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Side-by-side financial comparison of Fat Brands, Inc (FAT) and ONE Group Hospitality, Inc. (STKS). Click either name above to swap in a different company.
ONE Group Hospitality, Inc. is the larger business by last-quarter revenue ($207.0M vs $140.0M, roughly 1.5× Fat Brands, Inc). ONE Group Hospitality, Inc. runs the higher net margin — -3.1% vs -41.6%, a 38.5% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -6.7%). ONE Group Hospitality, Inc. produced more free cash flow last quarter ($-329.0K vs $-16.9M). Over the past eight quarters, ONE Group Hospitality, Inc.'s revenue compounded faster (56.1% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
FAT vs STKS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $207.0M |
| Net Profit | $-58.2M | $-6.4M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 2.2% |
| Net Margin | -41.6% | -3.1% |
| Revenue YoY | -2.3% | -6.7% |
| Net Profit YoY | -30.1% | -531.8% |
| EPS (diluted) | $-3.39 | $-0.50 |
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 | — | $207.0M | ||
| Q3 25 | $140.0M | $180.2M | ||
| Q2 25 | $146.8M | $207.4M | ||
| Q1 25 | $142.0M | $211.1M | ||
| Q4 24 | $145.3M | $221.9M | ||
| Q3 24 | $143.4M | $194.0M | ||
| Q2 24 | $152.0M | $172.5M | ||
| Q1 24 | $152.0M | $85.0M |
| Q4 25 | — | $-6.4M | ||
| Q3 25 | $-58.2M | $-76.7M | ||
| Q2 25 | $-54.2M | $-10.1M | ||
| Q1 25 | $-46.0M | $975.0K | ||
| Q4 24 | $-67.4M | $1.5M | ||
| Q3 24 | $-44.8M | $-9.3M | ||
| Q2 24 | $-39.4M | $-7.3M | ||
| Q1 24 | $-38.3M | $-2.1M |
| Q4 25 | — | 2.2% | ||
| Q3 25 | -12.4% | -4.4% | ||
| Q2 25 | -10.6% | 0.3% | ||
| Q1 25 | -6.0% | 5.1% | ||
| Q4 24 | -27.1% | 5.5% | ||
| Q3 24 | -6.2% | -1.9% | ||
| Q2 24 | -1.8% | 0.6% | ||
| Q1 24 | -0.9% | -0.7% |
| Q4 25 | — | -3.1% | ||
| Q3 25 | -41.6% | -42.6% | ||
| Q2 25 | -36.9% | -4.9% | ||
| Q1 25 | -32.4% | 0.5% | ||
| Q4 24 | -46.4% | 0.7% | ||
| Q3 24 | -31.2% | -4.8% | ||
| Q2 24 | -25.9% | -4.3% | ||
| Q1 24 | -25.2% | -2.4% |
| Q4 25 | — | $-0.50 | ||
| Q3 25 | $-3.39 | $-2.75 | ||
| Q2 25 | $-3.17 | $-0.59 | ||
| Q1 25 | $-2.73 | $-0.21 | ||
| Q4 24 | $-4.06 | $-0.18 | ||
| Q3 24 | $-2.74 | $-0.53 | ||
| Q2 24 | $-2.43 | $-0.38 | ||
| Q1 24 | $-2.37 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.2M |
| Total DebtLower is stronger | $1.3B | $354.2M |
| Stockholders' EquityBook value | $-585.8M | $-75.8M |
| Total Assets | $1.2B | $884.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.2M | ||
| Q3 25 | — | $5.5M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $21.4M | ||
| Q4 24 | — | $27.6M | ||
| Q3 24 | — | $28.2M | ||
| Q2 24 | — | $32.2M | ||
| Q1 24 | — | $15.4M |
| Q4 25 | — | $354.2M | ||
| Q3 25 | $1.3B | $355.0M | ||
| Q2 25 | $1.3B | $347.4M | ||
| Q1 25 | $1.3B | $348.3M | ||
| Q4 24 | $1.3B | $348.3M | ||
| Q3 24 | $1.2B | $349.1M | ||
| Q2 24 | $1.2B | $350.0M | ||
| Q1 24 | $1.2B | $73.5M |
| Q4 25 | — | $-75.8M | ||
| Q3 25 | $-585.8M | $-61.5M | ||
| Q2 25 | $-536.5M | $23.0M | ||
| Q1 25 | $-493.9M | $40.5M | ||
| Q4 24 | $-455.7M | $45.9M | ||
| Q3 24 | $-386.1M | $51.4M | ||
| Q2 24 | $-338.6M | $68.1M | ||
| Q1 24 | $-296.8M | $68.3M |
| Q4 25 | — | $884.2M | ||
| Q3 25 | $1.2B | $879.5M | ||
| Q2 25 | $1.2B | $935.7M | ||
| Q1 25 | $1.3B | $956.0M | ||
| Q4 24 | $1.3B | $960.1M | ||
| Q3 24 | $1.3B | $953.5M | ||
| Q2 24 | $1.4B | $945.9M | ||
| Q1 24 | $1.4B | $309.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 15.07× | ||
| Q1 25 | — | 8.61× | ||
| Q4 24 | — | 7.59× | ||
| Q3 24 | — | 6.79× | ||
| Q2 24 | — | 5.14× | ||
| Q1 24 | — | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | $-16.9M | $-329.0K |
| FCF MarginFCF / Revenue | -12.1% | -0.2% |
| Capex IntensityCapex / Revenue | 1.7% | 6.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $13.1M | ||
| Q3 25 | $-14.5M | $5.9M | ||
| Q2 25 | $-26.9M | $2.8M | ||
| Q1 25 | $-13.2M | $8.5M | ||
| Q4 24 | $-10.4M | $18.5M | ||
| Q3 24 | $-3.2M | $19.1M | ||
| Q2 24 | $-14.2M | $-3.8M | ||
| Q1 24 | $-28.4M | $10.4M |
| Q4 25 | — | $-329.0K | ||
| Q3 25 | $-16.9M | $-6.1M | ||
| Q2 25 | $-29.3M | $-15.0M | ||
| Q1 25 | $-17.8M | $-5.8M | ||
| Q4 24 | $-11.0M | $733.0K | ||
| Q3 24 | $-11.1M | $287.0K | ||
| Q2 24 | $-24.4M | $-23.0M | ||
| Q1 24 | $-32.5M | $-5.4M |
| Q4 25 | — | -0.2% | ||
| Q3 25 | -12.1% | -3.4% | ||
| Q2 25 | -20.0% | -7.2% | ||
| Q1 25 | -12.5% | -2.7% | ||
| Q4 24 | -7.6% | 0.3% | ||
| Q3 24 | -7.7% | 0.1% | ||
| Q2 24 | -16.1% | -13.3% | ||
| Q1 24 | -21.4% | -6.4% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | 1.7% | 6.7% | ||
| Q2 25 | 1.6% | 8.6% | ||
| Q1 25 | 3.2% | 6.8% | ||
| Q4 24 | 0.4% | 8.0% | ||
| Q3 24 | 5.5% | 9.7% | ||
| Q2 24 | 6.7% | 11.1% | ||
| Q1 24 | 2.7% | 18.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 8.76× | ||
| Q4 24 | — | 12.54× | ||
| 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% |
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
