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Side-by-side financial comparison of Fat Brands, Inc (FAT) and INSTEEL INDUSTRIES INC (IIIN). Click either name above to swap in a different company.
INSTEEL INDUSTRIES INC is the larger business by last-quarter revenue ($159.9M vs $140.0M, roughly 1.1× Fat Brands, Inc). INSTEEL INDUSTRIES INC runs the higher net margin — 4.7% vs -41.6%, a 46.3% gap on every dollar of revenue. On growth, INSTEEL INDUSTRIES INC posted the faster year-over-year revenue change (23.3% vs -2.3%). INSTEEL INDUSTRIES INC produced more free cash flow last quarter ($-2.2M vs $-16.9M). Over the past eight quarters, INSTEEL INDUSTRIES INC's revenue compounded faster (12.0% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Insteel Industries Inc is a leading U.S. manufacturer of steel reinforcing products including welded wire reinforcement and steel fibers. It primarily serves non-residential construction, infrastructure, and precast concrete segments across North America, delivering high-performance reinforcement solutions for various construction projects.
FAT vs IIIN — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $159.9M |
| Net Profit | $-58.2M | $7.6M |
| Gross Margin | — | 11.3% |
| Operating Margin | -12.4% | 6.0% |
| Net Margin | -41.6% | 4.7% |
| Revenue YoY | -2.3% | 23.3% |
| Net Profit YoY | -30.1% | 602.4% |
| EPS (diluted) | $-3.39 | $0.39 |
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 | — | $159.9M | ||
| Q3 25 | $140.0M | $177.4M | ||
| Q2 25 | $146.8M | $179.9M | ||
| Q1 25 | $142.0M | $160.7M | ||
| Q4 24 | $145.3M | $129.7M | ||
| Q3 24 | $143.4M | $134.3M | ||
| Q2 24 | $152.0M | $145.8M | ||
| Q1 24 | $152.0M | $127.4M |
| Q4 25 | — | $7.6M | ||
| Q3 25 | $-58.2M | $14.6M | ||
| Q2 25 | $-54.2M | $15.2M | ||
| Q1 25 | $-46.0M | $10.2M | ||
| Q4 24 | $-67.4M | $1.1M | ||
| Q3 24 | $-44.8M | $4.7M | ||
| Q2 24 | $-39.4M | $6.6M | ||
| Q1 24 | $-38.3M | $6.9M |
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | — | 15.3% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | 9.1% | ||
| Q2 24 | — | 10.6% | ||
| Q1 24 | — | 12.3% |
| Q4 25 | — | 6.0% | ||
| Q3 25 | -12.4% | 10.8% | ||
| Q2 25 | -10.6% | 11.0% | ||
| Q1 25 | -6.0% | 8.3% | ||
| Q4 24 | -27.1% | 1.1% | ||
| Q3 24 | -6.2% | 4.5% | ||
| Q2 24 | -1.8% | 6.0% | ||
| Q1 24 | -0.9% | 7.0% |
| Q4 25 | — | 4.7% | ||
| Q3 25 | -41.6% | 8.2% | ||
| Q2 25 | -36.9% | 8.4% | ||
| Q1 25 | -32.4% | 6.4% | ||
| Q4 24 | -46.4% | 0.8% | ||
| Q3 24 | -31.2% | 3.5% | ||
| Q2 24 | -25.9% | 4.5% | ||
| Q1 24 | -25.2% | 5.4% |
| Q4 25 | — | $0.39 | ||
| Q3 25 | $-3.39 | $0.74 | ||
| Q2 25 | $-3.17 | $0.78 | ||
| Q1 25 | $-2.73 | $0.52 | ||
| Q4 24 | $-4.06 | $0.06 | ||
| Q3 24 | $-2.74 | $0.24 | ||
| Q2 24 | $-2.43 | $0.34 | ||
| Q1 24 | $-2.37 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $15.6M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $358.8M |
| Total Assets | $1.2B | $456.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.6M | ||
| Q3 25 | — | $38.6M | ||
| Q2 25 | — | $53.7M | ||
| Q1 25 | — | $28.4M | ||
| Q4 24 | — | $36.0M | ||
| Q3 24 | — | $111.5M | ||
| Q2 24 | — | $97.7M | ||
| Q1 24 | — | $83.9M |
| 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 | — | $358.8M | ||
| Q3 25 | $-585.8M | $371.5M | ||
| Q2 25 | $-536.5M | $356.2M | ||
| Q1 25 | $-493.9M | $341.4M | ||
| Q4 24 | $-455.7M | $331.6M | ||
| Q3 24 | $-386.1M | $350.9M | ||
| Q2 24 | $-338.6M | $346.0M | ||
| Q1 24 | $-296.8M | $340.6M |
| Q4 25 | — | $456.1M | ||
| Q3 25 | $1.2B | $462.6M | ||
| Q2 25 | $1.2B | $471.9M | ||
| Q1 25 | $1.3B | $421.9M | ||
| Q4 24 | $1.3B | $404.7M | ||
| Q3 24 | $1.3B | $422.6M | ||
| Q2 24 | $1.4B | $414.6M | ||
| Q1 24 | $1.4B | $397.2M |
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 | $-701.0K |
| Free Cash FlowOCF − Capex | $-16.9M | $-2.2M |
| FCF MarginFCF / Revenue | -12.1% | -1.4% |
| Capex IntensityCapex / Revenue | 1.7% | 0.9% |
| Cash ConversionOCF / Net Profit | — | -0.09× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $439.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-701.0K | ||
| Q3 25 | $-14.5M | $-17.0M | ||
| Q2 25 | $-26.9M | $28.5M | ||
| Q1 25 | $-13.2M | $-3.3M | ||
| Q4 24 | $-10.4M | $19.0M | ||
| Q3 24 | $-3.2M | $16.2M | ||
| Q2 24 | $-14.2M | $18.8M | ||
| Q1 24 | $-28.4M | $1.4M |
| Q4 25 | — | $-2.2M | ||
| Q3 25 | $-16.9M | $-18.7M | ||
| Q2 25 | $-29.3M | $26.9M | ||
| Q1 25 | $-17.8M | $-5.5M | ||
| Q4 24 | $-11.0M | $16.3M | ||
| Q3 24 | $-11.1M | $14.5M | ||
| Q2 24 | $-24.4M | $15.5M | ||
| Q1 24 | $-32.5M | $-580.0K |
| Q4 25 | — | -1.4% | ||
| Q3 25 | -12.1% | -10.6% | ||
| Q2 25 | -20.0% | 15.0% | ||
| Q1 25 | -12.5% | -3.5% | ||
| Q4 24 | -7.6% | 12.6% | ||
| Q3 24 | -7.7% | 10.8% | ||
| Q2 24 | -16.1% | 10.7% | ||
| Q1 24 | -21.4% | -0.5% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | 1.7% | 1.0% | ||
| Q2 25 | 1.6% | 0.9% | ||
| Q1 25 | 3.2% | 1.4% | ||
| Q4 24 | 0.4% | 2.1% | ||
| Q3 24 | 5.5% | 1.3% | ||
| Q2 24 | 6.7% | 2.2% | ||
| Q1 24 | 2.7% | 1.5% |
| Q4 25 | — | -0.09× | ||
| Q3 25 | — | -1.17× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | -0.32× | ||
| Q4 24 | — | 17.56× | ||
| Q3 24 | — | 3.48× | ||
| Q2 24 | — | 2.86× | ||
| Q1 24 | — | 0.20× |
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% |
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
