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Side-by-side financial comparison of Fat Brands, Inc (FAT) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $140.0M, roughly 1.5× Fat Brands, Inc). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -41.6%, a 77.0% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -2.3%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-16.9M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
FAT vs INDB — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $212.5M |
| Net Profit | $-58.2M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | — |
| Net Margin | -41.6% | 35.5% |
| Revenue YoY | -2.3% | 46.9% |
| Net Profit YoY | -30.1% | 50.6% |
| EPS (diluted) | $-3.39 | $1.51 |
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 | — | $212.5M | ||
| Q3 25 | $140.0M | $203.3M | ||
| Q2 25 | $146.8M | $147.5M | ||
| Q1 25 | $142.0M | $145.5M | ||
| Q4 24 | $145.3M | $144.7M | ||
| Q3 24 | $143.4M | $141.7M | ||
| Q2 24 | $152.0M | $137.9M | ||
| Q1 24 | $152.0M | $137.4M |
| Q4 25 | — | $75.3M | ||
| Q3 25 | $-58.2M | $34.3M | ||
| Q2 25 | $-54.2M | $51.1M | ||
| Q1 25 | $-46.0M | $44.4M | ||
| Q4 24 | $-67.4M | $50.0M | ||
| Q3 24 | $-44.8M | $42.9M | ||
| Q2 24 | $-39.4M | $51.3M | ||
| Q1 24 | $-38.3M | $47.8M |
| Q4 25 | — | — | ||
| Q3 25 | -12.4% | 21.8% | ||
| Q2 25 | -10.6% | 44.6% | ||
| Q1 25 | -6.0% | 39.3% | ||
| Q4 24 | -27.1% | — | ||
| Q3 24 | -6.2% | 39.0% | ||
| Q2 24 | -1.8% | 48.1% | ||
| Q1 24 | -0.9% | 45.5% |
| Q4 25 | — | 35.5% | ||
| Q3 25 | -41.6% | 16.8% | ||
| Q2 25 | -36.9% | 34.6% | ||
| Q1 25 | -32.4% | 30.5% | ||
| Q4 24 | -46.4% | 34.6% | ||
| Q3 24 | -31.2% | 30.3% | ||
| Q2 24 | -25.9% | 37.2% | ||
| Q1 24 | -25.2% | 34.8% |
| Q4 25 | — | $1.51 | ||
| Q3 25 | $-3.39 | $0.69 | ||
| Q2 25 | $-3.17 | $1.20 | ||
| Q1 25 | $-2.73 | $1.04 | ||
| Q4 24 | $-4.06 | $1.18 | ||
| Q3 24 | $-2.74 | $1.01 | ||
| Q2 24 | $-2.43 | $1.21 | ||
| Q1 24 | $-2.37 | $1.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $3.6B |
| Total Assets | $1.2B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| 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 | — | $3.6B | ||
| Q3 25 | $-585.8M | $3.5B | ||
| Q2 25 | $-536.5M | $3.1B | ||
| Q1 25 | $-493.9M | $3.0B | ||
| Q4 24 | $-455.7M | $3.0B | ||
| Q3 24 | $-386.1M | $3.0B | ||
| Q2 24 | $-338.6M | $2.9B | ||
| Q1 24 | $-296.8M | $2.9B |
| Q4 25 | — | $24.9B | ||
| Q3 25 | $1.2B | $25.0B | ||
| Q2 25 | $1.2B | $20.0B | ||
| Q1 25 | $1.3B | $19.9B | ||
| Q4 24 | $1.3B | $19.4B | ||
| Q3 24 | $1.3B | $19.4B | ||
| Q2 24 | $1.4B | $19.4B | ||
| Q1 24 | $1.4B | $19.3B |
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 | $78.9M |
| Free Cash FlowOCF − Capex | $-16.9M | $75.5M |
| FCF MarginFCF / Revenue | -12.1% | 35.5% |
| Capex IntensityCapex / Revenue | 1.7% | 1.6% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $78.9M | ||
| Q3 25 | $-14.5M | $52.2M | ||
| Q2 25 | $-26.9M | $106.7M | ||
| Q1 25 | $-13.2M | $13.3M | ||
| Q4 24 | $-10.4M | $42.9M | ||
| Q3 24 | $-3.2M | $70.2M | ||
| Q2 24 | $-14.2M | $65.6M | ||
| Q1 24 | $-28.4M | $51.1M |
| Q4 25 | — | $75.5M | ||
| Q3 25 | $-16.9M | $49.7M | ||
| Q2 25 | $-29.3M | $102.5M | ||
| Q1 25 | $-17.8M | $11.3M | ||
| Q4 24 | $-11.0M | $36.5M | ||
| Q3 24 | $-11.1M | $64.4M | ||
| Q2 24 | $-24.4M | $61.9M | ||
| Q1 24 | $-32.5M | $46.7M |
| Q4 25 | — | 35.5% | ||
| Q3 25 | -12.1% | 24.4% | ||
| Q2 25 | -20.0% | 69.5% | ||
| Q1 25 | -12.5% | 7.8% | ||
| Q4 24 | -7.6% | 25.2% | ||
| Q3 24 | -7.7% | 45.4% | ||
| Q2 24 | -16.1% | 44.9% | ||
| Q1 24 | -21.4% | 34.0% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | 1.7% | 1.2% | ||
| Q2 25 | 1.6% | 2.9% | ||
| Q1 25 | 3.2% | 1.4% | ||
| Q4 24 | 0.4% | 4.4% | ||
| Q3 24 | 5.5% | 4.1% | ||
| Q2 24 | 6.7% | 2.7% | ||
| Q1 24 | 2.7% | 3.2% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 1.07× |
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% |
INDB
Segment breakdown not available.
