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Side-by-side financial comparison of Fat Brands, Inc (FAT) and DOUGLAS DYNAMICS, INC (PLOW). Click either name above to swap in a different company.
DOUGLAS DYNAMICS, INC is the larger business by last-quarter revenue ($184.5M vs $140.0M, roughly 1.3× Fat Brands, Inc). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs -41.6%, a 48.5% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs -2.3%). DOUGLAS DYNAMICS, INC produced more free cash flow last quarter ($92.8M vs $-16.9M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government...
FAT vs PLOW — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $184.5M |
| Net Profit | $-58.2M | $12.8M |
| Gross Margin | — | 26.1% |
| Operating Margin | -12.4% | 10.5% |
| Net Margin | -41.6% | 7.0% |
| Revenue YoY | -2.3% | 28.6% |
| Net Profit YoY | -30.1% | 62.3% |
| EPS (diluted) | $-3.39 | $0.54 |
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 | — | $184.5M | ||
| Q3 25 | $140.0M | $162.1M | ||
| Q2 25 | $146.8M | $194.3M | ||
| Q1 25 | $142.0M | $115.1M | ||
| Q4 24 | $145.3M | $143.5M | ||
| Q3 24 | $143.4M | $129.4M | ||
| Q2 24 | $152.0M | $199.9M | ||
| Q1 24 | $152.0M | $95.7M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | $-58.2M | $8.0M | ||
| Q2 25 | $-54.2M | $26.0M | ||
| Q1 25 | $-46.0M | $148.0K | ||
| Q4 24 | $-67.4M | $7.9M | ||
| Q3 24 | $-44.8M | $32.3M | ||
| Q2 24 | $-39.4M | $24.3M | ||
| Q1 24 | $-38.3M | $-8.4M |
| Q4 25 | — | 26.1% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 24.5% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 30.7% | ||
| Q1 24 | — | 19.8% |
| Q4 25 | — | 10.5% | ||
| Q3 25 | -12.4% | 8.7% | ||
| Q2 25 | -10.6% | 19.0% | ||
| Q1 25 | -6.0% | 2.8% | ||
| Q4 24 | -27.1% | 9.0% | ||
| Q3 24 | -6.2% | 35.4% | ||
| Q2 24 | -1.8% | 18.2% | ||
| Q1 24 | -0.9% | -6.7% |
| Q4 25 | — | 7.0% | ||
| Q3 25 | -41.6% | 4.9% | ||
| Q2 25 | -36.9% | 13.4% | ||
| Q1 25 | -32.4% | 0.1% | ||
| Q4 24 | -46.4% | 5.5% | ||
| Q3 24 | -31.2% | 24.9% | ||
| Q2 24 | -25.9% | 12.2% | ||
| Q1 24 | -25.2% | -8.7% |
| Q4 25 | — | $0.54 | ||
| Q3 25 | $-3.39 | $0.33 | ||
| Q2 25 | $-3.17 | $1.09 | ||
| Q1 25 | $-2.73 | $0.00 | ||
| Q4 24 | $-4.06 | $0.35 | ||
| Q3 24 | $-2.74 | $1.36 | ||
| Q2 24 | $-2.43 | $1.02 | ||
| Q1 24 | $-2.37 | $-0.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $1.3B | $144.0M |
| Stockholders' EquityBook value | $-585.8M | $281.4M |
| Total Assets | $1.2B | $626.7M |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $144.0M | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $147.5M | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $281.4M | ||
| Q3 25 | $-585.8M | $275.3M | ||
| Q2 25 | $-536.5M | $273.3M | ||
| Q1 25 | $-493.9M | $258.9M | ||
| Q4 24 | $-455.7M | $264.2M | ||
| Q3 24 | $-386.1M | $260.8M | ||
| Q2 24 | $-338.6M | $236.7M | ||
| Q1 24 | $-296.8M | $217.2M |
| Q4 25 | — | $626.7M | ||
| Q3 25 | $1.2B | $694.9M | ||
| Q2 25 | $1.2B | $671.5M | ||
| Q1 25 | $1.3B | $621.0M | ||
| Q4 24 | $1.3B | $590.0M | ||
| Q3 24 | $1.3B | $665.6M | ||
| Q2 24 | $1.4B | $617.0M | ||
| Q1 24 | $1.4B | $577.1M |
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.56× | ||
| 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 | $95.9M |
| Free Cash FlowOCF − Capex | $-16.9M | $92.8M |
| FCF MarginFCF / Revenue | -12.1% | 50.3% |
| Capex IntensityCapex / Revenue | 1.7% | 1.7% |
| Cash ConversionOCF / Net Profit | — | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $95.9M | ||
| Q3 25 | $-14.5M | $-8.5M | ||
| Q2 25 | $-26.9M | $-11.4M | ||
| Q1 25 | $-13.2M | $-1.3M | ||
| Q4 24 | $-10.4M | $74.4M | ||
| Q3 24 | $-3.2M | $-14.2M | ||
| Q2 24 | $-14.2M | $2.5M | ||
| Q1 24 | $-28.4M | $-21.6M |
| Q4 25 | — | $92.8M | ||
| Q3 25 | $-16.9M | $-11.4M | ||
| Q2 25 | $-29.3M | $-14.3M | ||
| Q1 25 | $-17.8M | $-3.5M | ||
| Q4 24 | $-11.0M | $70.2M | ||
| Q3 24 | $-11.1M | $-15.2M | ||
| Q2 24 | $-24.4M | $836.0K | ||
| Q1 24 | $-32.5M | $-22.4M |
| Q4 25 | — | 50.3% | ||
| Q3 25 | -12.1% | -7.1% | ||
| Q2 25 | -20.0% | -7.4% | ||
| Q1 25 | -12.5% | -3.0% | ||
| Q4 24 | -7.6% | 48.9% | ||
| Q3 24 | -7.7% | -11.8% | ||
| Q2 24 | -16.1% | 0.4% | ||
| Q1 24 | -21.4% | -23.4% |
| Q4 25 | — | 1.7% | ||
| Q3 25 | 1.7% | 1.8% | ||
| Q2 25 | 1.6% | 1.5% | ||
| Q1 25 | 3.2% | 1.9% | ||
| Q4 24 | 0.4% | 2.9% | ||
| Q3 24 | 5.5% | 0.8% | ||
| Q2 24 | 6.7% | 0.8% | ||
| Q1 24 | 2.7% | 0.8% |
| Q4 25 | — | 7.47× | ||
| Q3 25 | — | -1.07× | ||
| Q2 25 | — | -0.44× | ||
| Q1 25 | — | -9.03× | ||
| Q4 24 | — | 9.41× | ||
| Q3 24 | — | -0.44× | ||
| Q2 24 | — | 0.10× | ||
| 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% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
