7.9% | ||
| Q1 25 | -6.0% | 6.0% | ||
| Q4 24 | -27.1% | 6.3% | ||
| Q3 24 | -6.2% | 8.9% | ||
| Q2 24 | -1.8% | 6.2% | ||
| Q1 24 | -0.9% | 7.8% |
| Q4 25 | — | — | ||
| Q3 25 | -41.6% | 8.0% | ||
| Q2 25 | -36.9% | 7.2% | ||
| Q1 25 | -32.4% | 5.9% | ||
| Q4 24 | -46.4% | — | ||
| Q3 24 | -31.2% | 7.8% | ||
| Q2 24 | -25.9% | 5.8% | ||
| Q1 24 | -25.2% | 7.2% |
| Q4 25 | — | $0.09 | ||
| Q3 25 | $-3.39 | $0.20 | ||
| Q2 25 | $-3.17 | $0.18 | ||
| Q1 25 | $-2.73 | $0.14 | ||
| Q4 24 | $-4.06 | $0.16 | ||
| Q3 24 | $-2.74 | $0.19 | ||
| Q2 24 | $-2.43 | $0.14 | ||
| Q1 24 | $-2.37 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $36.2M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $354.0M |
| Total Assets | $1.2B | $520.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $36.2M | ||
| Q3 25 | — | $53.5M | ||
| Q2 25 | — | $52.1M | ||
| Q1 25 | — | $77.3M | ||
| Q4 24 | — | $59.5M | ||
| Q3 24 | — | $57.5M | ||
| Q2 24 | — | $46.1M | ||
| Q1 24 | — | $52.4M |
| 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 | — | $354.0M | ||
| Q3 25 | $-585.8M | $349.2M | ||
| Q2 25 | $-536.5M | $350.6M | ||
| Q1 25 | $-493.9M | $362.8M | ||
| Q4 24 | $-455.7M | $359.4M | ||
| Q3 24 | $-386.1M | $355.5M | ||
| Q2 24 | $-338.6M | $349.2M | ||
| Q1 24 | $-296.8M | $344.9M |
| Q4 25 | — | $520.4M | ||
| Q3 25 | $1.2B | $499.9M | ||
| Q2 25 | $1.2B | $500.1M | ||
| Q1 25 | $1.3B | $524.0M | ||
| Q4 24 | $1.3B | $510.8M | ||
| Q3 24 | $1.3B | $502.8M | ||
| Q2 24 | $1.4B | $499.6M | ||
| Q1 24 | $1.4B | $511.6M |
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 | $13.2M |
| Free Cash FlowOCF − Capex | $-16.9M | $13.0M |
| FCF MarginFCF / Revenue | -12.1% | 16.3% |
| Capex IntensityCapex / Revenue | 1.7% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $59.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $13.2M | ||
| Q3 25 | $-14.5M | $18.0M | ||
| Q2 25 | $-26.9M | $5.0M | ||
| Q1 25 | $-13.2M | $27.1M | ||
| Q4 24 | $-10.4M | $11.2M | ||
| Q3 24 | $-3.2M | $19.1M | ||
| Q2 24 | $-14.2M | $6.5M | ||
| Q1 24 | $-28.4M | $20.9M |
| Q4 25 | — | $13.0M | ||
| Q3 25 | $-16.9M | $17.9M | ||
| Q2 25 | $-29.3M | $2.7M | ||
| Q1 25 | $-17.8M | $26.0M | ||
| Q4 24 | $-11.0M | $11.0M | ||
| Q3 24 | $-11.1M | $18.8M | ||
| Q2 24 | $-24.4M | $6.3M | ||
| Q1 24 | $-32.5M | $20.2M |
| Q4 25 | — | 16.3% | ||
| Q3 25 | -12.1% | 23.4% | ||
| Q2 25 | -20.0% | 3.6% | ||
| Q1 25 | -12.5% | 35.4% | ||
| Q4 24 | -7.6% | 14.8% | ||
| Q3 24 | -7.7% | 25.8% | ||
| Q2 24 | -16.1% | 8.8% | ||
| Q1 24 | -21.4% | 27.8% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | 1.7% | 0.1% | ||
| Q2 25 | 1.6% | 3.1% | ||
| Q1 25 | 3.2% | 1.4% | ||
| Q4 24 | 0.4% | 0.3% | ||
| Q3 24 | 5.5% | 0.4% | ||
| Q2 24 | 6.7% | 0.2% | ||
| Q1 24 | 2.7% | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.96× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 6.25× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.34× | ||
| Q2 24 | — | 1.55× | ||
| Q1 24 | — | 4.01× |
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% |
HSTM
| Subscription Services | $77.0M | 97% |
| Professional Services | $2.7M | 3% |
