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Side-by-side financial comparison of Fat Brands, Inc (FAT) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $71.1M, roughly 2.0× RE/MAX Holdings, Inc.). RE/MAX Holdings, Inc. runs the higher net margin — 2.0% vs -41.6%, a 43.6% gap on every dollar of revenue. On growth, RE/MAX Holdings, Inc. posted the faster year-over-year revenue change (-1.8% vs -2.3%). RE/MAX Holdings, Inc. produced more free cash flow last quarter ($33.5M vs $-16.9M). Over the past eight quarters, RE/MAX Holdings, Inc.'s revenue compounded faster (-4.7% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
FAT vs RMAX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $71.1M |
| Net Profit | $-58.2M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 13.1% |
| Net Margin | -41.6% | 2.0% |
| Revenue YoY | -2.3% | -1.8% |
| Net Profit YoY | -30.1% | -75.2% |
| EPS (diluted) | $-3.39 | — |
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 | — | $71.1M | ||
| Q3 25 | $140.0M | $73.2M | ||
| Q2 25 | $146.8M | $72.8M | ||
| Q1 25 | $142.0M | $74.5M | ||
| Q4 24 | $145.3M | $72.5M | ||
| Q3 24 | $143.4M | $78.5M | ||
| Q2 24 | $152.0M | $78.5M | ||
| Q1 24 | $152.0M | $78.3M |
| Q4 25 | — | $1.4M | ||
| Q3 25 | $-58.2M | $4.0M | ||
| Q2 25 | $-54.2M | $4.7M | ||
| Q1 25 | $-46.0M | $-2.0M | ||
| Q4 24 | $-67.4M | $5.8M | ||
| Q3 24 | $-44.8M | $966.0K | ||
| Q2 24 | $-39.4M | $3.7M | ||
| Q1 24 | $-38.3M | $-3.4M |
| Q4 25 | — | 13.1% | ||
| Q3 25 | -12.4% | 25.0% | ||
| Q2 25 | -10.6% | 19.3% | ||
| Q1 25 | -6.0% | 7.2% | ||
| Q4 24 | -27.1% | 5.9% | ||
| Q3 24 | -6.2% | 19.4% | ||
| Q2 24 | -1.8% | 20.6% | ||
| Q1 24 | -0.9% | 5.8% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | -41.6% | 5.4% | ||
| Q2 25 | -36.9% | 6.4% | ||
| Q1 25 | -32.4% | -2.6% | ||
| Q4 24 | -46.4% | 8.0% | ||
| Q3 24 | -31.2% | 1.2% | ||
| Q2 24 | -25.9% | 4.7% | ||
| Q1 24 | -25.2% | -4.3% |
| Q4 25 | — | — | ||
| Q3 25 | $-3.39 | — | ||
| Q2 25 | $-3.17 | — | ||
| Q1 25 | $-2.73 | — | ||
| Q4 24 | $-4.06 | — | ||
| Q3 24 | $-2.74 | — | ||
| Q2 24 | $-2.43 | — | ||
| Q1 24 | $-2.37 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $118.7M |
| Total DebtLower is stronger | $1.3B | $432.2M |
| Stockholders' EquityBook value | $-585.8M | $452.4M |
| Total Assets | $1.2B | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $118.7M | ||
| Q3 25 | — | $107.5M | ||
| Q2 25 | — | $94.3M | ||
| Q1 25 | — | $89.1M | ||
| Q4 24 | — | $96.6M | ||
| Q3 24 | — | $83.8M | ||
| Q2 24 | — | $66.1M | ||
| Q1 24 | — | $82.1M |
| Q4 25 | — | $432.2M | ||
| Q3 25 | $1.3B | $433.3M | ||
| Q2 25 | $1.3B | $434.4M | ||
| Q1 25 | $1.3B | $435.3M | ||
| Q4 24 | $1.3B | $436.2M | ||
| Q3 24 | $1.2B | $437.2M | ||
| Q2 24 | $1.2B | $438.1M | ||
| Q1 24 | $1.2B | $439.0M |
| Q4 25 | — | $452.4M | ||
| Q3 25 | $-585.8M | $448.1M | ||
| Q2 25 | $-536.5M | $442.4M | ||
| Q1 25 | $-493.9M | $433.5M | ||
| Q4 24 | $-455.7M | $429.5M | ||
| Q3 24 | $-386.1M | $423.1M | ||
| Q2 24 | $-338.6M | $418.4M | ||
| Q1 24 | $-296.8M | $412.0M |
| Q4 25 | — | $582.5M | ||
| Q3 25 | $1.2B | $582.2M | ||
| Q2 25 | $1.2B | $574.8M | ||
| Q1 25 | $1.3B | $571.4M | ||
| Q4 24 | $1.3B | $581.6M | ||
| Q3 24 | $1.3B | $578.6M | ||
| Q2 24 | $1.4B | $571.4M | ||
| Q1 24 | $1.4B | $566.7M |
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.07× |
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 | $40.9M |
| Free Cash FlowOCF − Capex | $-16.9M | $33.5M |
| FCF MarginFCF / Revenue | -12.1% | 47.1% |
| Capex IntensityCapex / Revenue | 1.7% | 10.4% |
| Cash ConversionOCF / Net Profit | — | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $40.9M | ||
| Q3 25 | $-14.5M | $17.7M | ||
| Q2 25 | $-26.9M | $4.6M | ||
| Q1 25 | $-13.2M | $5.7M | ||
| Q4 24 | $-10.4M | $59.7M | ||
| Q3 24 | $-3.2M | $17.6M | ||
| Q2 24 | $-14.2M | $15.9M | ||
| Q1 24 | $-28.4M | $9.4M |
| Q4 25 | — | $33.5M | ||
| Q3 25 | $-16.9M | $16.4M | ||
| Q2 25 | $-29.3M | $2.9M | ||
| Q1 25 | $-17.8M | $4.0M | ||
| Q4 24 | $-11.0M | $53.0M | ||
| Q3 24 | $-11.1M | $16.3M | ||
| Q2 24 | $-24.4M | $14.0M | ||
| Q1 24 | $-32.5M | $6.8M |
| Q4 25 | — | 47.1% | ||
| Q3 25 | -12.1% | 22.4% | ||
| Q2 25 | -20.0% | 4.0% | ||
| Q1 25 | -12.5% | 5.3% | ||
| Q4 24 | -7.6% | 73.2% | ||
| Q3 24 | -7.7% | 20.8% | ||
| Q2 24 | -16.1% | 17.8% | ||
| Q1 24 | -21.4% | 8.6% |
| Q4 25 | — | 10.4% | ||
| Q3 25 | 1.7% | 1.8% | ||
| Q2 25 | 1.6% | 2.2% | ||
| Q1 25 | 3.2% | 2.3% | ||
| Q4 24 | 0.4% | 9.1% | ||
| Q3 24 | 5.5% | 1.7% | ||
| Q2 24 | 6.7% | 2.4% | ||
| Q1 24 | 2.7% | 3.3% |
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| 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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
