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Side-by-side financial comparison of Fat Brands, Inc (FAT) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $140.0M, roughly 1.4× Fat Brands, Inc). SPS COMMERCE INC runs the higher net margin — 13.4% vs -41.6%, a 55.0% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -2.3%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-16.9M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
FAT vs SPSC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $192.7M |
| Net Profit | $-58.2M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -12.4% | 18.0% |
| Net Margin | -41.6% | 13.4% |
| Revenue YoY | -2.3% | 12.7% |
| Net Profit YoY | -30.1% | 47.2% |
| EPS (diluted) | $-3.39 | $0.69 |
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 | — | $192.7M | ||
| Q3 25 | $140.0M | $189.9M | ||
| Q2 25 | $146.8M | $187.4M | ||
| Q1 25 | $142.0M | $181.5M | ||
| Q4 24 | $145.3M | $170.9M | ||
| Q3 24 | $143.4M | $163.7M | ||
| Q2 24 | $152.0M | $153.6M | ||
| Q1 24 | $152.0M | $149.6M |
| Q4 25 | — | $25.8M | ||
| Q3 25 | $-58.2M | $25.6M | ||
| Q2 25 | $-54.2M | $19.7M | ||
| Q1 25 | $-46.0M | $22.2M | ||
| Q4 24 | $-67.4M | $17.6M | ||
| Q3 24 | $-44.8M | $23.5M | ||
| Q2 24 | $-39.4M | $18.0M | ||
| Q1 24 | $-38.3M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | — | 18.0% | ||
| Q3 25 | -12.4% | 16.4% | ||
| Q2 25 | -10.6% | 14.1% | ||
| Q1 25 | -6.0% | 14.3% | ||
| Q4 24 | -27.1% | 14.5% | ||
| Q3 24 | -6.2% | 15.6% | ||
| Q2 24 | -1.8% | 15.1% | ||
| Q1 24 | -0.9% | 10.3% |
| Q4 25 | — | 13.4% | ||
| Q3 25 | -41.6% | 13.5% | ||
| Q2 25 | -36.9% | 10.5% | ||
| Q1 25 | -32.4% | 12.2% | ||
| Q4 24 | -46.4% | 10.3% | ||
| Q3 24 | -31.2% | 14.3% | ||
| Q2 24 | -25.9% | 11.7% | ||
| Q1 24 | -25.2% | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | $-3.39 | $0.67 | ||
| Q2 25 | $-3.17 | $0.52 | ||
| Q1 25 | $-2.73 | $0.58 | ||
| Q4 24 | $-4.06 | $0.46 | ||
| Q3 24 | $-2.74 | $0.62 | ||
| Q2 24 | $-2.43 | $0.48 | ||
| Q1 24 | $-2.37 | $0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $151.4M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $973.9M |
| Total Assets | $1.2B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | — | $133.7M | ||
| Q2 25 | — | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | — | $271.8M | ||
| Q1 24 | — | $290.8M |
| 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 24 | $1.2B | — |
| Q4 25 | — | $973.9M | ||
| Q3 25 | $-585.8M | $958.9M | ||
| Q2 25 | $-536.5M | $949.8M | ||
| Q1 25 | $-493.9M | $920.9M | ||
| Q4 24 | $-455.7M | $854.7M | ||
| Q3 24 | $-386.1M | $829.4M | ||
| Q2 24 | $-338.6M | $703.4M | ||
| Q1 24 | $-296.8M | $683.0M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.4B | $854.5M | ||
| Q1 24 | $1.4B | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $-16.9M | $38.2M |
| FCF MarginFCF / Revenue | -12.1% | 19.8% |
| Capex IntensityCapex / Revenue | 1.7% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.9M | ||
| Q3 25 | $-14.5M | $60.6M | ||
| Q2 25 | $-26.9M | $32.3M | ||
| Q1 25 | $-13.2M | $40.0M | ||
| Q4 24 | $-10.4M | $40.6M | ||
| Q3 24 | $-3.2M | $53.3M | ||
| Q2 24 | $-14.2M | $29.4M | ||
| Q1 24 | $-28.4M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | $-16.9M | $54.6M | ||
| Q2 25 | $-29.3M | $25.7M | ||
| Q1 25 | $-17.8M | $33.8M | ||
| Q4 24 | $-11.0M | $34.3M | ||
| Q3 24 | $-11.1M | $48.1M | ||
| Q2 24 | $-24.4M | $24.4M | ||
| Q1 24 | $-32.5M | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | -12.1% | 28.7% | ||
| Q2 25 | -20.0% | 13.7% | ||
| Q1 25 | -12.5% | 18.6% | ||
| Q4 24 | -7.6% | 20.1% | ||
| Q3 24 | -7.7% | 29.4% | ||
| Q2 24 | -16.1% | 15.9% | ||
| Q1 24 | -21.4% | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | 1.7% | 3.2% | ||
| Q2 25 | 1.6% | 3.6% | ||
| Q1 25 | 3.2% | 3.4% | ||
| Q4 24 | 0.4% | 3.6% | ||
| Q3 24 | 5.5% | 3.2% | ||
| Q2 24 | 6.7% | 3.3% | ||
| Q1 24 | 2.7% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
