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Side-by-side financial comparison of Fat Brands, Inc (FAT) and NERDWALLET, INC. (NRDS). Click either name above to swap in a different company.
NERDWALLET, INC. is the larger business by last-quarter revenue ($225.4M vs $140.0M, roughly 1.6× Fat Brands, Inc). NERDWALLET, INC. runs the higher net margin — 6.2% vs -41.6%, a 47.8% gap on every dollar of revenue. On growth, NERDWALLET, INC. posted the faster year-over-year revenue change (22.6% vs -2.3%). NERDWALLET, INC. produced more free cash flow last quarter ($38.6M vs $-16.9M). Over the past eight quarters, NERDWALLET, INC.'s revenue compounded faster (18.0% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
NerdWallet is an American personal finance company, founded in 2009 by Tim Chen and Jacob Gibson. It has a website and app that earns money by promoting financial products to its users.
FAT vs NRDS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $225.4M |
| Net Profit | $-58.2M | $14.0M |
| Gross Margin | — | 94.0% |
| Operating Margin | -12.4% | 8.6% |
| Net Margin | -41.6% | 6.2% |
| Revenue YoY | -2.3% | 22.6% |
| Net Profit YoY | -30.1% | -63.7% |
| EPS (diluted) | $-3.39 | $0.19 |
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 | — | $225.4M | ||
| Q3 25 | $140.0M | $215.1M | ||
| Q2 25 | $146.8M | $186.9M | ||
| Q1 25 | $142.0M | $209.2M | ||
| Q4 24 | $145.3M | $183.8M | ||
| Q3 24 | $143.4M | $191.3M | ||
| Q2 24 | $152.0M | $150.6M | ||
| Q1 24 | $152.0M | $161.9M |
| Q4 25 | — | $14.0M | ||
| Q3 25 | $-58.2M | $26.3M | ||
| Q2 25 | $-54.2M | $8.2M | ||
| Q1 25 | $-46.0M | $200.0K | ||
| Q4 24 | $-67.4M | $38.6M | ||
| Q3 24 | $-44.8M | $100.0K | ||
| Q2 24 | $-39.4M | $-9.4M | ||
| Q1 24 | $-38.3M | $1.1M |
| Q4 25 | — | 94.0% | ||
| Q3 25 | — | 92.9% | ||
| Q2 25 | — | 91.1% | ||
| Q1 25 | — | 91.3% | ||
| Q4 24 | — | 90.9% | ||
| Q3 24 | — | 90.7% | ||
| Q2 24 | — | 90.1% | ||
| Q1 24 | — | 91.2% |
| Q4 25 | — | 8.6% | ||
| Q3 25 | -12.4% | 16.0% | ||
| Q2 25 | -10.6% | 5.7% | ||
| Q1 25 | -6.0% | 0.3% | ||
| Q4 24 | -27.1% | 4.7% | ||
| Q3 24 | -6.2% | 3.5% | ||
| Q2 24 | -1.8% | -6.4% | ||
| Q1 24 | -0.9% | 2.3% |
| Q4 25 | — | 6.2% | ||
| Q3 25 | -41.6% | 12.2% | ||
| Q2 25 | -36.9% | 4.4% | ||
| Q1 25 | -32.4% | 0.1% | ||
| Q4 24 | -46.4% | 21.0% | ||
| Q3 24 | -31.2% | 0.1% | ||
| Q2 24 | -25.9% | -6.2% | ||
| Q1 24 | -25.2% | 0.7% |
| Q4 25 | — | $0.19 | ||
| Q3 25 | $-3.39 | $0.34 | ||
| Q2 25 | $-3.17 | $0.11 | ||
| Q1 25 | $-2.73 | $0.00 | ||
| Q4 24 | $-4.06 | $0.49 | ||
| Q3 24 | $-2.74 | $0.00 | ||
| Q2 24 | $-2.43 | $-0.12 | ||
| Q1 24 | $-2.37 | $0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $98.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $374.5M |
| Total Assets | $1.2B | $461.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $98.3M | ||
| Q3 25 | — | $120.6M | ||
| Q2 25 | — | $105.3M | ||
| Q1 25 | — | $92.2M | ||
| Q4 24 | — | $66.3M | ||
| Q3 24 | — | $71.7M | ||
| Q2 24 | — | $113.8M | ||
| Q1 24 | — | $110.9M |
| 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 | — | $374.5M | ||
| Q3 25 | $-585.8M | $402.4M | ||
| Q2 25 | $-536.5M | $390.0M | ||
| Q1 25 | $-493.9M | $371.6M | ||
| Q4 24 | $-455.7M | $364.2M | ||
| Q3 24 | $-386.1M | $322.4M | ||
| Q2 24 | $-338.6M | $379.4M | ||
| Q1 24 | $-296.8M | $378.7M |
| Q4 25 | — | $461.1M | ||
| Q3 25 | $1.2B | $492.8M | ||
| Q2 25 | $1.2B | $476.0M | ||
| Q1 25 | $1.3B | $475.0M | ||
| Q4 24 | $1.3B | $437.6M | ||
| Q3 24 | $1.3B | $402.4M | ||
| Q2 24 | $1.4B | $446.2M | ||
| Q1 24 | $1.4B | $446.1M |
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 | $38.9M |
| Free Cash FlowOCF − Capex | $-16.9M | $38.6M |
| FCF MarginFCF / Revenue | -12.1% | 17.1% |
| Capex IntensityCapex / Revenue | 1.7% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $130.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $38.9M | ||
| Q3 25 | $-14.5M | $48.5M | ||
| Q2 25 | $-26.9M | $17.5M | ||
| Q1 25 | $-13.2M | $26.7M | ||
| Q4 24 | $-10.4M | $9.9M | ||
| Q3 24 | $-3.2M | $29.0M | ||
| Q2 24 | $-14.2M | $10.2M | ||
| Q1 24 | $-28.4M | $22.7M |
| Q4 25 | — | $38.6M | ||
| Q3 25 | $-16.9M | $48.4M | ||
| Q2 25 | $-29.3M | $16.8M | ||
| Q1 25 | $-17.8M | $26.5M | ||
| Q4 24 | $-11.0M | $9.7M | ||
| Q3 24 | $-11.1M | $28.9M | ||
| Q2 24 | $-24.4M | $9.9M | ||
| Q1 24 | $-32.5M | — |
| Q4 25 | — | 17.1% | ||
| Q3 25 | -12.1% | 22.5% | ||
| Q2 25 | -20.0% | 9.0% | ||
| Q1 25 | -12.5% | 12.7% | ||
| Q4 24 | -7.6% | 5.3% | ||
| Q3 24 | -7.7% | 15.1% | ||
| Q2 24 | -16.1% | 6.6% | ||
| Q1 24 | -21.4% | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 1.7% | 0.0% | ||
| Q2 25 | 1.6% | 0.4% | ||
| Q1 25 | 3.2% | 0.1% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 5.5% | 0.1% | ||
| Q2 24 | 6.7% | 0.2% | ||
| Q1 24 | 2.7% | 0.0% |
| Q4 25 | — | 2.78× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | — | 2.13× | ||
| Q1 25 | — | 133.50× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 290.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 20.64× |
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% |
NRDS
| Insurance | $81.2M | 36% |
| Emerging Verticals | $52.9M | 23% |
| Loans | $42.3M | 19% |
| Credit Card | $26.5M | 12% |
| SMB Products | $22.5M | 10% |
