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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $100.0M, roughly 1.4× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -41.6%, a 34.6% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -2.3%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-16.9M). Over the past eight quarters, Latham Group, Inc.'s revenue compounded faster (-4.9% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
FAT vs SWIM — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $100.0M |
| Net Profit | $-58.2M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | -12.4% | -10.7% |
| Net Margin | -41.6% | -7.0% |
| Revenue YoY | -2.3% | 14.5% |
| Net Profit YoY | -30.1% | 76.0% |
| EPS (diluted) | $-3.39 | $-0.06 |
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 | — | $100.0M | ||
| Q3 25 | $140.0M | $161.9M | ||
| Q2 25 | $146.8M | $172.6M | ||
| Q1 25 | $142.0M | $111.4M | ||
| Q4 24 | $145.3M | $87.3M | ||
| Q3 24 | $143.4M | $150.5M | ||
| Q2 24 | $152.0M | $160.1M | ||
| Q1 24 | $152.0M | $110.6M |
| Q4 25 | — | $-7.0M | ||
| Q3 25 | $-58.2M | $8.1M | ||
| Q2 25 | $-54.2M | $16.0M | ||
| Q1 25 | $-46.0M | $-6.0M | ||
| Q4 24 | $-67.4M | $-29.2M | ||
| Q3 24 | $-44.8M | $5.9M | ||
| Q2 24 | $-39.4M | $13.3M | ||
| Q1 24 | $-38.3M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | — | -10.7% | ||
| Q3 25 | -12.4% | 13.3% | ||
| Q2 25 | -10.6% | 14.3% | ||
| Q1 25 | -6.0% | -4.4% | ||
| Q4 24 | -27.1% | -14.9% | ||
| Q3 24 | -6.2% | 8.9% | ||
| Q2 24 | -1.8% | 12.5% | ||
| Q1 24 | -0.9% | -1.9% |
| Q4 25 | — | -7.0% | ||
| Q3 25 | -41.6% | 5.0% | ||
| Q2 25 | -36.9% | 9.3% | ||
| Q1 25 | -32.4% | -5.4% | ||
| Q4 24 | -46.4% | -33.4% | ||
| Q3 24 | -31.2% | 3.9% | ||
| Q2 24 | -25.9% | 8.3% | ||
| Q1 24 | -25.2% | -7.1% |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | $-3.39 | $0.07 | ||
| Q2 25 | $-3.17 | $0.13 | ||
| Q1 25 | $-2.73 | $-0.05 | ||
| Q4 24 | $-4.06 | $-0.24 | ||
| Q3 24 | $-2.74 | $0.05 | ||
| Q2 24 | $-2.43 | $0.11 | ||
| 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 | — | — |
| Total DebtLower is stronger | $1.3B | $279.8M |
| Stockholders' EquityBook value | $-585.8M | $405.9M |
| Total Assets | $1.2B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $279.8M | ||
| Q3 25 | $1.3B | $281.1M | ||
| Q2 25 | $1.3B | $281.5M | ||
| Q1 25 | $1.3B | $306.9M | ||
| Q4 24 | $1.3B | $281.5M | ||
| Q3 24 | $1.2B | $282.8M | ||
| Q2 24 | $1.2B | $282.4M | ||
| Q1 24 | $1.2B | $282.8M |
| Q4 25 | — | $405.9M | ||
| Q3 25 | $-585.8M | $408.4M | ||
| Q2 25 | $-536.5M | $398.4M | ||
| Q1 25 | $-493.9M | $381.1M | ||
| Q4 24 | $-455.7M | $387.2M | ||
| Q3 24 | $-386.1M | $416.6M | ||
| Q2 24 | $-338.6M | $408.1M | ||
| Q1 24 | $-296.8M | $391.8M |
| Q4 25 | — | $823.2M | ||
| Q3 25 | $1.2B | $844.4M | ||
| Q2 25 | $1.2B | $822.1M | ||
| Q1 25 | $1.3B | $824.6M | ||
| Q4 24 | $1.3B | $794.2M | ||
| Q3 24 | $1.3B | $853.4M | ||
| Q2 24 | $1.4B | $830.0M | ||
| Q1 24 | $1.4B | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-16.9M | $14.1M |
| FCF MarginFCF / Revenue | -12.1% | 14.1% |
| Capex IntensityCapex / Revenue | 1.7% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | $-14.5M | $51.0M | ||
| Q2 25 | $-26.9M | $36.0M | ||
| Q1 25 | $-13.2M | $-46.9M | ||
| Q4 24 | $-10.4M | $6.2M | ||
| Q3 24 | $-3.2M | $37.2M | ||
| Q2 24 | $-14.2M | $52.4M | ||
| Q1 24 | $-28.4M | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | $-16.9M | $45.2M | ||
| Q2 25 | $-29.3M | $29.1M | ||
| Q1 25 | $-17.8M | $-50.3M | ||
| Q4 24 | $-11.0M | $-98.0K | ||
| Q3 24 | $-11.1M | $33.2M | ||
| Q2 24 | $-24.4M | $47.9M | ||
| Q1 24 | $-32.5M | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | -12.1% | 27.9% | ||
| Q2 25 | -20.0% | 16.8% | ||
| Q1 25 | -12.5% | -45.2% | ||
| Q4 24 | -7.6% | -0.1% | ||
| Q3 24 | -7.7% | 22.1% | ||
| Q2 24 | -16.1% | 29.9% | ||
| Q1 24 | -21.4% | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | 1.7% | 3.6% | ||
| Q2 25 | 1.6% | 4.0% | ||
| Q1 25 | 3.2% | 3.1% | ||
| Q4 24 | 0.4% | 7.2% | ||
| Q3 24 | 5.5% | 2.7% | ||
| Q2 24 | 6.7% | 2.8% | ||
| Q1 24 | 2.7% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
