vs
Side-by-side financial comparison of Fat Brands, Inc (FAT) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $124.7M, roughly 1.1× SMITH & WESSON BRANDS, INC.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs -41.6%, a 43.1% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $-16.9M). Over the past eight quarters, SMITH & WESSON BRANDS, INC.'s revenue compounded faster (-4.8% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
FAT vs SWBI — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $124.7M |
| Net Profit | $-58.2M | $1.9M |
| Gross Margin | — | 24.3% |
| Operating Margin | -12.4% | 3.3% |
| Net Margin | -41.6% | 1.5% |
| Revenue YoY | -2.3% | -3.9% |
| Net Profit YoY | -30.1% | -53.6% |
| EPS (diluted) | $-3.39 | $0.04 |
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 | — | $124.7M | ||
| Q3 25 | $140.0M | $85.1M | ||
| Q2 25 | $146.8M | $140.8M | ||
| Q1 25 | $142.0M | $115.9M | ||
| Q4 24 | $145.3M | $129.7M | ||
| Q3 24 | $143.4M | $88.3M | ||
| Q2 24 | $152.0M | $159.1M | ||
| Q1 24 | $152.0M | $137.5M |
| Q4 25 | — | $1.9M | ||
| Q3 25 | $-58.2M | $-3.4M | ||
| Q2 25 | $-54.2M | $8.6M | ||
| Q1 25 | $-46.0M | $2.1M | ||
| Q4 24 | $-67.4M | $4.5M | ||
| Q3 24 | $-44.8M | $-1.9M | ||
| Q2 24 | $-39.4M | $27.9M | ||
| Q1 24 | $-38.3M | $7.9M |
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 35.5% | ||
| Q1 24 | — | 28.7% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | -12.4% | -3.5% | ||
| Q2 25 | -10.6% | 9.3% | ||
| Q1 25 | -6.0% | 4.1% | ||
| Q4 24 | -27.1% | 5.8% | ||
| Q3 24 | -6.2% | -1.7% | ||
| Q2 24 | -1.8% | 17.4% | ||
| Q1 24 | -0.9% | 8.2% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | -41.6% | -4.0% | ||
| Q2 25 | -36.9% | 6.1% | ||
| Q1 25 | -32.4% | 1.8% | ||
| Q4 24 | -46.4% | 3.5% | ||
| Q3 24 | -31.2% | -2.1% | ||
| Q2 24 | -25.9% | 17.5% | ||
| Q1 24 | -25.2% | 5.7% |
| Q4 25 | — | $0.04 | ||
| Q3 25 | $-3.39 | $-0.08 | ||
| Q2 25 | $-3.17 | $0.19 | ||
| Q1 25 | $-2.73 | $0.05 | ||
| Q4 24 | $-4.06 | $0.10 | ||
| Q3 24 | $-2.74 | $-0.04 | ||
| Q2 24 | $-2.43 | $0.60 | ||
| Q1 24 | $-2.37 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $22.4M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $363.2M |
| Total Assets | $1.2B | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.4M | ||
| Q3 25 | — | $18.0M | ||
| Q2 25 | — | $25.2M | ||
| Q1 25 | — | $26.7M | ||
| Q4 24 | — | $39.1M | ||
| Q3 24 | — | $35.5M | ||
| Q2 24 | — | $60.8M | ||
| Q1 24 | — | $47.4M |
| 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 | — | $363.2M | ||
| Q3 25 | $-585.8M | $364.4M | ||
| Q2 25 | $-536.5M | $372.5M | ||
| Q1 25 | $-493.9M | $366.9M | ||
| Q4 24 | $-455.7M | $371.5M | ||
| Q3 24 | $-386.1M | $380.0M | ||
| Q2 24 | $-338.6M | $399.9M | ||
| Q1 24 | $-296.8M | $376.4M |
| Q4 25 | — | $548.6M | ||
| Q3 25 | $1.2B | $554.6M | ||
| Q2 25 | $1.2B | $559.6M | ||
| Q1 25 | $1.3B | $578.9M | ||
| Q4 24 | $1.3B | $587.4M | ||
| Q3 24 | $1.3B | $571.3M | ||
| Q2 24 | $1.4B | $577.4M | ||
| Q1 24 | $1.4B | $570.6M |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $-16.9M | $16.3M |
| FCF MarginFCF / Revenue | -12.1% | 13.1% |
| Capex IntensityCapex / Revenue | 1.7% | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.3M | ||
| Q3 25 | $-14.5M | $-8.1M | ||
| Q2 25 | $-26.9M | $40.8M | ||
| Q1 25 | $-13.2M | $-9.8M | ||
| Q4 24 | $-10.4M | $-7.4M | ||
| Q3 24 | $-3.2M | $-30.8M | ||
| Q2 24 | $-14.2M | $43.7M | ||
| Q1 24 | $-28.4M | $25.2M |
| Q4 25 | — | $16.3M | ||
| Q3 25 | $-16.9M | $-12.4M | ||
| Q2 25 | $-29.3M | $33.5M | ||
| Q1 25 | $-17.8M | $-16.1M | ||
| Q4 24 | $-11.0M | $-10.7M | ||
| Q3 24 | $-11.1M | $-35.5M | ||
| Q2 24 | $-24.4M | $38.2M | ||
| Q1 24 | $-32.5M | $7.0M |
| Q4 25 | — | 13.1% | ||
| Q3 25 | -12.1% | -14.6% | ||
| Q2 25 | -20.0% | 23.8% | ||
| Q1 25 | -12.5% | -13.9% | ||
| Q4 24 | -7.6% | -8.3% | ||
| Q3 24 | -7.7% | -40.2% | ||
| Q2 24 | -16.1% | 24.0% | ||
| Q1 24 | -21.4% | 5.1% |
| Q4 25 | — | 8.8% | ||
| Q3 25 | 1.7% | 5.0% | ||
| Q2 25 | 1.6% | 5.2% | ||
| Q1 25 | 3.2% | 5.4% | ||
| Q4 24 | 0.4% | 2.5% | ||
| Q3 24 | 5.5% | 5.3% | ||
| Q2 24 | 6.7% | 3.5% | ||
| Q1 24 | 2.7% | 13.2% |
| Q4 25 | — | 14.22× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | — | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | — | 3.20× |
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% |
SWBI
Segment breakdown not available.
