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Side-by-side financial comparison of Fat Brands, Inc (FAT) and P10, Inc. (PX). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $81.0M, roughly 1.7× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -41.6%, a 53.2% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-16.9M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
FAT vs PX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $81.0M |
| Net Profit | $-58.2M | $9.5M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 31.9% |
| Net Margin | -41.6% | 11.7% |
| Revenue YoY | -2.3% | -4.7% |
| Net Profit YoY | -30.1% | 79.0% |
| EPS (diluted) | $-3.39 | $0.08 |
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 | — | $81.0M | ||
| Q3 25 | $140.0M | $75.9M | ||
| Q2 25 | $146.8M | $72.7M | ||
| Q1 25 | $142.0M | $67.7M | ||
| Q4 24 | $145.3M | $85.0M | ||
| Q3 24 | $143.4M | $74.2M | ||
| Q2 24 | $152.0M | $71.1M | ||
| Q1 24 | $152.0M | $66.1M |
| Q4 25 | — | $9.5M | ||
| Q3 25 | $-58.2M | $2.1M | ||
| Q2 25 | $-54.2M | $3.4M | ||
| Q1 25 | $-46.0M | $4.5M | ||
| Q4 24 | $-67.4M | $5.3M | ||
| Q3 24 | $-44.8M | $1.4M | ||
| Q2 24 | $-39.4M | $7.0M | ||
| Q1 24 | $-38.3M | $5.0M |
| Q4 25 | — | 31.9% | ||
| Q3 25 | -12.4% | 14.1% | ||
| Q2 25 | -10.6% | 24.4% | ||
| Q1 25 | -6.0% | 16.6% | ||
| Q4 24 | -27.1% | 26.9% | ||
| Q3 24 | -6.2% | 11.9% | ||
| Q2 24 | -1.8% | 23.7% | ||
| Q1 24 | -0.9% | 18.3% |
| Q4 25 | — | 11.7% | ||
| Q3 25 | -41.6% | 2.8% | ||
| Q2 25 | -36.9% | 4.7% | ||
| Q1 25 | -32.4% | 6.7% | ||
| Q4 24 | -46.4% | 6.2% | ||
| Q3 24 | -31.2% | 1.9% | ||
| Q2 24 | -25.9% | 9.8% | ||
| Q1 24 | -25.2% | 7.6% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | $-3.39 | $0.02 | ||
| Q2 25 | $-3.17 | $0.03 | ||
| Q1 25 | $-2.73 | $0.04 | ||
| Q4 24 | $-4.06 | $0.05 | ||
| Q3 24 | $-2.74 | $0.01 | ||
| Q2 24 | $-2.43 | $0.06 | ||
| Q1 24 | $-2.37 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $28.2M |
| Total DebtLower is stronger | $1.3B | $373.2M |
| Stockholders' EquityBook value | $-585.8M | $403.5M |
| Total Assets | $1.2B | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.2M | ||
| Q3 25 | — | $40.0M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $74.4M | ||
| Q4 24 | — | $67.5M | ||
| Q3 24 | — | $61.5M | ||
| Q2 24 | — | $31.2M | ||
| Q1 24 | — | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | $1.3B | $393.4M | ||
| Q2 25 | $1.3B | $373.0M | ||
| Q1 25 | $1.3B | $357.2M | ||
| Q4 24 | $1.3B | $319.8M | ||
| Q3 24 | $1.2B | $319.4M | ||
| Q2 24 | $1.2B | $300.6M | ||
| Q1 24 | $1.2B | $314.0M |
| Q4 25 | — | $403.5M | ||
| Q3 25 | $-585.8M | $396.8M | ||
| Q2 25 | $-536.5M | $388.9M | ||
| Q1 25 | $-493.9M | $374.3M | ||
| Q4 24 | $-455.7M | $386.9M | ||
| Q3 24 | $-386.1M | $394.1M | ||
| Q2 24 | $-338.6M | $396.9M | ||
| Q1 24 | $-296.8M | $400.1M |
| Q4 25 | — | $928.3M | ||
| Q3 25 | $1.2B | $936.0M | ||
| Q2 25 | $1.2B | $932.2M | ||
| Q1 25 | $1.3B | $877.4M | ||
| Q4 24 | $1.3B | $869.3M | ||
| Q3 24 | $1.3B | $857.0M | ||
| Q2 24 | $1.4B | $823.2M | ||
| Q1 24 | $1.4B | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-16.9M | $18.1M |
| FCF MarginFCF / Revenue | -12.1% | 22.3% |
| Capex IntensityCapex / Revenue | 1.7% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.0M | ||
| Q3 25 | $-14.5M | $-8.6M | ||
| Q2 25 | $-26.9M | $13.4M | ||
| Q1 25 | $-13.2M | $-4.7M | ||
| Q4 24 | $-10.4M | $101.0M | ||
| Q3 24 | $-3.2M | $27.5M | ||
| Q2 24 | $-14.2M | $34.8M | ||
| Q1 24 | $-28.4M | $11.0M |
| Q4 25 | — | $18.1M | ||
| Q3 25 | $-16.9M | $-9.5M | ||
| Q2 25 | $-29.3M | $11.6M | ||
| Q1 25 | $-17.8M | $-6.0M | ||
| Q4 24 | $-11.0M | $96.6M | ||
| Q3 24 | $-11.1M | $25.2M | ||
| Q2 24 | $-24.4M | $33.9M | ||
| Q1 24 | $-32.5M | $10.7M |
| Q4 25 | — | 22.3% | ||
| Q3 25 | -12.1% | -12.6% | ||
| Q2 25 | -20.0% | 15.9% | ||
| Q1 25 | -12.5% | -8.9% | ||
| Q4 24 | -7.6% | 113.6% | ||
| Q3 24 | -7.7% | 34.0% | ||
| Q2 24 | -16.1% | 47.7% | ||
| Q1 24 | -21.4% | 16.2% |
| Q4 25 | — | 6.0% | ||
| Q3 25 | 1.7% | 1.2% | ||
| Q2 25 | 1.6% | 2.5% | ||
| Q1 25 | 3.2% | 1.9% | ||
| Q4 24 | 0.4% | 5.2% | ||
| Q3 24 | 5.5% | 3.0% | ||
| Q2 24 | 6.7% | 1.3% | ||
| Q1 24 | 2.7% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
