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PATHWARD FINANCIAL, INC.（CASH）与Fat Brands, Inc（FAT）财务数据对比。点击上方公司名可切换其他公司
PATHWARD FINANCIAL, INC.的季度营收约是Fat Brands, Inc的2.0倍（$276.3M vs $140.0M），PATHWARD FINANCIAL, INC.净利率更高（26.4% vs -41.6%，领先68.0%），过去两年PATHWARD FINANCIAL, INC.的营收复合增速更高（21.0% vs -6.1%）
Pathward Financial, Inc.是一家总部位于美国的银行及金融服务企业，其前身为Meta金融集团旗下相关业务主体，2022年母公司将“Meta”商标出售给Meta Platforms后，正式启用现有名称。
FAT Brands是来自美国的多品牌餐饮与体育酒吧连锁运营商，总部位于加利福尼亚州比弗利山庄，主要开展餐饮品牌的连锁加盟运营业务，旗下涵盖多个餐饮及休闲体育酒吧品牌。
CASH vs FAT — 直观对比
营收规模更大
CASH
是对方的2.0倍
$140.0M
净利率更高
CASH
高出68.0%
-41.6%
两年增速更快
CASH
近两年复合增速
-6.1%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $276.3M | $140.0M |
| 净利润 | $72.9M | $-58.2M |
| 毛利率 | — | — |
| 营业利润率 | — | -12.4% |
| 净利率 | 26.4% | -41.6% |
| 营收同比 | — | -2.3% |
| 净利润同比 | — | -30.1% |
| 每股收益（稀释后） | $3.35 | $-3.39 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CASHFAT
| Q1 26 | $276.3M | — | ||
| Q4 25 | $173.1M | — | ||
| Q3 25 | $186.7M | $140.0M | ||
| Q2 25 | $195.8M | $146.8M | ||
| Q1 25 | $274.8M | $142.0M | ||
| Q4 24 | $182.6M | $145.3M | ||
| Q3 24 | $179.5M | $143.4M | ||
| Q2 24 | $188.6M | $152.0M |
净利润CASHFAT
| Q1 26 | $72.9M | — | ||
| Q4 25 | $35.2M | — | ||
| Q3 25 | $38.8M | $-58.2M | ||
| Q2 25 | $42.1M | $-54.2M | ||
| Q1 25 | $75.0M | $-46.0M | ||
| Q4 24 | $30.0M | $-67.4M | ||
| Q3 24 | $33.5M | $-44.8M | ||
| Q2 24 | $44.9M | $-39.4M |
营业利润率CASHFAT
| Q1 26 | — | — | ||
| Q4 25 | 24.6% | — | ||
| Q3 25 | 25.9% | -12.4% | ||
| Q2 25 | 24.1% | -10.6% | ||
| Q1 25 | 33.2% | -6.0% | ||
| Q4 24 | 19.8% | -27.1% | ||
| Q3 24 | 20.9% | -6.2% | ||
| Q2 24 | 27.1% | -1.8% |
净利率CASHFAT
| Q1 26 | 26.4% | — | ||
| Q4 25 | 20.3% | — | ||
| Q3 25 | 20.8% | -41.6% | ||
| Q2 25 | 21.5% | -36.9% | ||
| Q1 25 | 27.3% | -32.4% | ||
| Q4 24 | 16.4% | -46.4% | ||
| Q3 24 | 18.7% | -31.2% | ||
| Q2 24 | 23.8% | -25.9% |
每股收益（稀释后）CASHFAT
| Q1 26 | $3.35 | — | ||
| Q4 25 | $1.57 | — | ||
| Q3 25 | $1.69 | $-3.39 | ||
| Q2 25 | $1.81 | $-3.17 | ||
| Q1 25 | $3.14 | $-2.73 | ||
| Q4 24 | $1.23 | $-4.06 | ||
| Q3 24 | $1.34 | $-2.74 | ||
| Q2 24 | $1.78 | $-2.43 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $157.6M | — |
| 总债务越低越好 | $59.5M | $1.3B |
| 股东权益账面价值 | $850.7M | $-585.8M |
| 总资产 | $7.1B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.07× | — |
8季度趋势，按日历期对齐
现金及短期投资CASHFAT
| Q1 26 | $157.6M | — | ||
| Q4 25 | $331.2M | — | ||
| Q3 25 | $120.6M | — | ||
| Q2 25 | $258.3M | — | ||
| Q1 25 | $254.2M | — | ||
| Q4 24 | $597.4M | — | ||
| Q3 24 | $158.3M | — | ||
| Q2 24 | $298.9M | — |
总债务CASHFAT
| Q1 26 | $59.5M | — | ||
| Q4 25 | $33.5M | — | ||
| Q3 25 | $33.5M | $1.3B | ||
| Q2 25 | $33.4M | $1.3B | ||
| Q1 25 | $33.4M | $1.3B | ||
| Q4 24 | $33.4M | $1.3B | ||
| Q3 24 | $33.4M | $1.2B | ||
| Q2 24 | $33.3M | $1.2B |
股东权益CASHFAT
| Q1 26 | $850.7M | — | ||
| Q4 25 | $854.5M | — | ||
| Q3 25 | $858.0M | $-585.8M | ||
| Q2 25 | $819.0M | $-536.5M | ||
| Q1 25 | $814.7M | $-493.9M | ||
| Q4 24 | $758.3M | $-455.7M | ||
| Q3 24 | $822.5M | $-386.1M | ||
| Q2 24 | $748.4M | $-338.6M |
总资产CASHFAT
| Q1 26 | $7.1B | — | ||
| Q4 25 | $7.6B | — | ||
| Q3 25 | $7.2B | $1.2B | ||
| Q2 25 | $7.2B | $1.2B | ||
| Q1 25 | $7.0B | $1.3B | ||
| Q4 24 | $7.6B | $1.3B | ||
| Q3 24 | $7.5B | $1.3B | ||
| Q2 24 | $7.5B | $1.4B |
负债/权益比CASHFAT
| Q1 26 | 0.07× | — | ||
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $-14.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-16.9M |
| 自由现金流率自由现金流/营收 | — | -12.1% |
| 资本支出强度资本支出/营收 | — | 1.7% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-75.0M |
8季度趋势，按日历期对齐
经营现金流CASHFAT
| Q1 26 | — | — | ||
| Q4 25 | $108.3M | — | ||
| Q3 25 | $303.7M | $-14.5M | ||
| Q2 25 | $30.4M | $-26.9M | ||
| Q1 25 | $188.3M | $-13.2M | ||
| Q4 24 | $-71.7M | $-10.4M | ||
| Q3 24 | $143.1M | $-3.2M | ||
| Q2 24 | $113.2M | $-14.2M |
自由现金流CASHFAT
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | — | ||
| Q3 25 | $300.3M | $-16.9M | ||
| Q2 25 | $27.7M | $-29.3M | ||
| Q1 25 | $184.7M | $-17.8M | ||
| Q4 24 | $-73.8M | $-11.0M | ||
| Q3 24 | $138.8M | $-11.1M | ||
| Q2 24 | $111.0M | $-24.4M |
自由现金流率CASHFAT
| Q1 26 | — | — | ||
| Q4 25 | 60.1% | — | ||
| Q3 25 | 160.9% | -12.1% | ||
| Q2 25 | 14.1% | -20.0% | ||
| Q1 25 | 67.2% | -12.5% | ||
| Q4 24 | -40.4% | -7.6% | ||
| Q3 24 | 77.3% | -7.7% | ||
| Q2 24 | 58.8% | -16.1% |
资本支出强度CASHFAT
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | — | ||
| Q3 25 | 1.8% | 1.7% | ||
| Q2 25 | 1.4% | 1.6% | ||
| Q1 25 | 1.3% | 3.2% | ||
| Q4 24 | 1.1% | 0.4% | ||
| Q3 24 | 2.4% | 5.5% | ||
| Q2 24 | 1.2% | 6.7% |
现金转化率CASHFAT
| Q1 26 | — | — | ||
| Q4 25 | 3.08× | — | ||
| Q3 25 | 7.83× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | — | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
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% |
