Fat Brands Financials
This page shows Fat Brands (FAT) 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).
Revenue growth stopped behaving like scale because gross profit dollars stalled and a debt-heavy balance sheet kept funding operations.
Between FY2023 and FY2024, revenue rose by$112M , but gross profit increased only$2M . SG&A then climbed$35M and operating income swung from profit to loss, a sign that newer sales carried a much thinner margin mix and failed to cover overhead.
FY2024 ended with long-term debt of
Operating cash flow stayed negative at
Financial Health Signals
Scored against operating companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Fat Brands's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Fat Brands has an operating margin of -8.8%, meaning the company retains $-9 of operating profit per $100 of revenue. This below-average margin results in a low score of 26/100, suggesting thin profitability after operating expenses. This is down from 4.7% the prior year.
Fat Brands's revenue surged 23.4% year-over-year to $592.7M, reflecting rapid business expansion. This strong growth earns a score of 82/100.
Fat Brands's current ratio of 0.30 is below the typical benchmark, resulting in a score of 2/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Fat Brands generated -$56.2M in operating cash flow, capex of $22.8M consumed most of it, leaving -$79.0M in free cash flow. This results in a low score of 14/100, reflecting heavy capital investment rather than weak cash generation.
Fat Brands scores -0.37, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.9M) 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.
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.
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
Earnings & Revenue
Fat Brands generated $592.7M in revenue in fiscal year 2024. This represents an increase of 23.4% from the prior year.
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.
Fat Brands reported -$189.8M in net income in fiscal year 2024. This represents a decrease of 110.7% from the prior year.
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
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.
Fat Brands held $23.4M in cash against $1.2B in long-term debt as of fiscal year 2024.
Fat Brands paid $0.56 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Fat Brands had 17M shares outstanding in fiscal year 2024. This represents an increase of 2.1% from the prior year.
Margins & Returns
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.
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.
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.
Capital Allocation
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.
FAT Income Statement
| 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 |
FAT Balance Sheet
| 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 |
FAT Cash Flow Statement
| 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 |
FAT Financial Ratios
| 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.
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Frequently Asked Questions
What is Fat Brands's annual revenue?
Fat Brands (FAT) 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 (FAT) 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 (FAT) 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 (FAT) 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 (FAT) had $23.4M in cash and equivalents against $1.2B in long-term debt.
What is Fat Brands's gross margin?
Fat Brands (FAT) 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 (FAT) 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 (FAT) 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 (FAT) paid $0.56 per share in dividends during fiscal year 2024.
What is Fat Brands's free cash flow?
Fat Brands (FAT) 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 (FAT) 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 (FAT) 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 (FAT) invested $22.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Fat Brands's current ratio?
Fat Brands (FAT) 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 (FAT) 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 (FAT) 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 (FAT) 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 (FAT) 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 (FAT) 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 (FAT) 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 (FAT) 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.
How financially healthy is Fat Brands?
Fat Brands (FAT) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.