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Side-by-side financial comparison of Fat Brands, Inc (FAT) and NPK International Inc. (NPKI). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $75.2M, roughly 1.9× NPK International Inc.). On growth, NPK International Inc. posted the faster year-over-year revenue change (30.7% vs -2.3%). NPK International Inc. produced more free cash flow last quarter ($5.8M vs $-16.9M). Over the past eight quarters, NPK International Inc.'s revenue compounded faster (23.9% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
FAT vs NPKI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $75.2M |
| Net Profit | $-58.2M | — |
| Gross Margin | — | 37.7% |
| Operating Margin | -12.4% | 16.7% |
| Net Margin | -41.6% | — |
| Revenue YoY | -2.3% | 30.7% |
| Net Profit YoY | -30.1% | — |
| EPS (diluted) | $-3.39 | $0.17 |
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 | — | $75.2M | ||
| Q3 25 | $140.0M | $68.8M | ||
| Q2 25 | $146.8M | $68.2M | ||
| Q1 25 | $142.0M | $64.8M | ||
| Q4 24 | $145.3M | $57.5M | ||
| Q3 24 | $143.4M | $44.2M | ||
| Q2 24 | $152.0M | $66.8M | ||
| Q1 24 | $152.0M | $49.0M |
| Q4 25 | — | — | ||
| Q3 25 | $-58.2M | $5.7M | ||
| Q2 25 | $-54.2M | $8.7M | ||
| Q1 25 | $-46.0M | $10.0M | ||
| Q4 24 | $-67.4M | — | ||
| Q3 24 | $-44.8M | $-174.3M | ||
| Q2 24 | $-39.4M | $8.0M | ||
| Q1 24 | $-38.3M | $7.3M |
| Q4 25 | — | 37.7% | ||
| Q3 25 | — | 31.9% | ||
| Q2 25 | — | 36.9% | ||
| Q1 25 | — | 39.0% | ||
| Q4 24 | — | 39.2% | ||
| Q3 24 | — | 27.5% | ||
| Q2 24 | — | 37.2% | ||
| Q1 24 | — | 36.0% |
| Q4 25 | — | 16.7% | ||
| Q3 25 | -12.4% | 13.2% | ||
| Q2 25 | -10.6% | 17.0% | ||
| Q1 25 | -6.0% | 20.9% | ||
| Q4 24 | -27.1% | 20.2% | ||
| Q3 24 | -6.2% | 2.8% | ||
| Q2 24 | -1.8% | 18.7% | ||
| Q1 24 | -0.9% | 14.2% |
| Q4 25 | — | — | ||
| Q3 25 | -41.6% | 8.2% | ||
| Q2 25 | -36.9% | 12.7% | ||
| Q1 25 | -32.4% | 15.4% | ||
| Q4 24 | -46.4% | — | ||
| Q3 24 | -31.2% | -394.3% | ||
| Q2 24 | -25.9% | 12.0% | ||
| Q1 24 | -25.2% | 14.9% |
| Q4 25 | — | $0.17 | ||
| Q3 25 | $-3.39 | $0.07 | ||
| Q2 25 | $-3.17 | $0.10 | ||
| Q1 25 | $-2.73 | $0.11 | ||
| Q4 24 | $-4.06 | $0.10 | ||
| Q3 24 | $-2.74 | $-1.99 | ||
| Q2 24 | $-2.43 | $0.09 | ||
| Q1 24 | $-2.37 | $0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $5.1M |
| Total DebtLower is stronger | $1.3B | $16.9M |
| Stockholders' EquityBook value | $-585.8M | $351.2M |
| Total Assets | $1.2B | $441.8M |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.1M | ||
| Q3 25 | — | $35.6M | ||
| Q2 25 | — | $26.0M | ||
| Q1 25 | — | $20.8M | ||
| Q4 24 | — | $17.8M | ||
| Q3 24 | — | $42.9M | ||
| Q2 24 | — | $35.1M | ||
| Q1 24 | — | $37.7M |
| Q4 25 | — | $16.9M | ||
| Q3 25 | $1.3B | $9.5M | ||
| Q2 25 | $1.3B | $9.3M | ||
| Q1 25 | $1.3B | $8.1M | ||
| Q4 24 | $1.3B | $7.7M | ||
| Q3 24 | $1.2B | $14.0M | ||
| Q2 24 | $1.2B | $58.0M | ||
| Q1 24 | $1.2B | $77.4M |
| Q4 25 | — | $351.2M | ||
| Q3 25 | $-585.8M | $333.9M | ||
| Q2 25 | $-536.5M | $328.8M | ||
| Q1 25 | $-493.9M | $326.9M | ||
| Q4 24 | $-455.7M | $326.5M | ||
| Q3 24 | $-386.1M | $316.5M | ||
| Q2 24 | $-338.6M | $426.6M | ||
| Q1 24 | $-296.8M | $421.6M |
| Q4 25 | — | $441.8M | ||
| Q3 25 | $1.2B | $404.5M | ||
| Q2 25 | $1.2B | $393.7M | ||
| Q1 25 | $1.3B | $390.0M | ||
| Q4 24 | $1.3B | $393.7M | ||
| Q3 24 | $1.3B | $389.6M | ||
| Q2 24 | $1.4B | $624.8M | ||
| Q1 24 | $1.4B | $640.8M |
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.03× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.02× | ||
| Q4 24 | — | 0.02× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.18× |
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 | $18.0M |
| Free Cash FlowOCF − Capex | $-16.9M | $5.8M |
| FCF MarginFCF / Revenue | -12.1% | 7.6% |
| Capex IntensityCapex / Revenue | 1.7% | 16.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $26.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $18.0M | ||
| Q3 25 | $-14.5M | $24.7M | ||
| Q2 25 | $-26.9M | $21.4M | ||
| Q1 25 | $-13.2M | $8.8M | ||
| Q4 24 | $-10.4M | $-4.1M | ||
| Q3 24 | $-3.2M | $2.8M | ||
| Q2 24 | $-14.2M | $27.6M | ||
| Q1 24 | $-28.4M | $11.9M |
| Q4 25 | — | $5.8M | ||
| Q3 25 | $-16.9M | $12.0M | ||
| Q2 25 | $-29.3M | $9.7M | ||
| Q1 25 | $-17.8M | $-1.2M | ||
| Q4 24 | $-11.0M | $-17.7M | ||
| Q3 24 | $-11.1M | $-6.7M | ||
| Q2 24 | $-24.4M | $21.0M | ||
| Q1 24 | $-32.5M | $-1.9M |
| Q4 25 | — | 7.6% | ||
| Q3 25 | -12.1% | 17.4% | ||
| Q2 25 | -20.0% | 14.3% | ||
| Q1 25 | -12.5% | -1.8% | ||
| Q4 24 | -7.6% | -30.8% | ||
| Q3 24 | -7.7% | -15.2% | ||
| Q2 24 | -16.1% | 31.4% | ||
| Q1 24 | -21.4% | -3.9% |
| Q4 25 | — | 16.3% | ||
| Q3 25 | 1.7% | 18.5% | ||
| Q2 25 | 1.6% | 17.1% | ||
| Q1 25 | 3.2% | 15.5% | ||
| Q4 24 | 0.4% | 23.6% | ||
| Q3 24 | 5.5% | 21.4% | ||
| Q2 24 | 6.7% | 9.9% | ||
| Q1 24 | 2.7% | 28.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.37× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 0.88× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.43× | ||
| Q1 24 | — | 1.64× |
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% |
NPKI
| Rental Revenue | $34.8M | 46% |
| Products | $25.5M | 34% |
| Services | $14.9M | 20% |
