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Fat Brands, Inc（FAT）与NOODLES & Co（NDLS）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NOODLES & Co的1.1倍（$140.0M vs $122.1M），NOODLES & Co净利率更高（-7.5% vs -41.6%，领先34.1%），Fat Brands, Inc同比增速更快（-2.3% vs -4.1%），NOODLES & Co自由现金流更多（$-2.8M vs $-16.9M），过去两年NOODLES & Co的营收复合增速更高（-1.2% 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。
Noodles & Company是源自美国的休闲快餐连锁品牌，主打融合多国风味及美式特色的面条菜品，同时也供应汤品和沙拉。品牌由亚伦·肯尼迪创立于1995年，总部位于科罗拉多州布鲁姆菲尔德，截至2022年年中，品牌已在美国31个州开出了458家门店。
FAT vs NDLS — 直观对比
营收规模更大
FAT
是对方的1.1倍
$122.1M
营收增速更快
FAT
高出1.8%
-4.1%
净利率更高
NDLS
高出34.1%
-41.6%
自由现金流更多
NDLS
多$14.1M
$-16.9M
两年增速更快
NDLS
近两年复合增速
-6.1%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $140.0M | $122.1M |
| 净利润 | $-58.2M | $-9.2M |
| 毛利率 | — | — |
| 营业利润率 | -12.4% | -5.2% |
| 净利率 | -41.6% | -7.5% |
| 营收同比 | -2.3% | -4.1% |
| 净利润同比 | -30.1% | 32.8% |
| 每股收益（稀释后） | $-3.39 | $-0.20 |
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FATNDLS
| Q3 25 | $140.0M | $122.1M | ||
| Q2 25 | $146.8M | $123.8M | ||
| Q1 25 | $142.0M | — | ||
| Q4 24 | $145.3M | $122.8M | ||
| Q3 24 | $143.4M | $127.4M | ||
| Q2 24 | $152.0M | $121.4M | ||
| Q1 24 | $152.0M | $124.3M | ||
| Q4 23 | $158.6M | $127.9M |
净利润FATNDLS
| Q3 25 | $-58.2M | $-9.2M | ||
| Q2 25 | $-54.2M | $-9.1M | ||
| Q1 25 | $-46.0M | — | ||
| Q4 24 | $-67.4M | $-6.8M | ||
| Q3 24 | $-44.8M | $-13.6M | ||
| Q2 24 | $-39.4M | $-6.1M | ||
| Q1 24 | $-38.3M | $-6.1M | ||
| Q4 23 | $-26.2M | $700.0K |
营业利润率FATNDLS
| Q3 25 | -12.4% | -5.2% | ||
| Q2 25 | -10.6% | -5.2% | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | -27.1% | -3.9% | ||
| Q3 24 | -6.2% | -9.0% | ||
| Q2 24 | -1.8% | -3.4% | ||
| Q1 24 | -0.9% | -3.7% | ||
| Q4 23 | -2.0% | 1.6% |
净利率FATNDLS
| Q3 25 | -41.6% | -7.5% | ||
| Q2 25 | -36.9% | -7.3% | ||
| Q1 25 | -32.4% | — | ||
| Q4 24 | -46.4% | -5.5% | ||
| Q3 24 | -31.2% | -10.7% | ||
| Q2 24 | -25.9% | -5.1% | ||
| Q1 24 | -25.2% | -4.9% | ||
| Q4 23 | -16.5% | 0.5% |
每股收益（稀释后）FATNDLS
| Q3 25 | $-3.39 | $-0.20 | ||
| Q2 25 | $-3.17 | $-0.20 | ||
| Q1 25 | $-2.73 | — | ||
| Q4 24 | $-4.06 | $-0.15 | ||
| Q3 24 | $-2.74 | $-0.30 | ||
| Q2 24 | $-2.43 | $-0.14 | ||
| Q1 24 | $-2.37 | $-1.64 | ||
| Q4 23 | $-1.68 | $0.02 |
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 | — | $4.7M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $-585.8M | $-38.9M |
| 总资产 | $1.2B | $280.6M |
| 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FATNDLS
| Q3 25 | — | $4.7M | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.3M | ||
| Q3 24 | — | $1.8M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $3.0M | ||
| Q4 23 | — | $2.5M |
总债务FATNDLS
| 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 | — | ||
| Q4 23 | $1.2B | — |
股东权益FATNDLS
| Q3 25 | $-585.8M | $-38.9M | ||
| Q2 25 | $-536.5M | $-13.9M | ||
| Q1 25 | $-493.9M | — | ||
| Q4 24 | $-455.7M | $3.7M | ||
| Q3 24 | $-386.1M | $9.6M | ||
| Q2 24 | $-338.6M | $21.9M | ||
| Q1 24 | $-296.8M | $27.2M | ||
| Q4 23 | $-255.9M | $32.5M |
总资产FATNDLS
| Q3 25 | $1.2B | $280.6M | ||
| Q2 25 | $1.2B | $319.4M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $340.5M | ||
| Q3 24 | $1.3B | $346.3M | ||
| Q2 24 | $1.4B | $360.4M | ||
| Q1 24 | $1.4B | $368.1M | ||
| Q4 23 | $1.4B | $368.8M |
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 | $4.3M |
| 自由现金流经营现金流 - 资本支出 | $-16.9M | $-2.8M |
| 自由现金流率自由现金流/营收 | -12.1% | -2.3% |
| 资本支出强度资本支出/营收 | 1.7% | 5.8% |
| 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 | $-7.5M |
8季度趋势，按日历期对齐
经营现金流FATNDLS
| Q3 25 | $-14.5M | $4.3M | ||
| Q2 25 | $-26.9M | $4.0M | ||
| Q1 25 | $-13.2M | — | ||
| Q4 24 | $-10.4M | $5.8M | ||
| Q3 24 | $-3.2M | $4.7M | ||
| Q2 24 | $-14.2M | $7.0M | ||
| Q1 24 | $-28.4M | $164.0K | ||
| Q4 23 | $-12.6M | $16.9M |
自由现金流FATNDLS
| Q3 25 | $-16.9M | $-2.8M | ||
| Q2 25 | $-29.3M | $1.1M | ||
| Q1 25 | $-17.8M | — | ||
| Q4 24 | $-11.0M | $-1.3M | ||
| Q3 24 | $-11.1M | $-4.5M | ||
| Q2 24 | $-24.4M | $-1.6M | ||
| Q1 24 | $-32.5M | $-15.2M | ||
| Q4 23 | $-18.0M | $4.1M |
自由现金流率FATNDLS
| Q3 25 | -12.1% | -2.3% | ||
| Q2 25 | -20.0% | 0.9% | ||
| Q1 25 | -12.5% | — | ||
| Q4 24 | -7.6% | -1.1% | ||
| Q3 24 | -7.7% | -3.5% | ||
| Q2 24 | -16.1% | -1.4% | ||
| Q1 24 | -21.4% | -12.2% | ||
| Q4 23 | -11.4% | 3.2% |
资本支出强度FATNDLS
| Q3 25 | 1.7% | 5.8% | ||
| Q2 25 | 1.6% | 2.4% | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 0.4% | 5.8% | ||
| Q3 24 | 5.5% | 7.2% | ||
| Q2 24 | 6.7% | 7.1% | ||
| Q1 24 | 2.7% | 12.3% | ||
| Q4 23 | 3.4% | 10.0% |
现金转化率FATNDLS
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | 24.21× |
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% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
