The company's financial position appears increasingly distressed, with total debt reaching $1.5 billion against a negative shareholders' equity of $585.8 million as of 2025Q3.
| Total Current Assets | 49.14M | 88.03M | 121.01M | 95.7M | 119.04M | 24.42M | 10.49M | 3.54M | 1.18M | 568.01K | 1.32M |
| Cash & Short-Term Investments | 2.05M | 23.38M | 37.04M | 28.67M | 56.66M | 3.94M | 25K | 653K | 32K | 0 | 210.87K |
| Cash Only | 2.05M | 23.38M | 37.04M | 28.67M | 56.66M | 3.94M | 25K | 653K | 32K | 0 | 210.87K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 13.99M | 19.42M | 21.15M | 23.88M | 20.08M | 4.42M | 4.41M | 1.84M | 995K | 408.65K | 350.35K |
| Days Sales Outstanding | 10.58 | 11.96 | 16.06 | 21.4 | 61.66 | 88.96 | 71.46 | 37.74 | 167.13 | 17.64 | 16.98 |
| Inventory | 7.45M | 8.42M | 9.31M | 6.92M | 5.93M | 13.7M | 5.13M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 7.04 | 6.95 | 10.28 | 11.4 | 34.77 | 958.18 | 455.3 | - | - | - | - |
| Other Current Assets | 25.66M | 36.81M | 53.51M | 36.23M | 36.37M | 2.37M | 929K | 1.04M | 153K | 159.36K | 754.54K |
| Total Non-Current Assets | 1.16B | 1.2B | 1.27B | 1.12B | 1.15B | 96.72M | 72.06M | 54.42M | 28.06M | 13.62M | 13.89M |
| Property, Plant & Equipment | 276.06M | 295.49M | 320.54M | 180.3M | 179.05M | 4.47M | 860K | -15.73M | -8.31M | 0 | 0 |
| Fixed Asset Turnover | 2.00x | 2.01x | 1.50x | 2.26x | 0.66x | 4.05x | 26.17x | - | - | - | - |
| Goodwill | 285.34M | 285.3M | 305.1M | 293.3M | 295.13M | 10.91M | 10.91M | 10.39M | 7.36M | 529.4K | 529.4K |
| Intangible Assets | 584M | 595.7M | 620.6M | 625.3M | 652.79M | 47.71M | 29.73M | 23.29M | 11.01M | 2.13M | 2.13M |
| Long-Term Investments | 19.13M | 0 | 15.59M | 0 | 0 | 1.62M | 27.77M | 15.73M | 8.31M | 0 | 0 |
| Other Non-Current Assets | 7.44M | 24.64M | 20.96M | 18.73M | 24.02M | 1.46M | 755K | 18.5M | 8.75M | 9.36M | 8.64M |
| Total Assets | 1.21B | 1.29B | 1.39B | 1.21B | 1.27B | 121.14M | 82.55M | 57.96M | 31.64M | 14.19M | 15.21M |
| Asset Turnover | 0.46x | 0.46x | 0.35x | 0.34x | 0.09x | 0.15x | 0.27x | 0.31x | 0.07x | 0.60x | 0.50x |
| Asset Growth % | -32.8% | -7.14% | 14.42% | -4.47% | 948.37% | 46.75% | 42.43% | 83.17% | 123.01% | -6.69% | - |
| Total Current Liabilities | 1.57B | 298.32M | 276.6M | 267.02M | 198.49M | 73.18M | 45.61M | 27.61M | 6.72M | 3.55M | 3.72M |
| Accounts Payable | 47.69M | 38.73M | 21.81M | 18.33M | 27.53M | 8.63M | 7.18M | 4.42M | 2.44M | 1.07M | 1.03M |
| Days Payables Outstanding | 38.15 | 31.96 | 24.09 | 30.18 | 161.49 | 603.32 | 637.75 | 273.87 | - | - | - |
| Short-Term Debt | 1.26B | 49.24M | 42.61M | 49.61M | 631K | 19.31M | 24.5M | 15.4M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 9.15M | 2.27M | 2.49M | 2.02M | 2.64M | 1.89M | 895K | 1.08M | 1.77M | 1.34M | 1.58M |
| Other Current Liabilities | 91.84M | 92.23M | 95.26M | 95.92M | 79.78M | 17.87M | 4.75M | 0 | 0 | 0 | 0 |
| Current Ratio | 0.03x | 0.30x | 0.44x | 0.36x | 0.60x | 0.33x | 0.23x | 0.13x | 0.18x | 0.16x | 0.35x |
| Quick Ratio | 0.03x | 0.27x | 0.40x | 0.33x | 0.57x | 0.15x | 0.12x | 0.13x | 0.18x | 0.16x | 0.35x |
| Cash Conversion Cycle | -20.52 | -13.05 | 2.26 | 2.62 | -65.06 | 443.82 | -111 | - | - | - | - |
| Total Non-Current Liabilities | 238.25M | 1.45B | 1.37B | 1.11B | 1.09B | 89.85M | 31.56M | 24.61M | 20.5M | 2.81M | 5.51M |
| Long-Term Debt | 2.46M | 1.21B | 1.11B | 958.63M | 904.26M | 73.85M | 20.54M | 14.19M | 18.13M | 0 | 0 |
| Capital Lease Obligations | 799.33M | 200.13M | 211.74M | 95.62M | 92.92M | 4.01M | 639K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 58.38M | 13.77M | 18.8M | 27.18M | 12.92M | 0 | 0 | -14.19M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.33M | 3.33M | 4.68M | 2.33M | 65.43M | 2.89M | 5.13M | 3.8M | 436K | 0 | 0 |
| Total Liabilities | 1.8B | 1.74B | 1.64B | 1.37B | 1.29B | 163.03M | 77.17M | 52.22M | 29.63M | 6.36M | 9.22M |
| Total Debt | 1.48B | 1.47B | 1.38B | 1.12B | 1.01B | 97.92M | 45.92M | 15.4M | 18.13M | 0 | 0 |
| Net Debt | 1.48B | 1.45B | 1.34B | 1.09B | 955.5M | 93.98M | 45.9M | 14.75M | 18.09M | 0 | -210.87K |
| Debt / Equity | -2.49x | - | - | - | - | - | 8.54x | 2.68x | 9.02x | - | - |
| Debt / EBITDA | -33.85x | - | 25.85x | 122.78x | 108.86x | - | 6.85x | 3.35x | 697.12x | - | - |
| Net Debt / EBITDA | -33.81x | - | 25.16x | 119.64x | 102.76x | - | 6.85x | 3.21x | 695.88x | - | -0.04x |
| Interest Coverage | -0.54x | -0.39x | 0.18x | -0.13x | -0.21x | -1.17x | 0.94x | 0.57x | - | - | - |
| Total Equity | -593.8M | -455.71M | -255.86M | -159.18M | -21.66M | -41.88M | 5.38M | 5.74M | 2.01M | 7.83M | 5.98M |
| Equity Growth % | -260.6% | -78.11% | -60.74% | -635.06% | 48.3% | -878.78% | -6.29% | 185.66% | -74.33% | 30.87% | - |
| Book Value per Share | -33.23 | -26.74 | -15.41 | -9.66 | -1.48 | -3.52 | 0.45 | 0.48 | 0.20 | 0.70 | 0.53 |
| Total Shareholders' Equity | -585.82M | -455.71M | -255.86M | -159.18M | -21.66M | -41.88M | 5.38M | 5.74M | 2.01M | 7.83M | 5.98M |
| Common Stock | 2K | 0 | 2K | 2K | 2K | 1K | 11.41M | 10.76M | 2.62M | 0 | 0 |
| Retained Earnings | -611.78M | -458.62M | -268.78M | -178.67M | -52.48M | -20.9M | -6.04M | -5.02M | -613K | 4.33M | 2.48M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 42.78M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | -42.78M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -7.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insolvency and Liquidity Risk
According to recent SEC filings, FAT's shareholders' equity has deteriorated from a negative $203.2 million in 2023Q2 to a negative $585.8 million by 2025Q3, reflecting a persistent inability to generate retained earnings while the company continues to accumulate significant liabilities to fund its acquisition-heavy business model.
The consistent expansion of negative equity suggests that the company's capital structure is being hollowed out by recurring losses rather than strategic investment. Investors should monitor whether this trajectory forces a restructuring event, as the current trend indicates that the business is consuming its own capital base at an accelerating rate.
As reported in financial statements, FAT's total debt has climbed from $1.2 billion in 2023Q3 to $1.5 billion as of 2025Q3, indicating that the company remains heavily reliant on external financing to maintain its seventeen-brand portfolio despite the lack of meaningful organic growth or positive net income.
This reliance on debt appears to be a necessity-driven strategy rather than a tactical choice, as the company lacks the internal cash generation to fund its own operations. The high debt load relative to the company's negative equity position warrants further investigation into the sustainability of interest coverage and potential refinancing risks.
Based on FAT's reported figures, the company's cash position has plummeted from $88.0 million in 2023Q3 to a mere $2.1 million by 2025Q3, while the current ratio has simultaneously collapsed from 0.61 to 0.03, signaling an extremely limited buffer against near-term operational shocks or debt obligations.
A current ratio of 0.03 suggests that the company may struggle to meet its immediate short-term liabilities without further capital injections or asset divestitures. This liquidity profile appears highly precarious and may indicate that the company is operating with virtually no margin for error in its day-to-day cash management.
Analysis of the balance sheet reveals that goodwill remains a significant component of total assets at $285.3 million, which, when compared to the company's negative equity position, suggests that the carrying value of acquired brands may be highly sensitive to future impairment testing and operational performance declines.
Given the persistent net losses and the challenging environment for casual dining, the valuation of these intangible assets appears potentially optimistic. Investors should monitor for future write-downs, as any impairment would further erode the already negative equity base and potentially trigger restrictive covenants within the company's debt agreements.
Quick answers to the most common questions about buying FAT stock.
As of 2024, FAT Brands Inc. (FAT) had total assets of $1.29B including $88.0M in current assets.
FAT Brands Inc. (FAT) carries total debt of $1.47B, offset by $23.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FAT Brands Inc. (FAT) has total shareholders' equity (book value) of $-455.7M ($-26.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FAT Brands Inc. (FAT) reported a current ratio of 0.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.