FAT Brands Inc. (FATBB) Financials
Newest figures come from the 10-Q for Q3 FY2025, filed Nov 12, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FATBB SEC filings page.
FAT Brands Inc. (FATBB) reported $574.1M in revenue over the twelve months to Sep 28, 2025, down 5.3% from the prior twelve months. This page shows its 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).
Debt-supported expansion has enlarged revenue, but declining margins and recurring cash outflows have weakened the financial base.
The central shift is not just more sales: from FY2022 to FY2024, gross margin compressed from45.6% to33.7% while gross profit remained roughly flat, meaning incremental revenue carried much less contribution to absorb overhead. That margin shape, followed by a return to negative operating income in FY2024, points to weaker contribution economics or mix rather than simple growth-related noise.
Accounting and cash results moved together in the wrong direction: FY2024 operating cash flow was
The balance sheet compounds that operating pressure: FY2024 liabilities exceeded assets by roughly
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 Inc.'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 Inc. has an operating margin of -8.8%, meaning the company loses $9 on every $100 of revenue. This results in a profitability score of 24/100. This is down from 4.7% the prior year.
FAT Brands Inc.'s revenue surged 23.4% year-over-year to $592.7M, reflecting rapid business expansion. This strong growth earns a score of 82/100.
Not available for FAT Brands Inc., and counted as zero in the overall score.
FAT Brands Inc.'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.
FAT Brands Inc.'s operations used $56.2M of cash, and capex of $22.8M added to the outflow, for a free cash flow shortfall of $79.0M. This results in a cash flow score of 10/100.
FAT Brands Inc. scores -0.36, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($36.0M) 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 Inc. 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.
FAT Brands Inc. reported a net loss of $189.8M while operations used $56.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
FAT Brands Inc. generated $140.0M in revenue in Q3 2025. This represents a decrease of 2.3% from the same quarter a year earlier. Against the prior quarter it is down 4.6%.
FAT Brands Inc.'s EBITDA was -$9.5M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 597.0% from the same quarter a year earlier. Against the prior quarter it is down 31.9%.
FAT Brands Inc. reported -$58.2M in net income in Q3 2025. This represents a decrease of 30.1% from the same quarter a year earlier. Against the prior quarter it is down 7.4%.
FAT Brands Inc. earned -$3.39 per diluted share (EPS) in Q3 2025. This represents a decrease of 23.7% from the same quarter a year earlier. Against the prior quarter it is down 6.9%.
Cash & Balance Sheet
FAT Brands Inc. recorded an outflow of $16.9M in free cash flow in Q3 2025, representing a cash shortfall after capex. This represents a decrease of 52.1% from the same quarter a year earlier. Against the prior quarter it is up 42.4%.
FAT Brands Inc. held $2.1M in cash against $2.5M in long-term debt as of Q3 2025, with $1.6B of liabilities due within a year.
FAT Brands Inc. paid $0.00 per share in dividends in Q3 2025. This represents a decrease of 100.0% from the same quarter a year earlier.
Margins & Returns
FAT Brands Inc.'s gross margin was 32.4% in Q3 2025, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.
FAT Brands Inc.'s operating margin was -12.4% in Q3 2025, reflecting core business profitability. This is down 6.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.8 percentage points.
FAT Brands Inc.'s net profit margin was -41.6% in Q3 2025, showing the share of revenue converted to profit. This is down 10.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.7 percentage points.
Not reported for Q3 2025.
Capital Allocation
FAT Brands Inc. invested $2.3M in capex in Q3 2025, funding long-term assets and infrastructure. This represents a decrease of 70.4% from the same quarter a year earlier. Against the prior quarter it is down 3.1%.
Not reported for Q3 2025.
Not reported for Q3 2025.
FATBB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $140.0M-2.3% | $146.8M-3.4% | $142.0M-6.5% | $145.3M-8.4% | $143.4M+31.1% | $152.0M+42.4% | $152.0M+43.8% | $158.6M+52.8% |
| Cost of Revenue | $94.6M-2.3% | $98.0M-2.1% | $96.1M-3.0% | $97.2M-7.6% | $96.8M+63.6% | $100.1M+68.3% | $99.0M+67.6% | $105.1M |
| Gross Profit | $45.4M-2.5% | $48.8M-6.0% | $45.9M-13.2% | $48.1M-10.1% | $46.6M-7.2% | $51.9M+9.9% | $52.9M+13.5% | $53.5M |
| SG&A Expenses | $42.7M+23.7% | $44.4M+50.3% | $33.0M+10.1% | $34.5M+13.9% | $34.5M+41.0% | $29.6M+197.2% | $30.0M+5.6% | $30.3M-22.3% |
| Operating Income | -$17.4M-96.6% | -$15.6M-475.3% | -$8.6M-519.8% | -$39.3M-1150.5% | -$8.8M-233.4% | -$2.7M-114.6% | -$1.4M-457.1% | -$3.1M+90.4% |
| EBITDA | -$9.5M-597.0% | -$7.2M-195.0% | $1.8M-79.3% | -$28.9M-527.6% | $1.9M-86.1% | $7.5M-70.4% | $8.8M+17.4% | $6.8M+126.3% |
| Income Tax | $1.1M+669.2% | $457K-76.0% | $1.8M-49.8% | -$8.3M+5.7% | $143K+110.9% | $1.9M+41.2% | $3.5M+39.0% | -$8.8M-163.0% |
| Net Income | -$58.2M-30.1% | -$54.2M-37.7% | -$46.0M-20.0% | -$67.4M-157.0% | -$44.8M-81.5% | -$39.4M-455.1% | -$38.3M-19.3% | -$26.2M+62.9% |
| EPS (Basic) | -$3.39-23.7% | -$3.17-30.5% | -$2.73-15.2% | N/A | -$2.74-72.3% | -$2.43-358.5% | -$2.37-15.6% | N/A |
| EPS (Diluted) | -$3.39-23.7% | -$3.17-30.5% | -$2.73-15.2% | N/A | -$2.74-72.3% | -$2.43-358.5% | -$2.37-15.6% | N/A |
| Diluted Shares (Avg) | 18M+4.8% | 18M+4.8% | 18M+4.0% | N/A | 17M+2.6% | 17M+2.9% | 17M+2.8% | N/A |
Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.
FATBB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B-9.6% | $1.2B-8.0% | $1.3B-8.0% | $1.3B-7.1% | $1.3B+5.0% | $1.4B+11.6% | $1.4B+12.6% | $1.4B+14.4% |
| Current Assets | $49.1M-46.2% | $71.1M-29.7% | $83.1M-32.9% | $88.0M-27.3% | $91.4M-43.9% | $101.1M-3.0% | $123.9M+5.9% | $121.0M+26.4% |
| Cash & Equivalents | $2.1M-87.8% | $7.6M-53.9% | $12.2M-69.5% | $23.4M-36.9% | $16.8M-80.9% | $16.6M-45.8% | $39.9M-13.6% | $37.0M+29.2% |
| Inventory | $7.4M-12.0% | $7.7M-12.8% | $8.6M-6.8% | $8.4M-9.5% | $8.5M+23.9% | $8.9M+41.8% | $9.2M+35.7% | $9.3M+34.4% |
| Accounts Receivable | $14.0M-23.4% | $16.1M-26.3% | $17.1M-13.5% | $19.4M-8.2% | $18.3M-24.2% | $21.9M-24.7% | $19.7M-26.7% | $21.1M-11.4% |
| Goodwill | $285.3M-6.5% | $285.3M-6.5% | $285.3M-6.5% | $285.3M-6.5% | $305.1M+4.0% | $305.1M+4.0% | $305.1M+4.0% | $305.1M+4.0% |
| Total Liabilities | $1.8B+4.6% | $1.8B+5.7% | $1.8B+5.4% | $1.7B+6.1% | $1.7B+14.7% | $1.7B+19.4% | $1.7B+18.1% | $1.6B+19.8% |
| Current Liabilities | $1.6B+418.2% | $335.7M+23.4% | $316.6M+18.9% | $298.3M+7.9% | $302.2M+13.9% | $272.0M+8.2% | $266.4M+8.4% | $276.6M+3.6% |
| Non-Current Liabilities | $238.3M-83.3% | $1.5B+2.3% | $1.5B+2.9% | $1.4B+5.8% | $1.4B+14.9% | $1.4B+21.9% | $1.4B+20.2% | $1.4B+23.7% |
| Long-Term Debt | $2.5M-99.8% | $1.2B+4.3% | $1.2B+5.1% | $1.2B+8.9% | $1.2B+7.7% | $1.2B+14.7% | $1.2B+13.5% | $1.1B+15.8% |
| Total Equity | -$585.8M-51.7% | -$536.5M-58.4% | -$493.9M-66.4% | -$455.7M-78.1% | -$386.1M-68.8% | -$338.6M-66.7% | -$296.8M-53.1% | -$255.9M-60.7% |
| Retained Earnings | -$611.8M-56.4% | -$553.6M-59.8% | -$499.4M-62.6% | -$458.6M-70.6% | -$391.2M-61.3% | -$346.5M-59.0% | -$307.1M-45.7% | -$268.8M-50.4% |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
FATBB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.5M-351.5% | -$26.9M-89.3% | -$13.2M+53.5% | -$10.4M+17.2% | -$3.2M-76.6% | -$14.2M-49.7% | -$28.4M-142.4% | -$12.6M-16.5% |
| Depreciation & Amortization | $7.9M-26.3% | $8.4M-18.2% | $10.4M+1.9% | $10.4M+4.4% | $10.7M+52.5% | $10.2M+45.1% | $10.2M+43.3% | $9.9M+44.8% |
| Stock-Based Compensation | $200K-60.0% | $200K-71.4% | $367K-50.7% | N/A | $500K-54.5% | $700K+40.0% | $745K-32.0% | N/A |
| Capital Expenditures | $2.3M-70.4% | $2.4M-76.5% | $4.5M+10.2% | $591K-89.2% | $7.9M+23.0% | $10.2M+104.4% | $4.1M+103.2% | $5.5M-32.2% |
| Free Cash Flow | -$16.9M-52.1% | -$29.3M-20.0% | -$17.8M+45.4% | -$11.0M+39.0% | -$11.1M-34.9% | -$24.4M-68.5% | -$32.5M-136.6% | -$18.0M+4.3% |
| Investing Cash Flow | -$2.3M+70.5% | -$2.4M+76.3% | -$24K+99.7% | -$504K+98.9% | -$7.8M-4.3% | -$10.1M-105.8% | -$8.0M-310.3% | -$45.5M-2445.5% |
| Financing Cash Flow | -$4.4M-195.2% | $13.9M+755.2% | $5.2M-87.1% | $11.6M+4.2% | $4.6M-93.9% | $1.6M+263.1% | $40.4M+25.4% | $11.1M-28.5% |
| Dividends Paid | $0-100.0% | $0-100.0% | $0-100.0% | $2.4M+1.9% | $2.4M+2.1% | $2.4M+2.5% | $2.4M+2.4% | $2.4M+1.7% |
Not reported in any period shown, so not listed: Share Buybacks.
FATBB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.4%-0.1pp | 33.2%-0.9pp | 32.3%-2.5pp | 33.1%-0.6pp | 32.5%-13.4pp | 34.2%-10.1pp | 34.8%-9.3pp | 33.7% |
| Operating Margin | -12.4%-6.2pp | -10.6%-8.8pp | -6.0%-5.1pp | -27.1%-25.1pp | -6.2%-12.2pp | -1.8%-19.1pp | -0.9%-1.3pp | -2.0%+29.4pp |
| Net Margin | -41.6%-10.4pp | -36.9%-11.0pp | -32.4%-7.2pp | -46.4%-29.9pp | -31.2%-8.7pp | -25.9%-19.3pp | -25.2%+5.2pp | -16.5%+51.7pp |
| Return on Assets | -4.8%-1.5pp | -4.3%-1.4pp | -3.6%-0.8pp | -5.2%-3.3pp | -3.3%-1.4pp | -2.9%-2.3pp | -2.8%-0.2pp | -1.9%+4.0pp |
| Current Ratio | 0.03-0.3x | 0.21-0.2x | 0.26-0.2x | 0.30-0.1x | 0.30-0.3x | 0.370.0x | 0.470.0x | 0.44+0.1x |
| Asset Turnover | 0.120.0x | 0.120.0x | 0.110.0x | 0.110.0x | 0.110.0x | 0.110.0x | 0.110.0x | 0.110.0x |
| FCF Margin | -12.0%-4.3pp | -20.0%-3.9pp | -12.5%+8.9pp | -7.6%+3.8pp | -7.7%-0.2pp | -16.1%-2.5pp | -21.4%-8.4pp | -11.4%+6.8pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| FAT Brands Inc. FATBB | FY2024 | $592.7M | -$189.8M | -32.0% | $36.0M | 24/100 |
| FAT Brands Inc. FAT | FY2024 | $592.7M | -$189.8M | -32.0% | $2.9M | 24/100 |
| Rave Restaurant Group, Inc. RAVE | FY2025 | $12.0M | $2.7M | 22.4% | $42.1M | 53/100 |
| Flanigan's Enterprises Inc BDL | FY2025 | $205.2M | $5.0M | 2.5% | $85.9M | 58/100 |
| Noodles & Company NDLS | FY2025 | $495.1M | -$42.6M | -8.6% | $83.5M | 19/100 |
| Ark Restaurants Corp ARKR | FY2025 | $165.8M | -$11.5M | -6.9% | $17.9M | 36/100 |
Where FAT Brands Inc. Ranks
Frequently Asked Questions
What is FAT Brands Inc.'s annual revenue?
FAT Brands Inc. (FATBB) 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 Inc.'s revenue growing?
FAT Brands Inc. (FATBB) revenue grew by 23.4% year-over-year, from $480.5M to $592.7M in fiscal year 2024.
Is FAT Brands Inc. profitable?
No, FAT Brands Inc. (FATBB) reported a net income of -$189.8M in fiscal year 2024, with a net profit margin of -32.0%.
What is FAT Brands Inc.'s EBITDA?
FAT Brands Inc. (FATBB) had EBITDA of -$10.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does FAT Brands Inc. have?
As of fiscal year 2024, FAT Brands Inc. (FATBB) had $23.4M in cash and equivalents against $1.2B in long-term debt.
What is FAT Brands Inc.'s gross margin?
FAT Brands Inc. (FATBB) 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 Inc.'s operating margin?
FAT Brands Inc. (FATBB) 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 Inc.'s net profit margin?
FAT Brands Inc. (FATBB) 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 Inc. pay dividends?
Yes, FAT Brands Inc. (FATBB) paid $0.56 per share in dividends during fiscal year 2024.
What is FAT Brands Inc.'s free cash flow?
FAT Brands Inc. (FATBB) recorded an outflow of $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 Inc.'s operating cash flow?
FAT Brands Inc. (FATBB) recorded an outflow of $56.2M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are FAT Brands Inc.'s total assets?
FAT Brands Inc. (FATBB) had $1.3B in total assets as of fiscal year 2024, including both current and long-term assets.
What are FAT Brands Inc.'s capital expenditures?
FAT Brands Inc. (FATBB) invested $22.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is FAT Brands Inc.'s current ratio?
FAT Brands Inc. (FATBB) 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 Inc.'s return on assets (ROA)?
FAT Brands Inc. (FATBB) had a return on assets of -14.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is FAT Brands Inc.'s debt-to-equity ratio negative or not reported?
FAT Brands Inc. (FATBB) has negative shareholder equity of -$455.7M as of fiscal year 2024, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Inc.'s Altman Z-Score?
FAT Brands Inc. (FATBB) has an Altman Z-Score of -0.36, 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 Inc.'s Piotroski F-Score?
FAT Brands Inc. (FATBB) 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 Inc.'s earnings high quality?
FAT Brands Inc. (FATBB) reported a net loss of $189.8M while operations used $56.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Inc.?
FAT Brands Inc. (FATBB) scores 24 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.