vs
Side-by-side financial comparison of Fat Brands, Inc (FAT) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $86.0M, roughly 1.6× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -41.6%, a 43.0% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-16.9M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
FAT vs SND — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $86.0M |
| Net Profit | $-58.2M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | -12.4% | -3.1% |
| Net Margin | -41.6% | 1.4% |
| Revenue YoY | -2.3% | -5.8% |
| Net Profit YoY | -30.1% | -68.5% |
| EPS (diluted) | $-3.39 | $0.03 |
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 | — | $86.0M | ||
| Q3 25 | $140.0M | $92.8M | ||
| Q2 25 | $146.8M | $85.8M | ||
| Q1 25 | $142.0M | $65.6M | ||
| Q4 24 | $145.3M | $91.4M | ||
| Q3 24 | $143.4M | $63.2M | ||
| Q2 24 | $152.0M | $73.8M | ||
| Q1 24 | $152.0M | $83.1M |
| Q4 25 | — | $1.2M | ||
| Q3 25 | $-58.2M | $3.0M | ||
| Q2 25 | $-54.2M | $21.4M | ||
| Q1 25 | $-46.0M | $-24.2M | ||
| Q4 24 | $-67.4M | $3.7M | ||
| Q3 24 | $-44.8M | $-98.0K | ||
| Q2 24 | $-39.4M | $-430.0K | ||
| Q1 24 | $-38.3M | $-216.0K |
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 17.7% | ||
| Q1 24 | — | 14.2% |
| Q4 25 | — | -3.1% | ||
| Q3 25 | -12.4% | 5.8% | ||
| Q2 25 | -10.6% | -0.1% | ||
| Q1 25 | -6.0% | -10.8% | ||
| Q4 24 | -27.1% | 3.9% | ||
| Q3 24 | -6.2% | -7.8% | ||
| Q2 24 | -1.8% | 4.8% | ||
| Q1 24 | -0.9% | 0.9% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | -41.6% | 3.2% | ||
| Q2 25 | -36.9% | 24.9% | ||
| Q1 25 | -32.4% | -37.0% | ||
| Q4 24 | -46.4% | 4.1% | ||
| Q3 24 | -31.2% | -0.2% | ||
| Q2 24 | -25.9% | -0.6% | ||
| Q1 24 | -25.2% | -0.3% |
| Q4 25 | — | $0.03 | ||
| Q3 25 | $-3.39 | $0.08 | ||
| Q2 25 | $-3.17 | $0.54 | ||
| Q1 25 | $-2.73 | $-0.62 | ||
| Q4 24 | $-4.06 | $0.10 | ||
| Q3 24 | $-2.74 | $0.00 | ||
| Q2 24 | $-2.43 | $-0.01 | ||
| Q1 24 | $-2.37 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $22.6M |
| Total DebtLower is stronger | $1.3B | $15.0M |
| Stockholders' EquityBook value | $-585.8M | $239.7M |
| Total Assets | $1.2B | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.6M | ||
| Q3 25 | — | $5.1M | ||
| Q2 25 | — | $4.3M | ||
| Q1 25 | — | $5.1M | ||
| Q4 24 | — | $1.6M | ||
| Q3 24 | — | $7.2M | ||
| Q2 24 | — | $6.3M | ||
| Q1 24 | — | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | $1.3B | $14.3M | ||
| Q2 25 | $1.3B | $23.5M | ||
| Q1 25 | $1.3B | $13.7M | ||
| Q4 24 | $1.3B | $14.7M | ||
| Q3 24 | $1.2B | $15.7M | ||
| Q2 24 | $1.2B | $17.1M | ||
| Q1 24 | $1.2B | $25.5M |
| Q4 25 | — | $239.7M | ||
| Q3 25 | $-585.8M | $239.9M | ||
| Q2 25 | $-536.5M | $240.5M | ||
| Q1 25 | $-493.9M | $219.9M | ||
| Q4 24 | $-455.7M | $243.8M | ||
| Q3 24 | $-386.1M | $243.6M | ||
| Q2 24 | $-338.6M | $242.9M | ||
| Q1 24 | $-296.8M | $242.5M |
| Q4 25 | — | $340.0M | ||
| Q3 25 | $1.2B | $343.1M | ||
| Q2 25 | $1.2B | $345.8M | ||
| Q1 25 | $1.3B | $326.9M | ||
| Q4 24 | $1.3B | $341.5M | ||
| Q3 24 | $1.3B | $335.8M | ||
| Q2 24 | $1.4B | $341.8M | ||
| Q1 24 | $1.4B | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-16.9M | $20.4M |
| FCF MarginFCF / Revenue | -12.1% | 23.7% |
| Capex IntensityCapex / Revenue | 1.7% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.4M | ||
| Q3 25 | $-14.5M | $18.2M | ||
| Q2 25 | $-26.9M | $-5.1M | ||
| Q1 25 | $-13.2M | $8.7M | ||
| Q4 24 | $-10.4M | $1.0M | ||
| Q3 24 | $-3.2M | $5.8M | ||
| Q2 24 | $-14.2M | $14.9M | ||
| Q1 24 | $-28.4M | $-3.9M |
| Q4 25 | — | $20.4M | ||
| Q3 25 | $-16.9M | $14.8M | ||
| Q2 25 | $-29.3M | $-7.8M | ||
| Q1 25 | $-17.8M | $5.2M | ||
| Q4 24 | $-11.0M | $-840.0K | ||
| Q3 24 | $-11.1M | $3.7M | ||
| Q2 24 | $-24.4M | $13.5M | ||
| Q1 24 | $-32.5M | $-5.5M |
| Q4 25 | — | 23.7% | ||
| Q3 25 | -12.1% | 15.9% | ||
| Q2 25 | -20.0% | -9.1% | ||
| Q1 25 | -12.5% | 7.9% | ||
| Q4 24 | -7.6% | -0.9% | ||
| Q3 24 | -7.7% | 5.8% | ||
| Q2 24 | -16.1% | 18.3% | ||
| Q1 24 | -21.4% | -6.6% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | 1.7% | 3.6% | ||
| Q2 25 | 1.6% | 3.1% | ||
| Q1 25 | 3.2% | 5.4% | ||
| Q4 24 | 0.4% | 2.1% | ||
| Q3 24 | 5.5% | 3.4% | ||
| Q2 24 | 6.7% | 1.8% | ||
| Q1 24 | 2.7% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
