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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Tecnoglass Inc. is the larger business by last-quarter revenue ($245.3M vs $140.0M, roughly 1.8× Fat Brands, Inc). Tecnoglass Inc. runs the higher net margin — 10.6% vs -41.6%, a 52.2% gap on every dollar of revenue. On growth, Tecnoglass Inc. posted the faster year-over-year revenue change (2.4% vs -2.3%). Tecnoglass Inc. produced more free cash flow last quarter ($11.4M vs $-16.9M). Over the past eight quarters, Tecnoglass Inc.'s revenue compounded faster (12.8% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
FAT vs TGLS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $245.3M |
| Net Profit | $-58.2M | $26.1M |
| Gross Margin | — | 40.0% |
| Operating Margin | -12.4% | 18.3% |
| Net Margin | -41.6% | 10.6% |
| Revenue YoY | -2.3% | 2.4% |
| Net Profit YoY | -30.1% | -44.5% |
| EPS (diluted) | $-3.39 | $0.57 |
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 | — | $245.3M | ||
| Q3 25 | $140.0M | $260.5M | ||
| Q2 25 | $146.8M | $255.5M | ||
| Q1 25 | $142.0M | $222.3M | ||
| Q4 24 | $145.3M | $239.6M | ||
| Q3 24 | $143.4M | $238.3M | ||
| Q2 24 | $152.0M | $219.7M | ||
| Q1 24 | $152.0M | $192.6M |
| Q4 25 | — | $26.1M | ||
| Q3 25 | $-58.2M | $47.2M | ||
| Q2 25 | $-54.2M | $44.1M | ||
| Q1 25 | $-46.0M | $42.2M | ||
| Q4 24 | $-67.4M | $47.0M | ||
| Q3 24 | $-44.8M | $49.5M | ||
| Q2 24 | $-39.4M | $35.0M | ||
| Q1 24 | $-38.3M | $29.7M |
| Q4 25 | — | 40.0% | ||
| Q3 25 | — | 42.7% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | — | 43.9% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.8% |
| Q4 25 | — | 18.3% | ||
| Q3 25 | -12.4% | 25.1% | ||
| Q2 25 | -10.6% | 24.0% | ||
| Q1 25 | -6.0% | 26.7% | ||
| Q4 24 | -27.1% | 28.0% | ||
| Q3 24 | -6.2% | 28.4% | ||
| Q2 24 | -1.8% | 23.3% | ||
| Q1 24 | -0.9% | 21.3% |
| Q4 25 | — | 10.6% | ||
| Q3 25 | -41.6% | 18.1% | ||
| Q2 25 | -36.9% | 17.3% | ||
| Q1 25 | -32.4% | 19.0% | ||
| Q4 24 | -46.4% | 19.6% | ||
| Q3 24 | -31.2% | 20.8% | ||
| Q2 24 | -25.9% | 15.9% | ||
| Q1 24 | -25.2% | 15.4% |
| Q4 25 | — | $0.57 | ||
| Q3 25 | $-3.39 | $1.01 | ||
| Q2 25 | $-3.17 | $0.94 | ||
| Q1 25 | $-2.73 | $0.90 | ||
| Q4 24 | $-4.06 | $1.00 | ||
| Q3 24 | $-2.74 | $1.05 | ||
| Q2 24 | $-2.43 | $0.75 | ||
| Q1 24 | $-2.37 | $0.63 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $104.1M |
| Total DebtLower is stronger | $1.3B | $174.4M |
| Stockholders' EquityBook value | $-585.8M | $713.1M |
| Total Assets | $1.2B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $104.1M | ||
| Q3 25 | — | $127.1M | ||
| Q2 25 | — | $140.9M | ||
| Q1 25 | — | $160.2M | ||
| Q4 24 | — | $137.5M | ||
| Q3 24 | — | $124.8M | ||
| Q2 24 | — | $129.5M | ||
| Q1 24 | — | $138.8M |
| Q4 25 | — | $174.4M | ||
| Q3 25 | $1.3B | $114.7M | ||
| Q2 25 | $1.3B | $110.6M | ||
| Q1 25 | $1.3B | $110.6M | ||
| Q4 24 | $1.3B | $111.1M | ||
| Q3 24 | $1.2B | $126.8M | ||
| Q2 24 | $1.2B | $144.7M | ||
| Q1 24 | $1.2B | $160.9M |
| Q4 25 | — | $713.1M | ||
| Q3 25 | $-585.8M | $764.0M | ||
| Q2 25 | $-536.5M | $736.0M | ||
| Q1 25 | $-493.9M | $685.1M | ||
| Q4 24 | $-455.7M | $631.2M | ||
| Q3 24 | $-386.1M | $613.3M | ||
| Q2 24 | $-338.6M | $574.8M | ||
| Q1 24 | $-296.8M | $573.6M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $996.3M | ||
| Q2 24 | $1.4B | $942.5M | ||
| Q1 24 | $1.4B | $981.6M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $-16.9M | $11.4M |
| FCF MarginFCF / Revenue | -12.1% | 4.7% |
| Capex IntensityCapex / Revenue | 1.7% | 8.0% |
| Cash ConversionOCF / Net Profit | — | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $31.0M | ||
| Q3 25 | $-14.5M | $40.0M | ||
| Q2 25 | $-26.9M | $17.9M | ||
| Q1 25 | $-13.2M | $46.9M | ||
| Q4 24 | $-10.4M | $61.1M | ||
| Q3 24 | $-3.2M | $41.5M | ||
| Q2 24 | $-14.2M | $34.5M | ||
| Q1 24 | $-28.4M | $33.4M |
| Q4 25 | — | $11.4M | ||
| Q3 25 | $-16.9M | $21.2M | ||
| Q2 25 | $-29.3M | $-14.7M | ||
| Q1 25 | $-17.8M | $16.5M | ||
| Q4 24 | $-11.0M | $35.4M | ||
| Q3 24 | $-11.1M | $17.8M | ||
| Q2 24 | $-24.4M | $14.2M | ||
| Q1 24 | $-32.5M | $23.6M |
| Q4 25 | — | 4.7% | ||
| Q3 25 | -12.1% | 8.2% | ||
| Q2 25 | -20.0% | -5.7% | ||
| Q1 25 | -12.5% | 7.4% | ||
| Q4 24 | -7.6% | 14.8% | ||
| Q3 24 | -7.7% | 7.5% | ||
| Q2 24 | -16.1% | 6.5% | ||
| Q1 24 | -21.4% | 12.2% |
| Q4 25 | — | 8.0% | ||
| Q3 25 | 1.7% | 7.2% | ||
| Q2 25 | 1.6% | 12.7% | ||
| Q1 25 | 3.2% | 13.7% | ||
| Q4 24 | 0.4% | 10.7% | ||
| Q3 24 | 5.5% | 9.9% | ||
| Q2 24 | 6.7% | 9.2% | ||
| Q1 24 | 2.7% | 5.1% |
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 0.85× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | — | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
