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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Perella Weinberg Partners (PWP). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $140.0M, roughly 1.6× Fat Brands, Inc). Perella Weinberg Partners runs the higher net margin — 6.3% vs -41.6%, a 47.9% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -2.9%). Perella Weinberg Partners produced more free cash flow last quarter ($30.5M vs $-16.9M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
FAT vs PWP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $219.2M |
| Net Profit | $-58.2M | $13.8M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 8.5% |
| Net Margin | -41.6% | 6.3% |
| Revenue YoY | -2.3% | -2.9% |
| Net Profit YoY | -30.1% | — |
| EPS (diluted) | $-3.39 | $0.11 |
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 | — | $219.2M | ||
| Q3 25 | $140.0M | $164.6M | ||
| Q2 25 | $146.8M | $155.3M | ||
| Q1 25 | $142.0M | $211.8M | ||
| Q4 24 | $145.3M | $225.7M | ||
| Q3 24 | $143.4M | $278.2M | ||
| Q2 24 | $152.0M | $272.0M | ||
| Q1 24 | $152.0M | $102.1M |
| Q4 25 | — | $13.8M | ||
| Q3 25 | $-58.2M | $6.0M | ||
| Q2 25 | $-54.2M | $2.7M | ||
| Q1 25 | $-46.0M | $17.3M | ||
| Q4 24 | $-67.4M | — | ||
| Q3 24 | $-44.8M | $16.4M | ||
| Q2 24 | $-39.4M | $-66.0M | ||
| Q1 24 | $-38.3M | $-35.8M |
| Q4 25 | — | 8.5% | ||
| Q3 25 | -12.4% | 5.4% | ||
| Q2 25 | -10.6% | 5.8% | ||
| Q1 25 | -6.0% | 5.5% | ||
| Q4 24 | -27.1% | — | ||
| Q3 24 | -6.2% | 12.9% | ||
| Q2 24 | -1.8% | -30.2% | ||
| Q1 24 | -0.9% | -52.4% |
| Q4 25 | — | 6.3% | ||
| Q3 25 | -41.6% | 3.6% | ||
| Q2 25 | -36.9% | 1.8% | ||
| Q1 25 | -32.4% | 8.2% | ||
| Q4 24 | -46.4% | — | ||
| Q3 24 | -31.2% | 5.9% | ||
| Q2 24 | -25.9% | -24.3% | ||
| Q1 24 | -25.2% | -35.1% |
| Q4 25 | — | $0.11 | ||
| Q3 25 | $-3.39 | $0.08 | ||
| Q2 25 | $-3.17 | $0.04 | ||
| Q1 25 | $-2.73 | $0.24 | ||
| Q4 24 | $-4.06 | — | ||
| Q3 24 | $-2.74 | $0.24 | ||
| Q2 24 | $-2.43 | $-1.21 | ||
| Q1 24 | $-2.37 | $-0.91 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $255.9M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $-127.4M |
| Total Assets | $1.2B | $797.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $255.9M | ||
| Q3 25 | — | $185.5M | ||
| Q2 25 | — | $145.0M | ||
| Q1 25 | — | $111.2M | ||
| Q4 24 | — | $407.4M | ||
| Q3 24 | — | $335.1M | ||
| Q2 24 | — | $185.3M | ||
| Q1 24 | — | $156.7M |
| 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 | — | $-127.4M | ||
| Q3 25 | $-585.8M | $-302.4M | ||
| Q2 25 | $-536.5M | $-318.4M | ||
| Q1 25 | $-493.9M | $-323.1M | ||
| Q4 24 | $-455.7M | $-421.4M | ||
| Q3 24 | $-386.1M | $-360.8M | ||
| Q2 24 | $-338.6M | $-283.0M | ||
| Q1 24 | $-296.8M | $161.9M |
| Q4 25 | — | $797.6M | ||
| Q3 25 | $1.2B | $650.2M | ||
| Q2 25 | $1.2B | $606.7M | ||
| Q1 25 | $1.3B | $570.5M | ||
| Q4 24 | $1.3B | $876.8M | ||
| Q3 24 | $1.3B | $810.9M | ||
| Q2 24 | $1.4B | $645.5M | ||
| Q1 24 | $1.4B | $583.6M |
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 | $34.8M |
| Free Cash FlowOCF − Capex | $-16.9M | $30.5M |
| FCF MarginFCF / Revenue | -12.1% | 13.9% |
| Capex IntensityCapex / Revenue | 1.7% | 2.0% |
| Cash ConversionOCF / Net Profit | — | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $34.8M | ||
| Q3 25 | $-14.5M | $59.2M | ||
| Q2 25 | $-26.9M | $56.1M | ||
| Q1 25 | $-13.2M | $-176.5M | ||
| Q4 24 | $-10.4M | $223.4M | ||
| Q3 24 | $-3.2M | $200.3M | ||
| Q2 24 | $-14.2M | $90.0M | ||
| Q1 24 | $-28.4M | $-206.3M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | $-16.9M | $57.6M | ||
| Q2 25 | $-29.3M | $55.3M | ||
| Q1 25 | $-17.8M | $-177.6M | ||
| Q4 24 | $-11.0M | $207.0M | ||
| Q3 24 | $-11.1M | $199.3M | ||
| Q2 24 | $-24.4M | $83.7M | ||
| Q1 24 | $-32.5M | $-214.8M |
| Q4 25 | — | 13.9% | ||
| Q3 25 | -12.1% | 35.0% | ||
| Q2 25 | -20.0% | 35.6% | ||
| Q1 25 | -12.5% | -83.8% | ||
| Q4 24 | -7.6% | 91.7% | ||
| Q3 24 | -7.7% | 71.6% | ||
| Q2 24 | -16.1% | 30.8% | ||
| Q1 24 | -21.4% | -210.3% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | 1.7% | 0.9% | ||
| Q2 25 | 1.6% | 0.5% | ||
| Q1 25 | 3.2% | 0.5% | ||
| Q4 24 | 0.4% | 7.3% | ||
| Q3 24 | 5.5% | 0.4% | ||
| Q2 24 | 6.7% | 2.3% | ||
| Q1 24 | 2.7% | 8.3% |
| Q4 25 | — | 2.52× | ||
| Q3 25 | — | 9.85× | ||
| Q2 25 | — | 20.50× | ||
| Q1 25 | — | -10.18× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.23× | ||
| Q2 24 | — | — | ||
| 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% |
PWP
Segment breakdown not available.
