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B&G Foods, Inc.（BGS）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
B&G Foods, Inc.的季度营收约是First Watch Restaurant Group, Inc.的1.4倍（$439.3M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -4.7%），First Watch Restaurant Group, Inc.自由现金流更多（$-18.3M vs $-70.7M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs -12.8%）
B&G Foods是总部位于美国新泽西州帕西帕尼的品牌食品控股企业，创立于1996年，成立初衷是收购1889年诞生于曼哈顿的酸黄瓜、调味酱及调味品生产商Bloch & Guggenheimer，如今在北美食品领域拥有众多知名品牌。
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。
BGS vs FWRG — 直观对比
营收规模更大
BGS
是对方的1.4倍
$316.4M
营收增速更快
FWRG
高出24.9%
-4.7%
自由现金流更多
FWRG
多$52.4M
$-70.7M
两年增速更快
FWRG
近两年复合增速
-12.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $439.3M | $316.4M |
| 净利润 | $-19.1M | — |
| 毛利率 | 22.5% | — |
| 营业利润率 | 2.5% | 2.9% |
| 净利率 | -4.4% | — |
| 营收同比 | -4.7% | 20.2% |
| 净利润同比 | -356.5% | — |
| 每股收益（稀释后） | $-0.24 | $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BGSFWRG
| Q4 25 | — | $316.4M | ||
| Q3 25 | $439.3M | $316.0M | ||
| Q2 25 | $424.4M | $307.9M | ||
| Q1 25 | $425.4M | $282.2M | ||
| Q4 24 | $551.6M | $263.3M | ||
| Q3 24 | $461.1M | $251.6M | ||
| Q2 24 | $444.6M | $258.6M | ||
| Q1 24 | $475.2M | $242.4M |
净利润BGSFWRG
| Q4 25 | — | — | ||
| Q3 25 | $-19.1M | $3.0M | ||
| Q2 25 | $-9.8M | $2.1M | ||
| Q1 25 | $835.0K | $-829.0K | ||
| Q4 24 | $-222.4M | — | ||
| Q3 24 | $7.5M | $2.1M | ||
| Q2 24 | $3.9M | $8.9M | ||
| Q1 24 | $-40.2M | $7.2M |
毛利率BGSFWRG
| Q4 25 | — | — | ||
| Q3 25 | 22.5% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 21.2% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.2% | — | ||
| Q2 24 | 20.7% | — | ||
| Q1 24 | 22.9% | — |
营业利润率BGSFWRG
| Q4 25 | — | 2.9% | ||
| Q3 25 | 2.5% | 3.2% | ||
| Q2 25 | 5.2% | 2.4% | ||
| Q1 25 | 8.4% | 0.4% | ||
| Q4 24 | -46.6% | 1.5% | ||
| Q3 24 | 11.1% | 2.5% | ||
| Q2 24 | 9.9% | 6.4% | ||
| Q1 24 | -3.3% | 5.1% |
净利率BGSFWRG
| Q4 25 | — | — | ||
| Q3 25 | -4.4% | 0.9% | ||
| Q2 25 | -2.3% | 0.7% | ||
| Q1 25 | 0.2% | -0.3% | ||
| Q4 24 | -40.3% | — | ||
| Q3 24 | 1.6% | 0.8% | ||
| Q2 24 | 0.9% | 3.4% | ||
| Q1 24 | -8.5% | 3.0% |
每股收益（稀释后）BGSFWRG
| Q4 25 | — | $0.24 | ||
| Q3 25 | $-0.24 | $0.05 | ||
| Q2 25 | $-0.12 | $0.03 | ||
| Q1 25 | $0.01 | $-0.01 | ||
| Q4 24 | $-2.81 | $0.01 | ||
| Q3 24 | $0.09 | $0.03 | ||
| Q2 24 | $0.05 | $0.14 | ||
| Q1 24 | $-0.51 | $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 | $60.9M | $21.2M |
| 总债务越低越好 | $2.0B | $269.1M |
| 股东权益账面价值 | $470.7M | $626.3M |
| 总资产 | $2.9B | $1.7B |
| 负债/权益比越低杠杆越低 | 4.30× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资BGSFWRG
| Q4 25 | — | $21.2M | ||
| Q3 25 | $60.9M | $20.7M | ||
| Q2 25 | $54.1M | $19.2M | ||
| Q1 25 | $61.2M | $18.6M | ||
| Q4 24 | $50.6M | $33.3M | ||
| Q3 24 | $54.7M | $51.1M | ||
| Q2 24 | $40.3M | $45.1M | ||
| Q1 24 | $42.5M | $43.2M |
总债务BGSFWRG
| Q4 25 | — | $269.1M | ||
| Q3 25 | $2.0B | $251.0M | ||
| Q2 25 | $2.0B | $250.0M | ||
| Q1 25 | $2.0B | $191.5M | ||
| Q4 24 | $2.0B | $189.0M | ||
| Q3 24 | $2.1B | $189.7M | ||
| Q2 24 | $2.0B | $192.1M | ||
| Q1 24 | $2.0B | $122.7M |
股东权益BGSFWRG
| Q4 25 | — | $626.3M | ||
| Q3 25 | $470.7M | $607.3M | ||
| Q2 25 | $501.4M | $601.3M | ||
| Q1 25 | $513.1M | $596.3M | ||
| Q4 24 | $524.8M | $595.4M | ||
| Q3 24 | $755.3M | $589.1M | ||
| Q2 24 | $765.0M | $585.8M | ||
| Q1 24 | $781.2M | $574.4M |
总资产BGSFWRG
| Q4 25 | — | $1.7B | ||
| Q3 25 | $2.9B | $1.7B | ||
| Q2 25 | $2.9B | $1.7B | ||
| Q1 25 | $3.0B | $1.5B | ||
| Q4 24 | $3.0B | $1.5B | ||
| Q3 24 | $3.4B | $1.5B | ||
| Q2 24 | $3.4B | $1.4B | ||
| Q1 24 | $3.4B | $1.3B |
负债/权益比BGSFWRG
| Q4 25 | — | 0.43× | ||
| Q3 25 | 4.30× | 0.41× | ||
| Q2 25 | 3.97× | 0.42× | ||
| Q1 25 | 3.91× | 0.32× | ||
| Q4 24 | 3.85× | 0.32× | ||
| Q3 24 | 2.75× | 0.32× | ||
| Q2 24 | 2.67× | 0.33× | ||
| Q1 24 | 2.61× | 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 | $-64.6M | $18.5M |
| 自由现金流经营现金流 - 资本支出 | $-70.7M | $-18.3M |
| 自由现金流率自由现金流/营收 | -16.1% | -5.8% |
| 资本支出强度资本支出/营收 | 1.4% | 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 | $54.8M | $-31.0M |
8季度趋势，按日历期对齐
经营现金流BGSFWRG
| Q4 25 | — | $18.5M | ||
| Q3 25 | $-64.6M | $47.9M | ||
| Q2 25 | $17.8M | $39.4M | ||
| Q1 25 | $52.7M | $20.1M | ||
| Q4 24 | $80.3M | $22.9M | ||
| Q3 24 | $4.2M | $35.9M | ||
| Q2 24 | $11.3M | $31.9M | ||
| Q1 24 | $35.1M | $25.0M |
自由现金流BGSFWRG
| Q4 25 | — | $-18.3M | ||
| Q3 25 | $-70.7M | $5.5M | ||
| Q2 25 | $11.5M | $-1.7M | ||
| Q1 25 | $42.4M | $-16.4M | ||
| Q4 24 | $71.7M | $-17.7M | ||
| Q3 24 | $-679.0K | $6.8M | ||
| Q2 24 | $5.2M | $2.3M | ||
| Q1 24 | $27.5M | $-3.6M |
自由现金流率BGSFWRG
| Q4 25 | — | -5.8% | ||
| Q3 25 | -16.1% | 1.7% | ||
| Q2 25 | 2.7% | -0.5% | ||
| Q1 25 | 10.0% | -5.8% | ||
| Q4 24 | 13.0% | -6.7% | ||
| Q3 24 | -0.1% | 2.7% | ||
| Q2 24 | 1.2% | 0.9% | ||
| Q1 24 | 5.8% | -1.5% |
资本支出强度BGSFWRG
| Q4 25 | — | 11.6% | ||
| Q3 25 | 1.4% | 13.4% | ||
| Q2 25 | 1.5% | 13.4% | ||
| Q1 25 | 2.4% | 13.0% | ||
| Q4 24 | 1.6% | 15.4% | ||
| Q3 24 | 1.0% | 11.6% | ||
| Q2 24 | 1.4% | 11.5% | ||
| Q1 24 | 1.6% | 11.8% |
现金转化率BGSFWRG
| Q4 25 | — | — | ||
| Q3 25 | — | 16.01× | ||
| Q2 25 | — | 18.72× | ||
| Q1 25 | 63.17× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.56× | 16.98× | ||
| Q2 24 | 2.87× | 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
BGS
| Specialty Segment | $150.5M | 34% |
| Meals Segment | $110.0M | 25% |
| Spices And Flavor Solutions Segment | $101.4M | 23% |
| Frozen And Vegetables Segment | $77.4M | 18% |
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% |
