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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Skillsoft Corp. (SKIL). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $129.0M, roughly 1.1× Skillsoft Corp.). Skillsoft Corp. runs the higher net margin — -32.0% vs -41.6%, a 9.6% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -6.0%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-19.3M). Over the past eight quarters, Skillsoft Corp.'s revenue compounded faster (-3.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Skillsoft is an American educational technology company that produces learning management system software and content.
FAT vs SKIL — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $129.0M |
| Net Profit | $-58.2M | $-41.3M |
| Gross Margin | — | 72.7% |
| Operating Margin | -12.4% | -26.6% |
| Net Margin | -41.6% | -32.0% |
| Revenue YoY | -2.3% | -6.0% |
| Net Profit YoY | -30.1% | -74.9% |
| 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.
| Q4 25 | — | $129.0M | ||
| Q3 25 | $140.0M | $128.8M | ||
| Q2 25 | $146.8M | $124.2M | ||
| Q1 25 | $142.0M | $133.8M | ||
| Q4 24 | $145.3M | $137.2M | ||
| Q3 24 | $143.4M | $132.2M | ||
| Q2 24 | $152.0M | $127.8M | ||
| Q1 24 | $152.0M | $137.5M |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | $-58.2M | $-23.8M | ||
| Q2 25 | $-54.2M | $-38.0M | ||
| Q1 25 | $-46.0M | $-31.1M | ||
| Q4 24 | $-67.4M | $-23.6M | ||
| Q3 24 | $-44.8M | $-39.6M | ||
| Q2 24 | $-39.4M | $-27.6M | ||
| Q1 24 | $-38.3M | $-245.3M |
| Q4 25 | — | 72.7% | ||
| Q3 25 | — | 74.5% | ||
| Q2 25 | — | 74.0% | ||
| Q1 25 | — | 74.9% | ||
| Q4 24 | — | 75.0% | ||
| Q3 24 | — | 75.4% | ||
| Q2 24 | — | 73.0% | ||
| Q1 24 | — | 72.0% |
| Q4 25 | — | -26.6% | ||
| Q3 25 | -12.4% | -9.2% | ||
| Q2 25 | -10.6% | -14.6% | ||
| Q1 25 | -6.0% | -12.9% | ||
| Q4 24 | -27.1% | -6.7% | ||
| Q3 24 | -6.2% | -14.6% | ||
| Q2 24 | -1.8% | -18.6% | ||
| Q1 24 | -0.9% | -165.8% |
| Q4 25 | — | -32.0% | ||
| Q3 25 | -41.6% | -18.5% | ||
| Q2 25 | -36.9% | -30.6% | ||
| Q1 25 | -32.4% | -23.3% | ||
| Q4 24 | -46.4% | -17.2% | ||
| Q3 24 | -31.2% | -29.9% | ||
| Q2 24 | -25.9% | -21.6% | ||
| Q1 24 | -25.2% | -178.4% |
| 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 | — | $74.6M |
| Total DebtLower is stronger | $1.3B | $570.2M |
| Stockholders' EquityBook value | $-585.8M | $4.0M |
| Total Assets | $1.2B | $897.6M |
| Debt / EquityLower = less leverage | — | 142.97× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $74.6M | ||
| Q3 25 | — | $100.5M | ||
| Q2 25 | — | $127.8M | ||
| Q1 25 | — | $100.8M | ||
| Q4 24 | — | $97.9M | ||
| Q3 24 | — | $122.7M | ||
| Q2 24 | — | $142.0M | ||
| Q1 24 | — | $136.3M |
| Q4 25 | — | $570.2M | ||
| Q3 25 | $1.3B | $571.2M | ||
| Q2 25 | $1.3B | $572.2M | ||
| Q1 25 | $1.3B | $573.3M | ||
| Q4 24 | $1.3B | $574.3M | ||
| Q3 24 | $1.2B | $575.4M | ||
| Q2 24 | $1.2B | $576.4M | ||
| Q1 24 | $1.2B | $577.5M |
| Q4 25 | — | $4.0M | ||
| Q3 25 | $-585.8M | $42.5M | ||
| Q2 25 | $-536.5M | $62.6M | ||
| Q1 25 | $-493.9M | $93.8M | ||
| Q4 24 | $-455.7M | $120.5M | ||
| Q3 24 | $-386.1M | $141.4M | ||
| Q2 24 | $-338.6M | $182.1M | ||
| Q1 24 | $-296.8M | $205.6M |
| Q4 25 | — | $897.6M | ||
| Q3 25 | $1.2B | $969.4M | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.4B | $1.3B |
| Q4 25 | — | 142.97× | ||
| Q3 25 | — | 13.45× | ||
| Q2 25 | — | 9.13× | ||
| Q1 25 | — | 6.11× | ||
| Q4 24 | — | 4.77× | ||
| Q3 24 | — | 4.07× | ||
| Q2 24 | — | 3.16× | ||
| Q1 24 | — | 2.81× |
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 | $-18.9M |
| Free Cash FlowOCF − Capex | $-16.9M | $-19.3M |
| FCF MarginFCF / Revenue | -12.1% | -15.0% |
| Capex IntensityCapex / Revenue | 1.7% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $10.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.9M | ||
| Q3 25 | $-14.5M | $-17.8M | ||
| Q2 25 | $-26.9M | $31.3M | ||
| Q1 25 | $-13.2M | $17.8M | ||
| Q4 24 | $-10.4M | $8.7M | ||
| Q3 24 | $-3.2M | $-11.4M | ||
| Q2 24 | $-14.2M | $14.9M | ||
| Q1 24 | $-28.4M | $11.5M |
| Q4 25 | — | $-19.3M | ||
| Q3 25 | $-16.9M | $-18.5M | ||
| Q2 25 | $-29.3M | $30.8M | ||
| Q1 25 | $-17.8M | $17.0M | ||
| Q4 24 | $-11.0M | $8.3M | ||
| Q3 24 | $-11.1M | $-11.7M | ||
| Q2 24 | $-24.4M | $14.8M | ||
| Q1 24 | $-32.5M | $11.1M |
| Q4 25 | — | -15.0% | ||
| Q3 25 | -12.1% | -14.3% | ||
| Q2 25 | -20.0% | 24.8% | ||
| Q1 25 | -12.5% | 12.7% | ||
| Q4 24 | -7.6% | 6.0% | ||
| Q3 24 | -7.7% | -8.8% | ||
| Q2 24 | -16.1% | 11.6% | ||
| Q1 24 | -21.4% | 8.0% |
| Q4 25 | — | 0.4% | ||
| Q3 25 | 1.7% | 0.5% | ||
| Q2 25 | 1.6% | 0.4% | ||
| Q1 25 | 3.2% | 0.6% | ||
| Q4 24 | 0.4% | 0.3% | ||
| Q3 24 | 5.5% | 0.2% | ||
| Q2 24 | 6.7% | 0.1% | ||
| Q1 24 | 2.7% | 0.3% |
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% |
SKIL
| SAAS And Subscription Services | $93.5M | 73% |
| Virtual Ondemand And Classroom And Individualized Coaching | $28.2M | 22% |
| Professional Services | $7.3M | 6% |
