Fat Brands, Inc

Financials

SEC XBRL · annual

	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$592.7M	$480.5M	$407.2M	$118.9M	$18.1M	$22.5M
Operating income	−$52.2M	$22.3M	−$17.9M	$824,000	−$16.3M	$5.9M
Net income	−$189.8M	−$90.1M	−$126.2M	−$31.6M	−$14.9M	−$1.0M
Total assets	$1.29B	$1.39B	$1.21B	$1.27B	$121.1M	$82.5M
Total liabilities	$1.74B	$1.64B	$1.37B	$1.23B	$163.0M	$77.2M
Equity	−$455.7M	−$255.9M	−$159.2M	−$21.7M	−$41.9M	$5.4M
EPS (diluted)	$-11.60	$-5.85	$-8.06	$-2.15	$-1.25	$-0.09
Shares out.	17.3M	16.9M	16.6M	12.0M	11.9M	11.8M

Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.

Key ratios

from filings · FY2024

Operating margin: −8.8%
Net margin: −32.0%
Return on equity: 41.7%
Return on assets: −14.7%
Return on capital (ROCE): −5.3%
Liabilities / assets: 135.3%
Debt / equity: —
Book value / share: $-26.41
Revenue growth (YoY): 23.4%
Net income growth (YoY): —

Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.

Financial health

forensic scores · FY2024

Altman Z″ (distress): -2.78distress
Accruals / assets: −10.4%clean
Piotroski F-Score: 2/9weak

Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.

Quality score

EDS Score

51

/ 100

Our own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.

Signs

● 2 severe● 4 warning● 3 good

Negative shareholder equity
Altman Z″ in the distress zone
Operating losses (negative operating margin)
Reported a net loss
High leverage (liabilities > 70% of assets)
Negative operating cash flow
Strong return on equity (>15%)
Revenue is growing year-over-year
Clean earnings (low accruals)

Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.

5%+ owners

SEC Schedule 13D / 13G · last 3 yrs

Seemab Muhammad AsifPassive (13G)May 18, 2026
Hot Gfg LlcPassive (13G)Feb 13, 2026
Fortunoff GregoryActivist (13D)Dec 22, 2025

Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.

Short interest

FINRA · bi-monthly

Settlement	Shares short	Days to cover	Δ vs prior
May 15, 2026	261,744	1.3	-4.1%
Apr 30, 2026	272,860	1.1	-9.8%
Apr 15, 2026	302,515	4.9	-1.9%
Mar 31, 2026	308,317	6.7	-0.9%
Mar 13, 2026	311,210	6.4	-6.2%

Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.

Material events

SEC Form 8-K · most recent

Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.

Recent SEC filings

All filings ↗

SCHEDULE 13G/AMay 18, 2026
25-NSEMay 14, 2026
8-KApr 29, 2026
SEC STAFF ACTIONApr 23, 2026
SEC STAFF ACTIONApr 23, 2026
8-KMar 30, 2026
SCHEDULE 13G/AFeb 13, 2026
SCHEDULE 13G/AFeb 11, 2026
3Feb 6, 2026
4Feb 3, 2026
8-KJan 30, 2026
8-KJan 27, 2026
8-KJan 9, 2026
8-KJan 7, 2026
8-KDec 31, 2025