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Side-by-side financial comparison of Fat Brands, Inc (FAT) and BRC Group Holdings, Inc. (RILY). Click either name above to swap in a different company.
BRC Group Holdings, Inc. is the larger business by last-quarter revenue ($188.3M vs $140.0M, roughly 1.3× Fat Brands, Inc). BRC Group Holdings, Inc. runs the higher net margin — 47.9% vs -41.6%, a 89.5% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -21.9%). Over the past eight quarters, Fat Brands, Inc's revenue compounded faster (-6.1% CAGR vs -15.4%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
FAT vs RILY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $188.3M |
| Net Profit | $-58.2M | $90.3M |
| Gross Margin | — | 79.5% |
| Operating Margin | -12.4% | 32.3% |
| Net Margin | -41.6% | 47.9% |
| Revenue YoY | -2.3% | -21.9% |
| Net Profit YoY | -30.1% | 1710.8% |
| EPS (diluted) | $-3.39 | $2.78 |
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 | — | $188.3M | ||
| Q3 25 | $140.0M | $215.3M | ||
| Q2 25 | $146.8M | $188.2M | ||
| Q1 25 | $142.0M | $197.2M | ||
| Q4 24 | $145.3M | $241.0M | ||
| Q3 24 | $143.4M | $225.5M | ||
| Q2 24 | $152.0M | $256.0M | ||
| Q1 24 | $152.0M | $263.4M |
| Q4 25 | — | $90.3M | ||
| Q3 25 | $-58.2M | $91.1M | ||
| Q2 25 | $-54.2M | $139.5M | ||
| Q1 25 | $-46.0M | $-10.0M | ||
| Q4 24 | $-67.4M | $-5.6M | ||
| Q3 24 | $-44.8M | $-284.4M | ||
| Q2 24 | $-39.4M | $-433.6M | ||
| Q1 24 | $-38.3M | $-49.2M |
| Q4 25 | — | 79.5% | ||
| Q3 25 | — | 83.7% | ||
| Q2 25 | — | 81.3% | ||
| Q1 25 | — | 81.4% | ||
| Q4 24 | — | 79.8% | ||
| Q3 24 | — | 82.1% | ||
| Q2 24 | — | 84.5% | ||
| Q1 24 | — | 85.3% |
| Q4 25 | — | 32.3% | ||
| Q3 25 | -12.4% | 30.4% | ||
| Q2 25 | -10.6% | 5.7% | ||
| Q1 25 | -6.0% | -31.2% | ||
| Q4 24 | -27.1% | -69.2% | ||
| Q3 24 | -6.2% | -36.4% | ||
| Q2 24 | -1.8% | -90.8% | ||
| Q1 24 | -0.9% | -6.1% |
| Q4 25 | — | 47.9% | ||
| Q3 25 | -41.6% | 42.3% | ||
| Q2 25 | -36.9% | 74.1% | ||
| Q1 25 | -32.4% | -5.1% | ||
| Q4 24 | -46.4% | -2.3% | ||
| Q3 24 | -31.2% | -126.1% | ||
| Q2 24 | -25.9% | -169.4% | ||
| Q1 24 | -25.2% | -18.7% |
| Q4 25 | — | $2.78 | ||
| Q3 25 | $-3.39 | $2.91 | ||
| Q2 25 | $-3.17 | $4.50 | ||
| Q1 25 | $-2.73 | $-0.39 | ||
| Q4 24 | $-4.06 | $-0.01 | ||
| Q3 24 | $-2.74 | $-9.39 | ||
| Q2 24 | $-2.43 | $-14.35 | ||
| Q1 24 | $-2.37 | $-1.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $226.6M |
| Total DebtLower is stronger | $1.3B | $1.4B |
| Stockholders' EquityBook value | $-585.8M | $-171.5M |
| Total Assets | $1.2B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $226.6M | ||
| Q3 25 | — | $184.2M | ||
| Q2 25 | — | $267.4M | ||
| Q1 25 | — | $138.3M | ||
| Q4 24 | — | $146.9M | ||
| Q3 24 | — | $159.2M | ||
| Q2 24 | — | $236.9M | ||
| Q1 24 | — | $190.7M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $-171.5M | ||
| Q3 25 | $-585.8M | $-260.5M | ||
| Q2 25 | $-536.5M | $-351.7M | ||
| Q1 25 | $-493.9M | $-496.8M | ||
| Q4 24 | $-455.7M | $-488.2M | ||
| Q3 24 | $-386.1M | $-497.6M | ||
| Q2 24 | $-338.6M | $-218.3M | ||
| Q1 24 | $-296.8M | $228.4M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.3B | $2.2B | ||
| Q2 24 | $1.4B | $3.2B | ||
| Q1 24 | $1.4B | $5.0B |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | 0.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $26.2M | ||
| Q3 25 | $-14.5M | $-60.6M | ||
| Q2 25 | $-26.9M | $-25.6M | ||
| Q1 25 | $-13.2M | $184.0K | ||
| Q4 24 | $-10.4M | $-2.7M | ||
| Q3 24 | $-3.2M | $19.5M | ||
| Q2 24 | $-14.2M | $111.5M | ||
| Q1 24 | $-28.4M | $135.4M |
| Q4 25 | — | — | ||
| Q3 25 | $-16.9M | — | ||
| Q2 25 | $-29.3M | — | ||
| Q1 25 | $-17.8M | — | ||
| Q4 24 | $-11.0M | — | ||
| Q3 24 | $-11.1M | — | ||
| Q2 24 | $-24.4M | — | ||
| Q1 24 | $-32.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | -12.1% | — | ||
| Q2 25 | -20.0% | — | ||
| Q1 25 | -12.5% | — | ||
| Q4 24 | -7.6% | — | ||
| Q3 24 | -7.7% | — | ||
| Q2 24 | -16.1% | — | ||
| Q1 24 | -21.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 5.5% | — | ||
| Q2 24 | 6.7% | — | ||
| Q1 24 | 2.7% | — |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | -0.66× | ||
| Q2 25 | — | -0.18× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
