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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Kennedy-Wilson Holdings, Inc. (KW). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $120.6M, roughly 1.2× Kennedy-Wilson Holdings, Inc.). Kennedy-Wilson Holdings, Inc. runs the higher net margin — 48.1% vs -41.6%, a 89.7% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -11.0%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-55.2M). Over the past eight quarters, Kennedy-Wilson Holdings, Inc.'s revenue compounded faster (-6.0% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
FAT vs KW — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $120.6M |
| Net Profit | $-58.2M | $58.0M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 57.3% |
| Net Margin | -41.6% | 48.1% |
| Revenue YoY | -2.3% | -11.0% |
| Net Profit YoY | -30.1% | 32.7% |
| EPS (diluted) | $-3.39 | $0.22 |
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 | — | $120.6M | ||
| Q3 25 | $140.0M | $116.4M | ||
| Q2 25 | $146.8M | $135.7M | ||
| Q1 25 | $142.0M | $128.3M | ||
| Q4 24 | $145.3M | $135.5M | ||
| Q3 24 | $143.4M | $127.5M | ||
| Q2 24 | $152.0M | $132.0M | ||
| Q1 24 | $152.0M | $136.4M |
| Q4 25 | — | $58.0M | ||
| Q3 25 | $-58.2M | $-10.2M | ||
| Q2 25 | $-54.2M | $5.6M | ||
| Q1 25 | $-46.0M | $-29.6M | ||
| Q4 24 | $-67.4M | $43.7M | ||
| Q3 24 | $-44.8M | $-66.8M | ||
| Q2 24 | $-39.4M | $-48.3M | ||
| Q1 24 | $-38.3M | $37.7M |
| Q4 25 | — | 57.3% | ||
| Q3 25 | -12.4% | -6.2% | ||
| Q2 25 | -10.6% | 7.4% | ||
| Q1 25 | -6.0% | -26.9% | ||
| Q4 24 | -27.1% | 36.7% | ||
| Q3 24 | -6.2% | -60.8% | ||
| Q2 24 | -1.8% | -45.5% | ||
| Q1 24 | -0.9% | 47.2% |
| Q4 25 | — | 48.1% | ||
| Q3 25 | -41.6% | -8.8% | ||
| Q2 25 | -36.9% | 4.1% | ||
| Q1 25 | -32.4% | -23.1% | ||
| Q4 24 | -46.4% | 32.3% | ||
| Q3 24 | -31.2% | -52.4% | ||
| Q2 24 | -25.9% | -36.6% | ||
| Q1 24 | -25.2% | 27.6% |
| Q4 25 | — | $0.22 | ||
| Q3 25 | $-3.39 | $-0.15 | ||
| Q2 25 | $-3.17 | $-0.05 | ||
| Q1 25 | $-2.73 | $-0.30 | ||
| Q4 24 | $-4.06 | $0.24 | ||
| Q3 24 | $-2.74 | $-0.56 | ||
| Q2 24 | $-2.43 | $-0.43 | ||
| Q1 24 | $-2.37 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $184.5M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $1.5B |
| Total Assets | $1.2B | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $184.5M | ||
| Q3 25 | — | $382.6M | ||
| Q2 25 | — | $309.1M | ||
| Q1 25 | — | $356.6M | ||
| Q4 24 | — | $217.5M | ||
| Q3 24 | — | $367.1M | ||
| Q2 24 | — | $366.5M | ||
| Q1 24 | — | $541.9M |
| 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 | — | $1.5B | ||
| Q3 25 | $-585.8M | $1.5B | ||
| Q2 25 | $-536.5M | $1.6B | ||
| Q1 25 | $-493.9M | $1.6B | ||
| Q4 24 | $-455.7M | $1.6B | ||
| Q3 24 | $-386.1M | $1.6B | ||
| Q2 24 | $-338.6M | $1.7B | ||
| Q1 24 | $-296.8M | $1.7B |
| Q4 25 | — | $6.6B | ||
| Q3 25 | $1.2B | $6.7B | ||
| Q2 25 | $1.2B | $6.8B | ||
| Q1 25 | $1.3B | $7.2B | ||
| Q4 24 | $1.3B | $7.0B | ||
| Q3 24 | $1.3B | $7.4B | ||
| Q2 24 | $1.4B | $7.5B | ||
| Q1 24 | $1.4B | $7.7B |
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 | $11.4M |
| Free Cash FlowOCF − Capex | $-16.9M | $-55.2M |
| FCF MarginFCF / Revenue | -12.1% | -45.8% |
| Capex IntensityCapex / Revenue | 1.7% | 55.2% |
| Cash ConversionOCF / Net Profit | — | 0.20× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-103.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $11.4M | ||
| Q3 25 | $-14.5M | $-7.6M | ||
| Q2 25 | $-26.9M | $42.0M | ||
| Q1 25 | $-13.2M | $-51.9M | ||
| Q4 24 | $-10.4M | $55.1M | ||
| Q3 24 | $-3.2M | $-5.6M | ||
| Q2 24 | $-14.2M | $36.7M | ||
| Q1 24 | $-28.4M | $-5.6M |
| Q4 25 | — | $-55.2M | ||
| Q3 25 | $-16.9M | $-18.0M | ||
| Q2 25 | $-29.3M | $29.4M | ||
| Q1 25 | $-17.8M | $-59.7M | ||
| Q4 24 | $-11.0M | $-76.5M | ||
| Q3 24 | $-11.1M | $-27.7M | ||
| Q2 24 | $-24.4M | $-500.0K | ||
| Q1 24 | $-32.5M | $-57.1M |
| Q4 25 | — | -45.8% | ||
| Q3 25 | -12.1% | -15.5% | ||
| Q2 25 | -20.0% | 21.7% | ||
| Q1 25 | -12.5% | -46.5% | ||
| Q4 24 | -7.6% | -56.5% | ||
| Q3 24 | -7.7% | -21.7% | ||
| Q2 24 | -16.1% | -0.4% | ||
| Q1 24 | -21.4% | -41.9% |
| Q4 25 | — | 55.2% | ||
| Q3 25 | 1.7% | 8.9% | ||
| Q2 25 | 1.6% | 9.3% | ||
| Q1 25 | 3.2% | 6.1% | ||
| Q4 24 | 0.4% | 97.1% | ||
| Q3 24 | 5.5% | 17.3% | ||
| Q2 24 | 6.7% | 28.2% | ||
| Q1 24 | 2.7% | 37.8% |
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 7.50× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.15× |
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% |
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
