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Side-by-side financial comparison of Fat Brands, Inc (FAT) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $140.0M, roughly 2.0× Fat Brands, Inc). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -41.6%, a 46.4% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs -2.3%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-16.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
FAT vs IPGP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $274.5M |
| Net Profit | $-58.2M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | -12.4% | 1.2% |
| Net Margin | -41.6% | 4.8% |
| Revenue YoY | -2.3% | 17.1% |
| Net Profit YoY | -30.1% | 69.8% |
| EPS (diluted) | $-3.39 | $0.30 |
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 | — | $274.5M | ||
| Q3 25 | $140.0M | $250.8M | ||
| Q2 25 | $146.8M | $250.7M | ||
| Q1 25 | $142.0M | $227.8M | ||
| Q4 24 | $145.3M | $234.3M | ||
| Q3 24 | $143.4M | $233.1M | ||
| Q2 24 | $152.0M | $257.6M | ||
| Q1 24 | $152.0M | $252.0M |
| Q4 25 | — | $13.3M | ||
| Q3 25 | $-58.2M | $7.5M | ||
| Q2 25 | $-54.2M | $6.6M | ||
| Q1 25 | $-46.0M | $3.8M | ||
| Q4 24 | $-67.4M | $7.8M | ||
| Q3 24 | $-44.8M | $-233.6M | ||
| Q2 24 | $-39.4M | $20.2M | ||
| Q1 24 | $-38.3M | $24.1M |
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
| Q4 25 | — | 1.2% | ||
| Q3 25 | -12.4% | 3.1% | ||
| Q2 25 | -10.6% | 0.0% | ||
| Q1 25 | -6.0% | 0.8% | ||
| Q4 24 | -27.1% | 6.0% | ||
| Q3 24 | -6.2% | -108.7% | ||
| Q2 24 | -1.8% | 4.7% | ||
| Q1 24 | -0.9% | 7.6% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | -41.6% | 3.0% | ||
| Q2 25 | -36.9% | 2.6% | ||
| Q1 25 | -32.4% | 1.6% | ||
| Q4 24 | -46.4% | 3.3% | ||
| Q3 24 | -31.2% | -100.2% | ||
| Q2 24 | -25.9% | 7.8% | ||
| Q1 24 | -25.2% | 9.6% |
| Q4 25 | — | $0.30 | ||
| Q3 25 | $-3.39 | $0.18 | ||
| Q2 25 | $-3.17 | $0.16 | ||
| Q1 25 | $-2.73 | $0.09 | ||
| Q4 24 | $-4.06 | $0.27 | ||
| Q3 24 | $-2.74 | $-5.33 | ||
| Q2 24 | $-2.43 | $0.45 | ||
| Q1 24 | $-2.37 | $0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $839.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $2.1B |
| Total Assets | $1.2B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $839.3M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $899.6M | ||
| Q1 25 | — | $926.9M | ||
| Q4 24 | — | $930.2M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| 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 | — | $2.1B | ||
| Q3 25 | $-585.8M | $2.1B | ||
| Q2 25 | $-536.5M | $2.1B | ||
| Q1 25 | $-493.9M | $2.1B | ||
| Q4 24 | $-455.7M | $2.0B | ||
| Q3 24 | $-386.1M | $2.1B | ||
| Q2 24 | $-338.6M | $2.3B | ||
| Q1 24 | $-296.8M | $2.3B |
| Q4 25 | — | $2.4B | ||
| Q3 25 | $1.2B | $2.4B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.3B | $2.3B | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.3B | $2.4B | ||
| Q2 24 | $1.4B | $2.5B | ||
| Q1 24 | $1.4B | $2.6B |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-16.9M | $10.9M |
| FCF MarginFCF / Revenue | -12.1% | 4.0% |
| Capex IntensityCapex / Revenue | 1.7% | 6.5% |
| Cash ConversionOCF / Net Profit | — | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.8M | ||
| Q3 25 | $-14.5M | $35.3M | ||
| Q2 25 | $-26.9M | $-2.2M | ||
| Q1 25 | $-13.2M | $13.4M | ||
| Q4 24 | $-10.4M | $73.8M | ||
| Q3 24 | $-3.2M | $66.1M | ||
| Q2 24 | $-14.2M | $53.5M | ||
| Q1 24 | $-28.4M | $54.6M |
| Q4 25 | — | $10.9M | ||
| Q3 25 | $-16.9M | $14.6M | ||
| Q2 25 | $-29.3M | $-17.6M | ||
| Q1 25 | $-17.8M | $-11.4M | ||
| Q4 24 | $-11.0M | $50.6M | ||
| Q3 24 | $-11.1M | $43.0M | ||
| Q2 24 | $-24.4M | $29.2M | ||
| Q1 24 | $-32.5M | $26.5M |
| Q4 25 | — | 4.0% | ||
| Q3 25 | -12.1% | 5.8% | ||
| Q2 25 | -20.0% | -7.0% | ||
| Q1 25 | -12.5% | -5.0% | ||
| Q4 24 | -7.6% | 21.6% | ||
| Q3 24 | -7.7% | 18.4% | ||
| Q2 24 | -16.1% | 11.3% | ||
| Q1 24 | -21.4% | 10.5% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | 1.7% | 8.3% | ||
| Q2 25 | 1.6% | 6.1% | ||
| Q1 25 | 3.2% | 10.9% | ||
| Q4 24 | 0.4% | 9.9% | ||
| Q3 24 | 5.5% | 9.9% | ||
| Q2 24 | 6.7% | 9.4% | ||
| Q1 24 | 2.7% | 11.1% |
| Q4 25 | — | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | — | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | — | 2.27× |
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% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
