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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
Pangaea Logistics Solutions Ltd. is the larger business by last-quarter revenue ($183.9M vs $140.0M, roughly 1.3× Fat Brands, Inc). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs -41.6%, a 48.0% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs -2.3%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
FAT vs PANL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $183.9M |
| Net Profit | $-58.2M | $11.9M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 9.5% |
| Net Margin | -41.6% | 6.5% |
| Revenue YoY | -2.3% | 24.9% |
| Net Profit YoY | -30.1% | 40.9% |
| EPS (diluted) | $-3.39 | $0.18 |
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 | — | $183.9M | ||
| Q3 25 | $140.0M | $168.7M | ||
| Q2 25 | $146.8M | $156.7M | ||
| Q1 25 | $142.0M | $122.8M | ||
| Q4 24 | $145.3M | $147.2M | ||
| Q3 24 | $143.4M | $153.1M | ||
| Q2 24 | $152.0M | $131.5M | ||
| Q1 24 | $152.0M | $104.7M |
| Q4 25 | — | $11.9M | ||
| Q3 25 | $-58.2M | $12.2M | ||
| Q2 25 | $-54.2M | $-2.7M | ||
| Q1 25 | $-46.0M | $-2.0M | ||
| Q4 24 | $-67.4M | $8.4M | ||
| Q3 24 | $-44.8M | $5.1M | ||
| Q2 24 | $-39.4M | $3.7M | ||
| Q1 24 | $-38.3M | $11.7M |
| Q4 25 | — | 9.5% | ||
| Q3 25 | -12.4% | 10.0% | ||
| Q2 25 | -10.6% | 2.3% | ||
| Q1 25 | -6.0% | 2.4% | ||
| Q4 24 | -27.1% | 10.1% | ||
| Q3 24 | -6.2% | 9.8% | ||
| Q2 24 | -1.8% | 5.8% | ||
| Q1 24 | -0.9% | 10.5% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | -41.6% | 7.2% | ||
| Q2 25 | -36.9% | -1.8% | ||
| Q1 25 | -32.4% | -1.6% | ||
| Q4 24 | -46.4% | 5.7% | ||
| Q3 24 | -31.2% | 3.3% | ||
| Q2 24 | -25.9% | 2.8% | ||
| Q1 24 | -25.2% | 11.1% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | $-3.39 | $0.19 | ||
| Q2 25 | $-3.17 | $-0.04 | ||
| Q1 25 | $-2.73 | $-0.03 | ||
| Q4 24 | $-4.06 | $0.19 | ||
| Q3 24 | $-2.74 | $0.11 | ||
| Q2 24 | $-2.43 | $0.08 | ||
| Q1 24 | $-2.37 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $103.1M |
| Total DebtLower is stronger | $1.3B | $249.6M |
| Stockholders' EquityBook value | $-585.8M | $429.3M |
| Total Assets | $1.2B | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $103.1M | ||
| Q3 25 | — | $94.0M | ||
| Q2 25 | — | $59.3M | ||
| Q1 25 | — | $63.9M | ||
| Q4 24 | — | $86.8M | ||
| Q3 24 | — | $93.1M | ||
| Q2 24 | — | $77.9M | ||
| Q1 24 | — | $95.9M |
| Q4 25 | — | $249.6M | ||
| Q3 25 | $1.3B | $256.2M | ||
| Q2 25 | $1.3B | $244.7M | ||
| Q1 25 | $1.3B | $251.0M | ||
| Q4 24 | $1.3B | $257.2M | ||
| Q3 24 | $1.2B | $133.6M | ||
| Q2 24 | $1.2B | $90.5M | ||
| Q1 24 | $1.2B | $95.9M |
| Q4 25 | — | $429.3M | ||
| Q3 25 | $-585.8M | $420.3M | ||
| Q2 25 | $-536.5M | $414.4M | ||
| Q1 25 | $-493.9M | $420.8M | ||
| Q4 24 | $-455.7M | $427.8M | ||
| Q3 24 | $-386.1M | $332.6M | ||
| Q2 24 | $-338.6M | $331.5M | ||
| Q1 24 | $-296.8M | $332.0M |
| Q4 25 | — | $928.1M | ||
| Q3 25 | $1.2B | $932.1M | ||
| Q2 25 | $1.2B | $916.0M | ||
| Q1 25 | $1.3B | $918.0M | ||
| Q4 24 | $1.3B | $936.5M | ||
| Q3 24 | $1.3B | $749.2M | ||
| Q2 24 | $1.4B | $692.9M | ||
| Q1 24 | $1.4B | $703.3M |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.29× |
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 | $15.1M |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.1M | ||
| Q3 25 | $-14.5M | $28.6M | ||
| Q2 25 | $-26.9M | $14.4M | ||
| Q1 25 | $-13.2M | $-4.4M | ||
| Q4 24 | $-10.4M | $19.3M | ||
| Q3 24 | $-3.2M | $28.5M | ||
| Q2 24 | $-14.2M | $9.0M | ||
| Q1 24 | $-28.4M | $9.0M |
| 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 | — | 1.27× | ||
| Q3 25 | — | 2.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.29× | ||
| Q3 24 | — | 5.57× | ||
| Q2 24 | — | 2.43× | ||
| Q1 24 | — | 0.77× |
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% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
