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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $97.9M, roughly 1.4× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -41.6%, a 70.1% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -2.3%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
FAT vs SAFE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $97.9M |
| Net Profit | $-58.2M | $27.9M |
| Gross Margin | — | 98.6% |
| Operating Margin | -12.4% | 27.4% |
| Net Margin | -41.6% | 28.5% |
| Revenue YoY | -2.3% | 6.5% |
| Net Profit YoY | -30.1% | 7.1% |
| EPS (diluted) | $-3.39 | $0.38 |
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 | — | $97.9M | ||
| Q3 25 | $140.0M | $96.2M | ||
| Q2 25 | $146.8M | $93.8M | ||
| Q1 25 | $142.0M | $97.7M | ||
| Q4 24 | $145.3M | $91.9M | ||
| Q3 24 | $143.4M | $90.7M | ||
| Q2 24 | $152.0M | $89.9M | ||
| Q1 24 | $152.0M | $93.2M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | $-58.2M | $29.3M | ||
| Q2 25 | $-54.2M | $27.9M | ||
| Q1 25 | $-46.0M | $29.4M | ||
| Q4 24 | $-67.4M | $26.0M | ||
| Q3 24 | $-44.8M | $19.3M | ||
| Q2 24 | $-39.4M | $29.7M | ||
| Q1 24 | $-38.3M | $30.7M |
| Q4 25 | — | 98.6% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.8% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | — | 98.8% | ||
| Q2 24 | — | 98.8% | ||
| Q1 24 | — | 98.8% |
| Q4 25 | — | 27.4% | ||
| Q3 25 | -12.4% | 25.9% | ||
| Q2 25 | -10.6% | 25.5% | ||
| Q1 25 | -6.0% | 25.9% | ||
| Q4 24 | -27.1% | 24.6% | ||
| Q3 24 | -6.2% | 17.5% | ||
| Q2 24 | -1.8% | 26.7% | ||
| Q1 24 | -0.9% | 26.4% |
| Q4 25 | — | 28.5% | ||
| Q3 25 | -41.6% | 30.5% | ||
| Q2 25 | -36.9% | 29.8% | ||
| Q1 25 | -32.4% | 30.1% | ||
| Q4 24 | -46.4% | 28.3% | ||
| Q3 24 | -31.2% | 21.3% | ||
| Q2 24 | -25.9% | 33.0% | ||
| Q1 24 | -25.2% | 33.0% |
| Q4 25 | — | $0.38 | ||
| Q3 25 | $-3.39 | $0.41 | ||
| Q2 25 | $-3.17 | $0.39 | ||
| Q1 25 | $-2.73 | $0.41 | ||
| Q4 24 | $-4.06 | $0.36 | ||
| Q3 24 | $-2.74 | $0.27 | ||
| Q2 24 | $-2.43 | $0.42 | ||
| Q1 24 | $-2.37 | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $21.7M |
| Total DebtLower is stronger | $1.3B | $4.6B |
| Stockholders' EquityBook value | $-585.8M | $2.4B |
| Total Assets | $1.2B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $21.7M | ||
| Q3 25 | — | $12.1M | ||
| Q2 25 | — | $13.9M | ||
| Q1 25 | — | $17.3M | ||
| Q4 24 | — | $8.3M | ||
| Q3 24 | — | $15.6M | ||
| Q2 24 | — | $13.4M | ||
| Q1 24 | — | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | $1.3B | $4.5B | ||
| Q2 25 | $1.3B | $4.4B | ||
| Q1 25 | $1.3B | $4.3B | ||
| Q4 24 | $1.3B | $4.3B | ||
| Q3 24 | $1.2B | $4.3B | ||
| Q2 24 | $1.2B | $4.2B | ||
| Q1 24 | $1.2B | $4.1B |
| Q4 25 | — | $2.4B | ||
| Q3 25 | $-585.8M | $2.4B | ||
| Q2 25 | $-536.5M | $2.4B | ||
| Q1 25 | $-493.9M | $2.4B | ||
| Q4 24 | $-455.7M | $2.3B | ||
| Q3 24 | $-386.1M | $2.3B | ||
| Q2 24 | $-338.6M | $2.3B | ||
| Q1 24 | $-296.8M | $2.3B |
| Q4 25 | — | $7.2B | ||
| Q3 25 | $1.2B | $7.1B | ||
| Q2 25 | $1.2B | $7.1B | ||
| Q1 25 | $1.3B | $6.9B | ||
| Q4 24 | $1.3B | $6.9B | ||
| Q3 24 | $1.3B | $6.8B | ||
| Q2 24 | $1.4B | $6.8B | ||
| Q1 24 | $1.4B | $6.7B |
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $47.8M | ||
| Q3 25 | $-14.5M | $-1.4M | ||
| Q2 25 | $-26.9M | $28.0M | ||
| Q1 25 | $-13.2M | $8.9M | ||
| Q4 24 | $-10.4M | $37.9M | ||
| Q3 24 | $-3.2M | $8.3M | ||
| Q2 24 | $-14.2M | $24.8M | ||
| Q1 24 | $-28.4M | $-3.1M |
| 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 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
