Fat Brands, Inc
FATAQ, FABTQ, FATPQ · Retail-Eating Places · 14.7M shares · +12%/yr ↑ shares · EDGAR filings ↗
Grade
F40FAT Brands is a deeply distressed, over-levered franchisor in apparent bankruptcy (Q-suffix tickers).
Strengths
- Asset-light franchise model across ~2,300 units and 18 brands
- Revenue grew 23% (86th pct) on Smokey Bones acquisition
Risks
- $190M net loss, current ratio 0.30 (12th pct), negative equity, and $138M annual interest burden
- Q-suffixed tickers signal bankruptcy proceedings; ROE of +42% is a negative-equity artifact
Notable findings
- BankruptcyRecent 8-K item 1.03 8-K ↗
- Debt accelerationRecent 8-K item 2.04 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -2.65)
- Net lossNet loss (net margin -32.0%)
- Cash burnNegative free cash flow (-79.0M)
- Weak liquidityCurrent ratio 0.30 (<1)
- Chronic dilutionShare count +12%/yr over 3y (dilution)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-8.8%
Net margin
-32.0%
Return on equity
41.7%
Return on assets
-14.7%
ROIC
-5.5%
Revenue growth (QoQ)
-4.7%
Debt / equity
-2.7×
Current ratio
0.3×
Free cash flow
-$79M
EBITDA
-$11M
Tangible book value
-$1.3B
Stock comp / revenue
0.4%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-18 | Material agreementAcquisition/dispositionExhibits | filing ↗ |
| 2026-06-04 | Reg FDExhibits | filing ↗ |
| 2026-04-29 | Exec/director changeExhibits | filing ↗ |
| 2026-03-30 | Material agreementDebt obligationExec/director changeExhibits | filing ↗ |
| 2026-01-30 | Delisting notice | filing ↗ |
| 2026-01-27 | BankruptcyDebt accelerationExec/director changeReg FDOtherExhibits | filing ↗ |
| 2026-01-09 | Delisting notice | filing ↗ |
| 2026-01-07 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-05-19 | 0001493152-26-029245 ↗ |
| 8-K | 2026-06-04 | 2026-05-19 | 0001493152-26-027218 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001493152-26-019634 ↗ |
| 8-K | 2026-03-30 | 2026-03-19 | 0001493152-26-013636 ↗ |
| 8-K | 2026-01-30 | 2026-01-28 | 0001493152-26-004289 ↗ |
| 8-K | 2026-01-27 | 2026-01-26 | 0001493152-26-003696 ↗ |
| 8-K | 2026-01-09 | 2026-01-08 | 0001493152-26-001117 ↗ |
| 8-K | 2026-01-07 | 2025-12-31 | 0001493152-26-000827 ↗ |
| 8-K | 2025-12-31 | 2025-12-23 | 0001493152-25-029749 ↗ |
| 8-K | 2025-12-02 | 2025-11-25 | 0001493152-25-025763 ↗ |
| 8-K | 2025-11-21 | 2025-11-17 | 0001493152-25-024673 ↗ |
| 8-K | 2025-11-14 | 2025-11-13 | 0001493152-25-022444 ↗ |