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Side-by-side financial comparison of Fat Brands, Inc (FAT) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
iRhythm Holdings, Inc. is the larger business by last-quarter revenue ($208.9M vs $140.0M, roughly 1.5× Fat Brands, Inc). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -41.6%, a 44.3% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs -2.3%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $-16.9M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
FAT vs IRTC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $208.9M |
| Net Profit | $-58.2M | $5.6M |
| Gross Margin | — | 70.9% |
| Operating Margin | -12.4% | 1.1% |
| Net Margin | -41.6% | 2.7% |
| Revenue YoY | -2.3% | 27.1% |
| Net Profit YoY | -30.1% | 518.5% |
| EPS (diluted) | $-3.39 | $0.18 |
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 | — | $208.9M | ||
| Q3 25 | $140.0M | $192.9M | ||
| Q2 25 | $146.8M | $186.7M | ||
| Q1 25 | $142.0M | $158.7M | ||
| Q4 24 | $145.3M | $164.3M | ||
| Q3 24 | $143.4M | $147.5M | ||
| Q2 24 | $152.0M | $148.0M | ||
| Q1 24 | $152.0M | $131.9M |
| Q4 25 | — | $5.6M | ||
| Q3 25 | $-58.2M | $-5.2M | ||
| Q2 25 | $-54.2M | $-14.2M | ||
| Q1 25 | $-46.0M | $-30.7M | ||
| Q4 24 | $-67.4M | $-1.3M | ||
| Q3 24 | $-44.8M | $-46.2M | ||
| Q2 24 | $-39.4M | $-20.1M | ||
| Q1 24 | $-38.3M | $-45.7M |
| Q4 25 | — | 70.9% | ||
| Q3 25 | — | 71.1% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 68.8% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 68.8% | ||
| Q2 24 | — | 69.9% | ||
| Q1 24 | — | 66.3% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | -12.4% | -4.4% | ||
| Q2 25 | -10.6% | -10.0% | ||
| Q1 25 | -6.0% | -20.5% | ||
| Q4 24 | -27.1% | -2.5% | ||
| Q3 24 | -6.2% | -34.1% | ||
| Q2 24 | -1.8% | -15.5% | ||
| Q1 24 | -0.9% | -28.9% |
| Q4 25 | — | 2.7% | ||
| Q3 25 | -41.6% | -2.7% | ||
| Q2 25 | -36.9% | -7.6% | ||
| Q1 25 | -32.4% | -19.3% | ||
| Q4 24 | -46.4% | -0.8% | ||
| Q3 24 | -31.2% | -31.3% | ||
| Q2 24 | -25.9% | -13.6% | ||
| Q1 24 | -25.2% | -34.6% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | $-3.39 | $-0.16 | ||
| Q2 25 | $-3.17 | $-0.44 | ||
| Q1 25 | $-2.73 | $-0.97 | ||
| Q4 24 | $-4.06 | $-0.03 | ||
| Q3 24 | $-2.74 | $-1.48 | ||
| Q2 24 | $-2.43 | $-0.65 | ||
| Q1 24 | $-2.37 | $-1.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $583.8M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $152.7M |
| Total Assets | $1.2B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $583.8M | ||
| Q3 25 | — | $565.2M | ||
| Q2 25 | — | $545.5M | ||
| Q1 25 | — | $520.6M | ||
| Q4 24 | — | $535.6M | ||
| Q3 24 | — | $522.0M | ||
| Q2 24 | — | $561.5M | ||
| Q1 24 | — | $569.1M |
| 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 | — | $152.7M | ||
| Q3 25 | $-585.8M | $121.9M | ||
| Q2 25 | $-536.5M | $103.7M | ||
| Q1 25 | $-493.9M | $86.7M | ||
| Q4 24 | $-455.7M | $90.9M | ||
| Q3 24 | $-386.1M | $71.8M | ||
| Q2 24 | $-338.6M | $99.2M | ||
| Q1 24 | $-296.8M | $90.3M |
| Q4 25 | — | $1.0B | ||
| Q3 25 | $1.2B | $995.2M | ||
| Q2 25 | $1.2B | $964.0M | ||
| Q1 25 | $1.3B | $926.1M | ||
| Q4 24 | $1.3B | $931.4M | ||
| Q3 24 | $1.3B | $909.7M | ||
| Q2 24 | $1.4B | $919.2M | ||
| Q1 24 | $1.4B | $909.8M |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $-16.9M | $14.5M |
| FCF MarginFCF / Revenue | -12.1% | 6.9% |
| Capex IntensityCapex / Revenue | 1.7% | 5.6% |
| Cash ConversionOCF / Net Profit | — | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $26.2M | ||
| Q3 25 | $-14.5M | $34.9M | ||
| Q2 25 | $-26.9M | $27.7M | ||
| Q1 25 | $-13.2M | $-7.9M | ||
| Q4 24 | $-10.4M | $19.2M | ||
| Q3 24 | $-3.2M | $24.3M | ||
| Q2 24 | $-14.2M | $11.8M | ||
| Q1 24 | $-28.4M | $-52.0M |
| Q4 25 | — | $14.5M | ||
| Q3 25 | $-16.9M | $20.1M | ||
| Q2 25 | $-29.3M | $17.3M | ||
| Q1 25 | $-17.8M | $-17.3M | ||
| Q4 24 | $-11.0M | $12.4M | ||
| Q3 24 | $-11.1M | $15.5M | ||
| Q2 24 | $-24.4M | $3.4M | ||
| Q1 24 | $-32.5M | $-61.8M |
| Q4 25 | — | 6.9% | ||
| Q3 25 | -12.1% | 10.4% | ||
| Q2 25 | -20.0% | 9.3% | ||
| Q1 25 | -12.5% | -10.9% | ||
| Q4 24 | -7.6% | 7.5% | ||
| Q3 24 | -7.7% | 10.5% | ||
| Q2 24 | -16.1% | 2.3% | ||
| Q1 24 | -21.4% | -46.8% |
| Q4 25 | — | 5.6% | ||
| Q3 25 | 1.7% | 7.7% | ||
| Q2 25 | 1.6% | 5.6% | ||
| Q1 25 | 3.2% | 5.9% | ||
| Q4 24 | 0.4% | 4.2% | ||
| Q3 24 | 5.5% | 6.0% | ||
| Q2 24 | 6.7% | 5.7% | ||
| Q1 24 | 2.7% | 7.4% |
| Q4 25 | — | 4.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
