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Fat Brands, Inc（FAT）与MARCUS CORP（MCS）财务数据对比。点击上方公司名可切换其他公司
MARCUS CORP的季度营收约是Fat Brands, Inc的1.4倍（$193.5M vs $140.0M），MARCUS CORP同比增速更快（2.8% vs -2.3%），MARCUS CORP自由现金流更多（$26.4M vs $-16.9M），过去两年MARCUS CORP的营收复合增速更高（18.2% 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。
马库斯公司是一家美国企业，主营商业地产领域相关服务，业务覆盖美国与加拿大，提供商业地产经纪、按揭经纪、行业研究以及咨询服务，首创了由单一经纪公司独家代理房源挂牌的行业模式，目前在美加两国设有超过80家办公室，拥有员工超1800名。
FAT vs MCS — 直观对比
营收规模更大
MCS
是对方的1.4倍
$140.0M
营收增速更快
MCS
高出5.1%
-2.3%
自由现金流更多
MCS
多$43.3M
$-16.9M
两年增速更快
MCS
近两年复合增速
-6.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $140.0M | $193.5M |
| 净利润 | $-58.2M | — |
| 毛利率 | — | — |
| 营业利润率 | -12.4% | 0.9% |
| 净利率 | -41.6% | — |
| 营收同比 | -2.3% | 2.8% |
| 净利润同比 | -30.1% | — |
| 每股收益（稀释后） | $-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FATMCS
| Q4 25 | — | $193.5M | ||
| Q3 25 | $140.0M | $210.2M | ||
| Q2 25 | $146.8M | $206.0M | ||
| Q1 25 | $142.0M | $148.8M | ||
| Q4 24 | $145.3M | $188.3M | ||
| Q3 24 | $143.4M | $232.7M | ||
| Q2 24 | $152.0M | $176.0M | ||
| Q1 24 | $152.0M | $138.5M |
净利润FATMCS
| Q4 25 | — | — | ||
| Q3 25 | $-58.2M | $16.2M | ||
| Q2 25 | $-54.2M | $7.3M | ||
| Q1 25 | $-46.0M | $-16.8M | ||
| Q4 24 | $-67.4M | $986.0K | ||
| Q3 24 | $-44.8M | $23.3M | ||
| Q2 24 | $-39.4M | $-20.2M | ||
| Q1 24 | $-38.3M | $-11.9M |
营业利润率FATMCS
| Q4 25 | — | 0.9% | ||
| Q3 25 | -12.4% | 10.8% | ||
| Q2 25 | -10.6% | 6.3% | ||
| Q1 25 | -6.0% | -13.7% | ||
| Q4 24 | -27.1% | -1.2% | ||
| Q3 24 | -6.2% | 14.1% | ||
| Q2 24 | -1.8% | 1.3% | ||
| Q1 24 | -0.9% | -12.0% |
净利率FATMCS
| Q4 25 | — | — | ||
| Q3 25 | -41.6% | 7.7% | ||
| Q2 25 | -36.9% | 3.6% | ||
| Q1 25 | -32.4% | -11.3% | ||
| Q4 24 | -46.4% | 0.5% | ||
| Q3 24 | -31.2% | 10.0% | ||
| Q2 24 | -25.9% | -11.5% | ||
| Q1 24 | -25.2% | -8.6% |
每股收益（稀释后）FATMCS
| 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 | — |
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 | — | $23.4M |
| 总债务越低越好 | $1.3B | $159.0M |
| 股东权益账面价值 | $-585.8M | $457.4M |
| 总资产 | $1.2B | $1.0B |
| 负债/权益比越低杠杆越低 | — | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资FATMCS
| Q4 25 | — | $23.4M | ||
| Q3 25 | — | $7.4M | ||
| Q2 25 | — | $14.9M | ||
| Q1 25 | — | $11.9M | ||
| Q4 24 | — | $40.8M | ||
| Q3 24 | — | $28.4M | ||
| Q2 24 | — | $32.8M | ||
| Q1 24 | — | $17.3M |
总债务FATMCS
| Q4 25 | — | $159.0M | ||
| Q3 25 | $1.3B | $162.0M | ||
| Q2 25 | $1.3B | $179.9M | ||
| Q1 25 | $1.3B | $198.9M | ||
| Q4 24 | $1.3B | $159.1M | ||
| Q3 24 | $1.2B | $173.1M | ||
| Q2 24 | $1.2B | $175.7M | ||
| Q1 24 | $1.2B | $169.8M |
股东权益FATMCS
| Q4 25 | — | $457.4M | ||
| Q3 25 | $-585.8M | $454.3M | ||
| Q2 25 | $-536.5M | $448.4M | ||
| Q1 25 | $-493.9M | $441.8M | ||
| Q4 24 | $-455.7M | $464.9M | ||
| Q3 24 | $-386.1M | $462.3M | ||
| Q2 24 | $-338.6M | $449.4M | ||
| Q1 24 | $-296.8M | $459.3M |
总资产FATMCS
| Q4 25 | — | $1.0B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.3B | $1.0B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.4B | $1.0B |
负债/权益比FATMCS
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 0.36× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.39× | ||
| Q1 24 | — | 0.37× |
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 | $48.8M |
| 自由现金流经营现金流 - 资本支出 | $-16.9M | $26.4M |
| 自由现金流率自由现金流/营收 | -12.1% | 13.6% |
| 资本支出强度资本支出/营收 | 1.7% | 11.6% |
| 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 | $989.0K |
8季度趋势，按日历期对齐
经营现金流FATMCS
| Q4 25 | — | $48.8M | ||
| Q3 25 | $-14.5M | $39.1M | ||
| Q2 25 | $-26.9M | $31.6M | ||
| Q1 25 | $-13.2M | $-35.3M | ||
| Q4 24 | $-10.4M | $52.6M | ||
| Q3 24 | $-3.2M | $30.5M | ||
| Q2 24 | $-14.2M | $36.0M | ||
| Q1 24 | $-28.4M | $-15.1M |
自由现金流FATMCS
| Q4 25 | — | $26.4M | ||
| Q3 25 | $-16.9M | $18.2M | ||
| Q2 25 | $-29.3M | $14.7M | ||
| Q1 25 | $-17.8M | $-58.3M | ||
| Q4 24 | $-11.0M | $27.1M | ||
| Q3 24 | $-11.1M | $12.0M | ||
| Q2 24 | $-24.4M | $16.1M | ||
| Q1 24 | $-32.5M | $-30.5M |
自由现金流率FATMCS
| Q4 25 | — | 13.6% | ||
| Q3 25 | -12.1% | 8.7% | ||
| Q2 25 | -20.0% | 7.1% | ||
| Q1 25 | -12.5% | -39.2% | ||
| Q4 24 | -7.6% | 14.4% | ||
| Q3 24 | -7.7% | 5.2% | ||
| Q2 24 | -16.1% | 9.2% | ||
| Q1 24 | -21.4% | -22.0% |
资本支出强度FATMCS
| Q4 25 | — | 11.6% | ||
| Q3 25 | 1.7% | 9.9% | ||
| Q2 25 | 1.6% | 8.2% | ||
| Q1 25 | 3.2% | 15.5% | ||
| Q4 24 | 0.4% | 13.5% | ||
| Q3 24 | 5.5% | 7.9% | ||
| Q2 24 | 6.7% | 11.3% | ||
| Q1 24 | 2.7% | 11.1% |
现金转化率FATMCS
| Q4 25 | — | — | ||
| Q3 25 | — | 2.41× | ||
| Q2 25 | — | 4.32× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 53.31× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | — | ||
| 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% |
MCS
| Theatres | $123.1M | 64% |
| Concessions | $51.0M | 26% |
| Food And Beverage | $21.2M | 11% |
