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Side-by-side financial comparison of Fat Brands, Inc (FAT) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
National Storage Affiliates Trust is the larger business by last-quarter revenue ($187.0M vs $140.0M, roughly 1.3× Fat Brands, Inc). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -41.6%, a 53.8% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -2.3%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-16.9M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
FAT vs NSA — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $187.0M |
| Net Profit | $-58.2M | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | -12.4% | 20.2% |
| Net Margin | -41.6% | 12.2% |
| Revenue YoY | -2.3% | -1.6% |
| Net Profit YoY | -30.1% | 36.8% |
| EPS (diluted) | $-3.39 | $0.23 |
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 | — | $187.0M | ||
| Q3 25 | $140.0M | $188.7M | ||
| Q2 25 | $146.8M | $188.8M | ||
| Q1 25 | $142.0M | $188.4M | ||
| Q4 24 | $145.3M | $190.1M | ||
| Q3 24 | $143.4M | $193.6M | ||
| Q2 24 | $152.0M | $190.4M | ||
| Q1 24 | $152.0M | $196.1M |
| Q4 25 | — | $22.9M | ||
| Q3 25 | $-58.2M | $18.4M | ||
| Q2 25 | $-54.2M | $19.5M | ||
| Q1 25 | $-46.0M | $13.0M | ||
| Q4 24 | $-67.4M | $16.7M | ||
| Q3 24 | $-44.8M | $18.7M | ||
| Q2 24 | $-39.4M | $17.1M | ||
| Q1 24 | $-38.3M | $59.0M |
| Q4 25 | — | 72.5% | ||
| Q3 25 | — | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | — | 70.7% | ||
| Q4 24 | — | 72.5% | ||
| Q3 24 | — | 72.8% | ||
| Q2 24 | — | 72.6% | ||
| Q1 24 | — | 72.1% |
| Q4 25 | — | 20.2% | ||
| Q3 25 | -12.4% | 15.8% | ||
| Q2 25 | -10.6% | 16.5% | ||
| Q1 25 | -6.0% | 11.0% | ||
| Q4 24 | -27.1% | 14.5% | ||
| Q3 24 | -6.2% | 15.8% | ||
| Q2 24 | -1.8% | 17.2% | ||
| Q1 24 | -0.9% | 48.9% |
| Q4 25 | — | 12.2% | ||
| Q3 25 | -41.6% | 9.8% | ||
| Q2 25 | -36.9% | 10.3% | ||
| Q1 25 | -32.4% | 6.9% | ||
| Q4 24 | -46.4% | 8.8% | ||
| Q3 24 | -31.2% | 9.7% | ||
| Q2 24 | -25.9% | 9.0% | ||
| Q1 24 | -25.2% | 30.1% |
| Q4 25 | — | $0.23 | ||
| Q3 25 | $-3.39 | $0.17 | ||
| Q2 25 | $-3.17 | $0.19 | ||
| Q1 25 | $-2.73 | $0.10 | ||
| Q4 24 | $-4.06 | $0.19 | ||
| Q3 24 | $-2.74 | $0.18 | ||
| Q2 24 | $-2.43 | $0.16 | ||
| Q1 24 | $-2.37 | $0.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $23.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $946.0M |
| Total Assets | $1.2B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | — | $26.3M | ||
| Q2 25 | — | $26.1M | ||
| Q1 25 | — | $19.3M | ||
| Q4 24 | — | $50.4M | ||
| Q3 24 | — | $69.9M | ||
| Q2 24 | — | $59.0M | ||
| Q1 24 | — | $64.2M |
| 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 | — | $946.0M | ||
| Q3 25 | $-585.8M | $973.1M | ||
| Q2 25 | $-536.5M | $1.0B | ||
| Q1 25 | $-493.9M | $1.0B | ||
| Q4 24 | $-455.7M | $1.1B | ||
| Q3 24 | $-386.1M | $986.9M | ||
| Q2 24 | $-338.6M | $1.2B | ||
| Q1 24 | $-296.8M | $1.3B |
| Q4 25 | — | $5.1B | ||
| Q3 25 | $1.2B | $5.1B | ||
| Q2 25 | $1.2B | $5.2B | ||
| Q1 25 | $1.3B | $5.3B | ||
| Q4 24 | $1.3B | $5.4B | ||
| Q3 24 | $1.3B | $5.4B | ||
| Q2 24 | $1.4B | $5.3B | ||
| Q1 24 | $1.4B | $5.4B |
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 | $338.5M |
| Free Cash FlowOCF − Capex | $-16.9M | $299.8M |
| FCF MarginFCF / Revenue | -12.1% | 160.3% |
| Capex IntensityCapex / Revenue | 1.7% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $338.5M | ||
| Q3 25 | $-14.5M | $100.2M | ||
| Q2 25 | $-26.9M | $79.9M | ||
| Q1 25 | $-13.2M | $85.6M | ||
| Q4 24 | $-10.4M | $363.1M | ||
| Q3 24 | $-3.2M | $105.7M | ||
| Q2 24 | $-14.2M | $83.2M | ||
| Q1 24 | $-28.4M | $94.0M |
| Q4 25 | — | $299.8M | ||
| Q3 25 | $-16.9M | $88.0M | ||
| Q2 25 | $-29.3M | $73.8M | ||
| Q1 25 | $-17.8M | $79.9M | ||
| Q4 24 | $-11.0M | $344.4M | ||
| Q3 24 | $-11.1M | $101.8M | ||
| Q2 24 | $-24.4M | $79.5M | ||
| Q1 24 | $-32.5M | $88.6M |
| Q4 25 | — | 160.3% | ||
| Q3 25 | -12.1% | 46.6% | ||
| Q2 25 | -20.0% | 39.1% | ||
| Q1 25 | -12.5% | 42.4% | ||
| Q4 24 | -7.6% | 181.2% | ||
| Q3 24 | -7.7% | 52.6% | ||
| Q2 24 | -16.1% | 41.7% | ||
| Q1 24 | -21.4% | 45.2% |
| Q4 25 | — | 20.7% | ||
| Q3 25 | 1.7% | 6.5% | ||
| Q2 25 | 1.6% | 3.2% | ||
| Q1 25 | 3.2% | 3.0% | ||
| Q4 24 | 0.4% | 9.8% | ||
| Q3 24 | 5.5% | 2.0% | ||
| Q2 24 | 6.7% | 1.9% | ||
| Q1 24 | 2.7% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | — | 1.59× |
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% |
NSA
Segment breakdown not available.
