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Fat Brands, Inc（FAT）与Repay Holdings Corp（RPAY）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Repay Holdings Corp的1.8倍（$140.0M vs $78.6M），Fat Brands, Inc净利率更高（-41.6% vs -178.3%，领先136.7%），Repay Holdings Corp同比增速更快（0.4% vs -2.3%），Repay Holdings Corp自由现金流更多（$23.2M vs $-16.9M），过去两年Repay Holdings Corp的营收复合增速更高（-1.3% 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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
FAT vs RPAY — 直观对比
营收规模更大
FAT
是对方的1.8倍
$78.6M
营收增速更快
RPAY
高出2.7%
-2.3%
净利率更高
FAT
高出136.7%
-178.3%
自由现金流更多
RPAY
多$40.1M
$-16.9M
两年增速更快
RPAY
近两年复合增速
-6.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $140.0M | $78.6M |
| 净利润 | $-58.2M | $-140.1M |
| 毛利率 | — | 74.2% |
| 营业利润率 | -12.4% | -182.2% |
| 净利率 | -41.6% | -178.3% |
| 营收同比 | -2.3% | 0.4% |
| 净利润同比 | -30.1% | -3304.1% |
| 每股收益（稀释后） | $-3.39 | $-1.68 |
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FATRPAY
| Q4 25 | — | $78.6M | ||
| Q3 25 | $140.0M | $77.7M | ||
| Q2 25 | $146.8M | $75.6M | ||
| Q1 25 | $142.0M | $77.3M | ||
| Q4 24 | $145.3M | $78.3M | ||
| Q3 24 | $143.4M | $79.1M | ||
| Q2 24 | $152.0M | $74.9M | ||
| Q1 24 | $152.0M | $80.7M |
净利润FATRPAY
| Q4 25 | — | $-140.1M | ||
| Q3 25 | $-58.2M | $-6.4M | ||
| Q2 25 | $-54.2M | $-102.3M | ||
| Q1 25 | $-46.0M | $-7.9M | ||
| Q4 24 | $-67.4M | $-4.1M | ||
| Q3 24 | $-44.8M | $3.2M | ||
| Q2 24 | $-39.4M | $-4.1M | ||
| Q1 24 | $-38.3M | $-5.2M |
毛利率FATRPAY
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
营业利润率FATRPAY
| Q4 25 | — | -182.2% | ||
| Q3 25 | -12.4% | -3.9% | ||
| Q2 25 | -10.6% | -138.7% | ||
| Q1 25 | -6.0% | -4.7% | ||
| Q4 24 | -27.1% | -1.5% | ||
| Q3 24 | -6.2% | -0.9% | ||
| Q2 24 | -1.8% | -4.6% | ||
| Q1 24 | -0.9% | -3.1% |
净利率FATRPAY
| Q4 25 | — | -178.3% | ||
| Q3 25 | -41.6% | -8.3% | ||
| Q2 25 | -36.9% | -135.2% | ||
| Q1 25 | -32.4% | -10.3% | ||
| Q4 24 | -46.4% | -5.3% | ||
| Q3 24 | -31.2% | 4.1% | ||
| Q2 24 | -25.9% | -5.4% | ||
| Q1 24 | -25.2% | -6.5% |
每股收益（稀释后）FATRPAY
| Q4 25 | — | $-1.68 | ||
| Q3 25 | $-3.39 | $-0.08 | ||
| Q2 25 | $-3.17 | $-1.15 | ||
| Q1 25 | $-2.73 | $-0.09 | ||
| Q4 24 | $-4.06 | $-0.04 | ||
| Q3 24 | $-2.74 | $0.03 | ||
| Q2 24 | $-2.43 | $-0.04 | ||
| Q1 24 | $-2.37 | $-0.06 |
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 | — | $115.7M |
| 总债务越低越好 | $1.3B | $280.1M |
| 股东权益账面价值 | $-585.8M | $484.4M |
| 总资产 | $1.2B | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资FATRPAY
| Q4 25 | — | $115.7M | ||
| Q3 25 | — | $95.7M | ||
| Q2 25 | — | $162.6M | ||
| Q1 25 | — | $165.5M | ||
| Q4 24 | — | $189.5M | ||
| Q3 24 | — | $168.7M | ||
| Q2 24 | — | $147.1M | ||
| Q1 24 | — | $128.3M |
总债务FATRPAY
| Q4 25 | — | $280.1M | ||
| Q3 25 | $1.3B | $279.5M | ||
| Q2 25 | $1.3B | $279.0M | ||
| Q1 25 | $1.3B | $497.6M | ||
| Q4 24 | $1.3B | $496.8M | ||
| Q3 24 | $1.2B | $496.2M | ||
| Q2 24 | $1.2B | $435.6M | ||
| Q1 24 | $1.2B | $434.9M |
股东权益FATRPAY
| Q4 25 | — | $484.4M | ||
| Q3 25 | $-585.8M | $616.9M | ||
| Q2 25 | $-536.5M | $633.7M | ||
| Q1 25 | $-493.9M | $755.7M | ||
| Q4 24 | $-455.7M | $761.3M | ||
| Q3 24 | $-386.1M | $754.7M | ||
| Q2 24 | $-338.6M | $815.4M | ||
| Q1 24 | $-296.8M | $813.8M |
总资产FATRPAY
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.4B | $1.5B |
负债/权益比FATRPAY
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $-16.9M | $23.2M |
| 自由现金流率自由现金流/营收 | -12.1% | 29.6% |
| 资本支出强度资本支出/营收 | 1.7% | 0.1% |
| 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 | $90.7M |
8季度趋势，按日历期对齐
经营现金流FATRPAY
| Q4 25 | — | $23.3M | ||
| Q3 25 | $-14.5M | $32.2M | ||
| Q2 25 | $-26.9M | $33.1M | ||
| Q1 25 | $-13.2M | $2.5M | ||
| Q4 24 | $-10.4M | $34.3M | ||
| Q3 24 | $-3.2M | $60.1M | ||
| Q2 24 | $-14.2M | $31.0M | ||
| Q1 24 | $-28.4M | $24.8M |
自由现金流FATRPAY
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-16.9M | $32.1M | ||
| Q2 25 | $-29.3M | $33.0M | ||
| Q1 25 | $-17.8M | $2.4M | ||
| Q4 24 | $-11.0M | $34.0M | ||
| Q3 24 | $-11.1M | $59.8M | ||
| Q2 24 | $-24.4M | $30.5M | ||
| Q1 24 | $-32.5M | $24.7M |
自由现金流率FATRPAY
| Q4 25 | — | 29.6% | ||
| Q3 25 | -12.1% | 41.3% | ||
| Q2 25 | -20.0% | 43.6% | ||
| Q1 25 | -12.5% | 3.0% | ||
| Q4 24 | -7.6% | 43.5% | ||
| Q3 24 | -7.7% | 75.6% | ||
| Q2 24 | -16.1% | 40.7% | ||
| Q1 24 | -21.4% | 30.6% |
资本支出强度FATRPAY
| Q4 25 | — | 0.1% | ||
| Q3 25 | 1.7% | 0.2% | ||
| Q2 25 | 1.6% | 0.1% | ||
| Q1 25 | 3.2% | 0.2% | ||
| Q4 24 | 0.4% | 0.3% | ||
| Q3 24 | 5.5% | 0.3% | ||
| Q2 24 | 6.7% | 0.6% | ||
| Q1 24 | 2.7% | 0.1% |
现金转化率FATRPAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
