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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $140.0M, roughly 1.1× Fat Brands, Inc). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -41.6%, a 47.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -2.3%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-16.9M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
FAT vs SHLS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $148.3M |
| Net Profit | $-58.2M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -12.4% | 11.7% |
| Net Margin | -41.6% | 5.5% |
| Revenue YoY | -2.3% | 38.6% |
| Net Profit YoY | -30.1% | 3.9% |
| EPS (diluted) | $-3.39 | $0.05 |
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 | — | $148.3M | ||
| Q3 25 | $140.0M | $135.8M | ||
| Q2 25 | $146.8M | $110.8M | ||
| Q1 25 | $142.0M | $80.4M | ||
| Q4 24 | $145.3M | $107.0M | ||
| Q3 24 | $143.4M | $102.2M | ||
| Q2 24 | $152.0M | $99.2M | ||
| Q1 24 | $152.0M | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-58.2M | $11.9M | ||
| Q2 25 | $-54.2M | $13.9M | ||
| Q1 25 | $-46.0M | $-282.0K | ||
| Q4 24 | $-67.4M | $7.8M | ||
| Q3 24 | $-44.8M | $-267.0K | ||
| Q2 24 | $-39.4M | $11.8M | ||
| Q1 24 | $-38.3M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | — | 11.7% | ||
| Q3 25 | -12.4% | 13.7% | ||
| Q2 25 | -10.6% | 14.4% | ||
| Q1 25 | -6.0% | 5.4% | ||
| Q4 24 | -27.1% | 15.4% | ||
| Q3 24 | -6.2% | 4.4% | ||
| Q2 24 | -1.8% | 18.7% | ||
| Q1 24 | -0.9% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | -41.6% | 8.7% | ||
| Q2 25 | -36.9% | 12.5% | ||
| Q1 25 | -32.4% | -0.4% | ||
| Q4 24 | -46.4% | 7.3% | ||
| Q3 24 | -31.2% | -0.3% | ||
| Q2 24 | -25.9% | 11.9% | ||
| Q1 24 | -25.2% | 5.3% |
| Q4 25 | — | $0.05 | ||
| Q3 25 | $-3.39 | $0.07 | ||
| Q2 25 | $-3.17 | $0.08 | ||
| Q1 25 | $-2.73 | $0.00 | ||
| Q4 24 | $-4.06 | $0.04 | ||
| Q3 24 | $-2.74 | $0.00 | ||
| Q2 24 | $-2.43 | $0.07 | ||
| Q1 24 | $-2.37 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $7.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $600.0M |
| Total Assets | $1.2B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | — | $8.6M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | $141.8M | ||
| Q4 24 | $1.3B | $141.8M | ||
| Q3 24 | $1.2B | $141.8M | ||
| Q2 24 | $1.2B | $146.8M | ||
| Q1 24 | $1.2B | $168.8M |
| Q4 25 | — | $600.0M | ||
| Q3 25 | $-585.8M | $589.6M | ||
| Q2 25 | $-536.5M | $575.4M | ||
| Q1 25 | $-493.9M | $558.9M | ||
| Q4 24 | $-455.7M | $556.8M | ||
| Q3 24 | $-386.1M | $545.2M | ||
| Q2 24 | $-338.6M | $544.6M | ||
| Q1 24 | $-296.8M | $554.0M |
| Q4 25 | — | $904.1M | ||
| Q3 25 | $1.2B | $851.8M | ||
| Q2 25 | $1.2B | $795.0M | ||
| Q1 25 | $1.3B | $788.4M | ||
| Q4 24 | $1.3B | $793.1M | ||
| Q3 24 | $1.3B | $801.3M | ||
| Q2 24 | $1.4B | $788.4M | ||
| Q1 24 | $1.4B | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-16.9M | $-11.3M |
| FCF MarginFCF / Revenue | -12.1% | -7.6% |
| Capex IntensityCapex / Revenue | 1.7% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-4.1M | ||
| Q3 25 | $-14.5M | $19.4M | ||
| Q2 25 | $-26.9M | $-13.8M | ||
| Q1 25 | $-13.2M | $15.6M | ||
| Q4 24 | $-10.4M | $14.0M | ||
| Q3 24 | $-3.2M | $15.7M | ||
| Q2 24 | $-14.2M | $37.8M | ||
| Q1 24 | $-28.4M | $12.9M |
| Q4 25 | — | $-11.3M | ||
| Q3 25 | $-16.9M | $9.0M | ||
| Q2 25 | $-29.3M | $-26.0M | ||
| Q1 25 | $-17.8M | $12.3M | ||
| Q4 24 | $-11.0M | $12.5M | ||
| Q3 24 | $-11.1M | $13.3M | ||
| Q2 24 | $-24.4M | $35.8M | ||
| Q1 24 | $-32.5M | $10.4M |
| Q4 25 | — | -7.6% | ||
| Q3 25 | -12.1% | 6.6% | ||
| Q2 25 | -20.0% | -23.5% | ||
| Q1 25 | -12.5% | 15.4% | ||
| Q4 24 | -7.6% | 11.6% | ||
| Q3 24 | -7.7% | 13.0% | ||
| Q2 24 | -16.1% | 36.1% | ||
| Q1 24 | -21.4% | 11.4% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | 1.7% | 7.7% | ||
| Q2 25 | 1.6% | 11.0% | ||
| Q1 25 | 3.2% | 4.0% | ||
| Q4 24 | 0.4% | 1.4% | ||
| Q3 24 | 5.5% | 2.3% | ||
| Q2 24 | 6.7% | 2.0% | ||
| Q1 24 | 2.7% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
