What is Fat Brands's earnings per share (EPS)?

Fat Brands (FABTQ) reported diluted earnings per share of $-11.60 for fiscal year 2024. This represents a -98.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Fat Brands Financials

FABTQ

Source SEC Filings (10-K/10-Q) Data as of Sep 28, 2025 Currency USD FYE December

This page shows Fat Brands (FABTQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FABTQ FY2024 2026-04-22

Revenue growth stopped improving unit economics as margins, cash conversion, and funding needs all worsened into FY2024.

From FY2023 to FY2024, gross margin compression from 41.1% to 33.7% meant higher sales came with much thinner gross economics. The same pattern shows up in cash conversion: even when operating income reached $22.3M in FY2023, operating cash flow was still -$35.6M, so the business was not self-funding before capex or other cash demands.

The balance sheet looks funding-dependent: FY2024 ended with cash versus near-term obligations of $23.4M against current liabilities of $298.3M. With a current ratio of 0.3x and negative equity, short-term flexibility depends more on refinancing and external capital than on cash already on hand, which leaves little operating cushion.

FY2024 also showed negative operating leverage, with revenue at $592.7M but EBITDA at -$10.7M. Paying dividends of $9.5M while free cash flow was -$79.0M indicates cash distributions were not supported by internally generated cash, so financing had to do more of the work that operations did not.

Financial Health Signals

Financial health score pending refresh

We are recalculating Fat Brands's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-0.37

Fat Brands scores -0.37, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.3M) relative to total liabilities ($1.7B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Weak

2/9

Fat Brands passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.30x

For every $1 of reported earnings, Fat Brands generates $0.30 in operating cash flow (-$56.2M OCF vs -$189.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$592.7M

YoY+23.4%

5Y CAGR+92.4%

Fat Brands generated $592.7M in revenue in fiscal year 2024. This represents an increase of 23.4% from the prior year.

EBITDA

-$10.7M

YoY-120.0%

Fat Brands's EBITDA was -$10.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 120.0% from the prior year.

Net Income

-$189.8M

YoY-110.7%

Fat Brands reported -$189.8M in net income in fiscal year 2024. This represents a decrease of 110.7% from the prior year.

EPS (Diluted)

$-11.60

YoY-98.3%

Fat Brands earned $-11.60 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 98.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$79.0M

YoY-45.0%

Fat Brands generated -$79.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 45.0% from the prior year.

Cash & Debt

$23.4M

YoY-36.9%

5Y CAGR+292.8%

Fat Brands held $23.4M in cash against $1.2B in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.56

YoY+0.0%

Fat Brands paid $0.56 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

17M

YoY+2.1%

5Y CAGR+7.8%

Fat Brands had 17M shares outstanding in fiscal year 2024. This represents an increase of 2.1% from the prior year.

Margins & Returns

Gross Margin

33.7%

YoY-7.5pp

Fat Brands's gross margin was 33.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 7.5 percentage points from the prior year.

Operating Margin

-8.8%

YoY-13.5pp

5Y CAGR-35.1pp

Fat Brands's operating margin was -8.8% in fiscal year 2024, reflecting core business profitability. This is down 13.5 percentage points from the prior year.

Net Margin

-32.0%

YoY-13.3pp

5Y CAGR-27.5pp

Fat Brands's net profit margin was -32.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 13.3 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$22.8M

YoY+20.7%

5Y CAGR+247.5%

Fat Brands invested $22.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 20.7% from the prior year.

FABTQ Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$592.7M+23.4%	$480.5M+18.0%	$407.2M+242.5%	$118.9M+556.1%	$18.1M-19.5%	$22.5M
Cost of Revenue	$393.1M+39.0%	$282.9M+27.6%	$221.6M	N/A	N/A	N/A
Gross Profit	$199.5M+1.0%	$197.6M+6.5%	$185.6M	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$128.6M+38.1%	$93.1M-17.8%	$113.3M+171.2%	$41.8M+180.8%	$14.9M+21.4%	$12.3M
Operating Income	-$52.2M-333.9%	$22.3M+224.7%	-$17.9M-2272.8%	$824K+105.1%	-$16.3M-374.9%	$5.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$4.8M
Income Tax	-$2.8M+56.0%	-$6.3M-133.3%	$18.8M+631.8%	-$3.5M+4.1%	-$3.7M-823.3%	$510K
Net Income	-$189.8M-110.7%	-$90.1M+28.6%	-$126.2M-299.5%	-$31.6M-112.5%	-$14.9M-1359.7%	-$1.0M
EPS (Diluted)	$-11.60-98.3%	$-5.85+27.4%	$-8.06-274.9%	$-2.15-72.0%	$-1.25	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$140.0M-4.6%	$146.8M+3.4%	$142.0M-2.2%	$145.3M+1.3%	$143.4M-5.7%	$152.0M0.0%	$152.0M-4.2%	$158.6M
Cost of Revenue	$94.6M-3.5%	$98.0M+2.0%	$96.1M-1.1%	$97.2M+0.4%	$96.8M-3.3%	$100.1M+1.1%	$99.0M-5.8%	$105.1M
Gross Profit	$45.4M-6.9%	$48.8M+6.2%	$45.9M-4.5%	$48.1M+3.3%	$46.6M-10.3%	$51.9M-1.9%	$52.9M-1.1%	$53.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$42.7M-3.9%	$44.4M+34.4%	$33.0M-4.3%	$34.5M+0.1%	$34.5M+16.7%	$29.6M-1.5%	$30.0M-1.0%	$30.3M
Operating Income	-$17.4M-11.7%	-$15.6M-81.5%	-$8.6M+78.2%	-$39.3M-344.9%	-$8.8M-226.8%	-$2.7M-95.6%	-$1.4M+56.0%	-$3.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$1.1M+140.7%	$457K-74.2%	$1.8M+121.3%	-$8.3M-5918.9%	$143K-92.5%	$1.9M-46.1%	$3.5M+139.9%	-$8.8M
Net Income	-$58.2M-7.4%	-$54.2M-17.9%	-$46.0M+31.8%	-$67.4M-50.6%	-$44.8M-13.7%	-$39.4M-2.7%	-$38.3M-46.0%	-$26.2M
EPS (Diluted)	$-3.39-6.9%	$-3.17-16.1%	$-2.73	N/A	$-2.74-12.8%	$-2.43-2.5%	$-2.37	N/A

FABTQ Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.3B-7.1%	$1.4B+14.4%	$1.2B-4.5%	$1.3B+948.4%	$121.1M+46.8%	$82.5M
Current Assets	$88.0M-27.3%	$121.0M+26.4%	$95.7M-19.6%	$119.0M+387.4%	$24.4M+132.9%	$10.5M
Cash & Equivalents	$23.4M-36.9%	$37.0M+29.2%	$28.7M-49.4%	$56.7M+1336.5%	$3.9M+15676.0%	$25K
Inventory	$8.4M-9.5%	$9.3M+34.4%	$6.9M+16.8%	$5.9M	N/A	N/A
Accounts Receivable	$19.4M-8.2%	$21.1M-11.4%	$23.9M+18.9%	$20.1M+377.3%	$4.2M+1.5%	$4.1M
Goodwill	$285.3M-6.5%	$305.1M+4.0%	$293.3M-0.6%	$295.1M+2605.4%	$10.9M0.0%	$10.9M
Total Liabilities	$1.7B+6.1%	$1.6B+19.8%	$1.4B+11.8%	$1.2B+652.8%	$163.0M+111.3%	$77.2M
Current Liabilities	$298.3M+7.9%	$276.6M+3.6%	$267.0M+34.5%	$198.5M+171.2%	$73.2M+60.4%	$45.6M
Long-Term Debt	$1.2B+8.9%	$1.1B+15.8%	$958.6M+6.0%	$904.3M+1124.4%	$73.9M+1315.9%	$5.2M
Total Equity	-$455.7M-78.1%	-$255.9M-60.7%	-$159.2M-635.1%	-$21.7M+48.3%	-$41.9M-878.8%	$5.4M
Retained Earnings	-$458.6M-70.6%	-$268.8M-50.4%	-$178.7M-240.5%	-$52.5M-151.1%	-$20.9M-246.2%	-$6.0M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$1.2B-3.0%	$1.2B-2.0%	$1.3B-1.2%	$1.3B-3.8%	$1.3B-1.2%	$1.4B-2.0%	$1.4B-0.3%	$1.4B
Current Assets	$49.1M-30.8%	$71.1M-14.5%	$83.1M-5.6%	$88.0M-3.7%	$91.4M-9.6%	$101.1M-18.4%	$123.9M+2.4%	$121.0M
Cash & Equivalents	$2.1M-73.2%	$7.6M-37.1%	$12.2M-48.0%	$23.4M+38.9%	$16.8M+1.6%	$16.6M-58.4%	$39.9M+7.7%	$37.0M
Inventory	$7.4M-3.6%	$7.7M-9.7%	$8.6M+1.7%	$8.4M-0.6%	$8.5M-4.5%	$8.9M-3.5%	$9.2M-1.3%	$9.3M
Accounts Receivable	$14.0M-13.2%	$16.1M-5.6%	$17.1M-12.1%	$19.4M+6.4%	$18.3M-16.5%	$21.9M+10.8%	$19.7M-6.7%	$21.1M
Goodwill	$285.3M0.0%	$285.3M0.0%	$285.3M0.0%	$285.3M-6.5%	$305.1M0.0%	$305.1M0.0%	$305.1M0.0%	$305.1M
Total Liabilities	$1.8B+0.8%	$1.8B+1.0%	$1.8B+1.6%	$1.7B+1.1%	$1.7B+1.8%	$1.7B+0.8%	$1.7B+2.3%	$1.6B
Current Liabilities	$1.6B+366.6%	$335.7M+6.0%	$316.6M+6.1%	$298.3M-1.3%	$302.2M+11.1%	$272.0M+2.1%	$266.4M-3.7%	$276.6M
Long-Term Debt	$2.5M-99.8%	$1.2B+0.1%	$1.2B+0.6%	$1.2B+2.6%	$1.2B+0.8%	$1.2B+0.9%	$1.2B+4.3%	$1.1B
Total Equity	-$585.8M-9.2%	-$536.5M-8.6%	-$493.9M-8.4%	-$455.7M-18.0%	-$386.1M-14.0%	-$338.6M-14.1%	-$296.8M-16.0%	-$255.9M
Retained Earnings	-$611.8M-10.5%	-$553.6M-10.9%	-$499.4M-8.9%	-$458.6M-17.2%	-$391.2M-12.9%	-$346.5M-12.8%	-$307.1M-14.3%	-$268.8M

FABTQ Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$56.2M-58.0%	-$35.6M+24.9%	-$47.4M-7050.0%	$682K+105.9%	-$11.5M-820.5%	$1.6M
Capital Expenditures	$22.8M+20.7%	$18.9M-11.8%	$21.4M+105.5%	$10.4M+2165.7%	$460K+922.2%	$45K
Free Cash Flow	-$79.0M-45.0%	-$54.5M+20.8%	-$68.8M-606.6%	-$9.7M+18.5%	-$11.9M-871.1%	$1.5M
Investing Cash Flow	-$26.5M+55.7%	-$59.8M-378.6%	-$12.5M+98.3%	-$723.2M-1877.3%	-$36.6M-305.8%	-$9.0M
Financing Cash Flow	$58.2M-50.9%	$118.6M+312.5%	$28.7M-96.5%	$815.2M+1375.7%	$55.2M+713.5%	$6.8M
Dividends Paid	$9.5M+2.2%	$9.3M+4.9%	$8.9M+19.2%	$7.5M+2248.4%	$318K+15800.0%	$2K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$14.5M+45.9%	-$26.9M-103.6%	-$13.2M-27.0%	-$10.4M-223.1%	-$3.2M+77.3%	-$14.2M+50.0%	-$28.4M-125.9%	-$12.6M
Capital Expenditures	$2.3M-3.1%	$2.4M-47.1%	$4.5M+669.2%	$591K-92.5%	$7.9M-22.9%	$10.2M+147.5%	$4.1M-24.6%	$5.5M
Free Cash Flow	-$16.9M+42.4%	-$29.3M-65.0%	-$17.8M-61.5%	-$11.0M+0.8%	-$11.1M+54.6%	-$24.4M+24.9%	-$32.5M-80.3%	-$18.0M
Investing Cash Flow	-$2.3M+4.4%	-$2.4M-9912.5%	-$24K+95.2%	-$504K+93.5%	-$7.8M+23.1%	-$10.1M-25.9%	-$8.0M+82.3%	-$45.5M
Financing Cash Flow	-$4.4M-131.8%	$13.9M+167.5%	$5.2M-55.1%	$11.6M+149.1%	$4.6M+185.7%	$1.6M-96.0%	$40.4M+263.9%	$11.1M
Dividends Paid	$0	$0	$0-100.0%	$2.4M+0.8%	$2.4M+0.2%	$2.4M+0.3%	$2.4M+0.6%	$2.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FABTQ Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	33.7%-7.5pp	41.1%-4.5pp	45.6%	N/A	N/A	N/A
Operating Margin	-8.8%-13.5pp	4.7%+9.0pp	-4.4%-5.1pp	0.7%+90.5pp	-89.8%-116.1pp	26.3%
Net Margin	-32.0%-13.3pp	-18.8%+12.2pp	-31.0%-4.4pp	-26.6%+55.5pp	-82.0%-77.5pp	-4.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	-18.9%
Return on Assets	-14.7%-8.2pp	-6.5%+3.9pp	-10.4%-7.9pp	-2.5%+9.8pp	-12.3%-11.0pp	-1.2%
Current Ratio	0.30-0.1	0.44+0.1	0.36-0.2	0.60+0.3	0.33+0.1	0.23
Debt-to-Equity	-2.65+1.7	-4.34+1.7	-6.02+35.7	-41.76-40.0	-1.76-2.7	0.97
FCF Margin	-13.3%-2.0pp	-11.3%+5.6pp	-16.9%-8.7pp	-8.2%+57.7pp	-65.9%-72.8pp	6.9%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	32.4%-0.8pp	33.2%+0.9pp	32.3%-0.8pp	33.1%+0.6pp	32.5%-1.7pp	34.2%-0.7pp	34.8%+1.1pp	33.7%
Operating Margin	-12.4%-1.8pp	-10.6%-4.6pp	-6.0%+21.0pp	-27.1%-20.9pp	-6.2%-4.4pp	-1.8%-0.9pp	-0.9%+1.1pp	-2.0%
Net Margin	-41.6%-4.7pp	-36.9%-4.5pp	-32.4%+14.0pp	-46.4%-15.2pp	-31.2%-5.3pp	-25.9%-0.7pp	-25.2%-8.7pp	-16.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-4.8%-0.5pp	-4.3%-0.7pp	-3.6%+1.6pp	-5.2%-1.9pp	-3.3%-0.4pp	-2.9%-0.1pp	-2.8%-0.9pp	-1.9%
Current Ratio	0.03-0.2	0.21-0.1	0.26-0.0	0.300.0	0.30-0.1	0.37-0.1	0.47+0.0	0.44
Debt-to-Equity	-0.00+2.3	-2.27+0.2	-2.46+0.2	-2.65+0.4	-3.05+0.4	-3.45+0.5	-3.90+0.4	-4.34
FCF Margin	-12.0%+7.9pp	-20.0%-7.5pp	-12.5%-4.9pp	-7.6%+0.2pp	-7.7%+8.3pp	-16.1%+5.3pp	-21.4%-10.0pp	-11.4%

Note: Shareholder equity is negative (-$455.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.30), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is Fat Brands's annual revenue?

Fat Brands (FABTQ) reported $592.7M in total revenue for fiscal year 2024. This represents a 23.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Fat Brands's revenue growing?

Fat Brands (FABTQ) revenue grew by 23.4% year-over-year, from $480.5M to $592.7M in fiscal year 2024.

Is Fat Brands profitable?

No, Fat Brands (FABTQ) reported a net income of -$189.8M in fiscal year 2024, with a net profit margin of -32.0%.

What is Fat Brands's EBITDA?

Fat Brands (FABTQ) had EBITDA of -$10.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Fat Brands have?

As of fiscal year 2024, Fat Brands (FABTQ) had $23.4M in cash and equivalents against $1.2B in long-term debt.

What is Fat Brands's gross margin?

Fat Brands (FABTQ) had a gross margin of 33.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Fat Brands's operating margin?

Fat Brands (FABTQ) had an operating margin of -8.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Fat Brands's net profit margin?

Fat Brands (FABTQ) had a net profit margin of -32.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Fat Brands pay dividends?

Yes, Fat Brands (FABTQ) paid $0.56 per share in dividends during fiscal year 2024.

What is Fat Brands's free cash flow?

Fat Brands (FABTQ) generated -$79.0M in free cash flow during fiscal year 2024. This represents a -45.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Fat Brands's operating cash flow?

Fat Brands (FABTQ) generated -$56.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Fat Brands's total assets?

Fat Brands (FABTQ) had $1.3B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Fat Brands's capital expenditures?

Fat Brands (FABTQ) invested $22.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Fat Brands have outstanding?

Fat Brands (FABTQ) had 17M shares outstanding as of fiscal year 2024.

What is Fat Brands's current ratio?

Fat Brands (FABTQ) had a current ratio of 0.30 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Fat Brands's debt-to-equity ratio?

Fat Brands (FABTQ) had a debt-to-equity ratio of -2.65 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fat Brands's return on assets (ROA)?

Fat Brands (FABTQ) had a return on assets of -14.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Fat Brands's cash runway?

Based on fiscal year 2024 data, Fat Brands (FABTQ) had $23.4M in cash against an annual operating cash burn of $56.2M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Fat Brands's debt-to-equity ratio negative or unusual?

Fat Brands (FABTQ) has negative shareholder equity of -$455.7M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Fat Brands's Altman Z-Score?

Fat Brands (FABTQ) has an Altman Z-Score of -0.37, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Fat Brands's Piotroski F-Score?

Fat Brands (FABTQ) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fat Brands's earnings high quality?

Fat Brands (FABTQ) has an earnings quality ratio of 0.30x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.