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Side-by-side financial comparison of Fat Brands, Inc (FAT) and T1 Energy Inc. (TE). Click either name above to swap in a different company.
T1 Energy Inc. is the larger business by last-quarter revenue ($210.5M vs $140.0M, roughly 1.5× Fat Brands, Inc). Fat Brands, Inc runs the higher net margin — -41.6% vs -62.0%, a 20.4% gap on every dollar of revenue. T1 Energy Inc. produced more free cash flow last quarter ($55.0M vs $-16.9M).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Sony Energy Devices Corporation , is a Japanese multinational company specializing in a variety of areas in the energy industry, and is a wholly owned subsidiary and part of the Devices Group of Sony. The company was established in February 1975 in Fukushima, Japan.
FAT vs TE — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $210.5M |
| Net Profit | $-58.2M | $-130.6M |
| Gross Margin | — | 10.0% |
| Operating Margin | -12.4% | -45.0% |
| Net Margin | -41.6% | -62.0% |
| Revenue YoY | -2.3% | — |
| Net Profit YoY | -30.1% | -375.2% |
| EPS (diluted) | $-3.39 | $-0.87 |
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.
| Q3 25 | $140.0M | $210.5M | ||
| Q2 25 | $146.8M | $132.8M | ||
| Q1 25 | $142.0M | $53.5M | ||
| Q4 24 | $145.3M | — | ||
| Q3 24 | $143.4M | $0 | ||
| Q2 24 | $152.0M | $0 | ||
| Q1 24 | $152.0M | $0 | ||
| Q4 23 | $158.6M | — |
| Q3 25 | $-58.2M | $-130.6M | ||
| Q2 25 | $-54.2M | $-31.9M | ||
| Q1 25 | $-46.0M | $-16.2M | ||
| Q4 24 | $-67.4M | — | ||
| Q3 24 | $-44.8M | $-27.5M | ||
| Q2 24 | $-39.4M | $-27.0M | ||
| Q1 24 | $-38.3M | $-28.5M | ||
| Q4 23 | $-26.2M | — |
| Q3 25 | — | 10.0% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q3 25 | -12.4% | -45.0% | ||
| Q2 25 | -10.6% | -22.0% | ||
| Q1 25 | -6.0% | -44.2% | ||
| Q4 24 | -27.1% | — | ||
| Q3 24 | -6.2% | — | ||
| Q2 24 | -1.8% | — | ||
| Q1 24 | -0.9% | — | ||
| Q4 23 | -2.0% | — |
| Q3 25 | -41.6% | -62.0% | ||
| Q2 25 | -36.9% | -24.0% | ||
| Q1 25 | -32.4% | -30.4% | ||
| Q4 24 | -46.4% | — | ||
| Q3 24 | -31.2% | — | ||
| Q2 24 | -25.9% | — | ||
| Q1 24 | -25.2% | — | ||
| Q4 23 | -16.5% | — |
| Q3 25 | $-3.39 | $-0.87 | ||
| Q2 25 | $-3.17 | $-0.21 | ||
| Q1 25 | $-2.73 | $-0.11 | ||
| Q4 24 | $-4.06 | — | ||
| Q3 24 | $-2.74 | $-0.20 | ||
| Q2 24 | $-2.43 | $-0.19 | ||
| Q1 24 | $-2.37 | $-0.20 | ||
| Q4 23 | $-1.68 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $34.1M |
| Total DebtLower is stronger | $1.3B | $547.3M |
| Stockholders' EquityBook value | $-585.8M | $96.9M |
| Total Assets | $1.2B | $1.4B |
| Debt / EquityLower = less leverage | — | 5.65× |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $34.1M | ||
| Q2 25 | — | $8.5M | ||
| Q1 25 | — | $48.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $181.9M | ||
| Q2 24 | — | $219.6M | ||
| Q1 24 | — | $249.9M | ||
| Q4 23 | — | — |
| Q3 25 | $1.3B | $547.3M | ||
| Q2 25 | $1.3B | $591.2M | ||
| Q1 25 | $1.3B | $603.2M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | $602.3M | ||
| Q4 23 | $1.2B | — |
| Q3 25 | $-585.8M | $96.9M | ||
| Q2 25 | $-536.5M | $183.9M | ||
| Q1 25 | $-493.9M | $201.9M | ||
| Q4 24 | $-455.7M | — | ||
| Q3 24 | $-386.1M | $538.7M | ||
| Q2 24 | $-338.6M | $561.6M | ||
| Q1 24 | $-296.8M | $582.3M | ||
| Q4 23 | $-255.9M | — |
| Q3 25 | $1.2B | $1.4B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $615.0M | ||
| Q2 24 | $1.4B | $644.4M | ||
| Q1 24 | $1.4B | $670.3M | ||
| Q4 23 | $1.4B | — |
| Q3 25 | — | 5.65× | ||
| Q2 25 | — | 3.21× | ||
| Q1 25 | — | 2.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.03× | ||
| Q4 23 | — | — |
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 | $63.9M |
| Free Cash FlowOCF − Capex | $-16.9M | $55.0M |
| FCF MarginFCF / Revenue | -12.1% | 26.1% |
| Capex IntensityCapex / Revenue | 1.7% | 4.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-42.3M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-14.5M | $63.9M | ||
| Q2 25 | $-26.9M | $33.4M | ||
| Q1 25 | $-13.2M | $-44.8M | ||
| Q4 24 | $-10.4M | — | ||
| Q3 24 | $-3.2M | $-28.4M | ||
| Q2 24 | $-14.2M | $-28.0M | ||
| Q1 24 | $-28.4M | $-16.2M | ||
| Q4 23 | $-12.6M | — |
| Q3 25 | $-16.9M | $55.0M | ||
| Q2 25 | $-29.3M | $10.6M | ||
| Q1 25 | $-17.8M | $-74.0M | ||
| Q4 24 | $-11.0M | — | ||
| Q3 24 | $-11.1M | $-34.0M | ||
| Q2 24 | $-24.4M | $-35.6M | ||
| Q1 24 | $-32.5M | $-37.7M | ||
| Q4 23 | $-18.0M | — |
| Q3 25 | -12.1% | 26.1% | ||
| Q2 25 | -20.0% | 8.0% | ||
| Q1 25 | -12.5% | -138.4% | ||
| Q4 24 | -7.6% | — | ||
| Q3 24 | -7.7% | — | ||
| Q2 24 | -16.1% | — | ||
| Q1 24 | -21.4% | — | ||
| Q4 23 | -11.4% | — |
| Q3 25 | 1.7% | 4.2% | ||
| Q2 25 | 1.6% | 17.2% | ||
| Q1 25 | 3.2% | 54.5% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 5.5% | — | ||
| Q2 24 | 6.7% | — | ||
| Q1 24 | 2.7% | — | ||
| Q4 23 | 3.4% | — |
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% |
TE
| Related Party | $120.1M | 57% |
| Nonrelated Party | $90.4M | 43% |
