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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
Vital Farms, Inc. is the larger business by last-quarter revenue ($213.6M vs $140.0M, roughly 1.5× Fat Brands, Inc). Vital Farms, Inc. runs the higher net margin — 7.6% vs -41.6%, a 49.2% gap on every dollar of revenue. On growth, Vital Farms, Inc. posted the faster year-over-year revenue change (28.7% vs -2.3%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-32.1M). Over the past eight quarters, Vital Farms, Inc.'s revenue compounded faster (20.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
FAT vs VITL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $213.6M |
| Net Profit | $-58.2M | $16.3M |
| Gross Margin | — | 35.8% |
| Operating Margin | -12.4% | 10.0% |
| Net Margin | -41.6% | 7.6% |
| Revenue YoY | -2.3% | 28.7% |
| Net Profit YoY | -30.1% | 54.3% |
| EPS (diluted) | $-3.39 | $0.35 |
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 | — | $213.6M | ||
| Q3 25 | $140.0M | $198.9M | ||
| Q2 25 | $146.8M | $184.8M | ||
| Q1 25 | $142.0M | $162.2M | ||
| Q4 24 | $145.3M | $166.0M | ||
| Q3 24 | $143.4M | $145.0M | ||
| Q2 24 | $152.0M | $147.4M | ||
| Q1 24 | $152.0M | $147.9M |
| Q4 25 | — | $16.3M | ||
| Q3 25 | $-58.2M | $16.4M | ||
| Q2 25 | $-54.2M | $16.6M | ||
| Q1 25 | $-46.0M | $16.9M | ||
| Q4 24 | $-67.4M | $10.6M | ||
| Q3 24 | $-44.8M | $7.4M | ||
| Q2 24 | $-39.4M | $16.3M | ||
| Q1 24 | $-38.3M | $19.0M |
| Q4 25 | — | 35.8% | ||
| Q3 25 | — | 37.7% | ||
| Q2 25 | — | 38.9% | ||
| Q1 25 | — | 38.5% | ||
| Q4 24 | — | 36.1% | ||
| Q3 24 | — | 36.9% | ||
| Q2 24 | — | 39.1% | ||
| Q1 24 | — | 39.8% |
| Q4 25 | — | 10.0% | ||
| Q3 25 | -12.4% | 10.8% | ||
| Q2 25 | -10.6% | 12.9% | ||
| Q1 25 | -6.0% | 13.4% | ||
| Q4 24 | -27.1% | 7.8% | ||
| Q3 24 | -6.2% | 6.4% | ||
| Q2 24 | -1.8% | 11.6% | ||
| Q1 24 | -0.9% | 16.3% |
| Q4 25 | — | 7.6% | ||
| Q3 25 | -41.6% | 8.3% | ||
| Q2 25 | -36.9% | 9.0% | ||
| Q1 25 | -32.4% | 10.4% | ||
| Q4 24 | -46.4% | 6.4% | ||
| Q3 24 | -31.2% | 5.1% | ||
| Q2 24 | -25.9% | 11.1% | ||
| Q1 24 | -25.2% | 12.9% |
| Q4 25 | — | $0.35 | ||
| Q3 25 | $-3.39 | $0.36 | ||
| Q2 25 | $-3.17 | $0.36 | ||
| Q1 25 | $-2.73 | $0.37 | ||
| Q4 24 | $-4.06 | $0.23 | ||
| Q3 24 | $-2.74 | $0.16 | ||
| Q2 24 | $-2.43 | $0.36 | ||
| Q1 24 | $-2.37 | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $48.8M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $351.3M |
| Total Assets | $1.2B | $518.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $48.8M | ||
| Q3 25 | — | $93.8M | ||
| Q2 25 | — | $108.2M | ||
| Q1 25 | — | $156.3M | ||
| Q4 24 | — | $150.6M | ||
| Q3 24 | — | $149.5M | ||
| Q2 24 | — | $133.2M | ||
| Q1 24 | — | $113.8M |
| 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 | — | $351.3M | ||
| Q3 25 | $-585.8M | $331.2M | ||
| Q2 25 | $-536.5M | $309.8M | ||
| Q1 25 | $-493.9M | $288.9M | ||
| Q4 24 | $-455.7M | $269.3M | ||
| Q3 24 | $-386.1M | $253.4M | ||
| Q2 24 | $-338.6M | $238.4M | ||
| Q1 24 | $-296.8M | $213.3M |
| Q4 25 | — | $518.7M | ||
| Q3 25 | $1.2B | $481.5M | ||
| Q2 25 | $1.2B | $430.8M | ||
| Q1 25 | $1.3B | $376.9M | ||
| Q4 24 | $1.3B | $359.3M | ||
| Q3 24 | $1.3B | $344.7M | ||
| Q2 24 | $1.4B | $320.5M | ||
| Q1 24 | $1.4B | $300.2M |
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 | $5.8M |
| Free Cash FlowOCF − Capex | $-16.9M | $-32.1M |
| FCF MarginFCF / Revenue | -12.1% | -15.1% |
| Capex IntensityCapex / Revenue | 1.7% | 17.8% |
| Cash ConversionOCF / Net Profit | — | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.8M | ||
| Q3 25 | $-14.5M | $23.4M | ||
| Q2 25 | $-26.9M | $-761.0K | ||
| Q1 25 | $-13.2M | $5.3M | ||
| Q4 24 | $-10.4M | $14.8M | ||
| Q3 24 | $-3.2M | $10.0M | ||
| Q2 24 | $-14.2M | $16.1M | ||
| Q1 24 | $-28.4M | $23.9M |
| Q4 25 | — | $-32.1M | ||
| Q3 25 | $-16.9M | $-10.6M | ||
| Q2 25 | $-29.3M | $-7.6M | ||
| Q1 25 | $-17.8M | $2.1M | ||
| Q4 24 | $-11.0M | $-3.4M | ||
| Q3 24 | $-11.1M | $6.4M | ||
| Q2 24 | $-24.4M | $10.5M | ||
| Q1 24 | $-32.5M | $22.6M |
| Q4 25 | — | -15.1% | ||
| Q3 25 | -12.1% | -5.3% | ||
| Q2 25 | -20.0% | -4.1% | ||
| Q1 25 | -12.5% | 1.3% | ||
| Q4 24 | -7.6% | -2.0% | ||
| Q3 24 | -7.7% | 4.4% | ||
| Q2 24 | -16.1% | 7.2% | ||
| Q1 24 | -21.4% | 15.3% |
| Q4 25 | — | 17.8% | ||
| Q3 25 | 1.7% | 17.1% | ||
| Q2 25 | 1.6% | 3.7% | ||
| Q1 25 | 3.2% | 1.9% | ||
| Q4 24 | 0.4% | 10.9% | ||
| Q3 24 | 5.5% | 2.5% | ||
| Q2 24 | 6.7% | 3.8% | ||
| Q1 24 | 2.7% | 0.9% |
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | — | 0.99× | ||
| Q1 24 | — | 1.26× |
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% |
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
