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Side-by-side financial comparison of Fat Brands, Inc (FAT) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
CPI Card Group Inc. is the larger business by last-quarter revenue ($153.1M vs $140.0M, roughly 1.1× Fat Brands, Inc). CPI Card Group Inc. runs the higher net margin — 4.8% vs -41.6%, a 46.4% gap on every dollar of revenue. On growth, CPI Card Group Inc. posted the faster year-over-year revenue change (22.3% vs -2.3%). CPI Card Group Inc. produced more free cash flow last quarter ($35.2M vs $-16.9M). Over the past eight quarters, CPI Card Group Inc.'s revenue compounded faster (16.9% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
FAT vs PMTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $153.1M |
| Net Profit | $-58.2M | $7.3M |
| Gross Margin | — | 31.5% |
| Operating Margin | -12.4% | 12.0% |
| Net Margin | -41.6% | 4.8% |
| Revenue YoY | -2.3% | 22.3% |
| Net Profit YoY | -30.1% | 8.5% |
| EPS (diluted) | $-3.39 | $0.62 |
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 | — | $153.1M | ||
| Q3 25 | $140.0M | $138.0M | ||
| Q2 25 | $146.8M | $129.8M | ||
| Q1 25 | $142.0M | $122.8M | ||
| Q4 24 | $145.3M | $125.1M | ||
| Q3 24 | $143.4M | $124.8M | ||
| Q2 24 | $152.0M | $118.8M | ||
| Q1 24 | $152.0M | $111.9M |
| Q4 25 | — | $7.3M | ||
| Q3 25 | $-58.2M | $2.3M | ||
| Q2 25 | $-54.2M | $518.0K | ||
| Q1 25 | $-46.0M | $4.8M | ||
| Q4 24 | $-67.4M | $6.8M | ||
| Q3 24 | $-44.8M | $1.3M | ||
| Q2 24 | $-39.4M | $6.0M | ||
| Q1 24 | $-38.3M | $5.5M |
| Q4 25 | — | 31.5% | ||
| Q3 25 | — | 29.7% | ||
| Q2 25 | — | 30.9% | ||
| Q1 25 | — | 33.2% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | — | 35.8% | ||
| Q2 24 | — | 35.7% | ||
| Q1 24 | — | 37.1% |
| Q4 25 | — | 12.0% | ||
| Q3 25 | -12.4% | 9.4% | ||
| Q2 25 | -10.6% | 7.3% | ||
| Q1 25 | -6.0% | 11.5% | ||
| Q4 24 | -27.1% | 12.7% | ||
| Q3 24 | -6.2% | 14.3% | ||
| Q2 24 | -1.8% | 12.5% | ||
| Q1 24 | -0.9% | 12.6% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | -41.6% | 1.7% | ||
| Q2 25 | -36.9% | 0.4% | ||
| Q1 25 | -32.4% | 3.9% | ||
| Q4 24 | -46.4% | 5.4% | ||
| Q3 24 | -31.2% | 1.0% | ||
| Q2 24 | -25.9% | 5.1% | ||
| Q1 24 | -25.2% | 4.9% |
| Q4 25 | — | $0.62 | ||
| Q3 25 | $-3.39 | $0.19 | ||
| Q2 25 | $-3.17 | $0.04 | ||
| Q1 25 | $-2.73 | $0.40 | ||
| Q4 24 | $-4.06 | $0.56 | ||
| Q3 24 | $-2.74 | $0.11 | ||
| Q2 24 | $-2.43 | $0.51 | ||
| Q1 24 | $-2.37 | $0.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $21.7M |
| Total DebtLower is stronger | $1.3B | $286.7M |
| Stockholders' EquityBook value | $-585.8M | $-17.3M |
| Total Assets | $1.2B | $403.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $21.7M | ||
| Q3 25 | — | $16.0M | ||
| Q2 25 | — | $17.1M | ||
| Q1 25 | — | $31.5M | ||
| Q4 24 | — | $33.5M | ||
| Q3 24 | — | $14.7M | ||
| Q2 24 | — | $7.5M | ||
| Q1 24 | — | $17.1M |
| Q4 25 | — | $286.7M | ||
| Q3 25 | $1.3B | $308.4M | ||
| Q2 25 | $1.3B | $310.9M | ||
| Q1 25 | $1.3B | $280.7M | ||
| Q4 24 | $1.3B | $280.4M | ||
| Q3 24 | $1.2B | $280.2M | ||
| Q2 24 | $1.2B | $269.7M | ||
| Q1 24 | $1.2B | $265.3M |
| Q4 25 | — | $-17.3M | ||
| Q3 25 | $-585.8M | $-25.7M | ||
| Q2 25 | $-536.5M | $-29.0M | ||
| Q1 25 | $-493.9M | $-29.7M | ||
| Q4 24 | $-455.7M | $-35.6M | ||
| Q3 24 | $-386.1M | $-42.8M | ||
| Q2 24 | $-338.6M | $-44.6M | ||
| Q1 24 | $-296.8M | $-48.5M |
| Q4 25 | — | $403.2M | ||
| Q3 25 | $1.2B | $407.1M | ||
| Q2 25 | $1.2B | $399.8M | ||
| Q1 25 | $1.3B | $351.9M | ||
| Q4 24 | $1.3B | $349.7M | ||
| Q3 24 | $1.3B | $342.3M | ||
| Q2 24 | $1.4B | $321.4M | ||
| Q1 24 | $1.4B | $319.8M |
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 | $39.6M |
| Free Cash FlowOCF − Capex | $-16.9M | $35.2M |
| FCF MarginFCF / Revenue | -12.1% | 23.0% |
| Capex IntensityCapex / Revenue | 1.7% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $39.6M | ||
| Q3 25 | $-14.5M | $10.0M | ||
| Q2 25 | $-26.9M | $4.3M | ||
| Q1 25 | $-13.2M | $5.6M | ||
| Q4 24 | $-10.4M | $26.7M | ||
| Q3 24 | $-3.2M | $12.5M | ||
| Q2 24 | $-14.2M | $-4.8M | ||
| Q1 24 | $-28.4M | $8.9M |
| Q4 25 | — | $35.2M | ||
| Q3 25 | $-16.9M | $5.3M | ||
| Q2 25 | $-29.3M | $533.0K | ||
| Q1 25 | $-17.8M | $292.0K | ||
| Q4 24 | $-11.0M | $21.6M | ||
| Q3 24 | $-11.1M | $11.1M | ||
| Q2 24 | $-24.4M | $-6.0M | ||
| Q1 24 | $-32.5M | $7.4M |
| Q4 25 | — | 23.0% | ||
| Q3 25 | -12.1% | 3.8% | ||
| Q2 25 | -20.0% | 0.4% | ||
| Q1 25 | -12.5% | 0.2% | ||
| Q4 24 | -7.6% | 17.3% | ||
| Q3 24 | -7.7% | 8.9% | ||
| Q2 24 | -16.1% | -5.0% | ||
| Q1 24 | -21.4% | 6.6% |
| Q4 25 | — | 2.9% | ||
| Q3 25 | 1.7% | 3.4% | ||
| Q2 25 | 1.6% | 2.9% | ||
| Q1 25 | 3.2% | 4.3% | ||
| Q4 24 | 0.4% | 4.0% | ||
| Q3 24 | 5.5% | 1.2% | ||
| Q2 24 | 6.7% | 1.0% | ||
| Q1 24 | 2.7% | 1.3% |
| Q4 25 | — | 5.39× | ||
| Q3 25 | — | 4.32× | ||
| Q2 25 | — | 8.39× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 3.94× | ||
| Q3 24 | — | 9.70× | ||
| Q2 24 | — | -0.79× | ||
| Q1 24 | — | 1.63× |
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% |
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
