vs
Side-by-side financial comparison of Fat Brands, Inc (FAT) and INDEPENDENCE REALTY TRUST, INC. (IRT). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($165.3M vs $140.0M, roughly 1.2× Fat Brands, Inc). On growth, INDEPENDENCE REALTY TRUST, INC. posted the faster year-over-year revenue change (2.5% vs -2.3%). Over the past eight quarters, INDEPENDENCE REALTY TRUST, INC.'s revenue compounded faster (2.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
FAT vs IRT — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $165.3M |
| Net Profit | $-58.2M | — |
| Gross Margin | — | — |
| Operating Margin | -12.4% | — |
| Net Margin | -41.6% | — |
| Revenue YoY | -2.3% | 2.5% |
| Net Profit YoY | -30.1% | — |
| EPS (diluted) | $-3.39 | $0.00 |
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.
| Q1 26 | — | $165.3M | ||
| Q4 25 | — | $167.1M | ||
| Q3 25 | $140.0M | $167.1M | ||
| Q2 25 | $146.8M | $162.2M | ||
| Q1 25 | $142.0M | $161.2M | ||
| Q4 24 | $145.3M | $161.0M | ||
| Q3 24 | $143.4M | $160.1M | ||
| Q2 24 | $152.0M | $158.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $33.3M | ||
| Q3 25 | $-58.2M | $6.9M | ||
| Q2 25 | $-54.2M | $8.0M | ||
| Q1 25 | $-46.0M | $8.4M | ||
| Q4 24 | $-67.4M | $-1.0M | ||
| Q3 24 | $-44.8M | $12.4M | ||
| Q2 24 | $-39.4M | $10.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -12.4% | — | ||
| Q2 25 | -10.6% | — | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | -27.1% | — | ||
| Q3 24 | -6.2% | — | ||
| Q2 24 | -1.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.9% | ||
| Q3 25 | -41.6% | 4.1% | ||
| Q2 25 | -36.9% | 5.0% | ||
| Q1 25 | -32.4% | 5.2% | ||
| Q4 24 | -46.4% | -0.6% | ||
| Q3 24 | -31.2% | 7.7% | ||
| Q2 24 | -25.9% | 6.5% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | — | $0.14 | ||
| Q3 25 | $-3.39 | $0.03 | ||
| Q2 25 | $-3.17 | $0.03 | ||
| Q1 25 | $-2.73 | $0.04 | ||
| Q4 24 | $-4.06 | $-0.01 | ||
| Q3 24 | $-2.74 | $0.05 | ||
| Q2 24 | $-2.43 | $0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $23.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $3.4B |
| Total Assets | $1.2B | $6.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.3M | ||
| Q4 25 | — | $23.6M | ||
| Q3 25 | — | $23.3M | ||
| Q2 25 | — | $19.5M | ||
| Q1 25 | — | $29.1M | ||
| Q4 24 | — | $21.2M | ||
| Q3 24 | — | $17.6M | ||
| Q2 24 | — | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | $1.3B | $2.3B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $1.3B | $2.3B | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $1.2B | $2.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | — | $3.5B | ||
| Q3 25 | $-585.8M | $3.5B | ||
| Q2 25 | $-536.5M | $3.4B | ||
| Q1 25 | $-493.9M | $3.5B | ||
| Q4 24 | $-455.7M | $3.4B | ||
| Q3 24 | $-386.1M | $3.4B | ||
| Q2 24 | $-338.6M | $3.4B |
| Q1 26 | — | $6.1B | ||
| Q4 25 | — | $6.0B | ||
| Q3 25 | $1.2B | $6.1B | ||
| Q2 25 | $1.2B | $6.0B | ||
| Q1 25 | $1.3B | $6.0B | ||
| Q4 24 | $1.3B | $6.1B | ||
| Q3 24 | $1.3B | $5.9B | ||
| Q2 24 | $1.4B | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.66× |
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 | — |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $282.1M | ||
| Q3 25 | $-14.5M | $79.3M | ||
| Q2 25 | $-26.9M | $82.2M | ||
| Q1 25 | $-13.2M | $60.4M | ||
| Q4 24 | $-10.4M | $259.8M | ||
| Q3 24 | $-3.2M | $69.2M | ||
| Q2 24 | $-14.2M | $83.0M |
| Q1 26 | — | — | ||
| 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 | — |
| Q1 26 | — | — | ||
| 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% | — |
| Q1 26 | — | — | ||
| 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% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 8.48× | ||
| Q3 25 | — | 11.51× | ||
| Q2 25 | — | 10.22× | ||
| Q1 25 | — | 7.23× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.60× | ||
| Q2 24 | — | 8.02× |
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% |
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
