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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $78.6M, roughly 1.8× Repay Holdings Corp). Fat Brands, Inc runs the higher net margin — -41.6% vs -178.3%, a 136.7% gap on every dollar of revenue. On growth, Repay Holdings Corp posted the faster year-over-year revenue change (0.4% vs -2.3%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-16.9M). Over the past eight quarters, Repay Holdings Corp's revenue compounded faster (-1.3% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
FAT vs RPAY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $78.6M |
| Net Profit | $-58.2M | $-140.1M |
| Gross Margin | — | 74.2% |
| Operating Margin | -12.4% | -182.2% |
| Net Margin | -41.6% | -178.3% |
| Revenue YoY | -2.3% | 0.4% |
| Net Profit YoY | -30.1% | -3304.1% |
| EPS (diluted) | $-3.39 | $-1.68 |
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 | — | $78.6M | ||
| Q3 25 | $140.0M | $77.7M | ||
| Q2 25 | $146.8M | $75.6M | ||
| Q1 25 | $142.0M | $77.3M | ||
| Q4 24 | $145.3M | $78.3M | ||
| Q3 24 | $143.4M | $79.1M | ||
| Q2 24 | $152.0M | $74.9M | ||
| Q1 24 | $152.0M | $80.7M |
| Q4 25 | — | $-140.1M | ||
| Q3 25 | $-58.2M | $-6.4M | ||
| Q2 25 | $-54.2M | $-102.3M | ||
| Q1 25 | $-46.0M | $-7.9M | ||
| Q4 24 | $-67.4M | $-4.1M | ||
| Q3 24 | $-44.8M | $3.2M | ||
| Q2 24 | $-39.4M | $-4.1M | ||
| Q1 24 | $-38.3M | $-5.2M |
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
| Q4 25 | — | -182.2% | ||
| Q3 25 | -12.4% | -3.9% | ||
| Q2 25 | -10.6% | -138.7% | ||
| Q1 25 | -6.0% | -4.7% | ||
| Q4 24 | -27.1% | -1.5% | ||
| Q3 24 | -6.2% | -0.9% | ||
| Q2 24 | -1.8% | -4.6% | ||
| Q1 24 | -0.9% | -3.1% |
| Q4 25 | — | -178.3% | ||
| Q3 25 | -41.6% | -8.3% | ||
| Q2 25 | -36.9% | -135.2% | ||
| Q1 25 | -32.4% | -10.3% | ||
| Q4 24 | -46.4% | -5.3% | ||
| Q3 24 | -31.2% | 4.1% | ||
| Q2 24 | -25.9% | -5.4% | ||
| Q1 24 | -25.2% | -6.5% |
| Q4 25 | — | $-1.68 | ||
| Q3 25 | $-3.39 | $-0.08 | ||
| Q2 25 | $-3.17 | $-1.15 | ||
| Q1 25 | $-2.73 | $-0.09 | ||
| Q4 24 | $-4.06 | $-0.04 | ||
| Q3 24 | $-2.74 | $0.03 | ||
| Q2 24 | $-2.43 | $-0.04 | ||
| Q1 24 | $-2.37 | $-0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $115.7M |
| Total DebtLower is stronger | $1.3B | $280.1M |
| Stockholders' EquityBook value | $-585.8M | $484.4M |
| Total Assets | $1.2B | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $115.7M | ||
| Q3 25 | — | $95.7M | ||
| Q2 25 | — | $162.6M | ||
| Q1 25 | — | $165.5M | ||
| Q4 24 | — | $189.5M | ||
| Q3 24 | — | $168.7M | ||
| Q2 24 | — | $147.1M | ||
| Q1 24 | — | $128.3M |
| Q4 25 | — | $280.1M | ||
| Q3 25 | $1.3B | $279.5M | ||
| Q2 25 | $1.3B | $279.0M | ||
| Q1 25 | $1.3B | $497.6M | ||
| Q4 24 | $1.3B | $496.8M | ||
| Q3 24 | $1.2B | $496.2M | ||
| Q2 24 | $1.2B | $435.6M | ||
| Q1 24 | $1.2B | $434.9M |
| Q4 25 | — | $484.4M | ||
| Q3 25 | $-585.8M | $616.9M | ||
| Q2 25 | $-536.5M | $633.7M | ||
| Q1 25 | $-493.9M | $755.7M | ||
| Q4 24 | $-455.7M | $761.3M | ||
| Q3 24 | $-386.1M | $754.7M | ||
| Q2 24 | $-338.6M | $815.4M | ||
| Q1 24 | $-296.8M | $813.8M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.4B | $1.5B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-16.9M | $23.2M |
| FCF MarginFCF / Revenue | -12.1% | 29.6% |
| Capex IntensityCapex / Revenue | 1.7% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | $-14.5M | $32.2M | ||
| Q2 25 | $-26.9M | $33.1M | ||
| Q1 25 | $-13.2M | $2.5M | ||
| Q4 24 | $-10.4M | $34.3M | ||
| Q3 24 | $-3.2M | $60.1M | ||
| Q2 24 | $-14.2M | $31.0M | ||
| Q1 24 | $-28.4M | $24.8M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-16.9M | $32.1M | ||
| Q2 25 | $-29.3M | $33.0M | ||
| Q1 25 | $-17.8M | $2.4M | ||
| Q4 24 | $-11.0M | $34.0M | ||
| Q3 24 | $-11.1M | $59.8M | ||
| Q2 24 | $-24.4M | $30.5M | ||
| Q1 24 | $-32.5M | $24.7M |
| Q4 25 | — | 29.6% | ||
| Q3 25 | -12.1% | 41.3% | ||
| Q2 25 | -20.0% | 43.6% | ||
| Q1 25 | -12.5% | 3.0% | ||
| Q4 24 | -7.6% | 43.5% | ||
| Q3 24 | -7.7% | 75.6% | ||
| Q2 24 | -16.1% | 40.7% | ||
| Q1 24 | -21.4% | 30.6% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 1.7% | 0.2% | ||
| Q2 25 | 1.6% | 0.1% | ||
| Q1 25 | 3.2% | 0.2% | ||
| Q4 24 | 0.4% | 0.3% | ||
| Q3 24 | 5.5% | 0.3% | ||
| Q2 24 | 6.7% | 0.6% | ||
| Q1 24 | 2.7% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
