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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Sezzle Inc. (SEZL). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $135.5M, roughly 1.0× Sezzle Inc.). Sezzle Inc. runs the higher net margin — 37.9% vs -41.6%, a 79.4% gap on every dollar of revenue. On growth, Sezzle Inc. posted the faster year-over-year revenue change (29.2% vs -2.3%). Over the past eight quarters, Sezzle Inc.'s revenue compounded faster (111.9% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Sezzle is a publicly traded financial technology company headquartered in Minneapolis, U.S, with operations in the United States and Canada. The company provides an alternative payment platform offering interest-free installment plans at selected online stores. As of June 2021, the Sezzle platform had over 10 million user sign-ups and over 48,000 participating merchants.
FAT vs SEZL — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $135.5M |
| Net Profit | $-58.2M | $51.3M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 50.9% |
| Net Margin | -41.6% | 37.9% |
| Revenue YoY | -2.3% | 29.2% |
| Net Profit YoY | -30.1% | 41.9% |
| 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.
| Q1 26 | — | $135.5M | ||
| Q4 25 | — | $78.2M | ||
| Q3 25 | $140.0M | $57.5M | ||
| Q2 25 | $146.8M | $52.0M | ||
| Q1 25 | $142.0M | $48.2M | ||
| Q4 24 | $145.3M | $48.4M | ||
| Q3 24 | $143.4M | $35.6M | ||
| Q2 24 | $152.0M | $30.2M |
| Q1 26 | — | $51.3M | ||
| Q4 25 | — | $42.7M | ||
| Q3 25 | $-58.2M | $26.7M | ||
| Q2 25 | $-54.2M | $27.6M | ||
| Q1 25 | $-46.0M | $36.2M | ||
| Q4 24 | $-67.4M | $25.4M | ||
| Q3 24 | $-44.8M | $15.4M | ||
| Q2 24 | $-39.4M | $29.7M |
| Q1 26 | — | 50.9% | ||
| Q4 25 | — | 70.6% | ||
| Q3 25 | -12.4% | 61.9% | ||
| Q2 25 | -10.6% | 69.4% | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | -27.1% | 63.8% | ||
| Q3 24 | -6.2% | 58.6% | ||
| Q2 24 | -1.8% | 55.3% |
| Q1 26 | — | 37.9% | ||
| Q4 25 | — | 54.6% | ||
| Q3 25 | -41.6% | 46.4% | ||
| Q2 25 | -36.9% | 53.1% | ||
| Q1 25 | -32.4% | 75.1% | ||
| Q4 24 | -46.4% | 52.4% | ||
| Q3 24 | -31.2% | 43.4% | ||
| Q2 24 | -25.9% | 98.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.19 | ||
| Q3 25 | $-3.39 | $0.75 | ||
| Q2 25 | $-3.17 | $0.78 | ||
| Q1 25 | $-2.73 | $1.00 | ||
| Q4 24 | $-4.06 | $0.71 | ||
| Q3 24 | $-2.74 | $0.44 | ||
| Q2 24 | $-2.43 | $0.82 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $196.7M |
| Total Assets | $1.2B | $454.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $64.1M | ||
| Q3 25 | — | $104.1M | ||
| Q2 25 | — | $88.9M | ||
| Q1 25 | — | $88.9M | ||
| Q4 24 | — | $73.2M | ||
| Q3 24 | — | $80.1M | ||
| Q2 24 | — | $58.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — |
| Q1 26 | — | $196.7M | ||
| Q4 25 | — | $169.8M | ||
| Q3 25 | $-585.8M | $155.3M | ||
| Q2 25 | $-536.5M | $130.4M | ||
| Q1 25 | $-493.9M | $125.8M | ||
| Q4 24 | $-455.7M | $87.8M | ||
| Q3 24 | $-386.1M | $61.1M | ||
| Q2 24 | $-338.6M | $50.3M |
| Q1 26 | — | $454.3M | ||
| Q4 25 | — | $400.2M | ||
| Q3 25 | $1.2B | $367.0M | ||
| Q2 25 | $1.2B | $350.6M | ||
| Q1 25 | $1.3B | $298.1M | ||
| Q4 24 | $1.3B | $298.4M | ||
| Q3 24 | $1.3B | $252.9M | ||
| Q2 24 | $1.4B | $212.1M |
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 | — |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $70.6M | ||
| Q3 25 | $-14.5M | $63.7M | ||
| Q2 25 | $-26.9M | $23.1M | ||
| Q1 25 | $-13.2M | $52.5M | ||
| Q4 24 | $-10.4M | $57.4M | ||
| Q3 24 | $-3.2M | $35.1M | ||
| Q2 24 | $-14.2M | $22.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $70.6M | ||
| Q3 25 | $-16.9M | $63.6M | ||
| Q2 25 | $-29.3M | $22.7M | ||
| Q1 25 | $-17.8M | $52.5M | ||
| Q4 24 | $-11.0M | $57.4M | ||
| Q3 24 | $-11.1M | $35.1M | ||
| Q2 24 | $-24.4M | $22.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 90.2% | ||
| Q3 25 | -12.1% | 110.6% | ||
| Q2 25 | -20.0% | 43.6% | ||
| Q1 25 | -12.5% | 108.9% | ||
| Q4 24 | -7.6% | 118.5% | ||
| Q3 24 | -7.7% | 98.6% | ||
| Q2 24 | -16.1% | 73.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | 1.7% | 0.3% | ||
| Q2 25 | 1.6% | 0.8% | ||
| Q1 25 | 3.2% | 0.1% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 5.5% | 0.0% | ||
| Q2 24 | 6.7% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 2.39× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 1.45× | ||
| Q4 24 | — | 2.26× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 0.75× |
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% |
SEZL
Segment breakdown not available.
