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Side-by-side financial comparison of Fat Brands, Inc (FAT) and NNN REIT, INC. (NNN). Click either name above to swap in a different company.
NNN REIT, INC. is the larger business by last-quarter revenue ($240.4M vs $140.0M, roughly 1.7× Fat Brands, Inc). NNN REIT, INC. runs the higher net margin — 39.1% vs -41.6%, a 80.7% gap on every dollar of revenue. On growth, NNN REIT, INC. posted the faster year-over-year revenue change (4.1% vs -2.3%). Over the past eight quarters, NNN REIT, INC.'s revenue compounded faster (5.3% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
FAT vs NNN — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $240.4M |
| Net Profit | $-58.2M | $94.0M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 61.0% |
| Net Margin | -41.6% | 39.1% |
| Revenue YoY | -2.3% | 4.1% |
| Net Profit YoY | -30.1% | -2.6% |
| EPS (diluted) | $-3.39 | $0.50 |
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.
| Q1 26 | — | $240.4M | ||
| Q4 25 | — | $238.4M | ||
| Q3 25 | $140.0M | $230.2M | ||
| Q2 25 | $146.8M | $226.8M | ||
| Q1 25 | $142.0M | $230.9M | ||
| Q4 24 | $145.3M | $218.5M | ||
| Q3 24 | $143.4M | $218.6M | ||
| Q2 24 | $152.0M | $216.8M |
| Q1 26 | — | $94.0M | ||
| Q4 25 | — | $96.0M | ||
| Q3 25 | $-58.2M | $96.8M | ||
| Q2 25 | $-54.2M | $100.5M | ||
| Q1 25 | $-46.0M | $96.5M | ||
| Q4 24 | $-67.4M | $97.9M | ||
| Q3 24 | $-44.8M | $97.9M | ||
| Q2 24 | $-39.4M | $106.7M |
| Q1 26 | — | 61.0% | ||
| Q4 25 | — | 62.3% | ||
| Q3 25 | -12.4% | 64.0% | ||
| Q2 25 | -10.6% | 66.0% | ||
| Q1 25 | -6.0% | 62.3% | ||
| Q4 24 | -27.1% | 65.8% | ||
| Q3 24 | -6.2% | 65.7% | ||
| Q2 24 | -1.8% | 70.2% |
| Q1 26 | — | 39.1% | ||
| Q4 25 | — | 40.2% | ||
| Q3 25 | -41.6% | 42.1% | ||
| Q2 25 | -36.9% | 44.3% | ||
| Q1 25 | -32.4% | 41.8% | ||
| Q4 24 | -46.4% | 44.8% | ||
| Q3 24 | -31.2% | 44.8% | ||
| Q2 24 | -25.9% | 49.2% |
| Q1 26 | — | $0.50 | ||
| Q4 25 | — | $0.51 | ||
| Q3 25 | $-3.39 | $0.51 | ||
| Q2 25 | $-3.17 | $0.54 | ||
| Q1 25 | $-2.73 | $0.51 | ||
| Q4 24 | $-4.06 | $0.52 | ||
| Q3 24 | $-2.74 | $0.53 | ||
| Q2 24 | $-2.43 | $0.58 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.6M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $4.4B |
| Total Assets | $1.2B | $9.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.6M | ||
| Q4 25 | — | $5.0M | ||
| Q3 25 | — | $157.9M | ||
| Q2 25 | — | $6.0M | ||
| Q1 25 | — | $5.1M | ||
| Q4 24 | — | $8.7M | ||
| Q3 24 | — | $173.5M | ||
| Q2 24 | — | $2.1M |
| Q1 26 | — | — | ||
| 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 26 | — | $4.4B | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | $-585.8M | $4.4B | ||
| Q2 25 | $-536.5M | $4.4B | ||
| Q1 25 | $-493.9M | $4.4B | ||
| Q4 24 | $-455.7M | $4.4B | ||
| Q3 24 | $-386.1M | $4.4B | ||
| Q2 24 | $-338.6M | $4.2B |
| Q1 26 | — | $9.4B | ||
| Q4 25 | — | $9.4B | ||
| Q3 25 | $1.2B | $9.5B | ||
| Q2 25 | $1.2B | $9.1B | ||
| Q1 25 | $1.3B | $9.0B | ||
| Q4 24 | $1.3B | $8.9B | ||
| Q3 24 | $1.3B | $8.9B | ||
| Q2 24 | $1.4B | $8.7B |
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 | — |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $667.1M | ||
| Q3 25 | $-14.5M | $218.3M | ||
| Q2 25 | $-26.9M | $119.4M | ||
| Q1 25 | $-13.2M | $203.3M | ||
| Q4 24 | $-10.4M | $635.5M | ||
| Q3 24 | $-3.2M | $206.6M | ||
| Q2 24 | $-14.2M | $120.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $-16.9M | — | ||
| Q2 25 | $-29.3M | — | ||
| Q1 25 | $-17.8M | — | ||
| Q4 24 | $-11.0M | — | ||
| Q3 24 | $-11.1M | — | ||
| Q2 24 | $-24.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -12.1% | — | ||
| Q2 25 | -20.0% | — | ||
| Q1 25 | -12.5% | — | ||
| Q4 24 | -7.6% | — | ||
| Q3 24 | -7.7% | — | ||
| Q2 24 | -16.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 5.5% | — | ||
| Q2 24 | 6.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.95× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.19× | ||
| Q1 25 | — | 2.11× | ||
| Q4 24 | — | 6.49× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 1.13× |
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% |
NNN
Segment breakdown not available.
