vs
Fat Brands, Inc（FAT）与Forestar Group Inc.（FOR）财务数据对比。点击上方公司名可切换其他公司
Forestar Group Inc.的季度营收约是Fat Brands, Inc的1.9倍（$273.0M vs $140.0M），Forestar Group Inc.净利率更高（5.6% vs -41.6%，领先47.2%），Forestar Group Inc.同比增速更快（9.0% vs -2.3%），Fat Brands, Inc自由现金流更多（$-16.9M vs $-157.1M），过去两年Fat Brands, Inc的营收复合增速更高（-6.1% vs -9.6%）
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。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
FAT vs FOR — 直观对比
营收规模更大
FOR
是对方的1.9倍
$140.0M
营收增速更快
FOR
高出11.4%
-2.3%
净利率更高
FOR
高出47.2%
-41.6%
自由现金流更多
FAT
多$140.2M
$-157.1M
两年增速更快
FAT
近两年复合增速
-9.6%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $140.0M | $273.0M |
| 净利润 | $-58.2M | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | -12.4% | 7.6% |
| 净利率 | -41.6% | 5.6% |
| 营收同比 | -2.3% | 9.0% |
| 净利润同比 | -30.1% | -6.7% |
| 每股收益（稀释后） | $-3.39 | $0.30 |
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FATFOR
| Q4 25 | — | $273.0M | ||
| Q3 25 | $140.0M | $670.5M | ||
| Q2 25 | $146.8M | $390.5M | ||
| Q1 25 | $142.0M | $351.0M | ||
| Q4 24 | $145.3M | $250.4M | ||
| Q3 24 | $143.4M | $551.3M | ||
| Q2 24 | $152.0M | $318.4M | ||
| Q1 24 | $152.0M | $333.8M |
净利润FATFOR
| Q4 25 | — | $15.4M | ||
| Q3 25 | $-58.2M | $86.9M | ||
| Q2 25 | $-54.2M | $32.9M | ||
| Q1 25 | $-46.0M | $31.6M | ||
| Q4 24 | $-67.4M | $16.5M | ||
| Q3 24 | $-44.8M | $81.5M | ||
| Q2 24 | $-39.4M | $38.7M | ||
| Q1 24 | $-38.3M | $45.0M |
毛利率FATFOR
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 24.9% |
营业利润率FATFOR
| Q4 25 | — | 7.6% | ||
| Q3 25 | -12.4% | 16.9% | ||
| Q2 25 | -10.6% | 11.2% | ||
| Q1 25 | -6.0% | 11.6% | ||
| Q4 24 | -27.1% | 8.7% | ||
| Q3 24 | -6.2% | 19.7% | ||
| Q2 24 | -1.8% | 16.2% | ||
| Q1 24 | -0.9% | 17.6% |
净利率FATFOR
| Q4 25 | — | 5.6% | ||
| Q3 25 | -41.6% | 13.0% | ||
| Q2 25 | -36.9% | 8.4% | ||
| Q1 25 | -32.4% | 9.0% | ||
| Q4 24 | -46.4% | 6.6% | ||
| Q3 24 | -31.2% | 14.8% | ||
| Q2 24 | -25.9% | 12.2% | ||
| Q1 24 | -25.2% | 13.5% |
每股收益（稀释后）FATFOR
| Q4 25 | — | $0.30 | ||
| Q3 25 | $-3.39 | $1.70 | ||
| Q2 25 | $-3.17 | $0.65 | ||
| Q1 25 | $-2.73 | $0.62 | ||
| Q4 24 | $-4.06 | $0.32 | ||
| Q3 24 | $-2.74 | $1.59 | ||
| Q2 24 | $-2.43 | $0.76 | ||
| Q1 24 | $-2.37 | $0.89 |
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 | — | $211.7M |
| 总债务越低越好 | $1.3B | $793.2M |
| 股东权益账面价值 | $-585.8M | $1.8B |
| 总资产 | $1.2B | $3.2B |
| 负债/权益比越低杠杆越低 | — | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资FATFOR
| Q4 25 | — | $211.7M | ||
| Q3 25 | — | $379.2M | ||
| Q2 25 | — | $189.2M | ||
| Q1 25 | — | $174.3M | ||
| Q4 24 | — | $132.0M | ||
| Q3 24 | — | $481.2M | ||
| Q2 24 | — | $359.2M | ||
| Q1 24 | — | $416.2M |
总债务FATFOR
| Q4 25 | — | $793.2M | ||
| Q3 25 | $1.3B | $802.7M | ||
| Q2 25 | $1.3B | $872.8M | ||
| Q1 25 | $1.3B | $872.5M | ||
| Q4 24 | $1.3B | $806.8M | ||
| Q3 24 | $1.2B | $706.4M | ||
| Q2 24 | $1.2B | $706.1M | ||
| Q1 24 | $1.2B | $705.7M |
股东权益FATFOR
| Q4 25 | — | $1.8B | ||
| Q3 25 | $-585.8M | $1.8B | ||
| Q2 25 | $-536.5M | $1.7B | ||
| Q1 25 | $-493.9M | $1.6B | ||
| Q4 24 | $-455.7M | $1.6B | ||
| Q3 24 | $-386.1M | $1.6B | ||
| Q2 24 | $-338.6M | $1.5B | ||
| Q1 24 | $-296.8M | $1.5B |
总资产FATFOR
| Q4 25 | — | $3.2B | ||
| Q3 25 | $1.2B | $3.1B | ||
| Q2 25 | $1.2B | $3.1B | ||
| Q1 25 | $1.3B | $3.0B | ||
| Q4 24 | $1.3B | $3.0B | ||
| Q3 24 | $1.3B | $2.8B | ||
| Q2 24 | $1.4B | $2.7B | ||
| Q1 24 | $1.4B | $2.6B |
负债/权益比FATFOR
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.48× |
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 | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $-16.9M | $-157.1M |
| 自由现金流率自由现金流/营收 | -12.1% | -57.5% |
| 资本支出强度资本支出/营收 | 1.7% | 0.0% |
| 现金转化率经营现金流/净利润 | — | -10.19× |
| 过去12个月自由现金流最近4个季度 | $-75.0M | $93.0M |
8季度趋势，按日历期对齐
经营现金流FATFOR
| Q4 25 | — | $-157.0M | ||
| Q3 25 | $-14.5M | $256.3M | ||
| Q2 25 | $-26.9M | $15.8M | ||
| Q1 25 | $-13.2M | $-19.8M | ||
| Q4 24 | $-10.4M | $-450.0M | ||
| Q3 24 | $-3.2M | $119.2M | ||
| Q2 24 | $-14.2M | $-61.7M | ||
| Q1 24 | $-28.4M | $-59.2M |
自由现金流FATFOR
| Q4 25 | — | $-157.1M | ||
| Q3 25 | $-16.9M | $255.6M | ||
| Q2 25 | $-29.3M | $15.0M | ||
| Q1 25 | $-17.8M | $-20.5M | ||
| Q4 24 | $-11.0M | — | ||
| Q3 24 | $-11.1M | $118.4M | ||
| Q2 24 | $-24.4M | $-62.3M | ||
| Q1 24 | $-32.5M | $-59.8M |
自由现金流率FATFOR
| Q4 25 | — | -57.5% | ||
| Q3 25 | -12.1% | 38.1% | ||
| Q2 25 | -20.0% | 3.8% | ||
| Q1 25 | -12.5% | -5.8% | ||
| Q4 24 | -7.6% | — | ||
| Q3 24 | -7.7% | 21.5% | ||
| Q2 24 | -16.1% | -19.6% | ||
| Q1 24 | -21.4% | -17.9% |
资本支出强度FATFOR
| Q4 25 | — | 0.0% | ||
| Q3 25 | 1.7% | 0.1% | ||
| Q2 25 | 1.6% | 0.2% | ||
| Q1 25 | 3.2% | 0.2% | ||
| Q4 24 | 0.4% | 0.0% | ||
| Q3 24 | 5.5% | 0.1% | ||
| Q2 24 | 6.7% | 0.2% | ||
| Q1 24 | 2.7% | 0.2% |
现金转化率FATFOR
| Q4 25 | — | -10.19× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | -0.63× | ||
| Q4 24 | — | -27.27× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | — | -1.59× | ||
| Q1 24 | — | -1.32× |
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
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
