vs
Side-by-side financial comparison of Fat Brands, Inc (FAT) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $93.7M, roughly 1.5× Ranpak Holdings Corp.). On growth, Ranpak Holdings Corp. posted the faster year-over-year revenue change (2.3% vs -2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
FAT vs PACK — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $93.7M |
| Net Profit | $-58.2M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | -12.4% | -1.0% |
| Net Margin | -41.6% | — |
| Revenue YoY | -2.3% | 2.3% |
| Net Profit YoY | -30.1% | — |
| EPS (diluted) | $-3.39 | $-0.11 |
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 | — | $93.7M | ||
| Q3 25 | $140.0M | $83.6M | ||
| Q2 25 | $146.8M | $77.8M | ||
| Q1 25 | $142.0M | $77.6M | ||
| Q4 24 | $145.3M | $91.6M | ||
| Q3 24 | $143.4M | $78.6M | ||
| Q2 24 | $152.0M | $72.8M | ||
| Q1 24 | $152.0M | $72.5M |
| Q4 25 | — | — | ||
| Q3 25 | $-58.2M | $-10.4M | ||
| Q2 25 | $-54.2M | $-7.5M | ||
| Q1 25 | $-46.0M | $-10.9M | ||
| Q4 24 | $-67.4M | — | ||
| Q3 24 | $-44.8M | $-8.1M | ||
| Q2 24 | $-39.4M | $5.5M | ||
| Q1 24 | $-38.3M | $-8.1M |
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 41.1% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 45.2% | ||
| Q3 24 | — | 43.8% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 44.6% |
| Q4 25 | — | -1.0% | ||
| Q3 25 | -12.4% | -6.8% | ||
| Q2 25 | -10.6% | -12.5% | ||
| Q1 25 | -6.0% | -10.3% | ||
| Q4 24 | -27.1% | 1.5% | ||
| Q3 24 | -6.2% | -5.3% | ||
| Q2 24 | -1.8% | -7.1% | ||
| Q1 24 | -0.9% | -6.6% |
| Q4 25 | — | — | ||
| Q3 25 | -41.6% | -12.4% | ||
| Q2 25 | -36.9% | -9.6% | ||
| Q1 25 | -32.4% | -14.0% | ||
| Q4 24 | -46.4% | — | ||
| Q3 24 | -31.2% | -10.3% | ||
| Q2 24 | -25.9% | 7.6% | ||
| Q1 24 | -25.2% | -11.2% |
| Q4 25 | — | $-0.11 | ||
| Q3 25 | $-3.39 | $-0.12 | ||
| Q2 25 | $-3.17 | $-0.09 | ||
| Q1 25 | $-2.73 | $-0.13 | ||
| Q4 24 | $-4.06 | $-0.13 | ||
| Q3 24 | $-2.74 | $-0.10 | ||
| Q2 24 | $-2.43 | $0.07 | ||
| Q1 24 | $-2.37 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $63.0M |
| Total DebtLower is stronger | $1.3B | $401.9M |
| Stockholders' EquityBook value | $-585.8M | $534.9M |
| Total Assets | $1.2B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.0M | ||
| Q3 25 | — | $49.9M | ||
| Q2 25 | — | $49.2M | ||
| Q1 25 | — | $65.5M | ||
| Q4 24 | — | $76.1M | ||
| Q3 24 | — | $69.5M | ||
| Q2 24 | — | $65.1M | ||
| Q1 24 | — | $55.1M |
| Q4 25 | — | $401.9M | ||
| Q3 25 | $1.3B | $403.1M | ||
| Q2 25 | $1.3B | $403.1M | ||
| Q1 25 | $1.3B | $405.2M | ||
| Q4 24 | $1.3B | $406.4M | ||
| Q3 24 | $1.2B | $403.2M | ||
| Q2 24 | $1.2B | $396.1M | ||
| Q1 24 | $1.2B | $396.7M |
| Q4 25 | — | $534.9M | ||
| Q3 25 | $-585.8M | $537.8M | ||
| Q2 25 | $-536.5M | $539.0M | ||
| Q1 25 | $-493.9M | $544.1M | ||
| Q4 24 | $-455.7M | $548.1M | ||
| Q3 24 | $-386.1M | $564.3M | ||
| Q2 24 | $-338.6M | $566.2M | ||
| Q1 24 | $-296.8M | $560.0M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.4B | $1.1B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.71× |
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 | $19.5M |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $19.5M | ||
| Q3 25 | $-14.5M | $8.5M | ||
| Q2 25 | $-26.9M | $-3.6M | ||
| Q1 25 | $-13.2M | $-1.3M | ||
| Q4 24 | $-10.4M | $6.5M | ||
| Q3 24 | $-3.2M | $10.1M | ||
| Q2 24 | $-14.2M | $19.6M | ||
| Q1 24 | $-28.4M | $5.2M |
| Q4 25 | — | — | ||
| Q3 25 | $-16.9M | — | ||
| Q2 25 | $-29.3M | — | ||
| Q1 25 | $-17.8M | — | ||
| Q4 24 | $-11.0M | — | ||
| Q3 24 | $-11.1M | — | ||
| Q2 24 | $-24.4M | — | ||
| Q1 24 | $-32.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | -12.1% | — | ||
| Q2 25 | -20.0% | — | ||
| Q1 25 | -12.5% | — | ||
| Q4 24 | -7.6% | — | ||
| Q3 24 | -7.7% | — | ||
| Q2 24 | -16.1% | — | ||
| Q1 24 | -21.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 5.5% | — | ||
| Q2 24 | 6.7% | — | ||
| Q1 24 | 2.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.56× | ||
| 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% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
