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Side-by-side financial comparison of First Watch Restaurant Group, Inc. (FWRG) and Smith Douglas Homes Corp. (SDHC). 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 $260.4M, roughly 1.2× Smith Douglas Homes Corp.). On growth, First Watch Restaurant Group, Inc. posted the faster year-over-year revenue change (20.2% vs -9.4%). Smith Douglas Homes Corp. produced more free cash flow last quarter ($8.7M vs $-18.3M). Over the past eight quarters, Smith Douglas Homes Corp.'s revenue compounded faster (17.3% CAGR vs 14.2%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
FWRG vs SDHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $316.4M | $260.4M |
| Net Profit | — | $3.5M |
| Gross Margin | — | 19.9% |
| Operating Margin | 2.9% | 6.5% |
| Net Margin | — | 1.4% |
| Revenue YoY | 20.2% | -9.4% |
| Net Profit YoY | — | -14.3% |
| EPS (diluted) | $0.24 | $0.39 |
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 | $260.4M | ||
| Q3 25 | $316.0M | $262.0M | ||
| Q2 25 | $307.9M | $223.9M | ||
| Q1 25 | $282.2M | $224.7M | ||
| Q4 24 | $263.3M | $287.5M | ||
| Q3 24 | $251.6M | $277.8M | ||
| Q2 24 | $258.6M | $220.9M | ||
| Q1 24 | $242.4M | $189.2M |
| Q4 25 | — | $3.5M | ||
| Q3 25 | $3.0M | $2.1M | ||
| Q2 25 | $2.1M | $2.4M | ||
| Q1 25 | $-829.0K | $2.7M | ||
| Q4 24 | — | $4.1M | ||
| Q3 24 | $2.1M | $5.3M | ||
| Q2 24 | $8.9M | $3.6M | ||
| Q1 24 | $7.2M | $3.0M |
| Q4 25 | — | 19.9% | ||
| Q3 25 | — | 21.0% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 23.8% | ||
| Q4 24 | — | 25.5% | ||
| Q3 24 | — | 26.5% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | 2.9% | 6.5% | ||
| Q3 25 | 3.2% | 6.6% | ||
| Q2 25 | 2.4% | 7.7% | ||
| Q1 25 | 0.4% | 8.7% | ||
| Q4 24 | 1.5% | 10.4% | ||
| Q3 24 | 2.5% | 14.2% | ||
| Q2 24 | 6.4% | 11.7% | ||
| Q1 24 | 5.1% | 11.3% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | 0.9% | 0.8% | ||
| Q2 25 | 0.7% | 1.1% | ||
| Q1 25 | -0.3% | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 0.8% | 1.9% | ||
| Q2 24 | 3.4% | 1.7% | ||
| Q1 24 | 3.0% | 1.6% |
| Q4 25 | $0.24 | $0.39 | ||
| Q3 25 | $0.05 | $0.24 | ||
| Q2 25 | $0.03 | $0.26 | ||
| Q1 25 | $-0.01 | $0.30 | ||
| Q4 24 | $0.01 | $0.50 | ||
| Q3 24 | $0.03 | $0.58 | ||
| Q2 24 | $0.14 | $0.40 | ||
| Q1 24 | $0.12 | $0.33 |
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 | $12.7M |
| Total DebtLower is stronger | $269.1M | — |
| Stockholders' EquityBook value | $626.3M | $86.7M |
| Total Assets | $1.7B | $557.6M |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.2M | $12.7M | ||
| Q3 25 | $20.7M | $14.8M | ||
| Q2 25 | $19.2M | $16.8M | ||
| Q1 25 | $18.6M | $12.7M | ||
| Q4 24 | $33.3M | $22.4M | ||
| Q3 24 | $51.1M | $23.7M | ||
| Q2 24 | $45.1M | $17.3M | ||
| Q1 24 | $43.2M | $32.8M |
| 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 | $86.7M | ||
| Q3 25 | $607.3M | $82.2M | ||
| Q2 25 | $601.3M | $80.0M | ||
| Q1 25 | $596.3M | $76.9M | ||
| Q4 24 | $595.4M | $73.6M | ||
| Q3 24 | $589.1M | $68.4M | ||
| Q2 24 | $585.8M | $62.1M | ||
| Q1 24 | $574.4M | $59.7M |
| Q4 25 | $1.7B | $557.6M | ||
| Q3 25 | $1.7B | $571.6M | ||
| Q2 25 | $1.7B | $570.2M | ||
| Q1 25 | $1.5B | $513.9M | ||
| Q4 24 | $1.5B | $475.9M | ||
| Q3 24 | $1.5B | $460.1M | ||
| Q2 24 | $1.4B | $429.3M | ||
| Q1 24 | $1.3B | $401.3M |
| 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 | $9.8M |
| Free Cash FlowOCF − Capex | $-18.3M | $8.7M |
| FCF MarginFCF / Revenue | -5.8% | 3.4% |
| Capex IntensityCapex / Revenue | 11.6% | 0.4% |
| Cash ConversionOCF / Net Profit | — | 2.77× |
| TTM Free Cash FlowTrailing 4 quarters | $-31.0M | $-36.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.5M | $9.8M | ||
| Q3 25 | $47.9M | $22.8M | ||
| Q2 25 | $39.4M | $-28.9M | ||
| Q1 25 | $20.1M | $-34.9M | ||
| Q4 24 | $22.9M | $5.5M | ||
| Q3 24 | $35.9M | $22.9M | ||
| Q2 24 | $31.9M | $39.0K | ||
| Q1 24 | $25.0M | $-9.3M |
| Q4 25 | $-18.3M | $8.7M | ||
| Q3 25 | $5.5M | $21.4M | ||
| Q2 25 | $-1.7M | $-31.1M | ||
| Q1 25 | $-16.4M | $-35.9M | ||
| Q4 24 | $-17.7M | $4.8M | ||
| Q3 24 | $6.8M | $22.3M | ||
| Q2 24 | $2.3M | $-2.1M | ||
| Q1 24 | $-3.6M | $-9.7M |
| Q4 25 | -5.8% | 3.4% | ||
| Q3 25 | 1.7% | 8.2% | ||
| Q2 25 | -0.5% | -13.9% | ||
| Q1 25 | -5.8% | -16.0% | ||
| Q4 24 | -6.7% | 1.7% | ||
| Q3 24 | 2.7% | 8.0% | ||
| Q2 24 | 0.9% | -1.0% | ||
| Q1 24 | -1.5% | -5.1% |
| Q4 25 | 11.6% | 0.4% | ||
| Q3 25 | 13.4% | 0.5% | ||
| Q2 25 | 13.4% | 0.9% | ||
| Q1 25 | 13.0% | 0.5% | ||
| Q4 24 | 15.4% | 0.2% | ||
| Q3 24 | 11.6% | 0.2% | ||
| Q2 24 | 11.5% | 1.0% | ||
| Q1 24 | 11.8% | 0.2% |
| Q4 25 | — | 2.77× | ||
| Q3 25 | 16.01× | 10.70× | ||
| Q2 25 | 18.72× | -12.24× | ||
| Q1 25 | — | -13.01× | ||
| Q4 24 | — | 1.33× | ||
| Q3 24 | 16.98× | 4.28× | ||
| Q2 24 | 3.59× | 0.01× | ||
| Q1 24 | 3.46× | -3.12× |
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% |
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
