vs
Side-by-side financial comparison of First Watch Restaurant Group, Inc. (FWRG) and WEBTOON Entertainment Inc. (WBTN). Click either name above to swap in a different company.
WEBTOON Entertainment Inc. is the larger business by last-quarter revenue ($330.7M vs $316.4M, roughly 1.0× First Watch Restaurant Group, Inc.). WEBTOON Entertainment Inc. produced more free cash flow last quarter ($7.0M vs $-18.3M).
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.
Webtoon is a South Korean-American webtoon platform launched in 2004 by Naver Corporation, providing hosting for webtoons and compact digital comics. The platform, controlled by Naver and the Naver-SoftBank Group joint venture LY Corporation through a Delaware-domiciled, Los Angeles, California-headquartered holding company Webtoon Entertainment Inc., is free and can be found both on the web at Webtoons.com and on mobile devices available for both Android and iOS.
FWRG vs WBTN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $316.4M | $330.7M |
| Net Profit | — | $-307.6M |
| Gross Margin | — | 24.3% |
| Operating Margin | 2.9% | -4.0% |
| Net Margin | — | -93.0% |
| Revenue YoY | 20.2% | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.24 | $-2.37 |
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 | $330.7M | ||
| Q3 25 | $316.0M | $378.0M | ||
| Q2 25 | $307.9M | $348.3M | ||
| Q1 25 | $282.2M | $325.7M | ||
| Q4 24 | $263.3M | — | ||
| Q3 24 | $251.6M | $347.9M | ||
| Q2 24 | $258.6M | $321.0M | ||
| Q1 24 | $242.4M | — |
| Q4 25 | — | $-307.6M | ||
| Q3 25 | $3.0M | $-11.6M | ||
| Q2 25 | $2.1M | $-4.3M | ||
| Q1 25 | $-829.0K | $-22.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.1M | $19.8M | ||
| Q2 24 | $8.9M | $-76.9M | ||
| Q1 24 | $7.2M | — |
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 25.1% | ||
| Q1 25 | — | 22.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 26.3% | ||
| Q2 24 | — | 25.9% | ||
| Q1 24 | — | — |
| Q4 25 | 2.9% | -4.0% | ||
| Q3 25 | 3.2% | -3.9% | ||
| Q2 25 | 2.4% | -2.5% | ||
| Q1 25 | 0.4% | -8.2% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 2.5% | -2.3% | ||
| Q2 24 | 6.4% | -24.6% | ||
| Q1 24 | 5.1% | — |
| Q4 25 | — | -93.0% | ||
| Q3 25 | 0.9% | -3.1% | ||
| Q2 25 | 0.7% | -1.2% | ||
| Q1 25 | -0.3% | -6.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.8% | 5.7% | ||
| Q2 24 | 3.4% | -24.0% | ||
| Q1 24 | 3.0% | — |
| Q4 25 | $0.24 | $-2.37 | ||
| Q3 25 | $0.05 | $-0.09 | ||
| Q2 25 | $0.03 | $-0.03 | ||
| Q1 25 | $-0.01 | $-0.17 | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $0.03 | $0.15 | ||
| Q2 24 | $0.14 | $-0.70 | ||
| 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 | $581.8M |
| Total DebtLower is stronger | $269.1M | — |
| Stockholders' EquityBook value | $626.3M | $1.2B |
| Total Assets | $1.7B | $1.6B |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.2M | $581.8M | ||
| Q3 25 | $20.7M | $584.6M | ||
| Q2 25 | $19.2M | $581.5M | ||
| Q1 25 | $18.6M | $550.1M | ||
| Q4 24 | $33.3M | — | ||
| Q3 24 | $51.1M | $585.5M | ||
| Q2 24 | $45.1M | $572.3M | ||
| 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 | $1.2B | ||
| Q3 25 | $607.3M | $1.5B | ||
| Q2 25 | $601.3M | $1.5B | ||
| Q1 25 | $596.3M | $1.5B | ||
| Q4 24 | $595.4M | — | ||
| Q3 24 | $589.1M | $1.6B | ||
| Q2 24 | $585.8M | $1.5B | ||
| Q1 24 | $574.4M | — |
| Q4 25 | $1.7B | $1.6B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.5B | $1.9B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | $2.1B | ||
| Q2 24 | $1.4B | $2.0B | ||
| 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 | $7.6M |
| Free Cash FlowOCF − Capex | $-18.3M | $7.0M |
| FCF MarginFCF / Revenue | -5.8% | 2.1% |
| Capex IntensityCapex / Revenue | 11.6% | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-31.0M | $3.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.5M | $7.6M | ||
| Q3 25 | $47.9M | $16.5M | ||
| Q2 25 | $39.4M | $5.7M | ||
| Q1 25 | $20.1M | $-18.7M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $35.9M | $4.1M | ||
| Q2 24 | $31.9M | — | ||
| Q1 24 | $25.0M | — |
| Q4 25 | $-18.3M | $7.0M | ||
| Q3 25 | $5.5M | $11.8M | ||
| Q2 25 | $-1.7M | $3.9M | ||
| Q1 25 | $-16.4M | $-19.2M | ||
| Q4 24 | $-17.7M | — | ||
| Q3 24 | $6.8M | $3.5M | ||
| Q2 24 | $2.3M | — | ||
| Q1 24 | $-3.6M | — |
| Q4 25 | -5.8% | 2.1% | ||
| Q3 25 | 1.7% | 3.1% | ||
| Q2 25 | -0.5% | 1.1% | ||
| Q1 25 | -5.8% | -5.9% | ||
| Q4 24 | -6.7% | — | ||
| Q3 24 | 2.7% | 1.0% | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | -1.5% | — |
| Q4 25 | 11.6% | 0.2% | ||
| Q3 25 | 13.4% | 1.2% | ||
| Q2 25 | 13.4% | 0.5% | ||
| Q1 25 | 13.0% | 0.2% | ||
| Q4 24 | 15.4% | — | ||
| Q3 24 | 11.6% | 0.2% | ||
| Q2 24 | 11.5% | — | ||
| Q1 24 | 11.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.98× | 0.21× | ||
| 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% |
WBTN
| Other | $158.3M | 48% |
| KR | $125.7M | 38% |
| IP Adaptations | $25.4M | 8% |
| Related Party | $21.3M | 6% |
