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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Xometry, Inc. (XMTR). Click either name above to swap in a different company.
Xometry, Inc. is the larger business by last-quarter revenue ($192.4M vs $140.0M, roughly 1.4× Fat Brands, Inc). Xometry, Inc. runs the higher net margin — -4.5% vs -41.6%, a 37.1% gap on every dollar of revenue. On growth, Xometry, Inc. posted the faster year-over-year revenue change (29.5% vs -2.3%). Xometry, Inc. produced more free cash flow last quarter ($-5.9M vs $-16.9M). Over the past eight quarters, Xometry, Inc.'s revenue compounded faster (25.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Xometry is an online marketplace for sourcing on-demand manufactured parts for prototyping and large-scale production.
FAT vs XMTR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $192.4M |
| Net Profit | $-58.2M | $-8.6M |
| Gross Margin | — | 39.1% |
| Operating Margin | -12.4% | -4.6% |
| Net Margin | -41.6% | -4.5% |
| Revenue YoY | -2.3% | 29.5% |
| Net Profit YoY | -30.1% | 12.7% |
| EPS (diluted) | $-3.39 | — |
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 | — | $192.4M | ||
| Q3 25 | $140.0M | $180.7M | ||
| Q2 25 | $146.8M | $162.5M | ||
| Q1 25 | $142.0M | $151.0M | ||
| Q4 24 | $145.3M | $148.5M | ||
| Q3 24 | $143.4M | $141.7M | ||
| Q2 24 | $152.0M | $132.6M | ||
| Q1 24 | $152.0M | $122.7M |
| Q4 25 | — | $-8.6M | ||
| Q3 25 | $-58.2M | $-11.6M | ||
| Q2 25 | $-54.2M | $-26.4M | ||
| Q1 25 | $-46.0M | $-15.1M | ||
| Q4 24 | $-67.4M | $-9.9M | ||
| Q3 24 | $-44.8M | $-10.2M | ||
| Q2 24 | $-39.4M | $-13.7M | ||
| Q1 24 | $-38.3M | $-16.6M |
| Q4 25 | — | 39.1% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 40.1% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 39.9% | ||
| Q1 24 | — | 39.0% |
| Q4 25 | — | -4.6% | ||
| Q3 25 | -12.4% | -6.1% | ||
| Q2 25 | -10.6% | -6.3% | ||
| Q1 25 | -6.0% | -10.2% | ||
| Q4 24 | -27.1% | -7.8% | ||
| Q3 24 | -6.2% | -8.1% | ||
| Q2 24 | -1.8% | -11.5% | ||
| Q1 24 | -0.9% | -14.6% |
| Q4 25 | — | -4.5% | ||
| Q3 25 | -41.6% | -6.4% | ||
| Q2 25 | -36.9% | -16.3% | ||
| Q1 25 | -32.4% | -10.0% | ||
| Q4 24 | -46.4% | -6.7% | ||
| Q3 24 | -31.2% | -7.2% | ||
| Q2 24 | -25.9% | -10.3% | ||
| Q1 24 | -25.2% | -13.5% |
| Q4 25 | — | — | ||
| Q3 25 | $-3.39 | — | ||
| Q2 25 | $-3.17 | — | ||
| Q1 25 | $-2.73 | — | ||
| Q4 24 | $-4.06 | — | ||
| Q3 24 | $-2.74 | — | ||
| Q2 24 | $-2.43 | — | ||
| Q1 24 | $-2.37 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $219.1M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $275.6M |
| Total Assets | $1.2B | $703.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $219.1M | ||
| Q3 25 | — | $224.5M | ||
| Q2 25 | — | $225.8M | ||
| Q1 25 | — | $231.4M | ||
| Q4 24 | — | $239.8M | ||
| Q3 24 | — | $234.0M | ||
| Q2 24 | — | $240.9M | ||
| Q1 24 | — | $253.8M |
| 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 | — | $275.6M | ||
| Q3 25 | $-585.8M | $272.0M | ||
| Q2 25 | $-536.5M | $270.4M | ||
| Q1 25 | $-493.9M | $309.9M | ||
| Q4 24 | $-455.7M | $314.5M | ||
| Q3 24 | $-386.1M | $315.2M | ||
| Q2 24 | $-338.6M | $315.8M | ||
| Q1 24 | $-296.8M | $320.4M |
| Q4 25 | — | $703.7M | ||
| Q3 25 | $1.2B | $698.9M | ||
| Q2 25 | $1.2B | $687.0M | ||
| Q1 25 | $1.3B | $690.1M | ||
| Q4 24 | $1.3B | $680.1M | ||
| Q3 24 | $1.3B | $678.2M | ||
| Q2 24 | $1.4B | $678.6M | ||
| Q1 24 | $1.4B | $692.5M |
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 | $4.4M |
| Free Cash FlowOCF − Capex | $-16.9M | $-5.9M |
| FCF MarginFCF / Revenue | -12.1% | -3.0% |
| Capex IntensityCapex / Revenue | 1.7% | 5.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-24.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.4M | ||
| Q3 25 | $-14.5M | $5.8M | ||
| Q2 25 | $-26.9M | $-427.0K | ||
| Q1 25 | $-13.2M | $-3.7M | ||
| Q4 24 | $-10.4M | $9.1M | ||
| Q3 24 | $-3.2M | $-3.6M | ||
| Q2 24 | $-14.2M | $-9.1M | ||
| Q1 24 | $-28.4M | $-11.7M |
| Q4 25 | — | $-5.9M | ||
| Q3 25 | $-16.9M | $-1.7M | ||
| Q2 25 | $-29.3M | $-7.4M | ||
| Q1 25 | $-17.8M | $-9.2M | ||
| Q4 24 | $-11.0M | $4.5M | ||
| Q3 24 | $-11.1M | $-8.4M | ||
| Q2 24 | $-24.4M | $-13.5M | ||
| Q1 24 | $-32.5M | $-16.1M |
| Q4 25 | — | -3.0% | ||
| Q3 25 | -12.1% | -0.9% | ||
| Q2 25 | -20.0% | -4.5% | ||
| Q1 25 | -12.5% | -6.1% | ||
| Q4 24 | -7.6% | 3.1% | ||
| Q3 24 | -7.7% | -6.0% | ||
| Q2 24 | -16.1% | -10.2% | ||
| Q1 24 | -21.4% | -13.1% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | 1.7% | 4.1% | ||
| Q2 25 | 1.6% | 4.3% | ||
| Q1 25 | 3.2% | 3.6% | ||
| Q4 24 | 0.4% | 3.1% | ||
| Q3 24 | 5.5% | 3.4% | ||
| Q2 24 | 6.7% | 3.3% | ||
| Q1 24 | 2.7% | 3.5% |
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% |
XMTR
| US | $159.1M | 83% |
| Non Us | $33.3M | 17% |
