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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
Purple Innovation, Inc. is the larger business by last-quarter revenue ($140.7M vs $140.0M, roughly 1.0× Fat Brands, Inc). Purple Innovation, Inc. runs the higher net margin — -2.3% vs -41.6%, a 39.3% gap on every dollar of revenue. On growth, Purple Innovation, Inc. posted the faster year-over-year revenue change (9.1% vs -2.3%). Purple Innovation, Inc. produced more free cash flow last quarter ($-7.8M vs $-16.9M). Over the past eight quarters, Purple Innovation, Inc.'s revenue compounded faster (8.3% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
FAT vs PRPL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $140.7M |
| Net Profit | $-58.2M | $-3.2M |
| Gross Margin | — | 41.9% |
| Operating Margin | -12.4% | -1.6% |
| Net Margin | -41.6% | -2.3% |
| Revenue YoY | -2.3% | 9.1% |
| Net Profit YoY | -30.1% | 62.1% |
| EPS (diluted) | $-3.39 | $0.03 |
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 | — | $140.7M | ||
| Q3 25 | $140.0M | $118.8M | ||
| Q2 25 | $146.8M | $105.1M | ||
| Q1 25 | $142.0M | $104.2M | ||
| Q4 24 | $145.3M | $129.0M | ||
| Q3 24 | $143.4M | $118.6M | ||
| Q2 24 | $152.0M | $120.3M | ||
| Q1 24 | $152.0M | $120.0M |
| Q4 25 | — | $-3.2M | ||
| Q3 25 | $-58.2M | $-11.7M | ||
| Q2 25 | $-54.2M | $-17.3M | ||
| Q1 25 | $-46.0M | $-19.1M | ||
| Q4 24 | $-67.4M | $-8.5M | ||
| Q3 24 | $-44.8M | $-39.2M | ||
| Q2 24 | $-39.4M | $27.0K | ||
| Q1 24 | $-38.3M | $-50.2M |
| Q4 25 | — | 41.9% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 35.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | — | 29.7% | ||
| Q2 24 | — | 40.7% | ||
| Q1 24 | — | 34.8% |
| Q4 25 | — | -1.6% | ||
| Q3 25 | -12.4% | -10.2% | ||
| Q2 25 | -10.6% | -13.5% | ||
| Q1 25 | -6.0% | -13.9% | ||
| Q4 24 | -27.1% | -6.0% | ||
| Q3 24 | -6.2% | -39.5% | ||
| Q2 24 | -1.8% | -12.1% | ||
| Q1 24 | -0.9% | -19.3% |
| Q4 25 | — | -2.3% | ||
| Q3 25 | -41.6% | -9.9% | ||
| Q2 25 | -36.9% | -16.5% | ||
| Q1 25 | -32.4% | -18.4% | ||
| Q4 24 | -46.4% | -6.6% | ||
| Q3 24 | -31.2% | -33.1% | ||
| Q2 24 | -25.9% | 0.0% | ||
| Q1 24 | -25.2% | -41.8% |
| Q4 25 | — | $0.03 | ||
| Q3 25 | $-3.39 | $0.11 | ||
| Q2 25 | $-3.17 | $0.16 | ||
| Q1 25 | $-2.73 | $0.18 | ||
| Q4 24 | $-4.06 | $0.08 | ||
| Q3 24 | $-2.74 | $0.36 | ||
| Q2 24 | $-2.43 | $0.00 | ||
| Q1 24 | $-2.37 | $0.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $24.3M |
| Total DebtLower is stronger | $1.3B | $126.7M |
| Stockholders' EquityBook value | $-585.8M | $-29.7M |
| Total Assets | $1.2B | $296.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $24.3M | ||
| Q3 25 | — | $32.4M | ||
| Q2 25 | — | $34.2M | ||
| Q1 25 | — | $21.6M | ||
| Q4 24 | — | $29.0M | ||
| Q3 24 | — | $23.4M | ||
| Q2 24 | — | $23.4M | ||
| Q1 24 | — | $34.5M |
| Q4 25 | — | $126.7M | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $70.7M | ||
| Q3 24 | $1.2B | $50.8M | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $-29.7M | ||
| Q3 25 | $-585.8M | $-26.9M | ||
| Q2 25 | $-536.5M | $-15.6M | ||
| Q1 25 | $-493.9M | $1.3M | ||
| Q4 24 | $-455.7M | $20.2M | ||
| Q3 24 | $-386.1M | $28.0M | ||
| Q2 24 | $-338.6M | $66.4M | ||
| Q1 24 | $-296.8M | $65.5M |
| Q4 25 | — | $296.3M | ||
| Q3 25 | $1.2B | $302.1M | ||
| Q2 25 | $1.2B | $303.8M | ||
| Q1 25 | $1.3B | $293.8M | ||
| Q4 24 | $1.3B | $307.8M | ||
| Q3 24 | $1.3B | $309.3M | ||
| Q2 24 | $1.4B | $362.1M | ||
| Q1 24 | $1.4B | $382.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| 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 | $-5.8M |
| Free Cash FlowOCF − Capex | $-16.9M | $-7.8M |
| FCF MarginFCF / Revenue | -12.1% | -5.5% |
| Capex IntensityCapex / Revenue | 1.7% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-5.8M | ||
| Q3 25 | $-14.5M | $-968.0K | ||
| Q2 25 | $-26.9M | $-4.0M | ||
| Q1 25 | $-13.2M | $-23.1M | ||
| Q4 24 | $-10.4M | $6.8M | ||
| Q3 24 | $-3.2M | $1.1M | ||
| Q2 24 | $-14.2M | $-8.9M | ||
| Q1 24 | $-28.4M | $-16.8M |
| Q4 25 | — | $-7.8M | ||
| Q3 25 | $-16.9M | $-1.8M | ||
| Q2 25 | $-29.3M | $-7.0M | ||
| Q1 25 | $-17.8M | $-25.3M | ||
| Q4 24 | $-11.0M | $5.7M | ||
| Q3 24 | $-11.1M | $101.0K | ||
| Q2 24 | $-24.4M | $-11.0M | ||
| Q1 24 | $-32.5M | $-19.9M |
| Q4 25 | — | -5.5% | ||
| Q3 25 | -12.1% | -1.5% | ||
| Q2 25 | -20.0% | -6.6% | ||
| Q1 25 | -12.5% | -24.3% | ||
| Q4 24 | -7.6% | 4.4% | ||
| Q3 24 | -7.7% | 0.1% | ||
| Q2 24 | -16.1% | -9.2% | ||
| Q1 24 | -21.4% | -16.5% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | 1.7% | 0.7% | ||
| Q2 25 | 1.6% | 2.8% | ||
| Q1 25 | 3.2% | 2.2% | ||
| Q4 24 | 0.4% | 0.8% | ||
| Q3 24 | 5.5% | 0.9% | ||
| Q2 24 | 6.7% | 1.7% | ||
| Q1 24 | 2.7% | 2.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -330.22× | ||
| 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% |
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
