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Side-by-side financial comparison of Ascendis Pharma A/S (ASND) 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 $267.3M, roughly 1.2× Ascendis Pharma A/S). On growth, Ascendis Pharma A/S posted the faster year-over-year revenue change (42.3% vs 20.2%). Over the past eight quarters, Ascendis Pharma A/S's revenue compounded faster (60.7% CAGR vs 14.2%).
Ascendis Pharma A/SASNDEarnings & Financial Report
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ASND vs FWRG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.3M | $316.4M |
| Net Profit | — | — |
| Gross Margin | 90.5% | — |
| Operating Margin | — | 2.9% |
| Net Margin | — | — |
| Revenue YoY | 42.3% | 20.2% |
| Net Profit YoY | — | — |
| EPS (diluted) | — | $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.
| Q4 25 | $267.3M | $316.4M | ||
| Q3 25 | $230.7M | $316.0M | ||
| Q2 25 | $170.7M | $307.9M | ||
| Q1 25 | $109.0M | $282.2M | ||
| Q4 24 | $187.8M | $263.3M | ||
| Q3 24 | $62.5M | $251.6M | ||
| Q2 24 | $38.9M | $258.6M | ||
| Q1 24 | $103.6M | $242.4M |
| Q4 25 | — | — | ||
| Q3 25 | $-65.9M | $3.0M | ||
| Q2 25 | $-42.0M | $2.1M | ||
| Q1 25 | $-102.2M | $-829.0K | ||
| Q4 24 | — | — | ||
| Q3 24 | $-107.1M | $2.1M | ||
| Q2 24 | $-118.1M | $8.9M | ||
| Q1 24 | $-141.5M | $7.2M |
| Q4 25 | 90.5% | — | ||
| Q3 25 | 89.5% | — | ||
| Q2 25 | 80.1% | — | ||
| Q1 25 | 82.6% | — | ||
| Q4 24 | 91.9% | — | ||
| Q3 24 | 80.6% | — | ||
| Q2 24 | 68.2% | — | ||
| Q1 24 | 92.1% | — |
| Q4 25 | — | 2.9% | ||
| Q3 25 | 5.1% | 3.2% | ||
| Q2 25 | -33.5% | 2.4% | ||
| Q1 25 | -103.2% | 0.4% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | -167.3% | 2.5% | ||
| Q2 24 | -370.2% | 6.4% | ||
| Q1 24 | -51.2% | 5.1% |
| Q4 25 | — | — | ||
| Q3 25 | -28.5% | 0.9% | ||
| Q2 25 | -24.6% | 0.7% | ||
| Q1 25 | -93.7% | -0.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | -171.5% | 0.8% | ||
| Q2 24 | -303.9% | 3.4% | ||
| Q1 24 | -136.6% | 3.0% |
| Q4 25 | — | $0.24 | ||
| Q3 25 | — | $0.05 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $0.03 | ||
| Q2 24 | — | $0.14 | ||
| Q1 24 | — | $0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $665.3M | $21.2M |
| Total DebtLower is stronger | — | $269.1M |
| Stockholders' EquityBook value | $-175.8M | $626.3M |
| Total Assets | $1.4B | $1.7B |
| Debt / EquityLower = less leverage | — | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $665.3M | $21.2M | ||
| Q3 25 | $582.2M | $20.7M | ||
| Q2 25 | $533.6M | $19.2M | ||
| Q1 25 | $559.4M | $18.6M | ||
| Q4 24 | $604.3M | $33.3M | ||
| Q3 24 | $675.6M | $51.1M | ||
| Q2 24 | $279.4M | $45.1M | ||
| Q1 24 | $345.9M | $43.2M |
| 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 24 | — | $122.7M |
| Q4 25 | $-175.8M | $626.3M | ||
| Q3 25 | $-188.0M | $607.3M | ||
| Q2 25 | $-202.6M | $601.3M | ||
| Q1 25 | $-205.0M | $596.3M | ||
| Q4 24 | $-114.2M | $595.4M | ||
| Q3 24 | $-105.1M | $589.1M | ||
| Q2 24 | $-346.8M | $585.8M | ||
| Q1 24 | $-257.2M | $574.4M |
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.1B | $1.5B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $819.0M | $1.4B | ||
| Q1 24 | $866.7M | $1.3B |
| 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× | ||
| Q1 24 | — | 0.21× |
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 | $58.2M | $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.
| Q4 25 | $58.2M | $18.5M | ||
| Q3 25 | — | $47.9M | ||
| Q2 25 | — | $39.4M | ||
| Q1 25 | $-15.5M | $20.1M | ||
| Q4 24 | $-330.7M | $22.9M | ||
| Q3 24 | — | $35.9M | ||
| Q2 24 | — | $31.9M | ||
| Q1 24 | $-109.7M | $25.0M |
| Q4 25 | — | $-18.3M | ||
| Q3 25 | — | $5.5M | ||
| Q2 25 | — | $-1.7M | ||
| Q1 25 | — | $-16.4M | ||
| Q4 24 | — | $-17.7M | ||
| Q3 24 | — | $6.8M | ||
| Q2 24 | — | $2.3M | ||
| Q1 24 | — | $-3.6M |
| Q4 25 | — | -5.8% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | -0.5% | ||
| Q1 25 | — | -5.8% | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | -1.5% |
| Q4 25 | — | 11.6% | ||
| Q3 25 | — | 13.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 13.0% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 11.5% | ||
| Q1 24 | — | 11.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 16.01× | ||
| Q2 25 | — | 18.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 16.98× | ||
| Q2 24 | — | 3.59× | ||
| Q1 24 | — | 3.46× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASND
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% |
