Fat Brands Inc Financials
This page shows Fat Brands Inc (FATBP) 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).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Fat Brands Inc 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 3/100, suggesting thin profitability after operating expenses. 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 72/100.
Fat Brands Inc's current ratio of 0.30 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
While Fat Brands Inc 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 0/100, reflecting heavy capital investment rather than weak cash generation.
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.
For every $1 of reported earnings, Fat Brands Inc 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 Inc generated $592.7M in revenue in fiscal year 2024. This represents an increase of 23.4% from the prior year.
Fat Brands Inc'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 Inc reported -$189.8M in net income in fiscal year 2024. This represents a decrease of 110.7% from the prior year.
Fat Brands Inc 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 Inc 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 Inc held $23.4M in cash against $1.2B in long-term debt as of fiscal year 2024.
Fat Brands Inc paid $0.56 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Fat Brands Inc had 17M shares outstanding in fiscal year 2024. This represents an increase of 2.1% from the prior year.
Margins & Returns
Fat Brands Inc'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 Inc'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 Inc'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 Inc 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.
FATBP 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 |
FATBP 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 |
FATBP 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 |
FATBP 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.
Similar Companies
Frequently Asked Questions
What is Fat Brands Inc's annual revenue?
Fat Brands Inc (FATBP) 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 (FATBP) 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 (FATBP) 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 (FATBP) 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 (FATBP) 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 (FATBP) 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 (FATBP) 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 (FATBP) 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 (FATBP) paid $0.56 per share in dividends during fiscal year 2024.
What is Fat Brands Inc's free cash flow?
Fat Brands Inc (FATBP) 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 Inc's operating cash flow?
Fat Brands Inc (FATBP) generated -$56.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Fat Brands Inc's total assets?
Fat Brands Inc (FATBP) 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 (FATBP) 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 (FATBP) 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 debt-to-equity ratio?
Fat Brands Inc (FATBP) 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 Inc's return on assets (ROA)?
Fat Brands Inc (FATBP) 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 Inc's cash runway?
Based on fiscal year 2024 data, Fat Brands Inc (FATBP) 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 Inc's debt-to-equity ratio negative or unusual?
Fat Brands Inc (FATBP) 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 Inc's Piotroski F-Score?
Fat Brands Inc (FATBP) 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 7–9 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 (FATBP) 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 Inc?
Fat Brands Inc (FATBP) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.