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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Innovex International, Inc. (INVX). Click either name above to swap in a different company.
Innovex International, Inc. is the larger business by last-quarter revenue ($273.6M vs $140.0M, roughly 2.0× Fat Brands, Inc). Innovex International, Inc. runs the higher net margin — 5.1% vs -41.6%, a 46.7% gap on every dollar of revenue. On growth, Innovex International, Inc. posted the faster year-over-year revenue change (9.1% vs -2.3%). Over the past eight quarters, Innovex International, Inc.'s revenue compounded faster (46.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
FAT vs INVX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $273.6M |
| Net Profit | $-58.2M | $14.0M |
| Gross Margin | — | 28.9% |
| Operating Margin | -12.4% | 9.4% |
| Net Margin | -41.6% | 5.1% |
| Revenue YoY | -2.3% | 9.1% |
| Net Profit YoY | -30.1% | -56.1% |
| EPS (diluted) | $-3.39 | $0.20 |
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 | — | $273.6M | ||
| Q3 25 | $140.0M | $240.0M | ||
| Q2 25 | $146.8M | $224.2M | ||
| Q1 25 | $142.0M | $240.4M | ||
| Q4 24 | $145.3M | $250.7M | ||
| Q3 24 | $143.4M | $151.8M | ||
| Q2 24 | $152.0M | $130.3M | ||
| Q1 24 | $152.0M | $128.0M |
| Q4 25 | — | $14.0M | ||
| Q3 25 | $-58.2M | $39.2M | ||
| Q2 25 | $-54.2M | $15.3M | ||
| Q1 25 | $-46.0M | $14.8M | ||
| Q4 24 | $-67.4M | $31.8M | ||
| Q3 24 | $-44.8M | $82.6M | ||
| Q2 24 | $-39.4M | $9.5M | ||
| Q1 24 | $-38.3M | $16.4M |
| Q4 25 | — | 28.9% | ||
| Q3 25 | — | 31.6% | ||
| Q2 25 | — | 32.0% | ||
| Q1 25 | — | 31.8% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 34.7% | ||
| Q2 24 | — | 35.3% | ||
| Q1 24 | — | 38.4% |
| Q4 25 | — | 9.4% | ||
| Q3 25 | -12.4% | 26.0% | ||
| Q2 25 | -10.6% | 10.1% | ||
| Q1 25 | -6.0% | 9.1% | ||
| Q4 24 | -27.1% | 10.7% | ||
| Q3 24 | -6.2% | -8.7% | ||
| Q2 24 | -1.8% | 10.0% | ||
| Q1 24 | -0.9% | 17.4% |
| Q4 25 | — | 5.1% | ||
| Q3 25 | -41.6% | 16.3% | ||
| Q2 25 | -36.9% | 6.8% | ||
| Q1 25 | -32.4% | 6.1% | ||
| Q4 24 | -46.4% | 12.7% | ||
| Q3 24 | -31.2% | 54.4% | ||
| Q2 24 | -25.9% | 7.3% | ||
| Q1 24 | -25.2% | 12.8% |
| Q4 25 | — | $0.20 | ||
| Q3 25 | $-3.39 | $0.57 | ||
| Q2 25 | $-3.17 | $0.22 | ||
| Q1 25 | $-2.73 | $0.21 | ||
| Q4 24 | $-4.06 | $-0.03 | ||
| Q3 24 | $-2.74 | $1.99 | ||
| Q2 24 | $-2.43 | $0.30 | ||
| Q1 24 | $-2.37 | $0.51 |
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 | $18.9M |
| Stockholders' EquityBook value | $-585.8M | $1.1B |
| Total Assets | $1.2B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $185.6M | ||
| Q1 24 | — | $202.2M |
| Q4 25 | — | $18.9M | ||
| Q3 25 | $1.3B | $20.1M | ||
| Q2 25 | $1.3B | $34.8M | ||
| Q1 25 | $1.3B | $19.7M | ||
| Q4 24 | $1.3B | $24.9M | ||
| Q3 24 | $1.2B | $12.4M | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $-585.8M | $1.0B | ||
| Q2 25 | $-536.5M | $995.6M | ||
| Q1 25 | $-493.9M | $978.4M | ||
| Q4 24 | $-455.7M | $958.2M | ||
| Q3 24 | $-386.1M | $904.4M | ||
| Q2 24 | $-338.6M | $352.5M | ||
| Q1 24 | $-296.8M | $344.3M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.4B | $1.0B | ||
| Q1 24 | $1.4B | $1.0B |
| Q4 25 | — | 0.02× | ||
| Q3 25 | — | 0.02× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.02× | ||
| Q4 24 | — | 0.03× | ||
| Q3 24 | — | 0.01× | ||
| 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 | $52.2M |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | 3.74× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $52.2M | ||
| Q3 25 | $-14.5M | $48.4M | ||
| Q2 25 | $-26.9M | $59.2M | ||
| Q1 25 | $-13.2M | $31.1M | ||
| Q4 24 | $-10.4M | $36.3M | ||
| Q3 24 | $-3.2M | $21.7M | ||
| Q2 24 | $-14.2M | $22.8M | ||
| Q1 24 | $-28.4M | $12.6M |
| 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 | $16.6M | ||
| Q1 24 | $-32.5M | $7.8M |
| 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% | 12.7% | ||
| Q1 24 | -21.4% | 6.1% |
| 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% | 4.7% | ||
| Q1 24 | 2.7% | 3.7% |
| Q4 25 | — | 3.74× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | — | 3.86× | ||
| Q1 25 | — | 2.11× | ||
| Q4 24 | — | 1.14× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 2.39× | ||
| Q1 24 | — | 0.77× |
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% |
INVX
| Products | $202.7M | 74% |
| Leasing | $42.3M | 15% |
| Services | $28.6M | 10% |
