Is FAT Brands, Inc. overvalued or undervalued?

As of 26 March 2019, the valuation grade for FAT Brands, Inc. has moved from expensive to risky, indicating a deterioration in its financial health. The company appears to be overvalued given its negative P/E ratio and troubling metrics, such as a Price to Book Value of -0.09 and an EV to EBIT of -48.47. Additionally, the EV to EBITDA ratio stands at an alarming 103.14, further supporting the conclusion that the stock is not a sound investment at its current price of 1.93.
In comparison to its peers, FAT Brands, Inc. has a significantly worse EV to EBITDA ratio than Carrols Restaurant Group, Inc., which is at 6.9076 and considered fair, and Potbelly Corp., which is very expensive at 19.3463. The company's recent stock performance has also been poor, with a year-to-date return of -34.89% compared to the S&P 500's positive return of 12.22%, reinforcing the notion that FAT Brands is struggling in the current market environment.