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Side-by-side financial comparison of AGREE REALTY CORP (ADC) and First Watch Restaurant Group, Inc. (FWRG). Click either name above to swap in a different company.
First Watch Restaurant Group, Inc. is the larger business by last-quarter revenue ($316.4M vs $200.8M, roughly 1.6× AGREE REALTY CORP). On growth, First Watch Restaurant Group, Inc. posted the faster year-over-year revenue change (20.2% vs 18.7%). Over the past eight quarters, AGREE REALTY CORP's revenue compounded faster (14.7% CAGR vs 14.2%).
Duke Realty was a real estate investment trust (REIT) based in Indianapolis, Indiana, that invested in industrial properties. As of December 31, 2021, it owned or jointly controlled 548 primarily industrial properties containing 162.7 million rentable square feet. In October 2022, it was acquired by Prologis.
Ruby Tuesday Inc. is an American multinational foodservice retailer that owns, operates, and franchises Ruby Tuesday restaurants. The concept was started in 1972 by Samuel E. (Sandy) Beall III.
ADC vs FWRG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $200.8M | $316.4M |
| Net Profit | $62.2M | — |
| Gross Margin | — | — |
| Operating Margin | 49.1% | 2.9% |
| Net Margin | 31.0% | — |
| Revenue YoY | 18.7% | 20.2% |
| Net Profit YoY | 32.0% | — |
| EPS (diluted) | $1.04 | $0.24 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $200.8M | — | ||
| Q4 25 | $190.5M | $316.4M | ||
| Q3 25 | $183.2M | $316.0M | ||
| Q2 25 | $175.5M | $307.9M | ||
| Q1 25 | $169.2M | $282.2M | ||
| Q4 24 | $160.7M | $263.3M | ||
| Q3 24 | $154.3M | $251.6M | ||
| Q2 24 | $152.6M | $258.6M |
| Q1 26 | $62.2M | — | ||
| Q4 25 | $56.0M | — | ||
| Q3 25 | $52.1M | $3.0M | ||
| Q2 25 | $49.2M | $2.1M | ||
| Q1 25 | $47.0M | $-829.0K | ||
| Q4 24 | $45.2M | — | ||
| Q3 24 | $44.4M | $2.1M | ||
| Q2 24 | $54.7M | $8.9M |
| Q1 26 | 49.1% | — | ||
| Q4 25 | 48.5% | 2.9% | ||
| Q3 25 | 47.6% | 3.2% | ||
| Q2 25 | 46.7% | 2.4% | ||
| Q1 25 | 46.5% | 0.4% | ||
| Q4 24 | 46.9% | 1.5% | ||
| Q3 24 | 48.2% | 2.5% | ||
| Q2 24 | 53.7% | 6.4% |
| Q1 26 | 31.0% | — | ||
| Q4 25 | 29.4% | — | ||
| Q3 25 | 28.4% | 0.9% | ||
| Q2 25 | 28.0% | 0.7% | ||
| Q1 25 | 27.8% | -0.3% | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 28.8% | 0.8% | ||
| Q2 24 | 35.9% | 3.4% |
| Q1 26 | $1.04 | — | ||
| Q4 25 | $0.47 | $0.24 | ||
| Q3 25 | $0.45 | $0.05 | ||
| Q2 25 | $0.43 | $0.03 | ||
| Q1 25 | $0.42 | $-0.01 | ||
| Q4 24 | $0.41 | $0.01 | ||
| Q3 24 | $0.42 | $0.03 | ||
| Q2 24 | $0.52 | $0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $25.1M | $21.2M |
| Total DebtLower is stronger | — | $269.1M |
| Stockholders' EquityBook value | $6.2B | $626.3M |
| Total Assets | $10.2B | $1.7B |
| Debt / EquityLower = less leverage | — | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $25.1M | — | ||
| Q4 25 | $16.3M | $21.2M | ||
| Q3 25 | $13.7M | $20.7M | ||
| Q2 25 | $5.8M | $19.2M | ||
| Q1 25 | $7.9M | $18.6M | ||
| Q4 24 | $6.4M | $33.3M | ||
| Q3 24 | $13.2M | $51.1M | ||
| Q2 24 | $9.6M | $45.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $269.1M | ||
| Q3 25 | — | $251.0M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | — | $191.5M | ||
| Q4 24 | — | $189.0M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $192.1M |
| Q1 26 | $6.2B | — | ||
| Q4 25 | $6.3B | $626.3M | ||
| Q3 25 | $5.9B | $607.3M | ||
| Q2 25 | $5.7B | $601.3M | ||
| Q1 25 | $5.6B | $596.3M | ||
| Q4 24 | $5.5B | $595.4M | ||
| Q3 24 | $5.3B | $589.1M | ||
| Q2 24 | $5.2B | $585.8M |
| Q1 26 | $10.2B | — | ||
| Q4 25 | $9.8B | $1.7B | ||
| Q3 25 | $9.5B | $1.7B | ||
| Q2 25 | $9.1B | $1.7B | ||
| Q1 25 | $8.8B | $1.5B | ||
| Q4 24 | $8.5B | $1.5B | ||
| Q3 24 | $8.2B | $1.5B | ||
| Q2 24 | $8.0B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.33× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $18.5M |
| Free Cash FlowOCF − Capex | — | $-18.3M |
| FCF MarginFCF / Revenue | — | -5.8% |
| Capex IntensityCapex / Revenue | — | 11.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-31.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $504.1M | $18.5M | ||
| Q3 25 | $146.5M | $47.9M | ||
| Q2 25 | $119.6M | $39.4M | ||
| Q1 25 | $126.7M | $20.1M | ||
| Q4 24 | $432.0M | $22.9M | ||
| Q3 24 | $128.6M | $35.9M | ||
| Q2 24 | $112.8M | $31.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-18.3M | ||
| Q3 25 | — | $5.5M | ||
| Q2 25 | — | $-1.7M | ||
| Q1 25 | — | $-16.4M | ||
| Q4 24 | $89.4M | $-17.7M | ||
| Q3 24 | $-87.4M | $6.8M | ||
| Q2 24 | $-74.8M | $2.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | -5.8% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | -0.5% | ||
| Q1 25 | — | -5.8% | ||
| Q4 24 | 55.6% | -6.7% | ||
| Q3 24 | -56.6% | 2.7% | ||
| Q2 24 | -49.0% | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.6% | ||
| Q3 25 | — | 13.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 13.0% | ||
| Q4 24 | 213.1% | 15.4% | ||
| Q3 24 | 140.0% | 11.6% | ||
| Q2 24 | 123.0% | 11.5% |
| Q1 26 | — | — | ||
| Q4 25 | 9.00× | — | ||
| Q3 25 | 2.81× | 16.01× | ||
| Q2 25 | 2.43× | 18.72× | ||
| Q1 25 | 2.70× | — | ||
| Q4 24 | 9.55× | — | ||
| Q3 24 | 2.90× | 16.98× | ||
| Q2 24 | 2.06× | 3.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADC
Segment breakdown not available.
FWRG
| In Restaurant Dining Sales | $254.1M | 80% |
| Third Party Delivery Sales | $38.6M | 12% |
| Take Out Sales | $21.3M | 7% |
| Royalty And System Fund Contributions | $2.3M | 1% |
