Tearsheet

FAT Brands (FAT)

Market Price (12/28/2025): $0.3656 | Market Cap: $6.5 Mil
Sector: Consumer Discretionary | Industry: Restaurants

FAT Brands (FAT)

Market Price (12/28/2025): $0.3656
Market Cap: $6.5 Mil
Sector: Consumer Discretionary
Industry: Restaurants

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84%	Weak multi-year price returns 2Y Excs Rtn is -140%, 3Y Excs Rtn is -173%	Penny stock Mkt Price is 0.4
1	Attractive yield Dividend Yield is 36%		Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -50 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.7%
2	Megatrend and thematic drivers Megatrends include Consumer Services & Hospitality. Themes include Restaurant Franchising.		Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 22355%
3			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.3%, Rev Chg QQuarterly Revenue Change % is -2.3%
4			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13%
5			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3382%
6			Key risks FAT key risks include [1] a severe liquidity crisis stemming from its inability to repay approximately $1.3 billion in accelerated debt and [2] the consequent and imminent threat of bankruptcy.

0	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84%
1	Attractive yield Dividend Yield is 36%
2	Megatrend and thematic drivers Megatrends include Consumer Services & Hospitality. Themes include Restaurant Franchising.
3	Weak multi-year price returns 2Y Excs Rtn is -140%, 3Y Excs Rtn is -173%
4	Penny stock Mkt Price is 0.4
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -50 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.7%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 22355%
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.3%, Rev Chg QQuarterly Revenue Change % is -2.3%
8	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13%
9	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3382%
10	Key risks FAT key risks include [1] a severe liquidity crisis stemming from its inability to repay approximately $1.3 billion in accelerated debt and [2] the consequent and imminent threat of bankruptcy.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$0.37	$5.32	$5.52	$4.16	$8.33
Market Cap CYE ($ Mil)	6.5	91.3	92.4	69.0	136.2
Total Debt ($ Mil)	1,480.3	1,474.6	1,381.9	1,118.7	1,012.2
Total Cash ($ Mil)	2.1	23.4	37.0	28.7	56.7
Enterprise Value ($ Mil)	1,484.8	1,565.9	1,474.3	1,187.7	1,148.4
Valuation Ratios
P/S TTM	0.0	0.2	0.2	0.2	1.3
P/EBIT TTM	-0.1	-1.7	4.8	-6.5	-25.6
P/E TTM	-0.0	-0.5	-1.1	-0.6	-4.9
P/FCF TTM	-0.1	-1.1	-1.8	-1.2	-15.9
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.8	8.3	7.8	6.5	8.4
P/E TTM (Sector)	10.5	11.1	10.4	8.4	10.7
P/FCF TTM (Sector)	11.2	12.4	9.6	7.3	10.5

	12/28/25	2024	2023
Share Price CYE	$0.37	$5.32	$5.52
Market Cap CYE ($ Mil)	6.5	91.3	92.4
Total Debt ($ Mil)	1,480.3	1,474.6	1,381.9
Total Cash ($ Mil)	2.1	23.4	37.0
Enterprise Value ($ Mil)	1,484.8	1,565.9	1,474.3
Valuation Ratios
P/S TTM	0.0	0.2	0.2
P/EBIT TTM	-0.1	-1.7	4.8
P/E TTM	-0.0	-0.5	-1.1
P/FCF TTM	-0.1	-1.1	-1.8
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.8	8.3	7.8
P/E TTM (Sector)	10.5	11.1	10.4
P/FCF TTM (Sector)	11.2	12.4	9.6

	FAT	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.6
Rev Chg Q	-2.3%	7.3%
Rev Chg LTM	-5.3%	6.1%
Rev Chg 3Y Avg	16.6%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	-0.2
Op Mgn LTM	-8.7%	18.8%
CFO/Rev LTM	-11.3%	20.4%
Net Inc Mgn	-39.3%	13.1%
VALUATION	VERY LOW
P/S	0.0	3.3
P/CFO	-0.1	15.8
P/FCF	-0.1	20.7
P/E	-0.0	23.7
STABILITY	VERY POOR
Debt/Equity	223.79	0.21
Cash/Assets	0.00	0.07

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Metric	Value	Date	Source
System-wide same-store sales decline	-3.5%	9282025	Link
New store openings (quarterly)	13	9282025	Link
Development pipeline	approximately 900	11052025	Link
Casual dining segment same-store sales growth	3.9%	11052025	Link
Total number of restaurant brands	18	11062025	Link
Total units worldwide	approximately 2,300	11062025	Link
New store openings (year-to-date)	60	11052025	Link
Pipeline of co-branded locations	approximately 50	11052025	Link

Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

FAT Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining the significant movement in FAT Brands' stock:

1. Demands for Immediate Debt Repayment and Potential Bankruptcy. In November 2025, the trustee overseeing FAT Brands' securitized financing demanded full payment of approximately $1.3 billion to $1.4 billion in debt, due to the company lacking sufficient funds for a quarterly payment. The company has acknowledged its inability to cover these amounts, potentially leading to bankruptcy proceedings.

2. Ongoing SEC Fraud Charges and Regulatory Scrutiny. While criminal charges against former CEO Andrew Wiederhorn and FAT Brands were dismissed by the U.S. Department of Justice in July 2025, civil fraud charges from the U.S. Securities and Exchange Commission (SEC) remain pending. These charges, filed in May 2024, allege that FAT Brands and its executives failed to disclose related-party transactions and made false statements regarding the company's liquidity, contributing to sustained regulatory uncertainty.

3. Consistent Operating Losses and Declining Sales. FAT Brands has experienced a prolonged period of unprofitability, reporting operating losses and declining same-store sales over multiple consecutive quarters. The company recorded an operating loss of $41.5 million for the first nine months of 2025 and a net loss of $58.2 million in the fiscal third quarter of 2025. This trend of weakening financial performance has negatively impacted investor confidence.

4. Substantial Debt Burden Leading to High Interest Expenses. The company's significant debt load, reaching over $1.4 billion, has resulted in crippling interest expenses. In the first nine months of 2025, interest expenses alone exceeded $100 million, significantly outweighing the $66 million generated in royalties. This heavy debt servicing cost poses a substantial threat to the company's financial stability and its ability to continue as a going concern.

5. Shareholder Lawsuits Alleging Hidden Liquidity Crisis. FAT Brands is facing multiple shareholder lawsuits, including one filed in December 2025, alleging the company masked a liquidity crisis. These lawsuits claim that starting in 2024, FAT Brands used "reckless, high-interest, short-term borrowing," including merchant cash advances with high interest rates, to artificially inflate its liquidity position, and that these loans were not properly accounted for in financial documents. These legal challenges further erode investor trust and indicate potential mismanagement.

Stock Movement Drivers

Fundamental Drivers

The -81.4% change in FAT stock from 9/27/2025 to 12/27/2025 was primarily driven by a -81.2% change in the company's P/S Multiple.

	9272025	12272025	Change
Stock Price ($)	1.96	0.37	-81.35%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	577.50	574.14	-0.58%
P/S Multiple	0.06	0.01	-81.19%
Shares Outstanding (Mil)	17.82	17.87	-0.28%
Cumulative Contribution			-81.35%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
FAT	-81.4%
Market (SPY)	4.3%	25.0%
Sector (XLY)	1.8%	17.8%

Fundamental Drivers

The -84.5% change in FAT stock from 6/28/2025 to 12/27/2025 was primarily driven by a -84.1% change in the company's P/S Multiple.

	6282025	12272025	Change
Stock Price ($)	2.36	0.37	-84.51%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	582.70	574.14	-1.47%
P/S Multiple	0.07	0.01	-84.07%
Shares Outstanding (Mil)	17.63	17.87	-1.36%
Cumulative Contribution			-84.52%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
FAT	-84.5%
Market (SPY)	12.6%	22.3%
Sector (XLY)	11.9%	15.1%

Fundamental Drivers

The -93.1% change in FAT stock from 12/27/2024 to 12/27/2025 was primarily driven by a -92.4% change in the company's P/S Multiple.

	12272024	12272025	Change
Stock Price ($)	5.33	0.37	-93.14%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	606.01	574.14	-5.26%
P/S Multiple	0.15	0.01	-92.41%
Shares Outstanding (Mil)	17.05	17.87	-4.81%
Cumulative Contribution			-93.16%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
FAT	-93.1%
Market (SPY)	17.0%	27.8%
Sector (XLY)	7.0%	24.2%

Fundamental Drivers

The -91.2% change in FAT stock from 12/28/2022 to 12/27/2025 was primarily driven by a -93.7% change in the company's P/S Multiple.

	12282022	12272025	Change
Stock Price ($)	4.13	0.37	-91.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	377.60	574.14	52.05%
P/S Multiple	0.18	0.01	-93.71%
Shares Outstanding (Mil)	16.53	17.87	-8.13%
Cumulative Contribution			-91.21%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
FAT	-93.4%
Market (SPY)	48.0%	21.9%
Sector (XLY)	37.7%	18.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FAT Return	170%	87%	-50%	33%	-4%	-93%	-76%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
FAT Win Rate	58%	75%	42%	50%	42%	17%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
FAT Max Drawdown	-61%	-5%	-51%	0%	-22%	-93%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	FAT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-67.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	208.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-62.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	168.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	143 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-69.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	224.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	496 days	120 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

FAT Brands's stock fell -67.6% during the 2022 Inflation Shock from a high on 6/28/2021. A -67.6% loss requires a 208.2% gain to breakeven.

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About FAT Brands (FAT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

FAT Brands Inc., a multi-brand franchising company, acquires, develops, and manages quick service, fast casual, casual dining, and polished casual dining restaurant concepts worldwide. As of April 18, 2022, it owned seventeen restaurant brands, including Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo's Cafe and Buffalo's Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean, and Ponderosa Steakhouse/Bonanza Steakhouse, as well as 2,300 franchised locations. The company was incorporated in 2017 and is headquartered in Beverly Hills, California. FAT Brands Inc. operates as a subsidiary of Fog Cutter Holdings, LLC.

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Here are 1-2 brief analogies for FAT Brands:

A Marriott International for restaurants.
A Yum! Brands for other restaurant chains.

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Restaurant Franchising Services: FAT Brands licenses a diverse portfolio of restaurant concepts to independent operators globally.
Brand Management and Development: The company provides ongoing operational support, marketing strategies, and supply chain management for its owned restaurant brands.
Portfolio of Restaurant Brands: FAT Brands owns and develops a wide array of restaurant chains, including prominent names like Fatburger, Johnny Rockets, Round Table Pizza, Marble Slab Creamery, and Twin Peaks.

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FAT Brands Inc. (symbol: FAT) operates as a global franchisor and operator of restaurant concepts. Its business model primarily revolves around licensing its various brands (such as Fatburger, Johnny Rockets, Marble Slab Creamery, Great American Cookies, Round Table Pizza, Twin Peaks, and many others) to independent operators.

Therefore, FAT Brands sells primarily to other companies, specifically its franchisees, rather than directly to individual consumers. These franchisees are the entities that pay initial franchise fees, ongoing royalty fees (a percentage of their sales), and contribute to advertising funds. Due to the nature of the franchising business, the vast majority of these franchisees are private entities or individual business owners, and thus do not have public company symbols. It is not common for a franchisor like FAT Brands to have a few large, publicly traded companies as its direct "major customers" in the traditional sense of purchasing goods or services on a recurring basis.

Instead, FAT Brands serves a diverse base of franchisees. While specific names of private franchisee companies are not publicly disclosed by FAT Brands, these customers can generally be categorized by their operational scale and structure:

Single-Unit Franchisees: Individual entrepreneurs or small business groups who own and operate a single restaurant or retail location under one of FAT Brands' concepts. These are typically hands-on operators.
Multi-Unit Franchisees: Operators who own and manage multiple restaurant locations, often across different brands within the FAT Brands portfolio or multiple units of a single brand. These can range from small regional groups to larger, more sophisticated restaurant management companies.
International and Master Franchisees: These are often larger organizations or companies that acquire the exclusive rights to develop a particular FAT Brands concept (or multiple concepts) within an entire country, region, or territory. They are responsible for opening their own company-owned units or sub-franchising to other operators within their designated area.

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Andrew A. Wiederhorn, Chief Executive Officer and Chairman

Andrew A. Wiederhorn reassumed the role of Chief Executive Officer of FAT Brands Inc. in September 2025, having previously held the position from 2017 to 2023. He is the founder of FAT Brands Inc. Mr. Wiederhorn also serves as the Chairman of Twin Hospitality Group Inc. since August 2025. At 21, he founded a successful financial services firm. Prior to FAT Brands Inc., he founded and served as Chairman and Chief Executive Officer of Fog Cutter Capital Group Inc., Wilshire Financial Services Group Inc., and Wilshire Credit Corporation. Fog Cutter Capital Group acquired a controlling stake in Fatburger in 2003 for $7 million. He graduated from the University of Southern California with a Bachelor's degree in business. Mr. Wiederhorn served a penitentiary sentence between 2004 and 2005 after pleading guilty to felony counts, including filing a false tax return and an ERISA violation.

Ken Kuick, Chief Financial Officer

Ken Kuick was appointed Chief Financial Officer of FAT Brands Inc. in 2021. He also serves as Chief Financial Officer of Twin Hospitality Group Inc. since 2025. From May 2023 to September 2025, Mr. Kuick served as Co-CEO of FAT Brands. Before joining FAT Brands Inc., he served as Chief Financial Officer for Noodles & Company (NASDAQ: NDLS). Mr. Kuick’s previous experience also includes serving as Chief Accounting Officer for VICI Properties (NYSE: VICI), a real estate investment trust, and as Chief Accounting Officer for Caesars Entertainment Operating Company, a subsidiary of Caesars Entertainment (NASDAQ: CZR) from 2014 to 2017. He has a background in strategic business leadership, financial operations, corporate governance, mergers and acquisitions, IPOs, and capital market transactions. Mr. Kuick received a bachelor's degree in Accounting and Computer Science from Taylor University.

Thayer D. Wiederhorn, Chief Operating Officer

Thayer D. Wiederhorn has served as Chief Operating Officer of FAT Brands Inc. since November 2021. Prior to this, he was Chief Marketing Officer of FAT Brands Inc. His earlier roles include Vice President of Marketing of Fatburger North America Inc. and Buffalo's Franchise Concepts Inc., and Director of Marketing of Fatburger North America Inc. Mr. Wiederhorn graduated from the University of Southern California Marshall School of Business.

Taylor A. Wiederhorn, Chief Development Officer

Taylor A. Wiederhorn was appointed Chief Development Officer of FAT Brands Inc. in 2017. He served as Co-CEO of FAT Brands from May 2023 until September 2025. Since 2023, he has also been Chief Executive Officer for 15 brands within the FAT Brands portfolio. Previously, Mr. Wiederhorn held the positions of Vice President of Franchise Marketing and Development, and Director of Marketing, for Fatburger North America Inc. and Buffalo's Franchise Concepts Inc. He holds a Bachelor of Science degree in Business Administration with an emphasis in Finance and Entrepreneurship from the University of Southern California Marshall School of Business.

Mason A. Wiederhorn, Chief Brand Officer

Mason A. Wiederhorn has served as Chief Brand Officer of FAT Brands Inc. since December 2021. Before this role, he was the Creative Director of FAT Brands Inc., and previously served as Creative Director for Fatburger North America Inc. and Buffalo's Franchise Concepts Inc. He also held the role of Videographer for Fatburger North America Inc. Mr. Wiederhorn is a graduate of the Business of Cinematic Arts program at the University of Southern California Marshall School of Business.

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The most significant key risk to FAT Brands (symbol: FAT) is its substantial debt burden and the imminent threat of bankruptcy.

The company has faced a severe liquidity crisis, with creditors accelerating approximately $1.3 billion in securitized debt that was declared immediately due and payable in late November 2025. FAT Brands has publicly stated it does not possess the cash on hand to meet these obligations, which has triggered "rapid amortization" events on its securitization notes. This situation has led to warnings from the company itself, as well as analysts, that it may need to reorganize through bankruptcy proceedings. The financial distress is further evidenced by its critically low unrestricted cash, negative working capital, and a high debt-to-equity ratio.

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The clear emerging threat to FAT Brands is the rapid proliferation and increasing market share of capital-light virtual restaurant brands and ghost kitchen models. These new operational frameworks allow food concepts to launch and scale with significantly lower overhead costs, primarily by reducing or eliminating the need for traditional brick-and-mortar restaurant spaces and associated front-of-house expenses. This trend creates intense competition for delivery and takeout sales, directly challenging the economic viability and market appeal of traditional franchised restaurant locations, which are foundational to FAT Brands' business model. While FAT Brands can adapt by incorporating virtual brands or ghost kitchen operations, the fundamental shift towards these agile, asset-light models threatens to erode the market share and profitability of its existing franchisee base and diminish the attractiveness of new traditional franchise investments.

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FAT Brands Inc. (NASDAQ: FAT) operates as a leading global franchisor, strategically acquiring, marketing, and developing a diverse portfolio of restaurant brands across various dining segments. Their main products and services fall into fast-casual, quick-service, casual dining, and specialty dining concepts, including ice cream and sports bars.

The addressable markets for their main product and service categories are as follows:

Fast-Casual Dining: The global fast-casual restaurant market was valued at approximately USD 211.52 billion in 2024. It is projected to reach around USD 628.20 billion by 2034, growing at a CAGR of 11.50% between 2025 and 2034. In the United States, the fast-casual restaurants market size is estimated to grow by USD 84.5 billion from 2025-2029, with a CAGR of 13.7%. North America accounted for 33.32% of the global market share in 2023, valued at USD 63.48 billion.
Quick-Service Restaurants (QSR) / Fast Food: The quick-service restaurant industry in the United States was valued at approximately USD 447.2 billion in 2025 and is expected to reach USD 731.6 billion by 2030, growing at a CAGR of 10.35%. The US fast food and QSR market is projected to reach a valuation of USD 301 billion in 2025 and USD 508.6 billion by 2034, with a CAGR of 5.6% from 2025 to 2034.
Casual Dining: The global casual dining market was valued at USD 62.4 billion in 2024 and is forecasted to reach USD 98.7 billion by 2033, growing at a CAGR of 5.3%. Another source indicates the global casual dining market size was valued at USD 333.02 billion in 2025 and is expected to reach USD 575.5 billion by 2035, with a CAGR of 5.5% from 2025 to 2035.
Ice Cream: The global ice cream market size was valued at USD 77.8 billion in 2024 and is projected to grow to USD 139.7 billion by 2033, exhibiting a CAGR of 6.7% from 2025-2033. The United States ice cream market size was valued at USD 13.20 billion in 2024 and is projected to reach USD 18.31 billion by 2033, exhibiting a CAGR of 3.40% from 2025-2033. Other estimates for the US market show a size of USD 19.51 billion in 2025, projected to reach USD 22.41 billion by 2030, advancing at a 2.81% CAGR.
Sports Bars: The global sports bar market is expected to grow from USD 22.6 billion in 2023 to USD 34.3 billion by 2030, with a CAGR of 4.1%. Another report states the global sports bar market size reached USD 21.4 billion in 2024 and is expected to achieve USD 35.8 billion by 2033, with a CAGR of 5.8% from 2025 to 2033. In the US, the market size for sports bars is estimated at USD 2.2 billion in 2024 and 2025.

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Expected Drivers of Future Revenue Growth for FAT Brands (FAT)

Over the next 2-3 years, FAT Brands is expected to drive future revenue growth through several strategic initiatives:

Organic Growth through New Unit Development: FAT Brands consistently emphasizes its robust pipeline of new restaurant openings and franchise development agreements. The company has reported a significant number of new unit openings across its portfolio and continues to sign new development deals. For instance, in 2023, FAT Brands opened 125 new units, and in Q1 2024, they opened 16 new locations, expanding their development pipeline to over 1,200 units. This expansion is anticipated to translate into substantial incremental adjusted EBITDA in the coming years.
Strategic Acquisitions: Growth by acquisition remains a core strategic pillar for FAT Brands. The acquisition of Smokey Bones in the fourth quarter of 2023 has been a notable driver of revenue growth in subsequent quarters. The company's long-term strategy includes acquiring additional brands that complement its existing portfolio, further contributing to revenue expansion.
Expansion of the Twin Peaks Brand and Conversions: The Twin Peaks casual dining concept is a significant focus for growth, with plans for numerous new lodge openings. A key driver within this strategy is the conversion of acquired Smokey Bones locations into Twin Peaks lodges, which is expected to accelerate the brand's growth and reduce construction time and costs. This strategic expansion is projected to significantly increase Twin Peaks' system-wide sales.
Increased Capacity and Sales from Manufacturing Facility: The Georgia-based manufacturing facility, which produces cookie dough and dry mixes for FAT Brands' various concepts, is a consistent contributor to revenue. The company is focused on increasing its capacity utilization and has seen sales growth from this facility. Further enhancements and expansion of this facility are expected to continue driving revenue.
Co-Branding and International Expansion Initiatives: FAT Brands is leveraging a co-branding strategy, which has shown success in increasing sales and transactions at dual-branded locations. Additionally, the company is committed to international growth, as evidenced by recent expansions of brands like Johnny Rockets and Fatburger into new global markets.

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Share Issuance

In July 2020, FAT Brands offered 360,000 shares of 8.25% Series B Cumulative Preferred Stock and warrants to purchase up to 1,800,000 shares of common stock, generating gross proceeds of approximately $9,000,000.
As part of the Global Franchise Group acquisition in June 2021, FAT Brands issued $25 million in common stock and $67.5 million in Series B cumulative preferred stock to the sellers.
In May 2025, the company successfully spun off Twin Hospitality Group Inc., distributing a $50 million dividend to shareholders through the distribution of Twin Hospitality Group's Class A Common Stock.

Outbound Investments

In August 2020, FAT Brands acquired the Johnny Rockets restaurant chain for approximately $25 million.
In July 2021, the company purchased Global Franchise Group, which includes brands like Round Table Pizza and Great American Cookies, for $442.5 million.
FAT Brands acquired Twin Peaks for $300 million in October 2021 and Smokey Bones for $30 million in September 2023.

Capital Expenditures

For the last 12 months (prior to November 2025), FAT Brands reported capital expenditures of approximately -$15.41 million.
The company aims to open over 100 new locations in 2025, with a development pipeline of approximately 1,000 committed new units over the next 5 to 7 years.
A key focus for capital efficiency includes converting existing Smokey Bones locations into Twin Peaks lodges, a strategy that significantly reduces construction time and capital expenditure compared to new builds.

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Tesla

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for FAT: 16.6% | 0.0x)

SDOT (1980.8% | 0.0x)

Sadot

LRHC (53.9% | 0.0x)

La Rosa

WHLR (18.9% | 0.0x)

Wheeler Real Estate Investment Trust

CETX (16.6% | 0.0x)

Cemtrex

VIVK (175.7% | 0.0x)

Vivakor

Higher Rev Chg LTM (Value for FAT: -5.3%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for FAT: 16.6%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

LLY (23.4%)

Eli Lilly

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

Higher Op Mgn LTM (Value for FAT: -8.7%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for FAT: -11.3%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for FAT: -13.1%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for FAT: -3378.2%)

META (3.8%)

Meta Platforms

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Consumer Discretionary Sector
	FAT	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	-0.0	31.8	34.9	21.6	26.3	30.4	22.1	12.1	25.2	21.6	17.3
P/EBIT	-0.1	30.9	21.0	78.7	18.1	13.4	14.7	8.9	22.2	18.8	10.2
What You Get
Rev Chg Q	-2.3%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	-5.3%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	16.6%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	-13.7%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	FAT Brands Earnings Notes
2	FAT Brands Stock In Shambles: Down -67% With 5-Day Losing Streak	Notification
3	Is FAT Brands Stock Built to Withstand More Downside?	Return

	Title
0	ARTICLES

Trade Ideas

Select ideas related to FAT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.7%	13.7%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.0%	6.0%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.8%	3.8%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.6%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for FAT Brands

Peers to compare with:

Financials

	FAT	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	FAT Bran.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	0.37	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	0.0	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	574	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	-50	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	-75	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-74	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	-65	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	-52	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	FAT	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	FAT Bran.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	-5.3%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	16.6%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	-2.3%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-0.6%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	-8.7%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	-2.7%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	-1.6%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	-11.3%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	-9.6%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	-13.1%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	-13.7%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	FAT	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	FAT Bran.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	0.0	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.0	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	-0.1	6.8	19.9	25.1	22.5	31.3	21.2
P/E	-0.0	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	-0.1	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	-3,378.2%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	36.4%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-124.4%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	223.9	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	223.5	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	FAT	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	FAT Bran.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-31.5%	-1.8%	14.4%	0.6%	2.7%	-1.5%	-0.4%
3M Rtn	-81.4%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-84.5%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-93.1%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	-91.2%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	-37.0%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-85.7%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-96.8%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-109.1%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-173.4%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

FDIC Bank Data

$ Mil \| FY: 12/29	LTM	2024	2023	2022	2021	2020	2019
Period End	9/28/2025	12/29/2024	12/31/2023	12/25/2022	12/26/2021	12/27/2020	12/29/2019
Filing Date	11/12/2025	2/28/2025	3/12/2024	2/24/2023	3/23/2022	3/29/2021	4/28/2020
Key Financials
Total Revenue	574	593	480	407	119	18	23
EBITDA	-45	-13	52	14	2	-9	9
Operating Income	-50	-20	26	1	6	-2	6
Net Income	-226	-190	-90	-126	-32	-15	-1
EPS	-13.35	-11.60	-5.85	-8.06	-2.15	-1.25	-0.08
Growth Rates
Total Revenue Growth	-5.3%	23.4%	18.0%	242.5%	556.1%	-19.5%	26.2%
EBITDA Growth	-272.9%	-124.5%	261.0%	500.8%	127.3%	-198.8%	192.5%
Operating Income Growth	-332.0%	-176.5%	3812.2%	-89.8%	424.7%	-132.2%	42.6%
Net Income Growth	-51.9%	-110.7%	28.6%	-299.5%	-112.5%	-1359.7%	43.4%
Margins
EBITDA Margin	-7.9%	-2.2%	10.9%	3.6%	2.0%	-48.7%	39.7%
Operating Income Margin	-8.7%	-3.3%	5.3%	0.2%	5.4%	-10.9%	27.3%
Net Income Margin	-39.3%	-32.0%	-18.8%	-31.0%	-26.6%	-82.0%	-4.5%
Cash & Debt
Total Cash	2	23	37	29	57	4	0
Total Debt	1,480	1,475	1,382	1,119	1,012	98	31
Net Debt / (Cash)	1,478	1,451	1,345	1,090	956	94	31
Cash Flows
Net Cash from Operations	-65	-56	-36	-47	1	-11	2
Free Cash from Operations	-75	-79	-57	-71	-10	-12	2
Returns to Shareholders
Dividends	2	17	16	17	13	0	0
Share Repurchases	-0	-0	-0	-0	-0	0	-0

$ Mil \| FY: 12/29	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/28/2025	6/29/2025	3/30/2025	12/29/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	9/24/2023	6/30/2023	3/26/2023	12/25/2022
Filing Date	11/12/2025	7/31/2025	5/9/2025	2/28/2025	10/31/2024	8/1/2024	5/2/2024	3/12/2024	10/31/2023	8/4/2023	5/9/2023	2/24/2023
Key Financials Quarterly
Total Revenue	140	147	142	145	143	152	152	159	109	107	106	104
Ebitda	-9	-7	2	-31	2	7	9	8	11	26	8	-24
Operating Income	-17	-16	-9	-9	-9	-3	0	-1	7	19	1	-16
Net Income	-58	-54	-46	-67	-45	-39	-38	-26	-25	-7	-32	-71
EPS	-3.39	-3.17	-2.73	-4.06	-2.74	-2.43	-2.37	-1.68	-1.59	-0.53	-2.05	-4.29
Key Financials TTM
Total Revenue TTM	574	578	583	593	606	572	527	480	426	419	416	407
Ebitda TTM	-45	-35	-21	-13	26	35	54	52	20	18	14	15
Operating Income TTM	-50	-41	-28	-20	-12	4	25	26	11	5	-0	0
Net Income TTM	-226	-212	-198	-190	-149	-129	-96	-90	-135	-133	-135	-126
Growth Rates Quarterly
Total Revenue Growth	-2.3%	-3.4%	-6.5%	-8.4%	31.1%	42.4%	43.8%	52.8%	6.0%	3.9%	8.5%	39.9%
EBITDA Growth	-640.7%	-205.4%	-81.9%	-474.8%	-84.7%	-73.5%	23.3%	133.8%	28.0%	16.6%	-8.3%	-1383.0%
Operating Income Growth	-99.9%	-515.5%	-6915.9%	-1565.3%	-223.4%	-113.6%	-76.9%	96.7%	519.8%	35.2%	-47.1%	-3096.1%
Net Income Growth	-30.1%	-37.7%	-20.0%	-157.0%	-81.5%	-455.1%	-19.3%	62.9%	-5.2%	13.4%	-35.2%	-261.2%
Margins Quarterly
EBITDA Margin	-6.4%	-4.9%	1.2%	-21.1%	1.2%	4.5%	6.2%	5.2%	9.9%	24.0%	7.2%	-23.3%
Operating Income Margin	-12.4%	-10.6%	-6.0%	-5.9%	-6.1%	-1.7%	0.1%	-0.3%	6.4%	17.5%	0.5%	-15.0%
Net Income Margin	-41.6%	-36.9%	-32.4%	-46.4%	-31.2%	-25.9%	-25.2%	-16.5%	-22.5%	-6.6%	-30.4%	-68.2%
Cash & Debt
Total Cash	2	8	12	23	17	17	40	37	88	31	46	29
Total Debt	1,480	1,491	1,483	1,475	1,448	1,438	1,428	1,382	1,249	1,165	1,159	1,119
Net Debt / (Cash)	1,478	1,483	1,471	1,451	1,431	1,421	1,388	1,345	1,161	1,134	1,113	1,090
Cash Flows Quarterly
FCF from Operations	-15	-27	-13	-10	-3	-14	-28	-13	-2	-9	-12	-11
Cash Flows TTM
FCF from Operations TTM	-65	-54	-41	-56	-58	-57	-52	-36	-34	-40	-48	-47
Returns to Shareholders Quarterly
Dividends	0	0	0	2	2	2	2	2	2	2	2	2
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-4.6%	-4.1%	-2.3%	-2.1%	-2.4%	-0.7%	0.0%	-0.1%	2.3%	6.5%	0.2%	-5.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-3.3%	-2.7%	-1.9%	-1.3%	-0.8%	0.3%	1.7%	1.8%	0.9%	0.4%	-0.0%	0.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single segment	480		119	18	23
Advertising fees		38
Factory revenues		34
Franchise fees		4
Other revenue		3
Restaurant sales		241
Royalties		88
Total	480	407	119	18	23

Price Behavior

Price Behavior

Market Price	$0.37
Market Cap ($ Bil)	0.0
First Trading Date	10/23/2017
Distance from 52W High	-93.8%
	50 Days	200 Days
DMA Price	$1.07	$2.04
DMA Trend	down	down
Distance from DMA	-66.0%	-82.1%
	3M	1YR
Volatility	123.4%	89.4%
Downside Capture	598.78	283.06
Upside Capture	-318.14	-26.45
Correlation (SPY)	23.6%	27.4%

FAT Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	4.36	2.73	2.40	2.16	1.25	0.91
Up Beta	2.98	2.22	1.58	0.98	1.09	0.78
Down Beta	8.35	4.92	4.78	4.15	1.33	1.07
Up Capture	-492%	-250%	-160%	-48%	-5%	9%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	5	15	26	49	106	346
Down Capture	743%	438%	363%	294%	153%	107%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	24	34	72	134	384

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of FAT With Other Asset Classes (Last 1Y)
	FAT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-93.2%	7.5%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	88.8%	24.3%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	-2.56	0.24	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		24.2%	27.7%	1.3%	18.0%	16.2%	15.3%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of FAT With Other Asset Classes (Last 5Y)
	FAT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-33.3%	9.6%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	71.3%	23.8%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	-0.26	0.36	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		19.0%	20.6%	1.4%	8.3%	17.4%	9.6%

Based On 10-Year Data

		Comparison of FAT With Other Asset Classes (Last 10Y)
	FAT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-25.1%	13.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	79.3%	21.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	-0.03	0.55	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		16.0%	16.5%	4.8%	7.7%	14.0%	4.0%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	805,789
Short Interest: % Change Since 11302025	39.8%
Average Daily Volume	653,939
Days-to-Cover Short Interest	1.23
Basic Shares Quantity	17,872,052
Short % of Basic Shares	4.5%

Returns Analyses

	Title
0	Is FAT Brands Stock Built to Withstand More Downside?

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	-11.2%	-16.0%	-71.1%
7/30/2025	-4.2%	-13.4%	-24.4%
5/8/2025	-4.5%	-6.6%	-2.4%
2/27/2025	-4.1%	-6.7%	-17.2%
10/30/2024	0.9%	0.6%	5.1%
7/31/2024	3.8%	4.0%	2.6%
3/7/2024	-2.3%	-13.3%	-10.5%
10/26/2023	-5.3%	3.6%	-1.5%
...
SUMMARY STATS
# Positive	6	11	7
# Negative	14	9	13
Median Positive	2.7%	4.0%	9.5%
Median Negative	-3.8%	-6.7%	-6.7%
Max Positive	10.5%	92.3%	41.3%
Max Negative	-11.6%	-16.0%	-71.1%

	Forward Returns
11/5/2025	-11.2%	-16.0%	-71.1%
7/30/2025	-4.2%	-13.4%	-24.4%
5/8/2025	-4.5%	-6.6%	-2.4%
2/27/2025	-4.1%	-6.7%	-17.2%
10/30/2024	0.9%	0.6%	5.1%
7/31/2024	3.8%	4.0%	2.6%
3/7/2024	-2.3%	-13.3%	-10.5%
10/26/2023	-5.3%	3.6%	-1.5%
8/3/2023	-1.2%	4.6%	-1.1%
5/8/2023	10.5%	9.4%	29.2%
2/22/2023	-2.5%	-3.2%	-5.3%
10/20/2022	-3.5%	13.9%	-6.7%
7/28/2022	-2.2%	-1.2%	-2.3%
3/21/2022	-11.6%	-13.3%	-34.5%
11/4/2021	-0.7%	1.1%	-10.9%
8/5/2021	-4.3%	-3.8%	8.1%
3/26/2021	-3.4%	0.6%	9.5%
11/12/2020	1.6%	2.3%	41.3%
8/7/2020	0.6%	92.3%	38.9%
4/28/2020	6.1%	9.4%	-1.2%
SUMMARY STATS
# Positive	6	11	7
# Negative	14	9	13
Median Positive	2.7%	4.0%	9.5%
Median Negative	-3.8%	-6.7%	-6.7%
Max Positive	10.5%	92.3%	41.3%
Max Negative	-11.6%	-16.0%	-71.1%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11122025	10-Q 9/28/2025
6302025	7312025	10-Q 6/29/2025
3312025	5092025	10-Q 3/30/2025
12312024	2282025	10-K 12/29/2024
9302024	10312024	10-Q 9/29/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	3122024	10-K 12/31/2023
9302023	10312023	10-Q 9/24/2023
6302023	8042023	10-Q 6/30/2023
3312023	5092023	10-Q 3/26/2023
12312022	2242023	10-K 12/25/2022
9302022	10212022	10-Q 9/25/2022
6302022	7292022	10-Q 6/26/2022
3312022	5102022	10-Q 3/27/2022
12312021	3232022	10-K 12/26/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Elenowitz Mark		6032025	Buy	2.20	1,000	2,200	22,440	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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FAT Brands (FAT)

Market Price (12/28/2025): $0.3656 | Market Cap: $6.5 MilSector: Consumer Discretionary | Industry: Restaurants

FAT Brands (FAT)

Market Price (12/28/2025): $0.3656Market Cap: $6.5 MilSector: Consumer DiscretionaryIndustry: Restaurants

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

FAT Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About FAT Brands (FAT)

Expected Drivers of Future Revenue Growth for FAT Brands (FAT)

Share Issuance

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Capital Expenditures

Interactive Breakdown

Better Bets than FAT Brands (FAT)

INDUSTRY: Restaurants

Higher Rev Chg LTM (Value for FAT: -5.3%)

Higher Rev Chg 3Y Avg (Value for FAT: 16.6%)

Higher Op Mgn LTM (Value for FAT: -8.7%)

Higher CFO/Rev LTM (Value for FAT: -11.3%)

Higher FCF/Rev LTM (Value for FAT: -13.1%)

Higher Total Yield (Value for FAT: -3378.2%)

SECTOR: Consumer Discretionary

Higher Rev Chg LTM (Value for FAT: -5.3%)

Higher Rev Chg 3Y Avg (Value for FAT: 16.6%)

Higher Op Mgn LTM (Value for FAT: -8.7%)

Higher CFO/Rev LTM (Value for FAT: -11.3%)

Higher FCF/Rev LTM (Value for FAT: -13.1%)

Higher Total Yield (Value for FAT: -3378.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for FAT: 16.6% | 0.0x)

Higher Rev Chg LTM (Value for FAT: -5.3%)

Higher Rev Chg 3Y Avg (Value for FAT: 16.6%)

Higher Op Mgn LTM (Value for FAT: -8.7%)

Higher CFO/Rev LTM (Value for FAT: -11.3%)

Higher FCF/Rev LTM (Value for FAT: -13.1%)

Higher Total Yield (Value for FAT: -3378.2%)

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Market Price (12/28/2025): $0.3656 | Market Cap: $6.5 Mil
Sector: Consumer Discretionary | Industry: Restaurants

Market Price (12/28/2025): $0.3656
Market Cap: $6.5 Mil
Sector: Consumer Discretionary
Industry: Restaurants