Fat Brands, Inc financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Fat Brands, Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	2.17	18.4	22.5	18.1	119	407	480	593
Cost of revenue						222	283	393
Gross profit						186	198	200
General and administrative		10.3	12.3	14.9	41.8	113	93.1	129
Operating income		4.24	5.92	-16.3	0.82	-17.9	22.3	-52.2
Interest expense		3.82	4.76
Interest income		1.13	2.13	3.63
Other non-operating income		-6.31	-6.43	-2.28	-35.9	-89.5	-119	-140
Pre-tax income		-2.07	-0.51	-18.5	-35.1	-107	-96.4	-193
Income tax	0.41	-0.28	0.51	-3.69	-3.54	18.8	-6.26	-2.75
Net income		-1.8	-1.02	-14.9	-31.6	-126	-90.1	-190
EBITDA		4.59	6.7	-15.1	9.3	9.11	53.5	-10.7
EPS, basic		-0.17	-0.09	-1.32	-2.26	-8.06	-5.85	-11.60
EPS, diluted		-0.17	-0.09	-1.32	-2.26	-8.06	-5.85	-11.60
Shares, basic (weighted)		10.4	11.2	11.3	13.9	16.5	16.6	17
Shares, diluted (weighted)		10.4	11.2	11.3	13.9	16.5	16.6	17
Dividend per share		0.38	0.00	0.00	0.55	0.54	0.56	0.56

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	0.03	0.65	0.03	3.94	56.7	28.7	37	23.4
Receivables	0.92	1.78	4.14	4.21	20.1	23.9	21.1	19.4
Inventory					5.93	6.93	9.31	8.42
Other current assets	0.15	1.04	0.93	2.37	6.16	6.09	10.5	11.2
Total current assets	1.18	3.54	10.5	24.4	119	95.7	121	88
Property, plant and equipment			0.14	0.48	80.5	79.2	101	97.4
Lease right-of-use assets			0.86	4.47	103	105	223	199
Goodwill	7.36	10.4	10.9	10.9	295	293	305	285
Intangible assets	11	23.3	29.7	47.7	653	625	621	596
Other non-current assets	0.01	2.78	0.76	0.58	5.5	4	5.37	5.87
Total assets	29.2	58	82.6	121	1,270	1,213	1,388	1,289
Accounts payable	2.44	4.42	7.18	8.63	27.5	18.3	21.8	38.7
Accrued liabilities	1.76	3.71	6.01	19.8	46.3	52.8	58.9	68.1
Deferred revenue		1.08	0.9	1.89	2.64	2.02	2.49	2.28
Short-term debt		15.4	24.5	19.3	0.63	49.6	42.6	49.2
Total current liabilities	6.73	27.6	45.6	73.2	198	267	277	298
Long-term debt	18.1		5.22	73.9	904	959	1,110	1,209
Lease liabilities			0.64	4.01	92.9	95.6	212	200
Other non-current liabilities				0.08	0.98	2.33	4.68	3.33
Total liabilities	27.2	52.2	77.2	163	1,227	1,372	1,644	1,745
Total debt		14.6	1.05	93.2	905	1,008	1,153	1,258
Paid-in capital		0.65	0.02	-42.8	-24.8	-26
Retained earnings	-0.61	-5.02	-6.04	-20.9	-52.5	-179	-269	-459
Shareholders' equity	2.01	5.74	5.38	-41.9	-21.7	-159	-256	-456
Minority interests				0				0
Total equity	2.01	5.74	5.38	-41.9	-21.7	-159	-256	-456
Total liabilities and equity	29.2	58	82.6	121	1,270	1,213	1,388	1,289
Shares outstanding	10	11	11.3	11.3	15.6	16.6	16.9	17.3

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income		-1.8	-1.02	-14.9	-31.6	-126	-90.1	-190
Depreciation and amortization		0.36	0.79	1.17	8.47	27	31.1	41.5
Stock-based compensation		0.44	0.26	0.1	1.64	7.62	3.62	2.33
Deferred income tax	0.23	-0.5	0.2	-4.08	-5.3	17.4	-8.4	-5.1
Change in receivables		-0.3	-0.72	0.55	-4.71	-24.5	12.6	0.7
Change in inventory						0	-2.38	0.89
Change in payables		2.23	3.13	-0.01	5.37	-9.2	3.48	16.9
Cash from operations		1.84	1.59	-11.5	0.68	-47.4	-35.6	-56.2
Capital expenditures		-0.15	-0.05	-0.46	-10.4	-21.4	-18.9	-22.8
Acquisitions		-7.6	-2.33	-23.9	-721	-1.02	-38.6
Cash from investing		-14.5	-9.01	-36.6	-723	-12.5	-59.8	-26.5
Stock issued		16
Dividends paid		-0.88	-0	0	-7.47	-8.91	-9.34	-9.55
Cash from financing		13.3	6.79	55.2	815	28.7	119	58.2
Net change in cash		0.62	-0.63	7.19	92.7	-31.2	23.1	-24.5
Free cash flow		1.69	1.55	-11.9	-9.74	-68.8	-54.5	-79
Interest paid		2.5	5.99	6.4	15	66.9	109	120
Income taxes paid		0.22	0.24	0.17	0.84	1.03	1.75	1.89

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 28, 2025; growth uses fiscal years. Valuation uses the share price of $0.00 on August 17, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.8%	Gross profit / revenue.
Operating margin	-14.1%	Operating income / revenue.
EBITDA margin	-7.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-40.7%	Pre-tax income / revenue.
Net margin	-39.3%	Net income / revenue.
FCF margin	-13.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-11.3%	Cash from operations / revenue.
Return on assets (ROA)	-18.7%	Net income / average total assets.
Return on invested capital (ROIC)	-9.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	6.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	23.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	70.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	92.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	-333.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-120.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-7.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	73.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.03x	Current assets / current liabilities.
Quick ratio	0.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Debt / assets	104.6%	Total debt / total assets.
Liabilities / assets	149.0%	Total liabilities / total assets.
Net debt	$1.26B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$1.52B	Current assets - current liabilities.
Goodwill and intangibles / assets	71.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.46B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	6.59x	Revenue / average property, plant and equipment.
Inventory turnover	51.8x	Cost of revenue / average inventory.
Days inventory	7 days	365 x average inventory / cost of revenue.
Receivables turnover	41.1x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-29 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$12.63	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$32.13	Revenue / diluted weighted shares.
FCF per share	-$4.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$3.64	Cash from operations / diluted weighted shares.
Book value per share	-$32.75	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$81.36	Tangible book value / shares outstanding.
Cash per share	$0.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.5K	Share price x shares outstanding.
Enterprise value	$1.26B	Market cap + total debt - cash - short-term investments.
P/S	0.00x	Market cap / revenue.
EV/Sales	2.20x	Enterprise value / revenue.
FCF yield	-5,116,041.0%	Free cash flow / market cap.
Earnings yield	-15,412,491.0%	Net income / market cap (the inverse of P/E).
Dividend yield	164,232.0%	Dividends paid over the period / market cap.
Shareholder yield	164,232.0%	(Dividends paid + share buybacks) / market cap.

What was Fat Brands, Inc's revenue in fiscal 2024?

Fat Brands, Inc reported revenue of $592.7M for fiscal 2024, 23.4% higher than the year before.

Was Fat Brands, Inc profitable in fiscal 2024?

No. It reported a net loss of $189.8M.

How much free cash flow did Fat Brands, Inc generate in fiscal 2024?

Cash from operations of $56.2M minus capital expenditures of $22.8M left free cash flow of -$79.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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