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Side-by-side financial comparison of First Watch Restaurant Group, Inc. (FWRG) and Bio-Techne (TECH). 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 $295.9M, roughly 1.1× Bio-Techne). On growth, First Watch Restaurant Group, Inc. posted the faster year-over-year revenue change (20.2% vs -6.4%). Over the past eight quarters, First Watch Restaurant Group, Inc.'s revenue compounded faster (14.2% CAGR vs 4.2%).
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.
Bio-Techne Corporation is an American life sciences company that develops, manufactures and sells life science reagents, instruments and services for the research, diagnostic, and bioprocessing markets.
FWRG vs TECH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $316.4M | $295.9M |
| Net Profit | — | $38.0M |
| Gross Margin | — | 64.6% |
| Operating Margin | 2.9% | 18.4% |
| Net Margin | — | 12.8% |
| Revenue YoY | 20.2% | -6.4% |
| Net Profit YoY | — | 68.3% |
| EPS (diluted) | $0.24 | $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 | $295.9M | ||
| Q3 25 | $316.0M | — | ||
| Q2 25 | $307.9M | $317.0M | ||
| Q1 25 | $282.2M | $316.2M | ||
| Q4 24 | $263.3M | $297.0M | ||
| Q3 24 | $251.6M | $289.5M | ||
| Q2 24 | $258.6M | $306.1M | ||
| Q1 24 | $242.4M | $303.4M |
| Q4 25 | — | $38.0M | ||
| Q3 25 | $3.0M | — | ||
| Q2 25 | $2.1M | $-17.7M | ||
| Q1 25 | $-829.0K | $22.6M | ||
| Q4 24 | — | $34.9M | ||
| Q3 24 | $2.1M | $33.6M | ||
| Q2 24 | $8.9M | $40.6M | ||
| Q1 24 | $7.2M | $49.1M |
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 62.7% | ||
| Q1 25 | — | 67.9% | ||
| Q4 24 | — | 65.3% | ||
| Q3 24 | — | 63.2% | ||
| Q2 24 | — | 66.4% | ||
| Q1 24 | — | 67.4% |
| Q4 25 | 2.9% | 18.4% | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | 2.4% | -7.5% | ||
| Q1 25 | 0.4% | 12.2% | ||
| Q4 24 | 1.5% | 16.0% | ||
| Q3 24 | 2.5% | 13.8% | ||
| Q2 24 | 6.4% | 15.0% | ||
| Q1 24 | 5.1% | 22.1% |
| Q4 25 | — | 12.8% | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 0.7% | -5.6% | ||
| Q1 25 | -0.3% | 7.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | 0.8% | 11.6% | ||
| Q2 24 | 3.4% | 13.3% | ||
| Q1 24 | 3.0% | 16.2% |
| Q4 25 | $0.24 | $0.24 | ||
| Q3 25 | $0.05 | — | ||
| Q2 25 | $0.03 | $-0.11 | ||
| Q1 25 | $-0.01 | $0.14 | ||
| Q4 24 | $0.01 | $0.22 | ||
| Q3 24 | $0.03 | $0.21 | ||
| Q2 24 | $0.14 | $0.26 | ||
| Q1 24 | $0.12 | $0.31 |
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 | $172.9M |
| Total DebtLower is stronger | $269.1M | $260.0M |
| Stockholders' EquityBook value | $626.3M | $2.0B |
| Total Assets | $1.7B | $2.5B |
| Debt / EquityLower = less leverage | 0.43× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.2M | $172.9M | ||
| Q3 25 | $20.7M | — | ||
| Q2 25 | $19.2M | $162.2M | ||
| Q1 25 | $18.6M | $140.7M | ||
| Q4 24 | $33.3M | $177.5M | ||
| Q3 24 | $51.1M | $187.5M | ||
| Q2 24 | $45.1M | $152.9M | ||
| Q1 24 | $43.2M | $145.3M |
| Q4 25 | $269.1M | $260.0M | ||
| Q3 25 | $251.0M | — | ||
| Q2 25 | $250.0M | $346.0M | ||
| Q1 25 | $191.5M | $330.0M | ||
| Q4 24 | $189.0M | $300.0M | ||
| Q3 24 | $189.7M | $300.0M | ||
| Q2 24 | $192.1M | $319.0M | ||
| Q1 24 | $122.7M | $389.0M |
| Q4 25 | $626.3M | $2.0B | ||
| Q3 25 | $607.3M | — | ||
| Q2 25 | $601.3M | $1.9B | ||
| Q1 25 | $596.3M | $2.0B | ||
| Q4 24 | $595.4M | $2.1B | ||
| Q3 24 | $589.1M | $2.1B | ||
| Q2 24 | $585.8M | $2.1B | ||
| Q1 24 | $574.4M | $2.0B |
| Q4 25 | $1.7B | $2.5B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $1.5B | $2.6B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $1.5B | $2.7B | ||
| Q2 24 | $1.4B | $2.7B | ||
| Q1 24 | $1.3B | $2.7B |
| Q4 25 | 0.43× | 0.13× | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.42× | 0.18× | ||
| Q1 25 | 0.32× | 0.16× | ||
| Q4 24 | 0.32× | 0.14× | ||
| Q3 24 | 0.32× | 0.14× | ||
| Q2 24 | 0.33× | 0.15× | ||
| Q1 24 | 0.21× | 0.19× |
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.
| Q4 25 | $18.5M | — | ||
| Q3 25 | $47.9M | — | ||
| Q2 25 | $39.4M | $98.2M | ||
| Q1 25 | $20.1M | $41.1M | ||
| Q4 24 | $22.9M | $84.3M | ||
| Q3 24 | $35.9M | $63.9M | ||
| Q2 24 | $31.9M | $75.5M | ||
| Q1 24 | $25.0M | $81.0M |
| Q4 25 | $-18.3M | — | ||
| Q3 25 | $5.5M | — | ||
| Q2 25 | $-1.7M | $93.3M | ||
| Q1 25 | $-16.4M | $31.0M | ||
| Q4 24 | $-17.7M | $77.5M | ||
| Q3 24 | $6.8M | $54.7M | ||
| Q2 24 | $2.3M | $57.5M | ||
| Q1 24 | $-3.6M | $64.5M |
| Q4 25 | -5.8% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | -0.5% | 29.4% | ||
| Q1 25 | -5.8% | 9.8% | ||
| Q4 24 | -6.7% | 26.1% | ||
| Q3 24 | 2.7% | 18.9% | ||
| Q2 24 | 0.9% | 18.8% | ||
| Q1 24 | -1.5% | 21.3% |
| Q4 25 | 11.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | 13.4% | 1.5% | ||
| Q1 25 | 13.0% | 3.2% | ||
| Q4 24 | 15.4% | 2.3% | ||
| Q3 24 | 11.6% | 3.2% | ||
| Q2 24 | 11.5% | 5.9% | ||
| Q1 24 | 11.8% | 5.4% |
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 2.42× | ||
| Q3 24 | 16.98× | 1.90× | ||
| Q2 24 | 3.59× | 1.86× | ||
| Q1 24 | 3.46× | 1.65× |
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% |
TECH
| Diagnostics And Spatial Biology | $81.2M | 27% |
| EMEA Excluding UK | $75.4M | 25% |
| Other | $42.4M | 14% |
| Instruments | $29.6M | 10% |
| APAC Excluding Greater China | $22.7M | 8% |
| Services | $22.3M | 8% |
| GB | $13.7M | 5% |
| Royalty | $8.5M | 3% |
