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Side-by-side financial comparison of Fat Brands, Inc (FAT) and H2O AMERICA (HTO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $140.0M, roughly 1.4× Fat Brands, Inc). H2O AMERICA runs the higher net margin — 8.1% vs -41.6%, a 49.7% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -2.3%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
FAT vs HTO — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $199.4M |
| Net Profit | $-58.2M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 16.6% |
| Net Margin | -41.6% | 8.1% |
| Revenue YoY | -2.3% | 1.5% |
| Net Profit YoY | -30.1% | -29.2% |
| EPS (diluted) | $-3.39 | $0.45 |
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 | — | $199.4M | ||
| Q3 25 | $140.0M | $243.5M | ||
| Q2 25 | $146.8M | $197.8M | ||
| Q1 25 | $142.0M | $164.9M | ||
| Q4 24 | $145.3M | $196.5M | ||
| Q3 24 | $143.4M | $216.7M | ||
| Q2 24 | $152.0M | $173.1M | ||
| Q1 24 | $152.0M | $150.0M |
| Q4 25 | — | $16.2M | ||
| Q3 25 | $-58.2M | $45.1M | ||
| Q2 25 | $-54.2M | $24.7M | ||
| Q1 25 | $-46.0M | $16.6M | ||
| Q4 24 | $-67.4M | $22.9M | ||
| Q3 24 | $-44.8M | $38.7M | ||
| Q2 24 | $-39.4M | $20.7M | ||
| Q1 24 | $-38.3M | $11.7M |
| Q4 25 | — | 16.6% | ||
| Q3 25 | -12.4% | 26.5% | ||
| Q2 25 | -10.6% | 22.2% | ||
| Q1 25 | -6.0% | 21.8% | ||
| Q4 24 | -27.1% | 22.2% | ||
| Q3 24 | -6.2% | 26.9% | ||
| Q2 24 | -1.8% | 23.4% | ||
| Q1 24 | -0.9% | 18.6% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | -41.6% | 18.5% | ||
| Q2 25 | -36.9% | 12.5% | ||
| Q1 25 | -32.4% | 10.0% | ||
| Q4 24 | -46.4% | 11.7% | ||
| Q3 24 | -31.2% | 17.8% | ||
| Q2 24 | -25.9% | 12.0% | ||
| Q1 24 | -25.2% | 7.8% |
| Q4 25 | — | $0.45 | ||
| Q3 25 | $-3.39 | $1.27 | ||
| Q2 25 | $-3.17 | $0.71 | ||
| Q1 25 | $-2.73 | $0.49 | ||
| Q4 24 | $-4.06 | $0.70 | ||
| Q3 24 | $-2.74 | $1.17 | ||
| Q2 24 | $-2.43 | $0.64 | ||
| Q1 24 | $-2.37 | $0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $20.7M |
| Total DebtLower is stronger | $1.3B | $1.9B |
| Stockholders' EquityBook value | $-585.8M | $1.5B |
| Total Assets | $1.2B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $11.3M | ||
| Q2 25 | — | $19.8M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $11.1M | ||
| Q3 24 | — | $4.0M | ||
| Q2 24 | — | $22.8M | ||
| Q1 24 | — | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $-585.8M | $1.5B | ||
| Q2 25 | $-536.5M | $1.5B | ||
| Q1 25 | $-493.9M | $1.4B | ||
| Q4 24 | $-455.7M | $1.4B | ||
| Q3 24 | $-386.1M | $1.3B | ||
| Q2 24 | $-338.6M | $1.3B | ||
| Q1 24 | $-296.8M | $1.2B |
| Q4 25 | — | $5.1B | ||
| Q3 25 | $1.2B | $5.0B | ||
| Q2 25 | $1.2B | $4.8B | ||
| Q1 25 | $1.3B | $4.7B | ||
| Q4 24 | $1.3B | $4.7B | ||
| Q3 24 | $1.3B | $4.6B | ||
| Q2 24 | $1.4B | $4.4B | ||
| Q1 24 | $1.4B | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| 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 | $63.5M |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.5M | ||
| Q3 25 | $-14.5M | $77.3M | ||
| Q2 25 | $-26.9M | $60.8M | ||
| Q1 25 | $-13.2M | $43.2M | ||
| Q4 24 | $-10.4M | $41.5M | ||
| Q3 24 | $-3.2M | $53.5M | ||
| Q2 24 | $-14.2M | $49.3M | ||
| Q1 24 | $-28.4M | $51.2M |
| 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 | — | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | — | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
