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Side-by-side financial comparison of Fat Brands, Inc (FAT) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $88.4M, roughly 1.6× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -41.6%, a 59.9% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -2.3%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-16.9M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
FAT vs OPAL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $88.4M |
| Net Profit | $-58.2M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 7.5% |
| Net Margin | -41.6% | 18.3% |
| Revenue YoY | -2.3% | 18.7% |
| Net Profit YoY | -30.1% | 401.5% |
| EPS (diluted) | $-3.39 | $0.08 |
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 | — | $88.4M | ||
| Q3 25 | $140.0M | $77.9M | ||
| Q2 25 | $146.8M | $77.4M | ||
| Q1 25 | $142.0M | $83.0M | ||
| Q4 24 | $145.3M | $74.5M | ||
| Q3 24 | $143.4M | $82.6M | ||
| Q2 24 | $152.0M | $69.8M | ||
| Q1 24 | $152.0M | $64.0M |
| Q4 25 | — | $16.2M | ||
| Q3 25 | $-58.2M | $11.4M | ||
| Q2 25 | $-54.2M | $7.6M | ||
| Q1 25 | $-46.0M | $1.3M | ||
| Q4 24 | $-67.4M | $-5.4M | ||
| Q3 24 | $-44.8M | $17.1M | ||
| Q2 24 | $-39.4M | $1.9M | ||
| Q1 24 | $-38.3M | $677.0K |
| Q4 25 | — | 7.5% | ||
| Q3 25 | -12.4% | 4.6% | ||
| Q2 25 | -10.6% | -1.1% | ||
| Q1 25 | -6.0% | -2.3% | ||
| Q4 24 | -27.1% | -0.5% | ||
| Q3 24 | -6.2% | 14.9% | ||
| Q2 24 | -1.8% | 8.1% | ||
| Q1 24 | -0.9% | 5.6% |
| Q4 25 | — | 18.3% | ||
| Q3 25 | -41.6% | 14.6% | ||
| Q2 25 | -36.9% | 9.8% | ||
| Q1 25 | -32.4% | 1.5% | ||
| Q4 24 | -46.4% | -7.2% | ||
| Q3 24 | -31.2% | 20.7% | ||
| Q2 24 | -25.9% | 2.7% | ||
| Q1 24 | -25.2% | 1.1% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | $-3.39 | $0.05 | ||
| Q2 25 | $-3.17 | $0.03 | ||
| Q1 25 | $-2.73 | $-0.01 | ||
| Q4 24 | $-4.06 | $-0.05 | ||
| Q3 24 | $-2.74 | $0.09 | ||
| Q2 24 | $-2.43 | $-0.01 | ||
| 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 | — | $24.4M |
| Total DebtLower is stronger | $1.3B | $361.3M |
| Stockholders' EquityBook value | $-585.8M | $-12.9M |
| Total Assets | $1.2B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $24.4M | ||
| Q3 25 | — | $29.9M | ||
| Q2 25 | — | $29.3M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | — | $24.3M | ||
| Q3 24 | — | $31.0M | ||
| Q2 24 | — | $27.6M | ||
| Q1 24 | — | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | $1.3B | $351.2M | ||
| Q2 25 | $1.3B | $331.6M | ||
| Q1 25 | $1.3B | $307.0M | ||
| Q4 24 | $1.3B | $307.5M | ||
| Q3 24 | $1.2B | $252.9M | ||
| Q2 24 | $1.2B | $233.3M | ||
| Q1 24 | $1.2B | $208.7M |
| Q4 25 | — | $-12.9M | ||
| Q3 25 | $-585.8M | $7.5M | ||
| Q2 25 | $-536.5M | $-25.0M | ||
| Q1 25 | $-493.9M | $57.1M | ||
| Q4 24 | $-455.7M | $-148.4M | ||
| Q3 24 | $-386.1M | $-180.1M | ||
| Q2 24 | $-338.6M | $-273.0M | ||
| Q1 24 | $-296.8M | $-382.4M |
| Q4 25 | — | $959.5M | ||
| Q3 25 | $1.2B | $916.7M | ||
| Q2 25 | $1.2B | $905.5M | ||
| Q1 25 | $1.3B | $884.9M | ||
| Q4 24 | $1.3B | $881.1M | ||
| Q3 24 | $1.3B | $831.1M | ||
| Q2 24 | $1.4B | $782.3M | ||
| Q1 24 | $1.4B | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-3.5M |
| Free Cash FlowOCF − Capex | $-16.9M | $-13.4M |
| FCF MarginFCF / Revenue | -12.1% | -15.1% |
| Capex IntensityCapex / Revenue | 1.7% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.5M | ||
| Q3 25 | $-14.5M | $18.2M | ||
| Q2 25 | $-26.9M | $-7.9M | ||
| Q1 25 | $-13.2M | $29.7M | ||
| Q4 24 | $-10.4M | $-532.0K | ||
| Q3 24 | $-3.2M | $17.7M | ||
| Q2 24 | $-14.2M | $533.0K | ||
| Q1 24 | $-28.4M | $13.7M |
| Q4 25 | — | $-13.4M | ||
| Q3 25 | $-16.9M | $-9.3M | ||
| Q2 25 | $-29.3M | $-29.7M | ||
| Q1 25 | $-17.8M | $18.1M | ||
| Q4 24 | $-11.0M | $-55.0M | ||
| Q3 24 | $-11.1M | $-5.4M | ||
| Q2 24 | $-24.4M | $-22.5M | ||
| Q1 24 | $-32.5M | $-13.0M |
| Q4 25 | — | -15.1% | ||
| Q3 25 | -12.1% | -11.9% | ||
| Q2 25 | -20.0% | -38.4% | ||
| Q1 25 | -12.5% | 21.8% | ||
| Q4 24 | -7.6% | -73.8% | ||
| Q3 24 | -7.7% | -6.5% | ||
| Q2 24 | -16.1% | -32.2% | ||
| Q1 24 | -21.4% | -20.4% |
| Q4 25 | — | 11.1% | ||
| Q3 25 | 1.7% | 35.3% | ||
| Q2 25 | 1.6% | 28.2% | ||
| Q1 25 | 3.2% | 13.9% | ||
| Q4 24 | 0.4% | 73.1% | ||
| Q3 24 | 5.5% | 27.9% | ||
| Q2 24 | 6.7% | 32.9% | ||
| Q1 24 | 2.7% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
