FAT Brands (FAT) – Another Year of Store Growth

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Wednesday, January 24, 2024

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

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Growth. FAT Brands continued growth in 2023 of new store openings and development agreements. As we have stated in past reports, new store openings is a “cost free” way of increasing revenue and EBITDA for the Company. The development pipeline could add some $50-$60 million of adjusted EBITDA once deployed.

Numbers. During 2023, a total of 125 new locations were opened, below the full year goal of 150, although the shortfall is just delayed, in our opinion. Notably, several of FAT Brands’ newest stores opened in non-traditional spaces, such as airports, hospitals, and theme parks. The Company added a total of over 200 stores to the unit development pipeline, which now exceeds 1,200 locations. We anticipate approximately 150 new store locations to be opened in 2024.

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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. 


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