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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $113.9M, roughly 1.2× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -41.6%, a 40.0% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs -2.3%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-16.9M). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
FAT vs ILPT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $113.9M |
| Net Profit | $-58.2M | $-1.8M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | -22.1% |
| Net Margin | -41.6% | -1.6% |
| Revenue YoY | -2.3% | 3.1% |
| Net Profit YoY | -30.1% | 92.6% |
| EPS (diluted) | $-3.39 | $-0.02 |
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 | — | $113.9M | ||
| Q3 25 | $140.0M | $110.9M | ||
| Q2 25 | $146.8M | $112.1M | ||
| Q1 25 | $142.0M | $111.9M | ||
| Q4 24 | $145.3M | $110.5M | ||
| Q3 24 | $143.4M | $108.9M | ||
| Q2 24 | $152.0M | $110.6M | ||
| Q1 24 | $152.0M | $112.2M |
| Q4 25 | — | $-1.8M | ||
| Q3 25 | $-58.2M | $-21.6M | ||
| Q2 25 | $-54.2M | $-21.3M | ||
| Q1 25 | $-46.0M | $-21.5M | ||
| Q4 24 | $-67.4M | $-24.1M | ||
| Q3 24 | $-44.8M | $-25.0M | ||
| Q2 24 | $-39.4M | $-23.2M | ||
| Q1 24 | $-38.3M | $-23.4M |
| Q4 25 | — | -22.1% | ||
| Q3 25 | -12.4% | -29.4% | ||
| Q2 25 | -10.6% | -30.8% | ||
| Q1 25 | -6.0% | -26.9% | ||
| Q4 24 | -27.1% | -31.1% | ||
| Q3 24 | -6.2% | -33.5% | ||
| Q2 24 | -1.8% | -32.4% | ||
| Q1 24 | -0.9% | -31.7% |
| Q4 25 | — | -1.6% | ||
| Q3 25 | -41.6% | -19.4% | ||
| Q2 25 | -36.9% | -19.0% | ||
| Q1 25 | -32.4% | -19.2% | ||
| Q4 24 | -46.4% | -21.8% | ||
| Q3 24 | -31.2% | -22.9% | ||
| Q2 24 | -25.9% | -20.9% | ||
| Q1 24 | -25.2% | -20.9% |
| Q4 25 | — | $-0.02 | ||
| Q3 25 | $-3.39 | $-0.33 | ||
| Q2 25 | $-3.17 | $-0.32 | ||
| Q1 25 | $-2.73 | $-0.33 | ||
| Q4 24 | $-4.06 | $-0.37 | ||
| Q3 24 | $-2.74 | $-0.38 | ||
| Q2 24 | $-2.43 | $-0.35 | ||
| 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 | — | $94.8M |
| Total DebtLower is stronger | $1.3B | $4.2B |
| Stockholders' EquityBook value | $-585.8M | $489.7M |
| Total Assets | $1.2B | $5.2B |
| Debt / EquityLower = less leverage | — | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $94.8M | ||
| Q3 25 | — | $83.2M | ||
| Q2 25 | — | $58.6M | ||
| Q1 25 | — | $108.0M | ||
| Q4 24 | — | $131.7M | ||
| Q3 24 | — | $153.9M | ||
| Q2 24 | — | $146.2M | ||
| Q1 24 | — | $128.4M |
| Q4 25 | — | $4.2B | ||
| Q3 25 | $1.3B | $4.2B | ||
| Q2 25 | $1.3B | $4.2B | ||
| Q1 25 | $1.3B | $4.3B | ||
| Q4 24 | $1.3B | $4.3B | ||
| Q3 24 | $1.2B | $4.3B | ||
| Q2 24 | $1.2B | $4.3B | ||
| Q1 24 | $1.2B | $4.3B |
| Q4 25 | — | $489.7M | ||
| Q3 25 | $-585.8M | $494.1M | ||
| Q2 25 | $-536.5M | $519.1M | ||
| Q1 25 | $-493.9M | $539.5M | ||
| Q4 24 | $-455.7M | $562.0M | ||
| Q3 24 | $-386.1M | $585.9M | ||
| Q2 24 | $-338.6M | $618.3M | ||
| Q1 24 | $-296.8M | $643.2M |
| Q4 25 | — | $5.2B | ||
| Q3 25 | $1.2B | $5.2B | ||
| Q2 25 | $1.2B | $5.2B | ||
| Q1 25 | $1.3B | $5.4B | ||
| Q4 24 | $1.3B | $5.4B | ||
| Q3 24 | $1.3B | $5.5B | ||
| Q2 24 | $1.4B | $5.5B | ||
| Q1 24 | $1.4B | $5.5B |
| Q4 25 | — | 8.56× | ||
| Q3 25 | — | 8.49× | ||
| Q2 25 | — | 8.09× | ||
| Q1 25 | — | 7.96× | ||
| Q4 24 | — | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× | ||
| Q1 24 | — | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | $-16.9M | $42.0M |
| FCF MarginFCF / Revenue | -12.1% | 36.9% |
| Capex IntensityCapex / Revenue | 1.7% | 16.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $60.7M | ||
| Q3 25 | $-14.5M | $22.7M | ||
| Q2 25 | $-26.9M | $18.4M | ||
| Q1 25 | $-13.2M | $11.4M | ||
| Q4 24 | $-10.4M | $2.0M | ||
| Q3 24 | $-3.2M | $-3.4M | ||
| Q2 24 | $-14.2M | $10.8M | ||
| Q1 24 | $-28.4M | $8.0M |
| Q4 25 | — | $42.0M | ||
| Q3 25 | $-16.9M | $17.6M | ||
| Q2 25 | $-29.3M | $15.2M | ||
| Q1 25 | $-17.8M | $5.0M | ||
| Q4 24 | $-11.0M | $-3.7M | ||
| Q3 24 | $-11.1M | $-5.9M | ||
| Q2 24 | $-24.4M | $9.4M | ||
| Q1 24 | $-32.5M | $5.9M |
| Q4 25 | — | 36.9% | ||
| Q3 25 | -12.1% | 15.9% | ||
| Q2 25 | -20.0% | 13.5% | ||
| Q1 25 | -12.5% | 4.5% | ||
| Q4 24 | -7.6% | -3.4% | ||
| Q3 24 | -7.7% | -5.5% | ||
| Q2 24 | -16.1% | 8.5% | ||
| Q1 24 | -21.4% | 5.2% |
| Q4 25 | — | 16.4% | ||
| Q3 25 | 1.7% | 4.6% | ||
| Q2 25 | 1.6% | 2.9% | ||
| Q1 25 | 3.2% | 5.7% | ||
| Q4 24 | 0.4% | 5.2% | ||
| Q3 24 | 5.5% | 2.3% | ||
| Q2 24 | 6.7% | 1.3% | ||
| Q1 24 | 2.7% | 1.9% |
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% |
ILPT
Segment breakdown not available.
