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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $137.5M, roughly 1.0× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs -41.6%, a 156.7% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs -2.3%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
FAT vs TRNO — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $137.5M |
| Net Profit | $-58.2M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | — |
| Net Margin | -41.6% | 115.1% |
| Revenue YoY | -2.3% | 32.6% |
| Net Profit YoY | -30.1% | 107.9% |
| EPS (diluted) | $-3.39 | $1.54 |
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 | — | $137.5M | ||
| Q3 25 | $140.0M | $116.2M | ||
| Q2 25 | $146.8M | $112.2M | ||
| Q1 25 | $142.0M | $110.4M | ||
| Q4 24 | $145.3M | $103.7M | ||
| Q3 24 | $143.4M | $99.6M | ||
| Q2 24 | $152.0M | $94.2M | ||
| Q1 24 | $152.0M | $85.0M |
| Q4 25 | — | $158.2M | ||
| Q3 25 | $-58.2M | $103.4M | ||
| Q2 25 | $-54.2M | $93.3M | ||
| Q1 25 | $-46.0M | $48.1M | ||
| Q4 24 | $-67.4M | $76.1M | ||
| Q3 24 | $-44.8M | $36.6M | ||
| Q2 24 | $-39.4M | $35.7M | ||
| Q1 24 | $-38.3M | $36.1M |
| Q4 25 | — | — | ||
| Q3 25 | -12.4% | — | ||
| Q2 25 | -10.6% | — | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | -27.1% | — | ||
| Q3 24 | -6.2% | — | ||
| Q2 24 | -1.8% | — | ||
| Q1 24 | -0.9% | — |
| Q4 25 | — | 115.1% | ||
| Q3 25 | -41.6% | 88.9% | ||
| Q2 25 | -36.9% | 83.1% | ||
| Q1 25 | -32.4% | 43.6% | ||
| Q4 24 | -46.4% | 73.4% | ||
| Q3 24 | -31.2% | 36.8% | ||
| Q2 24 | -25.9% | 37.9% | ||
| Q1 24 | -25.2% | 42.4% |
| Q4 25 | — | $1.54 | ||
| Q3 25 | $-3.39 | $1.00 | ||
| Q2 25 | $-3.17 | $0.90 | ||
| Q1 25 | $-2.73 | $0.47 | ||
| Q4 24 | $-4.06 | $0.78 | ||
| Q3 24 | $-2.74 | $0.37 | ||
| Q2 24 | $-2.43 | $0.37 | ||
| Q1 24 | $-2.37 | $0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $25.0M |
| Total DebtLower is stronger | $1.3B | $943.3M |
| Stockholders' EquityBook value | $-585.8M | $4.1B |
| Total Assets | $1.2B | $5.4B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $25.0M | ||
| Q3 25 | — | $26.2M | ||
| Q2 25 | — | $128.4M | ||
| Q1 25 | — | $156.5M | ||
| Q4 24 | — | $18.1M | ||
| Q3 24 | — | $243.7M | ||
| Q2 24 | — | $182.0M | ||
| Q1 24 | — | $649.6M |
| Q4 25 | — | $943.3M | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.3B | $742.4M | ||
| Q1 25 | $1.3B | $741.9M | ||
| Q4 24 | $1.3B | $823.4M | ||
| Q3 24 | $1.2B | $672.2M | ||
| Q2 24 | $1.2B | $772.0M | ||
| Q1 24 | $1.2B | $771.8M |
| Q4 25 | — | $4.1B | ||
| Q3 25 | $-585.8M | $4.0B | ||
| Q2 25 | $-536.5M | $3.9B | ||
| Q1 25 | $-493.9M | $3.9B | ||
| Q4 24 | $-455.7M | $3.7B | ||
| Q3 24 | $-386.1M | $3.6B | ||
| Q2 24 | $-338.6M | $3.4B | ||
| Q1 24 | $-296.8M | $3.4B |
| Q4 25 | — | $5.4B | ||
| Q3 25 | $1.2B | $5.3B | ||
| Q2 25 | $1.2B | $5.0B | ||
| Q1 25 | $1.3B | $4.9B | ||
| Q4 24 | $1.3B | $4.8B | ||
| Q3 24 | $1.3B | $4.6B | ||
| Q2 24 | $1.4B | $4.5B | ||
| Q1 24 | $1.4B | $4.4B |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.22× | ||
| Q1 24 | — | 0.22× |
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 | $271.9M |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $271.9M | ||
| Q3 25 | $-14.5M | $79.5M | ||
| Q2 25 | $-26.9M | $60.6M | ||
| Q1 25 | $-13.2M | $61.4M | ||
| Q4 24 | $-10.4M | $232.7M | ||
| Q3 24 | $-3.2M | $70.0M | ||
| Q2 24 | $-14.2M | $64.3M | ||
| Q1 24 | $-28.4M | $47.0M |
| Q4 25 | — | — | ||
| Q3 25 | $-16.9M | — | ||
| Q2 25 | $-29.3M | — | ||
| Q1 25 | $-17.8M | — | ||
| Q4 24 | $-11.0M | — | ||
| Q3 24 | $-11.1M | — | ||
| Q2 24 | $-24.4M | — | ||
| Q1 24 | $-32.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | -12.1% | — | ||
| Q2 25 | -20.0% | — | ||
| Q1 25 | -12.5% | — | ||
| Q4 24 | -7.6% | — | ||
| Q3 24 | -7.7% | — | ||
| Q2 24 | -16.1% | — | ||
| Q1 24 | -21.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 5.5% | — | ||
| Q2 24 | 6.7% | — | ||
| Q1 24 | 2.7% | — |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.06× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | — | 1.80× | ||
| Q1 24 | — | 1.30× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
