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Side-by-side financial comparison of First Watch Restaurant Group, Inc. (FWRG) and MATRIX SERVICE CO (MTRX). 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 $210.5M, roughly 1.5× MATRIX SERVICE CO). On growth, First Watch Restaurant Group, Inc. posted the faster year-over-year revenue change (20.2% vs 12.5%). MATRIX SERVICE CO produced more free cash flow last quarter ($6.3M vs $-18.3M). Over the past eight quarters, First Watch Restaurant Group, Inc.'s revenue compounded faster (14.2% CAGR vs 12.6%).
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.
Matrix Telecom, Inc., operating as Matrix Business Technologies, Trinsic, Powered by Matrix, Excel Telecommunications and various other niche brands is a United States telecommunications firm that provides voice and data services to consumers and small and medium businesses as well as multi-location distributed enterprise markets. The firm also provides wholesale voice services to the telecommunications, wireless and cable industries.
FWRG vs MTRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $316.4M | $210.5M |
| Net Profit | — | $-894.0K |
| Gross Margin | — | 6.2% |
| Operating Margin | 2.9% | -1.0% |
| Net Margin | — | -0.4% |
| Revenue YoY | 20.2% | 12.5% |
| Net Profit YoY | — | 83.8% |
| EPS (diluted) | $0.24 | $-0.03 |
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 | $316.4M | $210.5M | ||
| Q3 25 | $316.0M | $211.9M | ||
| Q2 25 | $307.9M | $216.4M | ||
| Q1 25 | $282.2M | $200.2M | ||
| Q4 24 | $263.3M | $187.2M | ||
| Q3 24 | $251.6M | $165.6M | ||
| Q2 24 | $258.6M | $189.5M | ||
| Q1 24 | $242.4M | $166.0M |
| Q4 25 | — | $-894.0K | ||
| Q3 25 | $3.0M | $-3.7M | ||
| Q2 25 | $2.1M | $-11.3M | ||
| Q1 25 | $-829.0K | $-3.4M | ||
| Q4 24 | — | $-5.5M | ||
| Q3 24 | $2.1M | $-9.2M | ||
| Q2 24 | $8.9M | $-4.4M | ||
| Q1 24 | $7.2M | $-14.6M |
| Q4 25 | — | 6.2% | ||
| Q3 25 | — | 6.7% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 6.4% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 2.9% | -1.0% | ||
| Q3 25 | 3.2% | -2.6% | ||
| Q2 25 | 2.4% | -6.0% | ||
| Q1 25 | 0.4% | -2.5% | ||
| Q4 24 | 1.5% | -3.4% | ||
| Q3 24 | 2.5% | -6.5% | ||
| Q2 24 | 6.4% | -2.8% | ||
| Q1 24 | 5.1% | -8.7% |
| Q4 25 | — | -0.4% | ||
| Q3 25 | 0.9% | -1.7% | ||
| Q2 25 | 0.7% | -5.2% | ||
| Q1 25 | -0.3% | -1.7% | ||
| Q4 24 | — | -3.0% | ||
| Q3 24 | 0.8% | -5.6% | ||
| Q2 24 | 3.4% | -2.3% | ||
| Q1 24 | 3.0% | -8.8% |
| Q4 25 | $0.24 | $-0.03 | ||
| Q3 25 | $0.05 | $-0.13 | ||
| Q2 25 | $0.03 | $-0.41 | ||
| Q1 25 | $-0.01 | $-0.12 | ||
| Q4 24 | $0.01 | $-0.20 | ||
| Q3 24 | $0.03 | $-0.33 | ||
| Q2 24 | $0.14 | $-0.16 | ||
| Q1 24 | $0.12 | $-0.53 |
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 | $199.0M |
| Total DebtLower is stronger | $269.1M | — |
| Stockholders' EquityBook value | $626.3M | $137.6M |
| Total Assets | $1.7B | $650.2M |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.2M | $199.0M | ||
| Q3 25 | $20.7M | $192.3M | ||
| Q2 25 | $19.2M | $224.6M | ||
| Q1 25 | $18.6M | $185.5M | ||
| Q4 24 | $33.3M | $156.8M | ||
| Q3 24 | $51.1M | $124.6M | ||
| Q2 24 | $45.1M | $115.6M | ||
| Q1 24 | $43.2M | $69.7M |
| 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 | $626.3M | $137.6M | ||
| Q3 25 | $607.3M | $136.3M | ||
| Q2 25 | $601.3M | $142.7M | ||
| Q1 25 | $596.3M | $150.7M | ||
| Q4 24 | $595.4M | $151.9M | ||
| Q3 24 | $589.1M | $156.5M | ||
| Q2 24 | $585.8M | $164.2M | ||
| Q1 24 | $574.4M | $165.8M |
| Q4 25 | $1.7B | $650.2M | ||
| Q3 25 | $1.7B | $598.2M | ||
| Q2 25 | $1.7B | $600.3M | ||
| Q1 25 | $1.5B | $613.7M | ||
| Q4 24 | $1.5B | $513.8M | ||
| Q3 24 | $1.5B | $470.2M | ||
| Q2 24 | $1.4B | $451.4M | ||
| Q1 24 | $1.3B | $440.0M |
| 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 | $18.5M | $7.5M |
| Free Cash FlowOCF − Capex | $-18.3M | $6.3M |
| FCF MarginFCF / Revenue | -5.8% | 3.0% |
| Capex IntensityCapex / Revenue | 11.6% | 0.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-31.0M | $45.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.5M | $7.5M | ||
| Q3 25 | $47.9M | $-25.9M | ||
| Q2 25 | $39.4M | $40.7M | ||
| Q1 25 | $20.1M | $31.2M | ||
| Q4 24 | $22.9M | $33.6M | ||
| Q3 24 | $35.9M | $11.9M | ||
| Q2 24 | $31.9M | $47.0M | ||
| Q1 24 | $25.0M | $24.8M |
| Q4 25 | $-18.3M | $6.3M | ||
| Q3 25 | $5.5M | $-27.9M | ||
| Q2 25 | $-1.7M | $38.4M | ||
| Q1 25 | $-16.4M | $28.7M | ||
| Q4 24 | $-17.7M | $32.7M | ||
| Q3 24 | $6.8M | $10.0M | ||
| Q2 24 | $2.3M | $45.7M | ||
| Q1 24 | $-3.6M | $20.0M |
| Q4 25 | -5.8% | 3.0% | ||
| Q3 25 | 1.7% | -13.2% | ||
| Q2 25 | -0.5% | 17.8% | ||
| Q1 25 | -5.8% | 14.3% | ||
| Q4 24 | -6.7% | 17.5% | ||
| Q3 24 | 2.7% | 6.0% | ||
| Q2 24 | 0.9% | 24.1% | ||
| Q1 24 | -1.5% | 12.1% |
| Q4 25 | 11.6% | 0.6% | ||
| Q3 25 | 13.4% | 0.9% | ||
| Q2 25 | 13.4% | 1.0% | ||
| Q1 25 | 13.0% | 1.3% | ||
| Q4 24 | 15.4% | 0.5% | ||
| Q3 24 | 11.6% | 1.2% | ||
| Q2 24 | 11.5% | 0.7% | ||
| Q1 24 | 11.8% | 2.9% |
| 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
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% |
MTRX
| Storage And Terminal Solutions | $99.9M | 47% |
| Utility And Power Infrastructure | $75.4M | 36% |
| Process And Industrial Facilities | $35.3M | 17% |
