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FAT BRANDS INC 8.25% PFD (FATPQ) Financials

FATPQ
Trailing 12 months to September 28, 2025
Revenue $574.1M -5.3% YoY
Net Income -$225.8M -51.9% YoY
EPS (Diluted) -$11.60 FY2024 annual
Free Cash Flow -$75.0M +12.9% YoY
Source SEC Filings (10-K/10-Q) Latest period Q3 FY2025, ended Sep 28, 2025 Reported Currency USD FYE December

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 FATPQ SEC filings page.

FAT BRANDS INC 8.25% PFD (FATPQ) 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).

Rhea AI FATPQ FY2024

Revenue scale is expanding, but margin compression, recurring cash deficits, and debt-dependent financing are worsening the balance-sheet position.

The business moved from a positive operating margin of 4.7% in FY2023 to -8.8% in FY2024, despite continued expansion. Gross margin compression from 41.1% to 33.7% shows that the larger sales base did not translate into better cost absorption.

Net income was -$189.8M while operating cash flow was -$56.2M; non-cash charges softened the cash gap, but did not turn operations into cash generation. After capital spending, free cash flow reached -$79.0M, while financing provided $58.2M, making external funding an important offset in the year's cash pattern.

The balance sheet combines negative equity of -$455.7M with $1.2B of long-term debt, indicating liabilities exceed the recorded asset base. Short-term flexibility also narrowed as the current ratio fell from 0.4x to 0.3x, reinforcing reliance on liabilities and financing rather than internally generated funds.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

FAT BRANDS INC 8.25% PFD does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Weak
2/9

FAT BRANDS INC 8.25% PFD 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 No Cash Backing
N/A

FAT BRANDS INC 8.25% PFD 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

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Earnings & Revenue

Revenue
$140.0M
YoY-2.3%
QoQ-4.6%
5Y CAGR+102.7%

FAT BRANDS INC 8.25% PFD 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%.

EBITDA
-$9.5M
YoY-597.0%
QoQ-31.9%

FAT BRANDS INC 8.25% PFD'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%.

Net Income
-$58.2M
YoY-30.1%
QoQ-7.4%

FAT BRANDS INC 8.25% PFD 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%.

EPS (Diluted)
-$3.39
YoY-23.7%
QoQ-6.9%

FAT BRANDS INC 8.25% PFD 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

Free Cash Flow
-$16.9M
YoY-52.1%
QoQ+42.4%

FAT BRANDS INC 8.25% PFD 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%.

Cash & Debt
$2.1M
YoY-87.8%
QoQ-73.2%
5Y CAGR-29.9%

FAT BRANDS INC 8.25% PFD 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.

Dividends Per Share
$0.00
YoY-100.0%

FAT BRANDS INC 8.25% PFD paid $0.00 per share in dividends in Q3 2025. This represents a decrease of 100.0% from the same quarter a year earlier.

Shares Outstanding
18M
YoY+4.6%
QoQ0.0%
5Y CAGR+8.4%

FAT BRANDS INC 8.25% PFD had 18M shares outstanding in Q3 2025. This represents an increase of 4.6% from the same quarter a year earlier. It is unchanged from the prior quarter.

Margins & Returns

Gross Margin
32.4%
YoY-0.1pp
QoQ-0.8pp

FAT BRANDS INC 8.25% PFD'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.

Operating Margin
-12.4%
YoY-6.2pp
QoQ-1.8pp
5Y change+19.3pp

FAT BRANDS INC 8.25% PFD'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.

Net Margin
-41.6%
YoY-10.4pp
QoQ-4.7pp
5Y change-27.7pp

FAT BRANDS INC 8.25% PFD'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.

Return on Equity

Not reported for Q3 2025.

Capital Allocation

Capital Expenditures
$2.3M
YoY-70.4%
QoQ-3.1%
5Y CAGR+65.6%

FAT BRANDS INC 8.25% PFD 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%.

R&D Spending

Not reported for Q3 2025.

Share Buybacks

Not reported for Q3 2025.

FATPQ 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.

FATPQ quarterly income statement
MetricQ3'2510-QQ2'2510-QQ1'25Q4'2410-QQ3'2410-QQ2'2410-QQ1'24Q4'23
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/A17M+2.6%17M+2.9%17M+2.8%N/A

Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.

FATPQ 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.

FATPQ quarterly balance sheet
MetricQ3'2510-QQ2'2510-QQ1'25Q4'2410-QQ3'2410-QQ2'2410-QQ1'24Q4'23
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.

FATPQ 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.

FATPQ quarterly cash flow statement
MetricQ3'2510-QQ2'2510-QQ1'25Q4'2410-QQ3'2410-QQ2'2410-QQ1'24Q4'23
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.

FATPQ 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.

FATPQ quarterly financial ratios
MetricQ3'2510-QQ2'2510-QQ1'25Q4'2410-QQ3'2410-QQ2'2410-QQ1'24Q4'23
Gross Margin32.4%-0.1pp33.2%-0.9pp32.3%-2.5pp33.1%-0.6pp32.5%-13.4pp34.2%-10.1pp34.8%-9.3pp33.7%
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 Ratio0.03-0.3x0.21-0.2x0.26-0.2x0.30-0.1x0.30-0.3x0.370.0x0.470.0x0.44+0.1x
Asset Turnover0.120.0x0.120.0x0.110.0x0.110.0x0.110.0x0.110.0x0.110.0x0.110.0x
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.

Frequently Asked Questions

What is FAT BRANDS INC 8.25% PFD's annual revenue?

FAT BRANDS INC 8.25% PFD (FATPQ) 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 8.25% PFD's revenue growing?

FAT BRANDS INC 8.25% PFD (FATPQ) revenue grew by 23.4% year-over-year, from $480.5M to $592.7M in fiscal year 2024.

Is FAT BRANDS INC 8.25% PFD profitable?

No, FAT BRANDS INC 8.25% PFD (FATPQ) reported a net income of -$189.8M in fiscal year 2024, with a net profit margin of -32.0%.

FAT BRANDS INC 8.25% PFD (FATPQ) 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 INC 8.25% PFD (FATPQ) had EBITDA of -$10.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2024, FAT BRANDS INC 8.25% PFD (FATPQ) had $23.4M in cash and equivalents against $1.2B in long-term debt.

FAT BRANDS INC 8.25% PFD (FATPQ) had a gross margin of 33.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

FAT BRANDS INC 8.25% PFD (FATPQ) had an operating margin of -8.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

FAT BRANDS INC 8.25% PFD (FATPQ) had a net profit margin of -32.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Yes, FAT BRANDS INC 8.25% PFD (FATPQ) paid $0.56 per share in dividends during fiscal year 2024.

FAT BRANDS INC 8.25% PFD (FATPQ) 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.

FAT BRANDS INC 8.25% PFD (FATPQ) recorded an outflow of $56.2M in operating cash flow during fiscal year 2024, representing cash used by core business activities.

FAT BRANDS INC 8.25% PFD (FATPQ) had $1.3B in total assets as of fiscal year 2024, including both current and long-term assets.

FAT BRANDS INC 8.25% PFD (FATPQ) invested $22.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

FAT BRANDS INC 8.25% PFD (FATPQ) had 17M shares outstanding as of fiscal year 2024.

FAT BRANDS INC 8.25% PFD (FATPQ) had a current ratio of 0.30 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

FAT BRANDS INC 8.25% PFD (FATPQ) had a return on assets of -14.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

FAT BRANDS INC 8.25% PFD (FATPQ) 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.

FAT BRANDS INC 8.25% PFD (FATPQ) 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.

FAT BRANDS INC 8.25% PFD (FATPQ) 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.

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