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Side-by-side financial comparison of Fat Brands, Inc (FAT) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $104.0M, roughly 1.3× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -41.6%, a 80.4% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs -2.3%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-16.9M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
FAT vs NIC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $104.0M |
| Net Profit | $-58.2M | $40.3M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 48.3% |
| Net Margin | -41.6% | 38.8% |
| Revenue YoY | -2.3% | 12.5% |
| Net Profit YoY | -30.1% | 16.9% |
| EPS (diluted) | $-3.39 | $2.63 |
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 | — | $104.0M | ||
| Q3 25 | $140.0M | $102.9M | ||
| Q2 25 | $146.8M | $95.7M | ||
| Q1 25 | $142.0M | $89.4M | ||
| Q4 24 | $145.3M | $92.4M | ||
| Q3 24 | $143.4M | $90.7M | ||
| Q2 24 | $152.0M | $85.0M | ||
| Q1 24 | $152.0M | $82.2M |
| Q4 25 | — | $40.3M | ||
| Q3 25 | $-58.2M | $41.7M | ||
| Q2 25 | $-54.2M | $36.0M | ||
| Q1 25 | $-46.0M | $32.6M | ||
| Q4 24 | $-67.4M | $34.5M | ||
| Q3 24 | $-44.8M | $32.5M | ||
| Q2 24 | $-39.4M | $29.3M | ||
| Q1 24 | $-38.3M | $27.8M |
| Q4 25 | — | 48.3% | ||
| Q3 25 | -12.4% | 50.4% | ||
| Q2 25 | -10.6% | 46.8% | ||
| Q1 25 | -6.0% | 44.9% | ||
| Q4 24 | -27.1% | 46.8% | ||
| Q3 24 | -6.2% | 45.0% | ||
| Q2 24 | -1.8% | 43.3% | ||
| Q1 24 | -0.9% | 41.8% |
| Q4 25 | — | 38.8% | ||
| Q3 25 | -41.6% | 40.6% | ||
| Q2 25 | -36.9% | 37.6% | ||
| Q1 25 | -32.4% | 36.4% | ||
| Q4 24 | -46.4% | 37.3% | ||
| Q3 24 | -31.2% | 35.8% | ||
| Q2 24 | -25.9% | 34.5% | ||
| Q1 24 | -25.2% | 33.8% |
| Q4 25 | — | $2.63 | ||
| Q3 25 | $-3.39 | $2.73 | ||
| Q2 25 | $-3.17 | $2.34 | ||
| Q1 25 | $-2.73 | $2.08 | ||
| Q4 24 | $-4.06 | $2.21 | ||
| Q3 24 | $-2.74 | $2.10 | ||
| Q2 24 | $-2.43 | $1.92 | ||
| Q1 24 | $-2.37 | $1.82 |
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 | $134.9M |
| Stockholders' EquityBook value | $-585.8M | $1.3B |
| Total Assets | $1.2B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $134.9M | ||
| Q3 25 | $1.3B | $134.6M | ||
| Q2 25 | $1.3B | $134.3M | ||
| Q1 25 | $1.3B | $156.6M | ||
| Q4 24 | $1.3B | $161.4M | ||
| Q3 24 | $1.2B | $161.2M | ||
| Q2 24 | $1.2B | $162.4M | ||
| Q1 24 | $1.2B | $162.3M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | $-585.8M | $1.2B | ||
| Q2 25 | $-536.5M | $1.2B | ||
| Q1 25 | $-493.9M | $1.2B | ||
| Q4 24 | $-455.7M | $1.2B | ||
| Q3 24 | $-386.1M | $1.1B | ||
| Q2 24 | $-338.6M | $1.1B | ||
| Q1 24 | $-296.8M | $1.1B |
| Q4 25 | — | $9.2B | ||
| Q3 25 | $1.2B | $9.0B | ||
| Q2 25 | $1.2B | $8.9B | ||
| Q1 25 | $1.3B | $9.0B | ||
| Q4 24 | $1.3B | $8.8B | ||
| Q3 24 | $1.3B | $8.6B | ||
| Q2 24 | $1.4B | $8.6B | ||
| Q1 24 | $1.4B | $8.4B |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| 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 | $153.5M |
| Free Cash FlowOCF − Capex | $-16.9M | $149.4M |
| FCF MarginFCF / Revenue | -12.1% | 143.7% |
| Capex IntensityCapex / Revenue | 1.7% | 3.9% |
| Cash ConversionOCF / Net Profit | — | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $153.5M | ||
| Q3 25 | $-14.5M | $45.9M | ||
| Q2 25 | $-26.9M | $38.9M | ||
| Q1 25 | $-13.2M | $41.8M | ||
| Q4 24 | $-10.4M | $133.7M | ||
| Q3 24 | $-3.2M | $39.6M | ||
| Q2 24 | $-14.2M | $37.3M | ||
| Q1 24 | $-28.4M | $23.4M |
| Q4 25 | — | $149.4M | ||
| Q3 25 | $-16.9M | $45.9M | ||
| Q2 25 | $-29.3M | $38.4M | ||
| Q1 25 | $-17.8M | $41.3M | ||
| Q4 24 | $-11.0M | $116.8M | ||
| Q3 24 | $-11.1M | $34.7M | ||
| Q2 24 | $-24.4M | $34.4M | ||
| Q1 24 | $-32.5M | $20.1M |
| Q4 25 | — | 143.7% | ||
| Q3 25 | -12.1% | 44.6% | ||
| Q2 25 | -20.0% | 40.1% | ||
| Q1 25 | -12.5% | 46.2% | ||
| Q4 24 | -7.6% | 126.4% | ||
| Q3 24 | -7.7% | 38.3% | ||
| Q2 24 | -16.1% | 40.5% | ||
| Q1 24 | -21.4% | 24.4% |
| Q4 25 | — | 3.9% | ||
| Q3 25 | 1.7% | 0.0% | ||
| Q2 25 | 1.6% | 0.6% | ||
| Q1 25 | 3.2% | 0.5% | ||
| Q4 24 | 0.4% | 18.3% | ||
| Q3 24 | 5.5% | 5.4% | ||
| Q2 24 | 6.7% | 3.5% | ||
| Q1 24 | 2.7% | 4.0% |
| Q4 25 | — | 3.81× | ||
| Q3 25 | — | 1.10× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.88× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 0.84× |
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% |
NIC
Segment breakdown not available.
