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Side-by-side financial comparison of Fat Brands, Inc (FAT) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($208.0M vs $140.0M, roughly 1.5× Fat Brands, Inc). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 16.3% vs -41.6%, a 57.9% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -10.9%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-74.1M). Over the past eight quarters, VIRTUS INVESTMENT PARTNERS, INC.'s revenue compounded faster (-3.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
FAT vs VRTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $208.0M |
| Net Profit | $-58.2M | $33.9M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 19.1% |
| Net Margin | -41.6% | 16.3% |
| Revenue YoY | -2.3% | -10.9% |
| Net Profit YoY | -30.1% | -14.2% |
| EPS (diluted) | $-3.39 | $5.15 |
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 | — | $208.0M | ||
| Q3 25 | $140.0M | $216.4M | ||
| Q2 25 | $146.8M | $210.5M | ||
| Q1 25 | $142.0M | $217.9M | ||
| Q4 24 | $145.3M | $233.5M | ||
| Q3 24 | $143.4M | $227.0M | ||
| Q2 24 | $152.0M | $224.4M | ||
| Q1 24 | $152.0M | $222.0M |
| Q4 25 | — | $33.9M | ||
| Q3 25 | $-58.2M | $31.3M | ||
| Q2 25 | $-54.2M | $42.7M | ||
| Q1 25 | $-46.0M | $28.1M | ||
| Q4 24 | $-67.4M | $39.5M | ||
| Q3 24 | $-44.8M | $49.1M | ||
| Q2 24 | $-39.4M | $26.0M | ||
| Q1 24 | $-38.3M | $37.9M |
| Q4 25 | — | 19.1% | ||
| Q3 25 | -12.4% | 21.7% | ||
| Q2 25 | -10.6% | 21.5% | ||
| Q1 25 | -6.0% | 16.8% | ||
| Q4 24 | -27.1% | 21.7% | ||
| Q3 24 | -6.2% | 24.3% | ||
| Q2 24 | -1.8% | 19.7% | ||
| Q1 24 | -0.9% | 14.5% |
| Q4 25 | — | 16.3% | ||
| Q3 25 | -41.6% | 14.5% | ||
| Q2 25 | -36.9% | 20.3% | ||
| Q1 25 | -32.4% | 12.9% | ||
| Q4 24 | -46.4% | 16.9% | ||
| Q3 24 | -31.2% | 21.6% | ||
| Q2 24 | -25.9% | 11.6% | ||
| Q1 24 | -25.2% | 17.1% |
| Q4 25 | — | $5.15 | ||
| Q3 25 | $-3.39 | $4.65 | ||
| Q2 25 | $-3.17 | $6.12 | ||
| Q1 25 | $-2.73 | $4.05 | ||
| Q4 24 | $-4.06 | $4.65 | ||
| Q3 24 | $-2.74 | $5.71 | ||
| Q2 24 | $-2.43 | $2.43 | ||
| Q1 24 | $-2.37 | $4.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $1.3B | $390.0M |
| Stockholders' EquityBook value | $-585.8M | $934.0M |
| Total Assets | $1.2B | $4.3B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $390.0M | ||
| Q3 25 | $1.3B | $390.6M | ||
| Q2 25 | $1.3B | $231.3M | ||
| Q1 25 | $1.3B | $231.7M | ||
| Q4 24 | $1.3B | $232.1M | ||
| Q3 24 | $1.2B | $237.5M | ||
| Q2 24 | $1.2B | $247.6M | ||
| Q1 24 | $1.2B | $253.0M |
| Q4 25 | — | $934.0M | ||
| Q3 25 | $-585.8M | $918.7M | ||
| Q2 25 | $-536.5M | $896.4M | ||
| Q1 25 | $-493.9M | $893.7M | ||
| Q4 24 | $-455.7M | $897.5M | ||
| Q3 24 | $-386.1M | $889.0M | ||
| Q2 24 | $-338.6M | $868.7M | ||
| Q1 24 | $-296.8M | $871.7M |
| Q4 25 | — | $4.3B | ||
| Q3 25 | $1.2B | $3.9B | ||
| Q2 25 | $1.2B | $3.7B | ||
| Q1 25 | $1.3B | $3.7B | ||
| Q4 24 | $1.3B | $4.0B | ||
| Q3 24 | $1.3B | $3.6B | ||
| Q2 24 | $1.4B | $3.6B | ||
| Q1 24 | $1.4B | $3.5B |
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× | ||
| Q1 24 | — | 0.29× |
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 | $-67.2M |
| Free Cash FlowOCF − Capex | $-16.9M | $-74.1M |
| FCF MarginFCF / Revenue | -12.1% | -35.6% |
| Capex IntensityCapex / Revenue | 1.7% | 3.3% |
| Cash ConversionOCF / Net Profit | — | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-67.2M | ||
| Q3 25 | $-14.5M | $108.3M | ||
| Q2 25 | $-26.9M | $75.8M | ||
| Q1 25 | $-13.2M | $-3.8M | ||
| Q4 24 | $-10.4M | $1.8M | ||
| Q3 24 | $-3.2M | $69.1M | ||
| Q2 24 | $-14.2M | $70.0M | ||
| Q1 24 | $-28.4M | $-34.5M |
| Q4 25 | — | $-74.1M | ||
| Q3 25 | $-16.9M | $106.9M | ||
| Q2 25 | $-29.3M | $74.2M | ||
| Q1 25 | $-17.8M | $-6.8M | ||
| Q4 24 | $-11.0M | $-3.8M | ||
| Q3 24 | $-11.1M | $68.7M | ||
| Q2 24 | $-24.4M | $68.6M | ||
| Q1 24 | $-32.5M | $-36.5M |
| Q4 25 | — | -35.6% | ||
| Q3 25 | -12.1% | 49.4% | ||
| Q2 25 | -20.0% | 35.2% | ||
| Q1 25 | -12.5% | -3.1% | ||
| Q4 24 | -7.6% | -1.6% | ||
| Q3 24 | -7.7% | 30.3% | ||
| Q2 24 | -16.1% | 30.6% | ||
| Q1 24 | -21.4% | -16.4% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | 1.7% | 0.7% | ||
| Q2 25 | 1.6% | 0.7% | ||
| Q1 25 | 3.2% | 1.4% | ||
| Q4 24 | 0.4% | 2.4% | ||
| Q3 24 | 5.5% | 0.2% | ||
| Q2 24 | 6.7% | 0.6% | ||
| Q1 24 | 2.7% | 0.9% |
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× | ||
| Q1 24 | — | -0.91× |
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% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
