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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $134.3M, roughly 1.0× Mayville Engineering Company, Inc.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -41.6%, a 38.3% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -2.3%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M 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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
FAT vs MEC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $134.3M |
| Net Profit | $-58.2M | $-4.4M |
| Gross Margin | — | 6.8% |
| Operating Margin | -12.4% | -4.1% |
| Net Margin | -41.6% | -3.2% |
| Revenue YoY | -2.3% | 10.7% |
| Net Profit YoY | -30.1% | -127.3% |
| 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 | — | $134.3M | ||
| Q3 25 | $140.0M | $144.3M | ||
| Q2 25 | $146.8M | $132.3M | ||
| Q1 25 | $142.0M | $135.6M | ||
| Q4 24 | $145.3M | $121.3M | ||
| Q3 24 | $143.4M | $135.4M | ||
| Q2 24 | $152.0M | $163.6M | ||
| Q1 24 | $152.0M | $161.3M |
| Q4 25 | — | $-4.4M | ||
| Q3 25 | $-58.2M | $-2.7M | ||
| Q2 25 | $-54.2M | $-1.1M | ||
| Q1 25 | $-46.0M | $20.0K | ||
| Q4 24 | $-67.4M | $16.0M | ||
| Q3 24 | $-44.8M | $3.0M | ||
| Q2 24 | $-39.4M | $3.8M | ||
| Q1 24 | $-38.3M | $3.2M |
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 13.0% |
| Q4 25 | — | -4.1% | ||
| Q3 25 | -12.4% | 0.0% | ||
| Q2 25 | -10.6% | 0.1% | ||
| Q1 25 | -6.0% | 1.2% | ||
| Q4 24 | -27.1% | 19.0% | ||
| Q3 24 | -6.2% | 4.2% | ||
| Q2 24 | -1.8% | 5.0% | ||
| Q1 24 | -0.9% | 4.7% |
| Q4 25 | — | -3.2% | ||
| Q3 25 | -41.6% | -1.9% | ||
| Q2 25 | -36.9% | -0.8% | ||
| Q1 25 | -32.4% | 0.0% | ||
| Q4 24 | -46.4% | 13.2% | ||
| Q3 24 | -31.2% | 2.2% | ||
| Q2 24 | -25.9% | 2.3% | ||
| Q1 24 | -25.2% | 2.0% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | $-3.39 | $-0.13 | ||
| Q2 25 | $-3.17 | $-0.05 | ||
| Q1 25 | $-2.73 | $0.00 | ||
| Q4 24 | $-4.06 | $0.76 | ||
| Q3 24 | $-2.74 | $0.14 | ||
| Q2 24 | $-2.43 | $0.18 | ||
| Q1 24 | $-2.37 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.5M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $240.7M |
| Total Assets | $1.2B | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.5M | ||
| Q3 25 | — | $1.2M | ||
| Q2 25 | — | $206.0K | ||
| Q1 25 | — | $183.0K | ||
| Q4 24 | — | $206.0K | ||
| Q3 24 | — | $178.0K | ||
| Q2 24 | — | $314.0K | ||
| Q1 24 | — | $314.0K |
| 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 | — | $240.7M | ||
| Q3 25 | $-585.8M | $244.8M | ||
| Q2 25 | $-536.5M | $246.8M | ||
| Q1 25 | $-493.9M | $250.0M | ||
| Q4 24 | $-455.7M | $251.8M | ||
| Q3 24 | $-386.1M | $238.4M | ||
| Q2 24 | $-338.6M | $238.1M | ||
| Q1 24 | $-296.8M | $234.0M |
| Q4 25 | — | $563.6M | ||
| Q3 25 | $1.2B | $585.6M | ||
| Q2 25 | $1.2B | $433.7M | ||
| Q1 25 | $1.3B | $447.7M | ||
| Q4 24 | $1.3B | $445.6M | ||
| Q3 24 | $1.3B | $466.0M | ||
| Q2 24 | $1.4B | $488.2M | ||
| Q1 24 | $1.4B | $499.9M |
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 | $13.4M |
| Free Cash FlowOCF − Capex | $-16.9M | $10.2M |
| FCF MarginFCF / Revenue | -12.1% | 7.6% |
| Capex IntensityCapex / Revenue | 1.7% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $13.4M | ||
| Q3 25 | $-14.5M | $1.9M | ||
| Q2 25 | $-26.9M | $15.0M | ||
| Q1 25 | $-13.2M | $8.3M | ||
| Q4 24 | $-10.4M | $38.0M | ||
| Q3 24 | $-3.2M | $17.9M | ||
| Q2 24 | $-14.2M | $23.3M | ||
| Q1 24 | $-28.4M | $10.6M |
| Q4 25 | — | $10.2M | ||
| Q3 25 | $-16.9M | $-1.1M | ||
| Q2 25 | $-29.3M | $12.5M | ||
| Q1 25 | $-17.8M | $5.4M | ||
| Q4 24 | $-11.0M | $35.6M | ||
| Q3 24 | $-11.1M | $15.1M | ||
| Q2 24 | $-24.4M | $19.2M | ||
| Q1 24 | $-32.5M | $7.8M |
| Q4 25 | — | 7.6% | ||
| Q3 25 | -12.1% | -0.8% | ||
| Q2 25 | -20.0% | 9.5% | ||
| Q1 25 | -12.5% | 4.0% | ||
| Q4 24 | -7.6% | 29.4% | ||
| Q3 24 | -7.7% | 11.1% | ||
| Q2 24 | -16.1% | 11.7% | ||
| Q1 24 | -21.4% | 4.9% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | 1.7% | 2.1% | ||
| Q2 25 | 1.6% | 1.8% | ||
| Q1 25 | 3.2% | 2.2% | ||
| Q4 24 | 0.4% | 1.9% | ||
| Q3 24 | 5.5% | 2.1% | ||
| Q2 24 | 6.7% | 2.5% | ||
| Q1 24 | 2.7% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | — | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
