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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Janus International Group, Inc. (JBI). Click either name above to swap in a different company.
Janus International Group, Inc. is the larger business by last-quarter revenue ($219.3M vs $140.0M, roughly 1.6× Fat Brands, Inc). Janus International Group, Inc. runs the higher net margin — 6.9% vs -41.6%, a 48.5% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -4.7%). Janus International Group, Inc. produced more free cash flow last quarter ($8.3M vs $-16.9M). Over the past eight quarters, Fat Brands, Inc's revenue compounded faster (-6.1% CAGR vs -8.8%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Janus Henderson is a British-American global asset management group headquartered in the City of London, United Kingdom. It offers a range of financial products to individuals, intermediary advisors, and institutional investors globally under the trade name Janus Henderson Investors.
FAT vs JBI — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $219.3M |
| Net Profit | $-58.2M | $15.2M |
| Gross Margin | — | 39.1% |
| Operating Margin | -12.4% | 13.4% |
| Net Margin | -41.6% | 6.9% |
| Revenue YoY | -2.3% | -4.7% |
| Net Profit YoY | -30.1% | 28.8% |
| EPS (diluted) | $-3.39 | $0.11 |
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.
| Q3 25 | $140.0M | $219.3M | ||
| Q2 25 | $146.8M | $228.1M | ||
| Q1 25 | $142.0M | $210.5M | ||
| Q4 24 | $145.3M | $230.8M | ||
| Q3 24 | $143.4M | $230.1M | ||
| Q2 24 | $152.0M | $248.4M | ||
| Q1 24 | $152.0M | $254.5M | ||
| Q4 23 | $158.6M | $263.8M |
| Q3 25 | $-58.2M | $15.2M | ||
| Q2 25 | $-54.2M | $20.7M | ||
| Q1 25 | $-46.0M | $10.8M | ||
| Q4 24 | $-67.4M | $300.0K | ||
| Q3 24 | $-44.8M | $11.8M | ||
| Q2 24 | $-39.4M | $27.6M | ||
| Q1 24 | $-38.3M | $30.7M | ||
| Q4 23 | $-26.2M | $35.7M |
| Q3 25 | — | 39.1% | ||
| Q2 25 | — | 40.9% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 37.8% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | 43.9% | ||
| Q1 24 | — | 43.4% | ||
| Q4 23 | — | 43.4% |
| Q3 25 | -12.4% | 13.4% | ||
| Q2 25 | -10.6% | 15.8% | ||
| Q1 25 | -6.0% | 12.0% | ||
| Q4 24 | -27.1% | 5.5% | ||
| Q3 24 | -6.2% | 11.6% | ||
| Q2 24 | -1.8% | 20.8% | ||
| Q1 24 | -0.9% | 21.8% | ||
| Q4 23 | -2.0% | 24.2% |
| Q3 25 | -41.6% | 6.9% | ||
| Q2 25 | -36.9% | 9.1% | ||
| Q1 25 | -32.4% | 5.1% | ||
| Q4 24 | -46.4% | 0.1% | ||
| Q3 24 | -31.2% | 5.1% | ||
| Q2 24 | -25.9% | 11.1% | ||
| Q1 24 | -25.2% | 12.1% | ||
| Q4 23 | -16.5% | 13.5% |
| Q3 25 | $-3.39 | $0.11 | ||
| Q2 25 | $-3.17 | $0.15 | ||
| Q1 25 | $-2.73 | $0.08 | ||
| Q4 24 | $-4.06 | $0.01 | ||
| Q3 24 | $-2.74 | $0.08 | ||
| Q2 24 | $-2.43 | $0.19 | ||
| Q1 24 | $-2.37 | $0.21 | ||
| Q4 23 | $-1.68 | $0.24 |
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 | — |
| Stockholders' EquityBook value | $-585.8M | $560.8M |
| Total Assets | $1.2B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $102.1M | ||
| Q2 24 | — | $110.1M | ||
| Q1 24 | — | — | ||
| Q4 23 | — | $171.7M |
| 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 23 | $1.2B | — |
| Q3 25 | $-585.8M | $560.8M | ||
| Q2 25 | $-536.5M | $543.8M | ||
| Q1 25 | $-493.9M | $526.8M | ||
| Q4 24 | $-455.7M | $518.8M | ||
| Q3 24 | $-386.1M | $526.6M | ||
| Q2 24 | $-338.6M | $556.3M | ||
| Q1 24 | $-296.8M | $535.4M | ||
| Q4 23 | $-255.9M | $519.6M |
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.4B | $1.4B | ||
| Q4 23 | $1.4B | $1.4B |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $-16.9M | $8.3M |
| FCF MarginFCF / Revenue | -12.1% | 3.8% |
| Capex IntensityCapex / Revenue | 1.7% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 0.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $140.1M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-14.5M | $15.0M | ||
| Q2 25 | $-26.9M | $51.4M | ||
| Q1 25 | $-13.2M | $48.3M | ||
| Q4 24 | $-10.4M | $51.4M | ||
| Q3 24 | $-3.2M | $43.0M | ||
| Q2 24 | $-14.2M | $31.0M | ||
| Q1 24 | $-28.4M | $28.6M | ||
| Q4 23 | $-12.6M | $68.5M |
| Q3 25 | $-16.9M | $8.3M | ||
| Q2 25 | $-29.3M | $44.6M | ||
| Q1 25 | $-17.8M | $41.9M | ||
| Q4 24 | $-11.0M | $45.3M | ||
| Q3 24 | $-11.1M | $39.3M | ||
| Q2 24 | $-24.4M | $25.3M | ||
| Q1 24 | $-32.5M | $24.0M | ||
| Q4 23 | $-18.0M | $63.0M |
| Q3 25 | -12.1% | 3.8% | ||
| Q2 25 | -20.0% | 19.6% | ||
| Q1 25 | -12.5% | 19.9% | ||
| Q4 24 | -7.6% | 19.6% | ||
| Q3 24 | -7.7% | 17.1% | ||
| Q2 24 | -16.1% | 10.2% | ||
| Q1 24 | -21.4% | 9.4% | ||
| Q4 23 | -11.4% | 23.9% |
| Q3 25 | 1.7% | 3.1% | ||
| Q2 25 | 1.6% | 3.0% | ||
| Q1 25 | 3.2% | 3.0% | ||
| Q4 24 | 0.4% | 2.6% | ||
| Q3 24 | 5.5% | 1.6% | ||
| Q2 24 | 6.7% | 2.3% | ||
| Q1 24 | 2.7% | 1.8% | ||
| Q4 23 | 3.4% | 2.1% |
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 2.48× | ||
| Q1 25 | — | 4.47× | ||
| Q4 24 | — | 171.33× | ||
| Q3 24 | — | 3.64× | ||
| Q2 24 | — | 1.12× | ||
| Q1 24 | — | 0.93× | ||
| Q4 23 | — | 1.92× |
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% |
JBI
| Self Storage New Construction | $72.3M | 33% |
| Commercial And Others | $65.5M | 30% |
| Self Storage R3 | $54.0M | 25% |
| Transferred At Point In Time | $15.5M | 7% |
| Transferred Over Time | $12.8M | 6% |
