vs
Side-by-side financial comparison of First Watch Restaurant Group, Inc. (FWRG) and Mid-America Apartment Communities (MAA). Click either name above to swap in a different company.
Mid-America Apartment Communities is the larger business by last-quarter revenue ($553.7M vs $316.4M, roughly 1.8× First Watch Restaurant Group, Inc.). On growth, Mid-America Apartment Communities posted the faster year-over-year revenue change (438.7% vs 20.2%). Over the past eight quarters, First Watch Restaurant Group, Inc.'s revenue compounded faster (14.2% CAGR vs 0.7%).
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.
Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
FWRG vs MAA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $316.4M | $553.7M |
| Net Profit | — | — |
| Gross Margin | — | — |
| Operating Margin | 2.9% | — |
| Net Margin | — | — |
| Revenue YoY | 20.2% | 438.7% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.24 | $4.34 |
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 | — | $553.7M | ||
| Q4 25 | $316.4M | $555.6M | ||
| Q3 25 | $316.0M | $554.4M | ||
| Q2 25 | $307.9M | $549.9M | ||
| Q1 25 | $282.2M | $549.3M | ||
| Q4 24 | $263.3M | $549.8M | ||
| Q3 24 | $251.6M | $551.1M | ||
| Q2 24 | $258.6M | $546.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $57.6M | ||
| Q3 25 | $3.0M | $99.5M | ||
| Q2 25 | $2.1M | $108.1M | ||
| Q1 25 | $-829.0K | $181.7M | ||
| Q4 24 | — | $166.6M | ||
| Q3 24 | $2.1M | $115.2M | ||
| Q2 24 | $8.9M | $102.0M |
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 10.4% | ||
| Q3 25 | 3.2% | 18.7% | ||
| Q2 25 | 2.4% | 20.2% | ||
| Q1 25 | 0.4% | 34.0% | ||
| Q4 24 | 1.5% | 31.3% | ||
| Q3 24 | 2.5% | 21.5% | ||
| Q2 24 | 6.4% | 19.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.4% | ||
| Q3 25 | 0.9% | 18.0% | ||
| Q2 25 | 0.7% | 19.7% | ||
| Q1 25 | -0.3% | 33.1% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | 0.8% | 20.9% | ||
| Q2 24 | 3.4% | 18.7% |
| Q1 26 | — | $4.34 | ||
| Q4 25 | $0.24 | $0.48 | ||
| Q3 25 | $0.05 | $0.84 | ||
| Q2 25 | $0.03 | $0.92 | ||
| Q1 25 | $-0.01 | $1.54 | ||
| Q4 24 | $0.01 | $1.43 | ||
| Q3 24 | $0.03 | $0.98 | ||
| Q2 24 | $0.14 | $0.86 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $21.2M | — |
| Total DebtLower is stronger | $269.1M | — |
| Stockholders' EquityBook value | $626.3M | — |
| Total Assets | $1.7B | — |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $21.2M | $60.3M | ||
| Q3 25 | $20.7M | $32.2M | ||
| Q2 25 | $19.2M | $54.5M | ||
| Q1 25 | $18.6M | $55.8M | ||
| Q4 24 | $33.3M | $43.0M | ||
| Q3 24 | $51.1M | $50.2M | ||
| Q2 24 | $45.1M | $62.8M |
| 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 | — | — | ||
| Q4 25 | $626.3M | $5.7B | ||
| Q3 25 | $607.3M | $5.8B | ||
| Q2 25 | $601.3M | $5.9B | ||
| Q1 25 | $596.3M | $5.9B | ||
| Q4 24 | $595.4M | $5.9B | ||
| Q3 24 | $589.1M | $5.9B | ||
| Q2 24 | $585.8M | $6.0B |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $12.0B | ||
| Q3 25 | $1.7B | $11.9B | ||
| Q2 25 | $1.7B | $11.8B | ||
| Q1 25 | $1.5B | $11.8B | ||
| Q4 24 | $1.5B | $11.8B | ||
| Q3 24 | $1.5B | $11.8B | ||
| Q2 24 | $1.4B | $11.6B |
| 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 | $18.5M | $261.7M | ||
| Q3 25 | $47.9M | $266.4M | ||
| Q2 25 | $39.4M | $353.4M | ||
| Q1 25 | $20.1M | $196.6M | ||
| Q4 24 | $22.9M | $239.1M | ||
| Q3 24 | $35.9M | $309.5M | ||
| Q2 24 | $31.9M | $349.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-18.3M | $158.6M | ||
| Q3 25 | $5.5M | $170.8M | ||
| Q2 25 | $-1.7M | $264.5M | ||
| Q1 25 | $-16.4M | $124.0M | ||
| Q4 24 | $-17.7M | $152.6M | ||
| Q3 24 | $6.8M | $215.5M | ||
| Q2 24 | $2.3M | $259.7M |
| Q1 26 | — | — | ||
| Q4 25 | -5.8% | 28.5% | ||
| Q3 25 | 1.7% | 30.8% | ||
| Q2 25 | -0.5% | 48.1% | ||
| Q1 25 | -5.8% | 22.6% | ||
| Q4 24 | -6.7% | 27.8% | ||
| Q3 24 | 2.7% | 39.1% | ||
| Q2 24 | 0.9% | 47.5% |
| Q1 26 | — | — | ||
| Q4 25 | 11.6% | 18.6% | ||
| Q3 25 | 13.4% | 17.2% | ||
| Q2 25 | 13.4% | 16.2% | ||
| Q1 25 | 13.0% | 13.2% | ||
| Q4 24 | 15.4% | 15.7% | ||
| Q3 24 | 11.6% | 17.1% | ||
| Q2 24 | 11.5% | 16.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.55× | ||
| Q3 25 | 16.01× | 2.68× | ||
| Q2 25 | 18.72× | 3.27× | ||
| Q1 25 | — | 1.08× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | 16.98× | 2.69× | ||
| Q2 24 | 3.59× | 3.43× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
MAA
| Same Store Communities | $517.0M | 93% |
| Non-Same Store Communities | $22.1M | 4% |
| Lease-up/Development Communities | $7.7M | 1% |
| Commercial Property/Land | $7.0M | 1% |
