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Side-by-side financial comparison of Fat Brands, Inc (FAT) and JBG SMITH Properties (JBGS). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $127.6M, roughly 1.1× JBG SMITH Properties). JBG SMITH Properties runs the higher net margin — -35.7% vs -41.6%, a 5.9% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -2.5%). Over the past eight quarters, Fat Brands, Inc's revenue compounded faster (-6.1% CAGR vs -6.3%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
FAT vs JBGS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $127.6M |
| Net Profit | $-58.2M | $-45.5M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | -47.5% |
| Net Margin | -41.6% | -35.7% |
| Revenue YoY | -2.3% | -2.5% |
| Net Profit YoY | -30.1% | 24.0% |
| EPS (diluted) | $-3.39 | $-0.76 |
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 | — | $127.6M | ||
| Q3 25 | $140.0M | $123.9M | ||
| Q2 25 | $146.8M | $126.5M | ||
| Q1 25 | $142.0M | $120.7M | ||
| Q4 24 | $145.3M | $130.8M | ||
| Q3 24 | $143.4M | $136.0M | ||
| Q2 24 | $152.0M | $135.3M | ||
| Q1 24 | $152.0M | $145.2M |
| Q4 25 | — | $-45.5M | ||
| Q3 25 | $-58.2M | $-28.6M | ||
| Q2 25 | $-54.2M | $-19.2M | ||
| Q1 25 | $-46.0M | $-45.7M | ||
| Q4 24 | $-67.4M | $-59.9M | ||
| Q3 24 | $-44.8M | $-27.0M | ||
| Q2 24 | $-39.4M | $-24.4M | ||
| Q1 24 | $-38.3M | $-32.3M |
| Q4 25 | — | -47.5% | ||
| Q3 25 | -12.4% | -27.5% | ||
| Q2 25 | -10.6% | -18.4% | ||
| Q1 25 | -6.0% | -44.7% | ||
| Q4 24 | -27.1% | -53.6% | ||
| Q3 24 | -6.2% | -22.4% | ||
| Q2 24 | -1.8% | -24.3% | ||
| Q1 24 | -0.9% | -30.1% |
| Q4 25 | — | -35.7% | ||
| Q3 25 | -41.6% | -23.1% | ||
| Q2 25 | -36.9% | -15.2% | ||
| Q1 25 | -32.4% | -37.9% | ||
| Q4 24 | -46.4% | -45.8% | ||
| Q3 24 | -31.2% | -19.8% | ||
| Q2 24 | -25.9% | -18.0% | ||
| Q1 24 | -25.2% | -22.2% |
| Q4 25 | — | $-0.76 | ||
| Q3 25 | $-3.39 | $-0.48 | ||
| Q2 25 | $-3.17 | $-0.29 | ||
| Q1 25 | $-2.73 | $-0.56 | ||
| Q4 24 | $-4.06 | $-0.70 | ||
| Q3 24 | $-2.74 | $-0.32 | ||
| Q2 24 | $-2.43 | $-0.27 | ||
| Q1 24 | $-2.37 | $-0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $75.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $1.2B |
| Total Assets | $1.2B | $4.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $75.3M | ||
| Q3 25 | — | $64.4M | ||
| Q2 25 | — | $61.4M | ||
| Q1 25 | — | $81.3M | ||
| Q4 24 | — | $145.8M | ||
| Q3 24 | — | $137.0M | ||
| Q2 24 | — | $163.5M | ||
| Q1 24 | — | $220.5M |
| 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 | — | $1.2B | ||
| Q3 25 | $-585.8M | $1.2B | ||
| Q2 25 | $-536.5M | $1.3B | ||
| Q1 25 | $-493.9M | $1.6B | ||
| Q4 24 | $-455.7M | $1.8B | ||
| Q3 24 | $-386.1M | $1.9B | ||
| Q2 24 | $-338.6M | $2.0B | ||
| Q1 24 | $-296.8M | $2.1B |
| Q4 25 | — | $4.4B | ||
| Q3 25 | $1.2B | $4.4B | ||
| Q2 25 | $1.2B | $4.5B | ||
| Q1 25 | $1.3B | $4.7B | ||
| Q4 24 | $1.3B | $5.0B | ||
| Q3 24 | $1.3B | $5.2B | ||
| Q2 24 | $1.4B | $5.3B | ||
| Q1 24 | $1.4B | $5.4B |
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 | $73.3M |
| 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.
| Q4 25 | — | $73.3M | ||
| Q3 25 | $-14.5M | $8.9M | ||
| Q2 25 | $-26.9M | $18.8M | ||
| Q1 25 | $-13.2M | $12.9M | ||
| Q4 24 | $-10.4M | $129.4M | ||
| Q3 24 | $-3.2M | $26.4M | ||
| Q2 24 | $-14.2M | $23.8M | ||
| Q1 24 | $-28.4M | $37.0M |
| 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 24 | $-32.5M | — |
| 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 24 | -21.4% | — |
| 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 24 | 2.7% | — |
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% |
JBGS
Segment breakdown not available.
