Monday, December 01, 2025
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Debt Acceleration. In an 8-K filing, FAT Brands disclosed on November 17, 2025, that the Company received notices of acceleration from UMB with respect to Securitization Notes issued by FAT Brands GFG Royalty I, LLC, FAT Brands Royalty I, LLC, FAT Brands Fazoli’s Native I, LLC, and Twin Hospitality I, LLC. The Acceleration Notices basically state that all amounts outstanding under the Notes are immediately due and payable. FAT Brands does not have the capital to repay all amounts due under the Notes.
Past Negotiations. In a November 14th 8-K filing, FAT Brands reported “cleansing material” related to the negotiations to modify the outstanding debt. In our view, there appears to be significant agreement on many issues, with key differences being the timing of certain items, certain payments to management and/or outside parties, and parties to receive certain reports.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.