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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $92.9M, roughly 1.5× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -41.6%, a 66.6% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -2.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-16.9M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
FAT vs VCEL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $92.9M |
| Net Profit | $-58.2M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | -12.4% | 24.1% |
| Net Margin | -41.6% | 25.0% |
| Revenue YoY | -2.3% | 23.3% |
| Net Profit YoY | -30.1% | 17.3% |
| EPS (diluted) | $-3.39 | $0.46 |
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 | — | $92.9M | ||
| Q3 25 | $140.0M | $67.5M | ||
| Q2 25 | $146.8M | $63.2M | ||
| Q1 25 | $142.0M | $52.6M | ||
| Q4 24 | $145.3M | $75.4M | ||
| Q3 24 | $143.4M | $57.9M | ||
| Q2 24 | $152.0M | $52.7M | ||
| Q1 24 | $152.0M | $51.3M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-58.2M | $5.1M | ||
| Q2 25 | $-54.2M | $-553.0K | ||
| Q1 25 | $-46.0M | $-11.2M | ||
| Q4 24 | $-67.4M | $19.8M | ||
| Q3 24 | $-44.8M | $-901.0K | ||
| Q2 24 | $-39.4M | $-4.7M | ||
| Q1 24 | $-38.3M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | — | 24.1% | ||
| Q3 25 | -12.4% | 5.1% | ||
| Q2 25 | -10.6% | -3.2% | ||
| Q1 25 | -6.0% | -24.3% | ||
| Q4 24 | -27.1% | 24.5% | ||
| Q3 24 | -6.2% | -4.3% | ||
| Q2 24 | -1.8% | -11.5% | ||
| Q1 24 | -0.9% | -10.7% |
| Q4 25 | — | 25.0% | ||
| Q3 25 | -41.6% | 7.5% | ||
| Q2 25 | -36.9% | -0.9% | ||
| Q1 25 | -32.4% | -21.4% | ||
| Q4 24 | -46.4% | 26.3% | ||
| Q3 24 | -31.2% | -1.6% | ||
| Q2 24 | -25.9% | -8.9% | ||
| Q1 24 | -25.2% | -7.5% |
| Q4 25 | — | $0.46 | ||
| Q3 25 | $-3.39 | $0.10 | ||
| Q2 25 | $-3.17 | $-0.01 | ||
| Q1 25 | $-2.73 | $-0.23 | ||
| Q4 24 | $-4.06 | $0.40 | ||
| Q3 24 | $-2.74 | $-0.02 | ||
| Q2 24 | $-2.43 | $-0.10 | ||
| Q1 24 | $-2.37 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $137.5M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $354.6M |
| Total Assets | $1.2B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $137.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | — | $101.7M | ||
| Q2 24 | — | $102.5M | ||
| Q1 24 | — | $110.6M |
| 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 | — | $354.6M | ||
| Q3 25 | $-585.8M | $321.9M | ||
| Q2 25 | $-536.5M | $306.8M | ||
| Q1 25 | $-493.9M | $295.5M | ||
| Q4 24 | $-455.7M | $292.0M | ||
| Q3 24 | $-386.1M | $257.5M | ||
| Q2 24 | $-338.6M | $243.0M | ||
| Q1 24 | $-296.8M | $233.9M |
| Q4 25 | — | $488.0M | ||
| Q3 25 | $1.2B | $453.3M | ||
| Q2 25 | $1.2B | $435.6M | ||
| Q1 25 | $1.3B | $424.6M | ||
| Q4 24 | $1.3B | $432.7M | ||
| Q3 24 | $1.3B | $390.4M | ||
| Q2 24 | $1.4B | $376.8M | ||
| Q1 24 | $1.4B | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $-16.9M | $12.8M |
| FCF MarginFCF / Revenue | -12.1% | 13.8% |
| Capex IntensityCapex / Revenue | 1.7% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.0M | ||
| Q3 25 | $-14.5M | $22.1M | ||
| Q2 25 | $-26.9M | $8.2M | ||
| Q1 25 | $-13.2M | $6.6M | ||
| Q4 24 | $-10.4M | $22.2M | ||
| Q3 24 | $-3.2M | $10.2M | ||
| Q2 24 | $-14.2M | $18.5M | ||
| Q1 24 | $-28.4M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | $-16.9M | $19.5M | ||
| Q2 25 | $-29.3M | $81.0K | ||
| Q1 25 | $-17.8M | $-7.6M | ||
| Q4 24 | $-11.0M | $8.5M | ||
| Q3 24 | $-11.1M | $-9.2M | ||
| Q2 24 | $-24.4M | $1.8M | ||
| Q1 24 | $-32.5M | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | -12.1% | 28.8% | ||
| Q2 25 | -20.0% | 0.1% | ||
| Q1 25 | -12.5% | -14.5% | ||
| Q4 24 | -7.6% | 11.2% | ||
| Q3 24 | -7.7% | -15.9% | ||
| Q2 24 | -16.1% | 3.4% | ||
| Q1 24 | -21.4% | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | 1.7% | 3.9% | ||
| Q2 25 | 1.6% | 12.9% | ||
| Q1 25 | 3.2% | 27.0% | ||
| Q4 24 | 0.4% | 18.3% | ||
| Q3 24 | 5.5% | 33.5% | ||
| Q2 24 | 6.7% | 31.8% | ||
| Q1 24 | 2.7% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
