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Side-by-side financial comparison of First Watch Restaurant Group, Inc. (FWRG) and Nisun International Enterprise Development Group Co., Ltd (NISN). 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 $192.5M, roughly 1.6× Nisun International Enterprise Development Group Co., Ltd). On growth, First Watch Restaurant Group, Inc. posted the faster year-over-year revenue change (20.2% vs 0.0%). First Watch Restaurant Group, Inc. produced more free cash flow last quarter ($-18.3M vs $-69.4M).
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.
Nisun International Enterprise Development Group Co., Ltd. offers integrated supply chain management solutions, fintech services, and industrial digitalization tools. It mainly serves small and medium-sized enterprises across various sectors in the Chinese market, focusing on boosting supply chain efficiency, cutting operational costs, and supporting clients' digital transformation initiatives.
FWRG vs NISN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $316.4M | $192.5M |
| Net Profit | — | $10.3M |
| Gross Margin | — | 9.0% |
| Operating Margin | 2.9% | — |
| Net Margin | — | 5.4% |
| Revenue YoY | 20.2% | 0.0% |
| Net Profit YoY | — | 0.2% |
| 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 | $316.4M | — | ||
| Q3 25 | $316.0M | — | ||
| Q2 25 | $307.9M | $192.5M | ||
| Q1 25 | $282.2M | — | ||
| Q4 24 | $263.3M | — | ||
| Q3 24 | $251.6M | — | ||
| Q2 24 | $258.6M | $192.5M | ||
| Q1 24 | $242.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | $3.0M | — | ||
| Q2 25 | $2.1M | $10.3M | ||
| Q1 25 | $-829.0K | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.1M | — | ||
| Q2 24 | $8.9M | $10.3M | ||
| Q1 24 | $7.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.0% | ||
| Q1 24 | — | — |
| Q4 25 | 2.9% | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 6.4% | 6.0% | ||
| Q1 24 | 5.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 0.7% | 5.4% | ||
| Q1 25 | -0.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.8% | — | ||
| Q2 24 | 3.4% | 5.4% | ||
| Q1 24 | 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 | $21.2M | $45.0M |
| Total DebtLower is stronger | $269.1M | — |
| Stockholders' EquityBook value | $626.3M | $211.1M |
| Total Assets | $1.7B | $271.4M |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.2M | — | ||
| Q3 25 | $20.7M | — | ||
| Q2 25 | $19.2M | $45.0M | ||
| Q1 25 | $18.6M | — | ||
| Q4 24 | $33.3M | — | ||
| Q3 24 | $51.1M | — | ||
| Q2 24 | $45.1M | $55.9M | ||
| Q1 24 | $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 | $626.3M | — | ||
| Q3 25 | $607.3M | — | ||
| Q2 25 | $601.3M | $211.1M | ||
| Q1 25 | $596.3M | — | ||
| Q4 24 | $595.4M | — | ||
| Q3 24 | $589.1M | — | ||
| Q2 24 | $585.8M | $204.5M | ||
| Q1 24 | $574.4M | — |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | $271.4M | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.4B | $268.8M | ||
| Q1 24 | $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 | $18.5M | $-69.3M |
| Free Cash FlowOCF − Capex | $-18.3M | $-69.4M |
| FCF MarginFCF / Revenue | -5.8% | -36.0% |
| Capex IntensityCapex / Revenue | 11.6% | 0.0% |
| Cash ConversionOCF / Net Profit | — | -6.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-31.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.5M | — | ||
| Q3 25 | $47.9M | — | ||
| Q2 25 | $39.4M | $-69.3M | ||
| Q1 25 | $20.1M | — | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $35.9M | — | ||
| Q2 24 | $31.9M | $-69.3M | ||
| Q1 24 | $25.0M | — |
| Q4 25 | $-18.3M | — | ||
| Q3 25 | $5.5M | — | ||
| Q2 25 | $-1.7M | $-69.4M | ||
| Q1 25 | $-16.4M | — | ||
| Q4 24 | $-17.7M | — | ||
| Q3 24 | $6.8M | — | ||
| Q2 24 | $2.3M | $-69.4M | ||
| Q1 24 | $-3.6M | — |
| Q4 25 | -5.8% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | -0.5% | -36.0% | ||
| Q1 25 | -5.8% | — | ||
| Q4 24 | -6.7% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 0.9% | -36.0% | ||
| Q1 24 | -1.5% | — |
| Q4 25 | 11.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | 13.4% | 0.0% | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 15.4% | — | ||
| Q3 24 | 11.6% | — | ||
| Q2 24 | 11.5% | 0.0% | ||
| Q1 24 | 11.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | -6.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.98× | — | ||
| Q2 24 | 3.59× | -6.73× | ||
| 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% |
NISN
| Supply chain trading business | $142.1M | 74% |
| Small and Medium Enterprise financing solutions | $48.5M | 25% |
| Supply Chain financing solutions | $1.9M | 1% |
