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Alphatec Holdings, Inc.（ATEC）与First Watch Restaurant Group, Inc.（FWRG）财务数据对比。点击上方公司名可切换其他公司
First Watch Restaurant Group, Inc.的季度营收约是Alphatec Holdings, Inc.的1.5倍（$316.4M vs $212.9M），Alphatec Holdings, Inc.同比增速更快（20.4% vs 20.2%），Alphatec Holdings, Inc.自由现金流更多（$7.7M vs $-18.3M），过去两年Alphatec Holdings, Inc.的营收复合增速更高（24.0% vs 14.2%）
Alphatec Holdings是一家全球医疗科技企业，专注于研发、生产及销售脊柱外科手术相关的植入物、手术器械与数字化手术平台，服务骨科及神经外科医疗从业者，核心市场覆盖北美、欧洲及亚太主要区域。
该企业原信息存在公司混淆错误，实际First Watch Restaurant Group是美国餐饮集团，主打鲜制早餐、早午餐与午餐，在美国多个州运营自营与特许加盟餐厅，聚焦日间休闲餐饮市场，为消费者提供新鲜健康的美式餐食选择。
ATEC vs FWRG — 直观对比
营收规模更大
FWRG
是对方的1.5倍
$212.9M
营收增速更快
ATEC
高出0.3%
20.2%
自由现金流更多
ATEC
多$26.1M
$-18.3M
两年增速更快
ATEC
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $316.4M |
| 净利润 | $-21.7M | — |
| 毛利率 | 70.2% | — |
| 营业利润率 | -4.1% | 2.9% |
| 净利率 | -10.2% | — |
| 营收同比 | 20.4% | 20.2% |
| 净利润同比 | 34.8% | — |
| 每股收益（稀释后） | $-0.15 | $0.24 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ATECFWRG
| Q4 25 | $212.9M | $316.4M | ||
| Q3 25 | $196.5M | $316.0M | ||
| Q2 25 | $185.5M | $307.9M | ||
| Q1 25 | $169.2M | $282.2M | ||
| Q4 24 | $176.8M | $263.3M | ||
| Q3 24 | $150.7M | $251.6M | ||
| Q2 24 | $145.6M | $258.6M | ||
| Q1 24 | $138.5M | $242.4M |
净利润ATECFWRG
| Q4 25 | $-21.7M | — | ||
| Q3 25 | $-28.6M | $3.0M | ||
| Q2 25 | $-41.1M | $2.1M | ||
| Q1 25 | $-51.9M | $-829.0K | ||
| Q4 24 | $-33.3M | — | ||
| Q3 24 | $-39.6M | $2.1M | ||
| Q2 24 | $-40.7M | $8.9M | ||
| Q1 24 | $-48.5M | $7.2M |
毛利率ATECFWRG
| Q4 25 | 70.2% | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | 69.6% | — | ||
| Q1 25 | 68.6% | — | ||
| Q4 24 | 68.8% | — | ||
| Q3 24 | 68.2% | — | ||
| Q2 24 | 70.5% | — | ||
| Q1 24 | 70.3% | — |
营业利润率ATECFWRG
| Q4 25 | -4.1% | 2.9% | ||
| Q3 25 | -8.1% | 3.2% | ||
| Q2 25 | -7.1% | 2.4% | ||
| Q1 25 | -26.2% | 0.4% | ||
| Q4 24 | -13.5% | 1.5% | ||
| Q3 24 | -22.4% | 2.5% | ||
| Q2 24 | -24.3% | 6.4% | ||
| Q1 24 | -31.3% | 5.1% |
净利率ATECFWRG
| Q4 25 | -10.2% | — | ||
| Q3 25 | -14.5% | 0.9% | ||
| Q2 25 | -22.2% | 0.7% | ||
| Q1 25 | -30.7% | -0.3% | ||
| Q4 24 | -18.9% | — | ||
| Q3 24 | -26.3% | 0.8% | ||
| Q2 24 | -27.9% | 3.4% | ||
| Q1 24 | -35.0% | 3.0% |
每股收益（稀释后）ATECFWRG
| Q4 25 | $-0.15 | $0.24 | ||
| Q3 25 | $-0.19 | $0.05 | ||
| Q2 25 | $-0.27 | $0.03 | ||
| Q1 25 | $-0.35 | $-0.01 | ||
| Q4 24 | $-0.22 | $0.01 | ||
| Q3 24 | $-0.28 | $0.03 | ||
| Q2 24 | $-0.29 | $0.14 | ||
| Q1 24 | $-0.34 | $0.12 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $160.8M | $21.2M |
| 总债务越低越好 | $565.9M | $269.1M |
| 股东权益账面价值 | $12.4M | $626.3M |
| 总资产 | $791.2M | $1.7B |
| 负债/权益比越低杠杆越低 | 45.54× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资ATECFWRG
| Q4 25 | $160.8M | $21.2M | ||
| Q3 25 | $155.7M | $20.7M | ||
| Q2 25 | $157.1M | $19.2M | ||
| Q1 25 | $153.2M | $18.6M | ||
| Q4 24 | $138.8M | $33.3M | ||
| Q3 24 | $81.0M | $51.1M | ||
| Q2 24 | $99.8M | $45.1M | ||
| Q1 24 | $144.1M | $43.2M |
总债务ATECFWRG
| Q4 25 | $565.9M | $269.1M | ||
| Q3 25 | $559.7M | $251.0M | ||
| Q2 25 | $553.9M | $250.0M | ||
| Q1 25 | $548.4M | $191.5M | ||
| Q4 24 | $576.2M | $189.0M | ||
| Q3 24 | $527.7M | $189.7M | ||
| Q2 24 | $519.2M | $192.1M | ||
| Q1 24 | $514.4M | $122.7M |
股东权益ATECFWRG
| Q4 25 | $12.4M | $626.3M | ||
| Q3 25 | $11.5M | $607.3M | ||
| Q2 25 | $23.8M | $601.3M | ||
| Q1 25 | $-85.9M | $596.3M | ||
| Q4 24 | $-14.2M | $595.4M | ||
| Q3 24 | $-1.4M | $589.1M | ||
| Q2 24 | $17.1M | $585.8M | ||
| Q1 24 | $37.6M | $574.4M |
总资产ATECFWRG
| Q4 25 | $791.2M | $1.7B | ||
| Q3 25 | $787.2M | $1.7B | ||
| Q2 25 | $790.3M | $1.7B | ||
| Q1 25 | $785.5M | $1.5B | ||
| Q4 24 | $775.7M | $1.5B | ||
| Q3 24 | $745.9M | $1.5B | ||
| Q2 24 | $768.6M | $1.4B | ||
| Q1 24 | $774.6M | $1.3B |
负债/权益比ATECFWRG
| Q4 25 | 45.54× | 0.43× | ||
| Q3 25 | 48.64× | 0.41× | ||
| Q2 25 | 23.30× | 0.42× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | 30.34× | 0.33× | ||
| Q1 24 | 13.70× | 0.21× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $20.7M | $18.5M |
| 自由现金流经营现金流 - 资本支出 | $7.7M | $-18.3M |
| 自由现金流率自由现金流/营收 | 3.6% | -5.8% |
| 资本支出强度资本支出/营收 | 6.1% | 11.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $2.8M | $-31.0M |
8季度趋势，按日历期对齐
经营现金流ATECFWRG
| Q4 25 | $20.7M | $18.5M | ||
| Q3 25 | $14.0M | $47.9M | ||
| Q2 25 | $15.5M | $39.4M | ||
| Q1 25 | $-5.0M | $20.1M | ||
| Q4 24 | $10.5M | $22.9M | ||
| Q3 24 | $-5.3M | $35.9M | ||
| Q2 24 | $-11.4M | $31.9M | ||
| Q1 24 | $-38.4M | $25.0M |
自由现金流ATECFWRG
| Q4 25 | $7.7M | $-18.3M | ||
| Q3 25 | $4.8M | $5.5M | ||
| Q2 25 | $5.2M | $-1.7M | ||
| Q1 25 | $-15.0M | $-16.4M | ||
| Q4 24 | $8.5M | $-17.7M | ||
| Q3 24 | $-21.2M | $6.8M | ||
| Q2 24 | $-45.5M | $2.3M | ||
| Q1 24 | $-69.8M | $-3.6M |
自由现金流率ATECFWRG
| Q4 25 | 3.6% | -5.8% | ||
| Q3 25 | 2.4% | 1.7% | ||
| Q2 25 | 2.8% | -0.5% | ||
| Q1 25 | -8.9% | -5.8% | ||
| Q4 24 | 4.8% | -6.7% | ||
| Q3 24 | -14.1% | 2.7% | ||
| Q2 24 | -31.3% | 0.9% | ||
| Q1 24 | -50.4% | -1.5% |
资本支出强度ATECFWRG
| Q4 25 | 6.1% | 11.6% | ||
| Q3 25 | 4.7% | 13.4% | ||
| Q2 25 | 5.6% | 13.4% | ||
| Q1 25 | 5.9% | 13.0% | ||
| Q4 24 | 1.1% | 15.4% | ||
| Q3 24 | 10.5% | 11.6% | ||
| Q2 24 | 23.4% | 11.5% | ||
| Q1 24 | 22.6% | 11.8% |
现金转化率ATECFWRG
| Q4 25 | — | — | ||
| Q3 25 | — | 16.01× | ||
| Q2 25 | — | 18.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 16.98× | ||
| Q2 24 | — | 3.59× | ||
| Q1 24 | — | 3.46× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ATEC
暂无分部数据
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% |
