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Fat Brands, Inc（FAT）与弗雷斯特研究公司（FORR）财务数据对比。点击上方公司名可切换其他公司
Fat Brands, Inc的季度营收约是弗雷斯特研究公司的1.4倍（$140.0M vs $101.1M），弗雷斯特研究公司净利率更高（-33.5% vs -41.6%，领先8.1%），Fat Brands, Inc同比增速更快（-2.3% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-16.9M），过去两年弗雷斯特研究公司的营收复合增速更高（0.5% vs -6.1%）
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。
福雷斯特研究公司是一家全球领先的研究咨询机构，主营业务涵盖行业研究、管理咨询与行业峰会举办，客户群体包括全球大型企业、科技公司与消费领域领军企业，公司总部位于美国马萨诸塞州剑桥市。
FAT vs FORR — 直观对比
营收规模更大
FAT
是对方的1.4倍
$101.1M
营收增速更快
FAT
高出4.1%
-6.5%
净利率更高
FORR
高出8.1%
-41.6%
自由现金流更多
FORR
多$12.6M
$-16.9M
两年增速更快
FORR
近两年复合增速
-6.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $140.0M | $101.1M |
| 净利润 | $-58.2M | $-33.9M |
| 毛利率 | — | 56.7% |
| 营业利润率 | -12.4% | -36.6% |
| 净利率 | -41.6% | -33.5% |
| 营收同比 | -2.3% | -6.5% |
| 净利润同比 | -30.1% | -7941.4% |
| 每股收益（稀释后） | $-3.39 | $-1.75 |
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FATFORR
| Q4 25 | — | $101.1M | ||
| Q3 25 | $140.0M | $94.3M | ||
| Q2 25 | $146.8M | $111.7M | ||
| Q1 25 | $142.0M | $89.9M | ||
| Q4 24 | $145.3M | $108.0M | ||
| Q3 24 | $143.4M | $102.5M | ||
| Q2 24 | $152.0M | $121.8M | ||
| Q1 24 | $152.0M | $100.1M |
净利润FATFORR
| Q4 25 | — | $-33.9M | ||
| Q3 25 | $-58.2M | $-2.1M | ||
| Q2 25 | $-54.2M | $3.9M | ||
| Q1 25 | $-46.0M | $-87.3M | ||
| Q4 24 | $-67.4M | $432.0K | ||
| Q3 24 | $-44.8M | $-5.8M | ||
| Q2 24 | $-39.4M | $6.3M | ||
| Q1 24 | $-38.3M | $-6.7M |
毛利率FATFORR
| Q4 25 | — | 56.7% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | — | 60.5% | ||
| Q2 24 | — | 57.3% | ||
| Q1 24 | — | 54.9% |
营业利润率FATFORR
| Q4 25 | — | -36.6% | ||
| Q3 25 | -12.4% | 4.7% | ||
| Q2 25 | -10.6% | 6.2% | ||
| Q1 25 | -6.0% | -97.5% | ||
| Q4 24 | -27.1% | -0.5% | ||
| Q3 24 | -6.2% | -0.7% | ||
| Q2 24 | -1.8% | 9.3% | ||
| Q1 24 | -0.9% | -9.3% |
净利率FATFORR
| Q4 25 | — | -33.5% | ||
| Q3 25 | -41.6% | -2.3% | ||
| Q2 25 | -36.9% | 3.5% | ||
| Q1 25 | -32.4% | -97.1% | ||
| Q4 24 | -46.4% | 0.4% | ||
| Q3 24 | -31.2% | -5.7% | ||
| Q2 24 | -25.9% | 5.2% | ||
| Q1 24 | -25.2% | -6.7% |
每股收益（稀释后）FATFORR
| Q4 25 | — | $-1.75 | ||
| Q3 25 | $-3.39 | $-0.11 | ||
| Q2 25 | $-3.17 | $0.20 | ||
| Q1 25 | $-2.73 | $-4.62 | ||
| Q4 24 | $-4.06 | $0.02 | ||
| Q3 24 | $-2.74 | $-0.30 | ||
| Q2 24 | $-2.43 | $0.33 | ||
| Q1 24 | $-2.37 | $-0.35 |
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 | — | $63.3M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $-585.8M | $126.5M |
| 总资产 | $1.2B | $404.0M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资FATFORR
| Q4 25 | — | $63.3M | ||
| Q3 25 | — | $65.1M | ||
| Q2 25 | — | $67.8M | ||
| Q1 25 | — | $75.6M | ||
| Q4 24 | — | $56.1M | ||
| Q3 24 | — | $62.8M | ||
| Q2 24 | — | $58.9M | ||
| Q1 24 | — | $61.4M |
总债务FATFORR
| 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 | — |
股东权益FATFORR
| Q4 25 | — | $126.5M | ||
| Q3 25 | $-585.8M | $157.7M | ||
| Q2 25 | $-536.5M | $159.5M | ||
| Q1 25 | $-493.9M | $147.4M | ||
| Q4 24 | $-455.7M | $229.5M | ||
| Q3 24 | $-386.1M | $234.3M | ||
| Q2 24 | $-338.6M | $237.1M | ||
| Q1 24 | $-296.8M | $230.9M |
总资产FATFORR
| Q4 25 | — | $404.0M | ||
| Q3 25 | $1.2B | $414.2M | ||
| Q2 25 | $1.2B | $436.0M | ||
| Q1 25 | $1.3B | $439.8M | ||
| Q4 24 | $1.3B | $503.9M | ||
| Q3 24 | $1.3B | $505.3M | ||
| Q2 24 | $1.4B | $524.2M | ||
| Q1 24 | $1.4B | $555.7M |
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 | $-3.2M |
| 自由现金流经营现金流 - 资本支出 | $-16.9M | $-4.3M |
| 自由现金流率自由现金流/营收 | -12.1% | -4.2% |
| 资本支出强度资本支出/营收 | 1.7% | 1.1% |
| 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 | $18.1M |
8季度趋势，按日历期对齐
经营现金流FATFORR
| Q4 25 | — | $-3.2M | ||
| Q3 25 | $-14.5M | $1.2M | ||
| Q2 25 | $-26.9M | $-3.6M | ||
| Q1 25 | $-13.2M | $26.7M | ||
| Q4 24 | $-10.4M | $-1.8M | ||
| Q3 24 | $-3.2M | $264.0K | ||
| Q2 24 | $-14.2M | $-2.9M | ||
| Q1 24 | $-28.4M | $611.0K |
自由现金流FATFORR
| Q4 25 | — | $-4.3M | ||
| Q3 25 | $-16.9M | $524.0K | ||
| Q2 25 | $-29.3M | $-4.2M | ||
| Q1 25 | $-17.8M | $26.1M | ||
| Q4 24 | $-11.0M | $-2.5M | ||
| Q3 24 | $-11.1M | $-223.0K | ||
| Q2 24 | $-24.4M | $-3.7M | ||
| Q1 24 | $-32.5M | $-815.0K |
自由现金流率FATFORR
| Q4 25 | — | -4.2% | ||
| Q3 25 | -12.1% | 0.6% | ||
| Q2 25 | -20.0% | -3.8% | ||
| Q1 25 | -12.5% | 29.0% | ||
| Q4 24 | -7.6% | -2.3% | ||
| Q3 24 | -7.7% | -0.2% | ||
| Q2 24 | -16.1% | -3.1% | ||
| Q1 24 | -21.4% | -0.8% |
资本支出强度FATFORR
| Q4 25 | — | 1.1% | ||
| Q3 25 | 1.7% | 0.7% | ||
| Q2 25 | 1.6% | 0.5% | ||
| Q1 25 | 3.2% | 0.7% | ||
| Q4 24 | 0.4% | 0.6% | ||
| Q3 24 | 5.5% | 0.5% | ||
| Q2 24 | 6.7% | 0.7% | ||
| Q1 24 | 2.7% | 1.4% |
现金转化率FATFORR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 24 | — | — |
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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
