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Side-by-side financial comparison of Fat Brands, Inc (FAT) and First Watch Restaurant Group, Inc. (FWRG), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
First Watch Restaurant Group, Inc. is the larger business by last-quarter revenue ($316.4M vs $140.0M, roughly 2.3× Fat Brands, Inc). On growth, First Watch Restaurant Group, Inc. posted the faster year-over-year revenue change (20.2% vs -2.3%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-18.3M). Over the past eight quarters, First Watch Restaurant Group, Inc.'s revenue compounded faster (14.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Ruby Tuesday Inc. is an American multinational foodservice retailer that owns, operates, and franchises Ruby Tuesday restaurants. The concept was started in 1972 by Samuel E. (Sandy) Beall III.
FAT vs FWRG — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $316.4M |
| Net Profit | $-58.2M | — |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 2.9% |
| Net Margin | -41.6% | — |
| Revenue YoY | -2.3% | 20.2% |
| Net Profit YoY | -30.1% | — |
| EPS (diluted) | $-3.39 | $0.24 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | — | $316.4M | ||
| Q3 25 | $140.0M | $316.0M | ||
| Q2 25 | $146.8M | $307.9M | ||
| Q1 25 | $142.0M | $282.2M | ||
| Q4 24 | $145.3M | $263.3M | ||
| Q3 24 | $143.4M | $251.6M | ||
| Q2 24 | $152.0M | $258.6M | ||
| Q1 24 | $152.0M | $242.4M |
| Q4 25 | — | — | ||
| Q3 25 | $-58.2M | $3.0M | ||
| Q2 25 | $-54.2M | $2.1M | ||
| Q1 25 | $-46.0M | $-829.0K | ||
| Q4 24 | $-67.4M | — | ||
| Q3 24 | $-44.8M | $2.1M | ||
| Q2 24 | $-39.4M | $8.9M | ||
| Q1 24 | $-38.3M | $7.2M |
| Q4 25 | — | 2.9% | ||
| Q3 25 | -12.4% | 3.2% | ||
| Q2 25 | -10.6% | 2.4% | ||
| Q1 25 | -6.0% | 0.4% | ||
| Q4 24 | -27.1% | 1.5% | ||
| Q3 24 | -6.2% | 2.5% | ||
| Q2 24 | -1.8% | 6.4% | ||
| Q1 24 | -0.9% | 5.1% |
| Q4 25 | — | — | ||
| Q3 25 | -41.6% | 0.9% | ||
| Q2 25 | -36.9% | 0.7% | ||
| Q1 25 | -32.4% | -0.3% | ||
| Q4 24 | -46.4% | — | ||
| Q3 24 | -31.2% | 0.8% | ||
| Q2 24 | -25.9% | 3.4% | ||
| Q1 24 | -25.2% | 3.0% |
| Q4 25 | — | $0.24 | ||
| Q3 25 | $-3.39 | $0.05 | ||
| Q2 25 | $-3.17 | $0.03 | ||
| Q1 25 | $-2.73 | $-0.01 | ||
| Q4 24 | $-4.06 | $0.01 | ||
| Q3 24 | $-2.74 | $0.03 | ||
| Q2 24 | $-2.43 | $0.14 | ||
| Q1 24 | $-2.37 | $0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $21.2M |
| Total DebtLower is stronger | $1.3B | $269.1M |
| Stockholders' EquityBook value | $-585.8M | $626.3M |
| Total Assets | $1.2B | $1.7B |
| Debt / EquityLower = less leverage | — | 0.43× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $21.2M | ||
| Q3 25 | — | $20.7M | ||
| Q2 25 | — | $19.2M | ||
| Q1 25 | — | $18.6M | ||
| Q4 24 | — | $33.3M | ||
| Q3 24 | — | $51.1M | ||
| Q2 24 | — | $45.1M | ||
| Q1 24 | — | $43.2M |
| Q4 25 | — | $269.1M | ||
| Q3 25 | $1.3B | $251.0M | ||
| Q2 25 | $1.3B | $250.0M | ||
| Q1 25 | $1.3B | $191.5M | ||
| Q4 24 | $1.3B | $189.0M | ||
| Q3 24 | $1.2B | $189.7M | ||
| Q2 24 | $1.2B | $192.1M | ||
| Q1 24 | $1.2B | $122.7M |
| Q4 25 | — | $626.3M | ||
| Q3 25 | $-585.8M | $607.3M | ||
| Q2 25 | $-536.5M | $601.3M | ||
| Q1 25 | $-493.9M | $596.3M | ||
| Q4 24 | $-455.7M | $595.4M | ||
| Q3 24 | $-386.1M | $589.1M | ||
| Q2 24 | $-338.6M | $585.8M | ||
| Q1 24 | $-296.8M | $574.4M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.4B | $1.3B |
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 0.21× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-14.5M | $18.5M |
| Free Cash FlowOCF − Capex | $-16.9M | $-18.3M |
| FCF MarginFCF / Revenue | -12.1% | -5.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.7% | 11.6% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-31.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $18.5M | ||
| Q3 25 | $-14.5M | $47.9M | ||
| Q2 25 | $-26.9M | $39.4M | ||
| Q1 25 | $-13.2M | $20.1M | ||
| Q4 24 | $-10.4M | $22.9M | ||
| Q3 24 | $-3.2M | $35.9M | ||
| Q2 24 | $-14.2M | $31.9M | ||
| Q1 24 | $-28.4M | $25.0M |
| Q4 25 | — | $-18.3M | ||
| Q3 25 | $-16.9M | $5.5M | ||
| Q2 25 | $-29.3M | $-1.7M | ||
| Q1 25 | $-17.8M | $-16.4M | ||
| Q4 24 | $-11.0M | $-17.7M | ||
| Q3 24 | $-11.1M | $6.8M | ||
| Q2 24 | $-24.4M | $2.3M | ||
| Q1 24 | $-32.5M | $-3.6M |
| Q4 25 | — | -5.8% | ||
| Q3 25 | -12.1% | 1.7% | ||
| Q2 25 | -20.0% | -0.5% | ||
| Q1 25 | -12.5% | -5.8% | ||
| Q4 24 | -7.6% | -6.7% | ||
| Q3 24 | -7.7% | 2.7% | ||
| Q2 24 | -16.1% | 0.9% | ||
| Q1 24 | -21.4% | -1.5% |
| Q4 25 | — | 11.6% | ||
| Q3 25 | 1.7% | 13.4% | ||
| Q2 25 | 1.6% | 13.4% | ||
| Q1 25 | 3.2% | 13.0% | ||
| Q4 24 | 0.4% | 15.4% | ||
| Q3 24 | 5.5% | 11.6% | ||
| Q2 24 | 6.7% | 11.5% | ||
| Q1 24 | 2.7% | 11.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 16.01× | ||
| Q2 25 | — | 18.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 16.98× | ||
| Q2 24 | — | 3.59× | ||
| Q1 24 | — | 3.46× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
FWRG
| In Restaurant Dining Sales | $254.1M | 80% |
| Third Party Delivery Sales | $38.6M | 12% |
| Take Out Sales | $21.3M | 7% |
| Royalty And System Fund Contributions | $2.3M | 1% |
