vs
Side-by-side financial comparison of Fat Brands, Inc (FAT) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Varex Imaging Corp is the larger business by last-quarter revenue ($209.6M vs $140.0M, roughly 1.5× Fat Brands, Inc). Varex Imaging Corp runs the higher net margin — 1.1% vs -41.6%, a 42.7% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs -2.3%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-26.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
FAT vs VREX — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $209.6M |
| Net Profit | $-58.2M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | -12.4% | 7.3% |
| Net Margin | -41.6% | 1.1% |
| Revenue YoY | -2.3% | 4.9% |
| Net Profit YoY | -30.1% | 866.7% |
| EPS (diluted) | $-3.39 | $0.05 |
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.
| Q1 26 | — | $209.6M | ||
| Q4 25 | — | $228.9M | ||
| Q3 25 | $140.0M | $203.0M | ||
| Q2 25 | $146.8M | $212.9M | ||
| Q1 25 | $142.0M | $199.8M | ||
| Q4 24 | $145.3M | — | ||
| Q3 24 | $143.4M | $205.7M | ||
| Q2 24 | $152.0M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | — | $12.2M | ||
| Q3 25 | $-58.2M | $-89.1M | ||
| Q2 25 | $-54.2M | $6.9M | ||
| Q1 25 | $-46.0M | $-300.0K | ||
| Q4 24 | $-67.4M | — | ||
| Q3 24 | $-44.8M | $-51.1M | ||
| Q2 24 | $-39.4M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | — | 8.6% | ||
| Q3 25 | -12.4% | -39.8% | ||
| Q2 25 | -10.6% | 10.4% | ||
| Q1 25 | -6.0% | 5.6% | ||
| Q4 24 | -27.1% | — | ||
| Q3 24 | -6.2% | 5.3% | ||
| Q2 24 | -1.8% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | — | 5.3% | ||
| Q3 25 | -41.6% | -43.9% | ||
| Q2 25 | -36.9% | 3.2% | ||
| Q1 25 | -32.4% | -0.2% | ||
| Q4 24 | -46.4% | — | ||
| Q3 24 | -31.2% | -24.8% | ||
| Q2 24 | -25.9% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | $-3.39 | $-2.15 | ||
| Q2 25 | $-3.17 | $0.17 | ||
| Q1 25 | $-2.73 | $-0.01 | ||
| Q4 24 | $-4.06 | — | ||
| Q3 24 | $-2.74 | $-1.25 | ||
| Q2 24 | $-2.43 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $125.6M |
| Total DebtLower is stronger | $1.3B | $367.6M |
| Stockholders' EquityBook value | $-585.8M | $476.9M |
| Total Assets | $1.2B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | — | $155.1M | ||
| Q3 25 | — | $152.6M | ||
| Q2 25 | — | $223.0M | ||
| Q1 25 | — | $212.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $200.5M | ||
| Q2 24 | — | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | $1.3B | $367.5M | ||
| Q2 25 | $1.3B | $567.2M | ||
| Q1 25 | $1.3B | $567.0M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | $443.4M | ||
| Q2 24 | $1.2B | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | — | $472.6M | ||
| Q3 25 | $-585.8M | $455.3M | ||
| Q2 25 | $-536.5M | $549.7M | ||
| Q1 25 | $-493.9M | $540.2M | ||
| Q4 24 | $-455.7M | — | ||
| Q3 24 | $-386.1M | $529.1M | ||
| Q2 24 | $-338.6M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.4B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | $-16.9M | $-26.8M |
| FCF MarginFCF / Revenue | -12.1% | -12.8% |
| Capex IntensityCapex / Revenue | 1.7% | 5.1% |
| Cash ConversionOCF / Net Profit | — | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | — | $7.9M | ||
| Q3 25 | $-14.5M | $7.7M | ||
| Q2 25 | $-26.9M | $16.6M | ||
| Q1 25 | $-13.2M | $9.5M | ||
| Q4 24 | $-10.4M | — | ||
| Q3 24 | $-3.2M | $25.9M | ||
| Q2 24 | $-14.2M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | — | $2.3M | ||
| Q3 25 | $-16.9M | $1.4M | ||
| Q2 25 | $-29.3M | $9.8M | ||
| Q1 25 | $-17.8M | $5.3M | ||
| Q4 24 | $-11.0M | — | ||
| Q3 24 | $-11.1M | $19.9M | ||
| Q2 24 | $-24.4M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | -12.1% | 0.7% | ||
| Q2 25 | -20.0% | 4.6% | ||
| Q1 25 | -12.5% | 2.7% | ||
| Q4 24 | -7.6% | — | ||
| Q3 24 | -7.7% | 9.7% | ||
| Q2 24 | -16.1% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | 1.7% | 3.1% | ||
| Q2 25 | 1.6% | 3.2% | ||
| Q1 25 | 3.2% | 2.1% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 5.5% | 2.9% | ||
| Q2 24 | 6.7% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
