vs
Side-by-side financial comparison of Fat Brands, Inc (FAT) and Mistras Group, Inc. (MG). Click either name above to swap in a different company.
Mistras Group, Inc. is the larger business by last-quarter revenue ($181.5M vs $140.0M, roughly 1.3× Fat Brands, Inc). Mistras Group, Inc. runs the higher net margin — 2.1% vs -41.6%, a 43.7% gap on every dollar of revenue. On growth, Mistras Group, Inc. posted the faster year-over-year revenue change (5.1% vs -2.3%). Mistras Group, Inc. produced more free cash flow last quarter ($26.0M vs $-16.9M). Over the past eight quarters, Mistras Group, Inc.'s revenue compounded faster (-0.8% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Mistras Group, Inc. is a global provider of asset integrity and protection solutions, offering non-destructive testing, inspection, real-time monitoring, and engineering consulting services. Its key client segments include oil and gas, aerospace, power generation, and manufacturing industries, with operations spanning North America, Europe, and Asia-Pacific, helping clients enhance operational safety, extend asset lifespans, and minimize unplanned downtime.
FAT vs MG — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $181.5M |
| Net Profit | $-58.2M | $3.8M |
| Gross Margin | — | 28.4% |
| Operating Margin | -12.4% | 7.0% |
| Net Margin | -41.6% | 2.1% |
| Revenue YoY | -2.3% | 5.1% |
| Net Profit YoY | -30.1% | -27.4% |
| EPS (diluted) | $-3.39 | $0.12 |
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 | — | $181.5M | ||
| Q3 25 | $140.0M | $195.5M | ||
| Q2 25 | $146.8M | $185.4M | ||
| Q1 25 | $142.0M | $161.6M | ||
| Q4 24 | $145.3M | $172.7M | ||
| Q3 24 | $143.4M | $182.7M | ||
| Q2 24 | $152.0M | $189.8M | ||
| Q1 24 | $152.0M | $184.4M |
| Q4 25 | — | $3.8M | ||
| Q3 25 | $-58.2M | $13.1M | ||
| Q2 25 | $-54.2M | $3.0M | ||
| Q1 25 | $-46.0M | $-3.2M | ||
| Q4 24 | $-67.4M | $5.2M | ||
| Q3 24 | $-44.8M | $6.4M | ||
| Q2 24 | $-39.4M | $6.4M | ||
| Q1 24 | $-38.3M | $995.0K |
| Q4 25 | — | 28.4% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 29.1% | ||
| Q1 25 | — | 25.3% | ||
| Q4 24 | — | 26.5% | ||
| Q3 24 | — | 26.8% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 25.0% |
| Q4 25 | — | 7.0% | ||
| Q3 25 | -12.4% | 10.4% | ||
| Q2 25 | -10.6% | 4.5% | ||
| Q1 25 | -6.0% | -0.6% | ||
| Q4 24 | -27.1% | 6.1% | ||
| Q3 24 | -6.2% | 6.5% | ||
| Q2 24 | -1.8% | 6.3% | ||
| Q1 24 | -0.9% | 3.0% |
| Q4 25 | — | 2.1% | ||
| Q3 25 | -41.6% | 6.7% | ||
| Q2 25 | -36.9% | 1.6% | ||
| Q1 25 | -32.4% | -2.0% | ||
| Q4 24 | -46.4% | 3.0% | ||
| Q3 24 | -31.2% | 3.5% | ||
| Q2 24 | -25.9% | 3.4% | ||
| Q1 24 | -25.2% | 0.5% |
| Q4 25 | — | $0.12 | ||
| Q3 25 | $-3.39 | $0.41 | ||
| Q2 25 | $-3.17 | $0.10 | ||
| Q1 25 | $-2.73 | $-0.10 | ||
| Q4 24 | $-4.06 | $0.17 | ||
| Q3 24 | $-2.74 | $0.20 | ||
| Q2 24 | $-2.43 | $0.20 | ||
| Q1 24 | $-2.37 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $28.0M |
| Total DebtLower is stronger | $1.3B | $178.0M |
| Stockholders' EquityBook value | $-585.8M | $235.1M |
| Total Assets | $1.2B | $578.8M |
| Debt / EquityLower = less leverage | — | 0.76× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.0M | ||
| Q3 25 | — | $27.8M | ||
| Q2 25 | — | $20.0M | ||
| Q1 25 | — | $18.5M | ||
| Q4 24 | — | $18.3M | ||
| Q3 24 | — | $20.4M | ||
| Q2 24 | — | $17.2M | ||
| Q1 24 | — | $16.9M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | $1.3B | $202.3M | ||
| Q2 25 | $1.3B | $189.4M | ||
| Q1 25 | $1.3B | $171.9M | ||
| Q4 24 | $1.3B | $169.6M | ||
| Q3 24 | $1.2B | $189.7M | ||
| Q2 24 | $1.2B | $199.7M | ||
| Q1 24 | $1.2B | $198.4M |
| Q4 25 | — | $235.1M | ||
| Q3 25 | $-585.8M | $227.4M | ||
| Q2 25 | $-536.5M | $215.8M | ||
| Q1 25 | $-493.9M | $198.7M | ||
| Q4 24 | $-455.7M | $198.6M | ||
| Q3 24 | $-386.1M | $205.2M | ||
| Q2 24 | $-338.6M | $193.2M | ||
| Q1 24 | $-296.8M | $187.1M |
| Q4 25 | — | $578.8M | ||
| Q3 25 | $1.2B | $596.3M | ||
| Q2 25 | $1.2B | $571.0M | ||
| Q1 25 | $1.3B | $526.8M | ||
| Q4 24 | $1.3B | $523.0M | ||
| Q3 24 | $1.3B | $551.7M | ||
| Q2 24 | $1.4B | $548.1M | ||
| Q1 24 | $1.4B | $542.1M |
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.89× | ||
| Q2 25 | — | 0.88× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 1.06× |
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 | $32.1M |
| Free Cash FlowOCF − Capex | $-16.9M | $26.0M |
| FCF MarginFCF / Revenue | -12.1% | 14.3% |
| Capex IntensityCapex / Revenue | 1.7% | 3.4% |
| Cash ConversionOCF / Net Profit | — | 8.55× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $8.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $32.1M | ||
| Q3 25 | $-14.5M | $4.5M | ||
| Q2 25 | $-26.9M | $-9.3M | ||
| Q1 25 | $-13.2M | $5.6M | ||
| Q4 24 | $-10.4M | $25.7M | ||
| Q3 24 | $-3.2M | $19.4M | ||
| Q2 24 | $-14.2M | $4.5M | ||
| Q1 24 | $-28.4M | $604.0K |
| Q4 25 | — | $26.0M | ||
| Q3 25 | $-16.9M | $-4.1M | ||
| Q2 25 | $-29.3M | $-14.7M | ||
| Q1 25 | $-17.8M | $1.1M | ||
| Q4 24 | $-11.0M | $22.1M | ||
| Q3 24 | $-11.1M | $14.6M | ||
| Q2 24 | $-24.4M | $-284.0K | ||
| Q1 24 | $-32.5M | $-4.2M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | -12.1% | -2.1% | ||
| Q2 25 | -20.0% | -7.9% | ||
| Q1 25 | -12.5% | 0.7% | ||
| Q4 24 | -7.6% | 12.8% | ||
| Q3 24 | -7.7% | 8.0% | ||
| Q2 24 | -16.1% | -0.1% | ||
| Q1 24 | -21.4% | -2.3% |
| Q4 25 | — | 3.4% | ||
| Q3 25 | 1.7% | 4.4% | ||
| Q2 25 | 1.6% | 2.9% | ||
| Q1 25 | 3.2% | 2.8% | ||
| Q4 24 | 0.4% | 2.1% | ||
| Q3 24 | 5.5% | 2.6% | ||
| Q2 24 | 6.7% | 2.5% | ||
| Q1 24 | 2.7% | 2.6% |
| Q4 25 | — | 8.55× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | -3.07× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.96× | ||
| Q3 24 | — | 3.02× | ||
| Q2 24 | — | 0.71× | ||
| Q1 24 | — | 0.61× |
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% |
MG
Segment breakdown not available.
