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Side-by-side financial comparison of Fat Brands, Inc (FAT) and PennyMac Mortgage Investment Trust (PMT). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $93.6M, roughly 1.5× PennyMac Mortgage Investment Trust). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs -41.6%, a 97.5% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -13.3%). Over the past eight quarters, PennyMac Mortgage Investment Trust's revenue compounded faster (12.3% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
PennyMac Mortgage Investment Trust is a U.S.-headquartered real estate investment trust specializing in residential mortgage assets. It invests in performing and non-performing mortgage loans, mortgage-backed securities, and credit risk transfer instruments, operating across investment management and mortgage servicing segments in the U.S. housing market.
FAT vs PMT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $93.6M |
| Net Profit | $-58.2M | $52.4M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 38.6% |
| Net Margin | -41.6% | 56.0% |
| Revenue YoY | -2.3% | -13.3% |
| Net Profit YoY | -30.1% | 12.5% |
| EPS (diluted) | $-3.39 | $0.49 |
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 | — | $93.6M | ||
| Q3 25 | $140.0M | $99.2M | ||
| Q2 25 | $146.8M | $70.2M | ||
| Q1 25 | $142.0M | $44.5M | ||
| Q4 24 | $145.3M | $107.9M | ||
| Q3 24 | $143.4M | $80.9M | ||
| Q2 24 | $152.0M | $71.2M | ||
| Q1 24 | $152.0M | $74.2M |
| Q4 25 | — | $52.4M | ||
| Q3 25 | $-58.2M | $58.3M | ||
| Q2 25 | $-54.2M | $7.5M | ||
| Q1 25 | $-46.0M | $9.7M | ||
| Q4 24 | $-67.4M | $46.5M | ||
| Q3 24 | $-44.8M | $41.4M | ||
| Q2 24 | $-39.4M | $25.4M | ||
| Q1 24 | $-38.3M | $47.6M |
| Q4 25 | — | 38.6% | ||
| Q3 25 | -12.4% | 47.4% | ||
| Q2 25 | -10.6% | 24.2% | ||
| Q1 25 | -6.0% | -14.2% | ||
| Q4 24 | -27.1% | 51.1% | ||
| Q3 24 | -6.2% | 32.8% | ||
| Q2 24 | -1.8% | 40.2% | ||
| Q1 24 | -0.9% | 43.6% |
| Q4 25 | — | 56.0% | ||
| Q3 25 | -41.6% | 58.7% | ||
| Q2 25 | -36.9% | 10.7% | ||
| Q1 25 | -32.4% | 21.8% | ||
| Q4 24 | -46.4% | 43.1% | ||
| Q3 24 | -31.2% | 51.2% | ||
| Q2 24 | -25.9% | 35.7% | ||
| Q1 24 | -25.2% | 64.2% |
| Q4 25 | — | $0.49 | ||
| Q3 25 | $-3.39 | $0.55 | ||
| Q2 25 | $-3.17 | $-0.04 | ||
| Q1 25 | $-2.73 | $-0.01 | ||
| Q4 24 | $-4.06 | $0.45 | ||
| Q3 24 | $-2.74 | $0.36 | ||
| Q2 24 | $-2.43 | $0.17 | ||
| Q1 24 | $-2.37 | $0.39 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $190.5M |
| Total DebtLower is stronger | $1.3B | $1.1B |
| Stockholders' EquityBook value | $-585.8M | $1.9B |
| Total Assets | $1.2B | $21.3B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $190.5M | ||
| Q3 25 | — | $181.0M | ||
| Q2 25 | — | $108.6M | ||
| Q1 25 | — | $204.2M | ||
| Q4 24 | — | $103.2M | ||
| Q3 24 | — | $102.8M | ||
| Q2 24 | — | $336.3M | ||
| Q1 24 | — | $343.3M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $1.3B | $299.0M | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.3B | $968.4M | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.2B | $5.2B | ||
| Q2 24 | $1.2B | $5.4B | ||
| Q1 24 | $1.2B | $5.1B |
| Q4 25 | — | $1.9B | ||
| Q3 25 | $-585.8M | $1.9B | ||
| Q2 25 | $-536.5M | $1.9B | ||
| Q1 25 | $-493.9M | $1.9B | ||
| Q4 24 | $-455.7M | $1.9B | ||
| Q3 24 | $-386.1M | $1.9B | ||
| Q2 24 | $-338.6M | $1.9B | ||
| Q1 24 | $-296.8M | $2.0B |
| Q4 25 | — | $21.3B | ||
| Q3 25 | $1.2B | $18.5B | ||
| Q2 25 | $1.2B | $16.8B | ||
| Q1 25 | $1.3B | $14.9B | ||
| Q4 24 | $1.3B | $14.4B | ||
| Q3 24 | $1.3B | $13.1B | ||
| Q2 24 | $1.4B | $12.1B | ||
| Q1 24 | $1.4B | $12.3B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 2.70× | ||
| Q2 24 | — | 2.76× | ||
| Q1 24 | — | 2.60× |
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 | $-7.2B |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | -137.76× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-7.2B | ||
| Q3 25 | $-14.5M | $-1.3B | ||
| Q2 25 | $-26.9M | $-2.0B | ||
| Q1 25 | $-13.2M | $-594.3M | ||
| Q4 24 | $-10.4M | $-2.7B | ||
| Q3 24 | $-3.2M | $-983.8M | ||
| Q2 24 | $-14.2M | $243.8M | ||
| Q1 24 | $-28.4M | $-342.4M |
| 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 | — | -137.76× | ||
| Q3 25 | — | -22.26× | ||
| Q2 25 | — | -267.53× | ||
| Q1 25 | — | -61.39× | ||
| Q4 24 | — | -58.08× | ||
| Q3 24 | — | -23.76× | ||
| Q2 24 | — | 9.59× | ||
| Q1 24 | — | -7.19× |
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% |
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
