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Side-by-side financial comparison of First Watch Restaurant Group, Inc. (FWRG) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $316.4M, roughly 1.1× First Watch Restaurant Group, Inc.). On growth, First Watch Restaurant Group, Inc. posted the faster year-over-year revenue change (20.2% vs -0.4%). First Watch Restaurant Group, Inc. produced more free cash flow last quarter ($-18.3M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
FWRG vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $316.4M | $340.0M |
| Net Profit | — | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | 2.9% | -17.2% |
| Net Margin | — | -12.9% |
| Revenue YoY | 20.2% | -0.4% |
| Net Profit YoY | — | -131.0% |
| EPS (diluted) | $0.24 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $316.0M | $337.7M | ||
| Q2 25 | $307.9M | $319.2M | ||
| Q1 25 | $282.2M | $237.4M | ||
| Q4 24 | $263.3M | $341.5M | ||
| Q3 24 | $251.6M | $292.3M | ||
| Q2 24 | $258.6M | $270.7M | ||
| Q1 24 | $242.4M | $228.1M |
| Q4 25 | — | $-13.9M | ||
| Q3 25 | $3.0M | $33.5M | ||
| Q2 25 | $2.1M | $34.0M | ||
| Q1 25 | $-829.0K | $2.8M | ||
| Q4 24 | — | $44.8M | ||
| Q3 24 | $2.1M | $28.8M | ||
| Q2 24 | $8.9M | $22.7M | ||
| Q1 24 | $7.2M | $11.9M |
| Q4 25 | 2.9% | -17.2% | ||
| Q3 25 | 3.2% | 13.6% | ||
| Q2 25 | 2.4% | 14.5% | ||
| Q1 25 | 0.4% | 2.2% | ||
| Q4 24 | 1.5% | 15.3% | ||
| Q3 24 | 2.5% | 12.8% | ||
| Q2 24 | 6.4% | 10.4% | ||
| Q1 24 | 5.1% | 6.0% |
| Q4 25 | — | -12.9% | ||
| Q3 25 | 0.9% | 9.9% | ||
| Q2 25 | 0.7% | 10.6% | ||
| Q1 25 | -0.3% | 1.2% | ||
| Q4 24 | — | 13.1% | ||
| Q3 24 | 0.8% | 9.9% | ||
| Q2 24 | 3.4% | 8.4% | ||
| Q1 24 | 3.0% | 5.2% |
| Q4 25 | $0.24 | $-0.41 | ||
| Q3 25 | $0.05 | $0.98 | ||
| Q2 25 | $0.03 | $0.99 | ||
| Q1 25 | $-0.01 | $0.08 | ||
| Q4 24 | $0.01 | $1.32 | ||
| Q3 24 | $0.03 | $0.85 | ||
| Q2 24 | $0.14 | $0.67 | ||
| Q1 24 | $0.12 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | $269.1M | — |
| Stockholders' EquityBook value | $626.3M | $1.7B |
| Total Assets | $1.7B | $5.1B |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.2M | $299.3M | ||
| Q3 25 | $20.7M | $274.8M | ||
| Q2 25 | $19.2M | $233.7M | ||
| Q1 25 | $18.6M | $181.0M | ||
| Q4 24 | $33.3M | $279.3M | ||
| Q3 24 | $51.1M | $179.8M | ||
| Q2 24 | $45.1M | $208.1M | ||
| Q1 24 | $43.2M | $216.5M |
| 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 | $1.7B | ||
| Q3 25 | $607.3M | $1.8B | ||
| Q2 25 | $601.3M | $1.8B | ||
| Q1 25 | $596.3M | $1.7B | ||
| Q4 24 | $595.4M | $1.7B | ||
| Q3 24 | $589.1M | $1.7B | ||
| Q2 24 | $585.8M | $1.7B | ||
| Q1 24 | $574.4M | $1.7B |
| Q4 25 | $1.7B | $5.1B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.7B | $4.7B | ||
| Q1 25 | $1.5B | $4.5B | ||
| Q4 24 | $1.5B | $4.4B | ||
| Q3 24 | $1.5B | $4.6B | ||
| Q2 24 | $1.4B | $4.2B | ||
| Q1 24 | $1.3B | $3.8B |
| 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 | $-664.3M |
| Free Cash FlowOCF − Capex | $-18.3M | $-680.1M |
| FCF MarginFCF / Revenue | -5.8% | -200.0% |
| Capex IntensityCapex / Revenue | 11.6% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-31.0M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.5M | $-664.3M | ||
| Q3 25 | $47.9M | $-948.1M | ||
| Q2 25 | $39.4M | $-238.5M | ||
| Q1 25 | $20.1M | $-281.1M | ||
| Q4 24 | $22.9M | $129.4M | ||
| Q3 24 | $35.9M | $-202.0M | ||
| Q2 24 | $31.9M | $-237.8M | ||
| Q1 24 | $25.0M | $38.4M |
| Q4 25 | $-18.3M | $-680.1M | ||
| Q3 25 | $5.5M | $-950.4M | ||
| Q2 25 | $-1.7M | $-241.0M | ||
| Q1 25 | $-16.4M | $-284.7M | ||
| Q4 24 | $-17.7M | $116.4M | ||
| Q3 24 | $6.8M | $-204.0M | ||
| Q2 24 | $2.3M | $-241.7M | ||
| Q1 24 | $-3.6M | $35.2M |
| Q4 25 | -5.8% | -200.0% | ||
| Q3 25 | 1.7% | -281.5% | ||
| Q2 25 | -0.5% | -75.5% | ||
| Q1 25 | -5.8% | -120.0% | ||
| Q4 24 | -6.7% | 34.1% | ||
| Q3 24 | 2.7% | -69.8% | ||
| Q2 24 | 0.9% | -89.3% | ||
| Q1 24 | -1.5% | 15.4% |
| Q4 25 | 11.6% | 4.6% | ||
| Q3 25 | 13.4% | 0.7% | ||
| Q2 25 | 13.4% | 0.8% | ||
| Q1 25 | 13.0% | 1.5% | ||
| Q4 24 | 15.4% | 3.8% | ||
| Q3 24 | 11.6% | 0.7% | ||
| Q2 24 | 11.5% | 1.4% | ||
| Q1 24 | 11.8% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | -28.34× | ||
| Q2 25 | 18.72× | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | 16.98× | -7.01× | ||
| Q2 24 | 3.59× | -10.49× | ||
| Q1 24 | 3.46× | 3.24× |
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% |
WD
Segment breakdown not available.
