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Side-by-side financial comparison of Fat Brands, Inc (FAT) and PARK NATIONAL CORP (PRK). Click either name above to swap in a different company.
PARK NATIONAL CORP is the larger business by last-quarter revenue ($168.3M vs $140.0M, roughly 1.2× Fat Brands, Inc). PARK NATIONAL CORP runs the higher net margin — 25.3% vs -41.6%, a 66.9% gap on every dollar of revenue. On growth, PARK NATIONAL CORP posted the faster year-over-year revenue change (2.2% vs -2.3%). PARK NATIONAL CORP produced more free cash flow last quarter ($191.9M vs $-16.9M). Over the past eight quarters, PARK NATIONAL CORP's revenue compounded faster (4.9% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
National Retail Systems, Inc. (NRS) includes Keystone Freight Corp. & National Retail Transportation, Inc. (NRT). NRS is an asset based 3PL founded in 1952. It is headquartered in Lyndhurst, New Jersey, United States.
FAT vs PRK — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $168.3M |
| Net Profit | $-58.2M | $42.6M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | — |
| Net Margin | -41.6% | 25.3% |
| Revenue YoY | -2.3% | 2.2% |
| Net Profit YoY | -30.1% | 10.4% |
| EPS (diluted) | $-3.39 | $2.62 |
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 | — | $168.3M | ||
| Q3 25 | $140.0M | $169.5M | ||
| Q2 25 | $146.8M | $168.7M | ||
| Q1 25 | $142.0M | $157.9M | ||
| Q4 24 | $145.3M | $164.7M | ||
| Q3 24 | $143.4M | $170.3M | ||
| Q2 24 | $152.0M | $157.7M | ||
| Q1 24 | $152.0M | $152.8M |
| Q4 25 | — | $42.6M | ||
| Q3 25 | $-58.2M | $47.2M | ||
| Q2 25 | $-54.2M | $48.1M | ||
| Q1 25 | $-46.0M | $42.2M | ||
| Q4 24 | $-67.4M | $38.6M | ||
| Q3 24 | $-44.8M | $38.2M | ||
| Q2 24 | $-39.4M | $39.4M | ||
| Q1 24 | $-38.3M | $35.2M |
| Q4 25 | — | — | ||
| Q3 25 | -12.4% | 34.3% | ||
| Q2 25 | -10.6% | 35.2% | ||
| Q1 25 | -6.0% | 32.4% | ||
| Q4 24 | -27.1% | — | ||
| Q3 24 | -6.2% | 27.4% | ||
| Q2 24 | -1.8% | 30.6% | ||
| Q1 24 | -0.9% | 27.8% |
| Q4 25 | — | 25.3% | ||
| Q3 25 | -41.6% | 27.8% | ||
| Q2 25 | -36.9% | 28.5% | ||
| Q1 25 | -32.4% | 26.7% | ||
| Q4 24 | -46.4% | 23.5% | ||
| Q3 24 | -31.2% | 22.4% | ||
| Q2 24 | -25.9% | 25.0% | ||
| Q1 24 | -25.2% | 23.0% |
| Q4 25 | — | $2.62 | ||
| Q3 25 | $-3.39 | $2.92 | ||
| Q2 25 | $-3.17 | $2.97 | ||
| Q1 25 | $-2.73 | $2.60 | ||
| Q4 24 | $-4.06 | $2.38 | ||
| Q3 24 | $-2.74 | $2.35 | ||
| Q2 24 | $-2.43 | $2.42 | ||
| Q1 24 | $-2.37 | $2.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $233.5M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $1.4B |
| Total Assets | $1.2B | $9.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $233.5M | ||
| Q3 25 | — | $218.9M | ||
| Q2 25 | — | $193.1M | ||
| Q1 25 | — | $237.6M | ||
| Q4 24 | — | $160.6M | ||
| Q3 24 | — | $201.7M | ||
| Q2 24 | — | $261.5M | ||
| Q1 24 | — | $306.1M |
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $1.4B | ||
| Q3 25 | $-585.8M | $1.3B | ||
| Q2 25 | $-536.5M | $1.3B | ||
| Q1 25 | $-493.9M | $1.3B | ||
| Q4 24 | $-455.7M | $1.2B | ||
| Q3 24 | $-386.1M | $1.2B | ||
| Q2 24 | $-338.6M | $1.2B | ||
| Q1 24 | $-296.8M | $1.2B |
| Q4 25 | — | $9.8B | ||
| Q3 25 | $1.2B | $9.9B | ||
| Q2 25 | $1.2B | $9.9B | ||
| Q1 25 | $1.3B | $9.9B | ||
| Q4 24 | $1.3B | $9.8B | ||
| Q3 24 | $1.3B | $9.9B | ||
| Q2 24 | $1.4B | $9.9B | ||
| Q1 24 | $1.4B | $9.9B |
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 | $198.3M |
| Free Cash FlowOCF − Capex | $-16.9M | $191.9M |
| FCF MarginFCF / Revenue | -12.1% | 114.1% |
| Capex IntensityCapex / Revenue | 1.7% | 3.8% |
| Cash ConversionOCF / Net Profit | — | 4.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $328.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $198.3M | ||
| Q3 25 | $-14.5M | $52.6M | ||
| Q2 25 | $-26.9M | $49.7M | ||
| Q1 25 | $-13.2M | $37.9M | ||
| Q4 24 | $-10.4M | $178.8M | ||
| Q3 24 | $-3.2M | $43.8M | ||
| Q2 24 | $-14.2M | $50.9M | ||
| Q1 24 | $-28.4M | $35.0M |
| Q4 25 | — | $191.9M | ||
| Q3 25 | $-16.9M | $51.1M | ||
| Q2 25 | $-29.3M | $48.4M | ||
| Q1 25 | $-17.8M | $36.8M | ||
| Q4 24 | $-11.0M | $169.7M | ||
| Q3 24 | $-11.1M | $41.7M | ||
| Q2 24 | $-24.4M | $49.0M | ||
| Q1 24 | $-32.5M | $31.9M |
| Q4 25 | — | 114.1% | ||
| Q3 25 | -12.1% | 30.1% | ||
| Q2 25 | -20.0% | 28.7% | ||
| Q1 25 | -12.5% | 23.3% | ||
| Q4 24 | -7.6% | 103.0% | ||
| Q3 24 | -7.7% | 24.5% | ||
| Q2 24 | -16.1% | 31.1% | ||
| Q1 24 | -21.4% | 20.8% |
| Q4 25 | — | 3.8% | ||
| Q3 25 | 1.7% | 0.9% | ||
| Q2 25 | 1.6% | 0.8% | ||
| Q1 25 | 3.2% | 0.7% | ||
| Q4 24 | 0.4% | 5.6% | ||
| Q3 24 | 5.5% | 1.2% | ||
| Q2 24 | 6.7% | 1.2% | ||
| Q1 24 | 2.7% | 2.1% |
| Q4 25 | — | 4.65× | ||
| Q3 25 | — | 1.11× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 4.63× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | — | 1.29× | ||
| Q1 24 | — | 0.99× |
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% |
PRK
Segment breakdown not available.
