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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
Limbach Holdings, Inc. is the larger business by last-quarter revenue ($186.9M vs $140.0M, roughly 1.3× Fat Brands, Inc). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -41.6%, a 48.2% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs -2.3%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $-16.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
FAT vs LMB — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $186.9M |
| Net Profit | $-58.2M | $12.3M |
| Gross Margin | — | 25.7% |
| Operating Margin | -12.4% | 9.4% |
| Net Margin | -41.6% | 6.6% |
| Revenue YoY | -2.3% | 30.1% |
| Net Profit YoY | -30.1% | 25.0% |
| EPS (diluted) | $-3.39 | $1.01 |
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 | — | $186.9M | ||
| Q3 25 | $140.0M | $184.6M | ||
| Q2 25 | $146.8M | $142.2M | ||
| Q1 25 | $142.0M | $133.1M | ||
| Q4 24 | $145.3M | $143.7M | ||
| Q3 24 | $143.4M | $133.9M | ||
| Q2 24 | $152.0M | $122.2M | ||
| Q1 24 | $152.0M | $119.0M |
| Q4 25 | — | $12.3M | ||
| Q3 25 | $-58.2M | $8.8M | ||
| Q2 25 | $-54.2M | $7.8M | ||
| Q1 25 | $-46.0M | $10.2M | ||
| Q4 24 | $-67.4M | $9.8M | ||
| Q3 24 | $-44.8M | $7.5M | ||
| Q2 24 | $-39.4M | $6.0M | ||
| Q1 24 | $-38.3M | $7.6M |
| Q4 25 | — | 25.7% | ||
| Q3 25 | — | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.6% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 27.0% | ||
| Q2 24 | — | 27.4% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | — | 9.4% | ||
| Q3 25 | -12.4% | 7.2% | ||
| Q2 25 | -10.6% | 7.5% | ||
| Q1 25 | -6.0% | 5.9% | ||
| Q4 24 | -27.1% | 9.1% | ||
| Q3 24 | -6.2% | 8.1% | ||
| Q2 24 | -1.8% | 6.7% | ||
| Q1 24 | -0.9% | 5.5% |
| Q4 25 | — | 6.6% | ||
| Q3 25 | -41.6% | 4.8% | ||
| Q2 25 | -36.9% | 5.5% | ||
| Q1 25 | -32.4% | 7.7% | ||
| Q4 24 | -46.4% | 6.9% | ||
| Q3 24 | -31.2% | 5.6% | ||
| Q2 24 | -25.9% | 4.9% | ||
| Q1 24 | -25.2% | 6.4% |
| Q4 25 | — | $1.01 | ||
| Q3 25 | $-3.39 | $0.73 | ||
| Q2 25 | $-3.17 | $0.64 | ||
| Q1 25 | $-2.73 | $0.85 | ||
| Q4 24 | $-4.06 | $0.81 | ||
| Q3 24 | $-2.74 | $0.62 | ||
| Q2 24 | $-2.43 | $0.50 | ||
| Q1 24 | $-2.37 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $11.3M |
| Total DebtLower is stronger | $1.3B | $30.5M |
| Stockholders' EquityBook value | $-585.8M | $195.7M |
| Total Assets | $1.2B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $11.3M | ||
| Q3 25 | — | $9.8M | ||
| Q2 25 | — | $38.9M | ||
| Q1 25 | — | $38.1M | ||
| Q4 24 | — | $44.9M | ||
| Q3 24 | — | $51.2M | ||
| Q2 24 | — | $59.5M | ||
| Q1 24 | — | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | $1.3B | $56.3M | ||
| Q2 25 | $1.3B | $28.4M | ||
| Q1 25 | $1.3B | $23.7M | ||
| Q4 24 | $1.3B | $23.6M | ||
| Q3 24 | $1.2B | $20.5M | ||
| Q2 24 | $1.2B | $19.7M | ||
| Q1 24 | $1.2B | $19.4M |
| Q4 25 | — | $195.7M | ||
| Q3 25 | $-585.8M | $181.6M | ||
| Q2 25 | $-536.5M | $170.5M | ||
| Q1 25 | $-493.9M | $161.1M | ||
| Q4 24 | $-455.7M | $153.5M | ||
| Q3 24 | $-386.1M | $142.2M | ||
| Q2 24 | $-338.6M | $133.0M | ||
| Q1 24 | $-296.8M | $125.5M |
| Q4 25 | — | $381.1M | ||
| Q3 25 | $1.2B | $409.1M | ||
| Q2 25 | $1.2B | $343.0M | ||
| Q1 25 | $1.3B | $336.4M | ||
| Q4 24 | $1.3B | $352.1M | ||
| Q3 24 | $1.3B | $324.4M | ||
| Q2 24 | $1.4B | $303.9M | ||
| Q1 24 | $1.4B | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $-16.9M | $27.9M |
| FCF MarginFCF / Revenue | -12.1% | 14.9% |
| Capex IntensityCapex / Revenue | 1.7% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.1M | ||
| Q3 25 | $-14.5M | $13.3M | ||
| Q2 25 | $-26.9M | $2.0M | ||
| Q1 25 | $-13.2M | $2.2M | ||
| Q4 24 | $-10.4M | $19.3M | ||
| Q3 24 | $-3.2M | $4.9M | ||
| Q2 24 | $-14.2M | $16.5M | ||
| Q1 24 | $-28.4M | $-3.9M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | $-16.9M | $12.8M | ||
| Q2 25 | $-29.3M | $1.2M | ||
| Q1 25 | $-17.8M | $11.0K | ||
| Q4 24 | $-11.0M | $18.0M | ||
| Q3 24 | $-11.1M | $4.6M | ||
| Q2 24 | $-24.4M | $13.2M | ||
| Q1 24 | $-32.5M | $-6.5M |
| Q4 25 | — | 14.9% | ||
| Q3 25 | -12.1% | 7.0% | ||
| Q2 25 | -20.0% | 0.8% | ||
| Q1 25 | -12.5% | 0.0% | ||
| Q4 24 | -7.6% | 12.5% | ||
| Q3 24 | -7.7% | 3.4% | ||
| Q2 24 | -16.1% | 10.8% | ||
| Q1 24 | -21.4% | -5.5% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 1.7% | 0.3% | ||
| Q2 25 | 1.6% | 0.6% | ||
| Q1 25 | 3.2% | 1.7% | ||
| Q4 24 | 0.4% | 0.9% | ||
| Q3 24 | 5.5% | 0.3% | ||
| Q2 24 | 6.7% | 2.7% | ||
| Q1 24 | 2.7% | 2.1% |
| Q4 25 | — | 2.29× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 2.77× | ||
| Q1 24 | — | -0.52× |
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% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
