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Side-by-side financial comparison of Fat Brands, Inc (FAT) and NWPX Infrastructure, Inc. (NWPX). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $125.6M, roughly 1.1× NWPX Infrastructure, Inc.). NWPX Infrastructure, Inc. runs the higher net margin — 7.1% vs -41.6%, a 48.6% gap on every dollar of revenue. On growth, NWPX Infrastructure, Inc. posted the faster year-over-year revenue change (5.0% vs -2.3%). NWPX Infrastructure, Inc. produced more free cash flow last quarter ($30.8M vs $-16.9M). Over the past eight quarters, NWPX Infrastructure, 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.
FAT vs NWPX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $125.6M |
| Net Profit | $-58.2M | $8.9M |
| Gross Margin | — | 21.3% |
| Operating Margin | -12.4% | 10.4% |
| Net Margin | -41.6% | 7.1% |
| Revenue YoY | -2.3% | 5.0% |
| Net Profit YoY | -30.1% | -12.1% |
| EPS (diluted) | $-3.39 | $0.88 |
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 | — | $125.6M | ||
| Q3 25 | $140.0M | $151.1M | ||
| Q2 25 | $146.8M | $133.2M | ||
| Q1 25 | $142.0M | $116.1M | ||
| Q4 24 | $145.3M | $119.6M | ||
| Q3 24 | $143.4M | $130.2M | ||
| Q2 24 | $152.0M | $129.5M | ||
| Q1 24 | $152.0M | $113.2M |
| Q4 25 | — | $8.9M | ||
| Q3 25 | $-58.2M | $13.5M | ||
| Q2 25 | $-54.2M | $9.1M | ||
| Q1 25 | $-46.0M | $4.0M | ||
| Q4 24 | $-67.4M | $10.1M | ||
| Q3 24 | $-44.8M | $10.3M | ||
| Q2 24 | $-39.4M | $8.6M | ||
| Q1 24 | $-38.3M | $5.2M |
| Q4 25 | — | 21.3% | ||
| Q3 25 | — | 21.3% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 16.7% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 19.9% | ||
| Q1 24 | — | 17.8% |
| Q4 25 | — | 10.4% | ||
| Q3 25 | -12.4% | 12.6% | ||
| Q2 25 | -10.6% | 9.9% | ||
| Q1 25 | -6.0% | 4.8% | ||
| Q4 24 | -27.1% | 8.8% | ||
| Q3 24 | -6.2% | 11.9% | ||
| Q2 24 | -1.8% | 10.5% | ||
| Q1 24 | -0.9% | 7.7% |
| Q4 25 | — | 7.1% | ||
| Q3 25 | -41.6% | 8.9% | ||
| Q2 25 | -36.9% | 6.8% | ||
| Q1 25 | -32.4% | 3.4% | ||
| Q4 24 | -46.4% | 8.4% | ||
| Q3 24 | -31.2% | 7.9% | ||
| Q2 24 | -25.9% | 6.7% | ||
| Q1 24 | -25.2% | 4.6% |
| Q4 25 | — | $0.88 | ||
| Q3 25 | $-3.39 | $1.38 | ||
| Q2 25 | $-3.17 | $0.91 | ||
| Q1 25 | $-2.73 | $0.39 | ||
| Q4 24 | $-4.06 | $1.00 | ||
| Q3 24 | $-2.74 | $1.02 | ||
| Q2 24 | $-2.43 | $0.86 | ||
| Q1 24 | $-2.37 | $0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $394.8M |
| Total Assets | $1.2B | $579.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $2.7M | ||
| Q2 25 | — | $2.0M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $5.0M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | $4.5M | ||
| Q1 24 | — | $4.3M |
| 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 | — | $394.8M | ||
| Q3 25 | $-585.8M | $386.4M | ||
| Q2 25 | $-536.5M | $379.5M | ||
| Q1 25 | $-493.9M | $378.5M | ||
| Q4 24 | $-455.7M | $374.0M | ||
| Q3 24 | $-386.1M | $362.4M | ||
| Q2 24 | $-338.6M | $351.2M | ||
| Q1 24 | $-296.8M | $342.6M |
| Q4 25 | — | $579.6M | ||
| Q3 25 | $1.2B | $605.2M | ||
| Q2 25 | $1.2B | $592.6M | ||
| Q1 25 | $1.3B | $582.2M | ||
| Q4 24 | $1.3B | $589.7M | ||
| Q3 24 | $1.3B | $617.2M | ||
| Q2 24 | $1.4B | $631.7M | ||
| Q1 24 | $1.4B | $621.3M |
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 | $36.0M |
| Free Cash FlowOCF − Capex | $-16.9M | $30.8M |
| FCF MarginFCF / Revenue | -12.1% | 24.5% |
| Capex IntensityCapex / Revenue | 1.7% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 4.06× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $47.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $36.0M | ||
| Q3 25 | $-14.5M | $21.0M | ||
| Q2 25 | $-26.9M | $5.4M | ||
| Q1 25 | $-13.2M | $4.8M | ||
| Q4 24 | $-10.4M | $36.1M | ||
| Q3 24 | $-3.2M | $22.7M | ||
| Q2 24 | $-14.2M | $22.3M | ||
| Q1 24 | $-28.4M | $-26.1M |
| Q4 25 | — | $30.8M | ||
| Q3 25 | $-16.9M | $13.2M | ||
| Q2 25 | $-29.3M | $1.9M | ||
| Q1 25 | $-17.8M | $1.2M | ||
| Q4 24 | $-11.0M | $31.9M | ||
| Q3 24 | $-11.1M | $16.8M | ||
| Q2 24 | $-24.4M | $16.2M | ||
| Q1 24 | $-32.5M | $-30.7M |
| Q4 25 | — | 24.5% | ||
| Q3 25 | -12.1% | 8.7% | ||
| Q2 25 | -20.0% | 1.4% | ||
| Q1 25 | -12.5% | 1.0% | ||
| Q4 24 | -7.6% | 26.7% | ||
| Q3 24 | -7.7% | 12.9% | ||
| Q2 24 | -16.1% | 12.5% | ||
| Q1 24 | -21.4% | -27.1% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | 1.7% | 5.2% | ||
| Q2 25 | 1.6% | 2.6% | ||
| Q1 25 | 3.2% | 3.2% | ||
| Q4 24 | 0.4% | 3.5% | ||
| Q3 24 | 5.5% | 4.6% | ||
| Q2 24 | 6.7% | 4.7% | ||
| Q1 24 | 2.7% | 4.0% |
| Q4 25 | — | 4.06× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | 3.58× | ||
| Q3 24 | — | 2.22× | ||
| Q2 24 | — | 2.58× | ||
| Q1 24 | — | -4.98× |
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% |
NWPX
| Transferred Over Time | $84.0M | 67% |
| Precast Infrastructure And Engineered Systems | $41.7M | 33% |
