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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Nutex Health, Inc. (NUTX). Click either name above to swap in a different company.
Nutex Health, Inc. is the larger business by last-quarter revenue ($151.7M vs $140.0M, roughly 1.1× Fat Brands, Inc). Nutex Health, Inc. runs the higher net margin — 7.8% vs -41.6%, a 49.4% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -41.1%). Nutex Health, Inc. produced more free cash flow last quarter ($69.0M vs $-16.9M). Over the past eight quarters, Nutex Health, Inc.'s revenue compounded faster (50.0% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Nutex Health Inc. is an American for-profit health care company and operator of healthcare facilities headquartered in Houston, Texas.
FAT vs NUTX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $151.7M |
| Net Profit | $-58.2M | $11.8M |
| Gross Margin | — | 30.4% |
| Operating Margin | -12.4% | 20.4% |
| Net Margin | -41.6% | 7.8% |
| Revenue YoY | -2.3% | -41.1% |
| Net Profit YoY | -30.1% | -80.8% |
| EPS (diluted) | $-3.39 | $2.34 |
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 | — | $151.7M | ||
| Q3 25 | $140.0M | $267.8M | ||
| Q2 25 | $146.8M | $244.0M | ||
| Q1 25 | $142.0M | $211.8M | ||
| Q4 24 | $145.3M | $257.6M | ||
| Q3 24 | $143.4M | $78.8M | ||
| Q2 24 | $152.0M | $76.1M | ||
| Q1 24 | $152.0M | $67.5M |
| Q4 25 | — | $11.8M | ||
| Q3 25 | $-58.2M | $55.4M | ||
| Q2 25 | $-54.2M | $-17.7M | ||
| Q1 25 | $-46.0M | $21.2M | ||
| Q4 24 | $-67.4M | $61.6M | ||
| Q3 24 | $-44.8M | $-8.8M | ||
| Q2 24 | $-39.4M | $-364.0K | ||
| Q1 24 | $-38.3M | $-364.0K |
| Q4 25 | — | 30.4% | ||
| Q3 25 | — | 57.8% | ||
| Q2 25 | — | 51.2% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 55.0% | ||
| Q3 24 | — | 27.8% | ||
| Q2 24 | — | 29.7% | ||
| Q1 24 | — | 15.1% |
| Q4 25 | — | 20.4% | ||
| Q3 25 | -12.4% | 48.7% | ||
| Q2 25 | -10.6% | 13.8% | ||
| Q1 25 | -6.0% | 38.1% | ||
| Q4 24 | -27.1% | 44.4% | ||
| Q3 24 | -6.2% | 12.3% | ||
| Q2 24 | -1.8% | 7.0% | ||
| Q1 24 | -0.9% | 2.1% |
| Q4 25 | — | 7.8% | ||
| Q3 25 | -41.6% | 20.7% | ||
| Q2 25 | -36.9% | -7.3% | ||
| Q1 25 | -32.4% | 10.0% | ||
| Q4 24 | -46.4% | 23.9% | ||
| Q3 24 | -31.2% | -11.2% | ||
| Q2 24 | -25.9% | -0.5% | ||
| Q1 24 | -25.2% | -0.5% |
| Q4 25 | — | $2.34 | ||
| Q3 25 | $-3.39 | $7.76 | ||
| Q2 25 | $-3.17 | $-2.95 | ||
| Q1 25 | $-2.73 | $3.33 | ||
| Q4 24 | $-4.06 | $11.56 | ||
| Q3 24 | $-2.74 | $-1.72 | ||
| Q2 24 | $-2.43 | $-0.07 | ||
| 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 | — | $185.6M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $329.4M |
| Total Assets | $1.2B | $918.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $185.6M | ||
| Q3 25 | — | $166.0M | ||
| Q2 25 | — | $96.7M | ||
| Q1 25 | — | $84.7M | ||
| Q4 24 | — | $40.6M | ||
| Q3 24 | — | $46.9M | ||
| Q2 24 | — | $40.8M | ||
| Q1 24 | — | $30.0M |
| 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 | — | $329.4M | ||
| Q3 25 | $-585.8M | $317.2M | ||
| Q2 25 | $-536.5M | $235.3M | ||
| Q1 25 | $-493.9M | $176.9M | ||
| Q4 24 | $-455.7M | $132.4M | ||
| Q3 24 | $-386.1M | $60.4M | ||
| Q2 24 | $-338.6M | $62.7M | ||
| Q1 24 | $-296.8M | $63.0M |
| Q4 25 | — | $918.5M | ||
| Q3 25 | $1.2B | $964.5M | ||
| Q2 25 | $1.2B | $841.0M | ||
| Q1 25 | $1.3B | $761.9M | ||
| Q4 24 | $1.3B | $655.3M | ||
| Q3 24 | $1.3B | $438.5M | ||
| Q2 24 | $1.4B | $422.4M | ||
| Q1 24 | $1.4B | $404.3M |
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 | $70.4M |
| Free Cash FlowOCF − Capex | $-16.9M | $69.0M |
| FCF MarginFCF / Revenue | -12.1% | 45.5% |
| Capex IntensityCapex / Revenue | 1.7% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 5.95× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $245.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $70.4M | ||
| Q3 25 | $-14.5M | $99.5M | ||
| Q2 25 | $-26.9M | $27.3M | ||
| Q1 25 | $-13.2M | $51.0M | ||
| Q4 24 | $-10.4M | $54.0K | ||
| Q3 24 | $-3.2M | $6.8M | ||
| Q2 24 | $-14.2M | $13.3M | ||
| Q1 24 | $-28.4M | $3.1M |
| Q4 25 | — | $69.0M | ||
| Q3 25 | $-16.9M | $99.2M | ||
| Q2 25 | $-29.3M | $26.5M | ||
| Q1 25 | $-17.8M | $50.9M | ||
| Q4 24 | $-11.0M | $-341.0K | ||
| Q3 24 | $-11.1M | $6.2M | ||
| Q2 24 | $-24.4M | $12.7M | ||
| Q1 24 | $-32.5M | $2.3M |
| Q4 25 | — | 45.5% | ||
| Q3 25 | -12.1% | 37.0% | ||
| Q2 25 | -20.0% | 10.9% | ||
| Q1 25 | -12.5% | 24.0% | ||
| Q4 24 | -7.6% | -0.1% | ||
| Q3 24 | -7.7% | 7.8% | ||
| Q2 24 | -16.1% | 16.7% | ||
| Q1 24 | -21.4% | 3.4% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | 1.7% | 0.1% | ||
| Q2 25 | 1.6% | 0.3% | ||
| Q1 25 | 3.2% | 0.0% | ||
| Q4 24 | 0.4% | 0.2% | ||
| Q3 24 | 5.5% | 0.8% | ||
| Q2 24 | 6.7% | 0.7% | ||
| Q1 24 | 2.7% | 1.1% |
| Q4 25 | — | 5.95× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.40× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
NUTX
| Hospital Division | $143.7M | 95% |
| Population Health Management Division | $8.0M | 5% |
