vs
BILL Holdings, Inc.（BILL）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
BILL Holdings, Inc.的季度营收约是First Watch Restaurant Group, Inc.的1.3倍（$414.7M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 14.4%），BILL Holdings, Inc.自由现金流更多（$103.8M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs 13.3%）
BILL Holdings, Inc. 是总部位于美国加利福尼亚州圣何塞的企业，专注为美国小型企业提供自动化云原生财务运营软件。旗下Bill.com Connect是白标端到端支付自动化平台，可供金融机构接入其单点登录的线上企业银行生态中使用。
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。
BILL vs FWRG — 直观对比
营收规模更大
BILL
是对方的1.3倍
$316.4M
营收增速更快
FWRG
高出5.8%
14.4%
自由现金流更多
BILL
多$122.2M
$-18.3M
两年增速更快
FWRG
近两年复合增速
13.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $414.7M | $316.4M |
| 净利润 | $-2.6M | — |
| 毛利率 | 79.8% | — |
| 营业利润率 | -4.4% | 2.9% |
| 净利率 | -0.6% | — |
| 营收同比 | 14.4% | 20.2% |
| 净利润同比 | -107.7% | — |
| 每股收益（稀释后） | $-0.03 | $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BILLFWRG
| Q4 25 | $414.7M | $316.4M | ||
| Q3 25 | $395.7M | $316.0M | ||
| Q2 25 | $383.3M | $307.9M | ||
| Q1 25 | $358.2M | $282.2M | ||
| Q4 24 | $362.6M | $263.3M | ||
| Q3 24 | $358.4M | $251.6M | ||
| Q2 24 | $343.7M | $258.6M | ||
| Q1 24 | $323.0M | $242.4M |
净利润BILLFWRG
| Q4 25 | $-2.6M | — | ||
| Q3 25 | $-3.0M | $3.0M | ||
| Q2 25 | $-7.1M | $2.1M | ||
| Q1 25 | $-11.6M | $-829.0K | ||
| Q4 24 | $33.5M | — | ||
| Q3 24 | $8.9M | $2.1M | ||
| Q2 24 | $7.6M | $8.9M | ||
| Q1 24 | $31.8M | $7.2M |
毛利率BILLFWRG
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | — | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — | ||
| Q1 24 | 83.0% | — |
营业利润率BILLFWRG
| Q4 25 | -4.4% | 2.9% | ||
| Q3 25 | -5.2% | 3.2% | ||
| Q2 25 | -5.8% | 2.4% | ||
| Q1 25 | -8.1% | 0.4% | ||
| Q4 24 | -6.0% | 1.5% | ||
| Q3 24 | -2.1% | 2.5% | ||
| Q2 24 | -6.5% | 6.4% | ||
| Q1 24 | -8.6% | 5.1% |
净利率BILLFWRG
| Q4 25 | -0.6% | — | ||
| Q3 25 | -0.7% | 0.9% | ||
| Q2 25 | -1.8% | 0.7% | ||
| Q1 25 | -3.2% | -0.3% | ||
| Q4 24 | 9.3% | — | ||
| Q3 24 | 2.5% | 0.8% | ||
| Q2 24 | 2.2% | 3.4% | ||
| Q1 24 | 9.8% | 3.0% |
每股收益（稀释后）BILLFWRG
| Q4 25 | $-0.03 | $0.24 | ||
| Q3 25 | $-0.03 | $0.05 | ||
| Q2 25 | $0.02 | $0.03 | ||
| Q1 25 | $-0.11 | $-0.01 | ||
| Q4 24 | $-0.06 | $0.01 | ||
| Q3 24 | $0.08 | $0.03 | ||
| Q2 24 | $0.37 | $0.14 | ||
| Q1 24 | $0.00 | $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 | $1.1B | $21.2M |
| 总债务越低越好 | $1.8B | $269.1M |
| 股东权益账面价值 | $3.8B | $626.3M |
| 总资产 | $10.1B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.48× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资BILLFWRG
| Q4 25 | $1.1B | $21.2M | ||
| Q3 25 | $1.1B | $20.7M | ||
| Q2 25 | $1.0B | $19.2M | ||
| Q1 25 | $1.0B | $18.6M | ||
| Q4 24 | $1.6B | $33.3M | ||
| Q3 24 | $853.5M | $51.1M | ||
| Q2 24 | $985.9M | $45.1M | ||
| Q1 24 | $952.5M | $43.2M |
总债务BILLFWRG
| Q4 25 | $1.8B | $269.1M | ||
| Q3 25 | $1.9B | $251.0M | ||
| Q2 25 | $1.7B | $250.0M | ||
| Q1 25 | $1.7B | $191.5M | ||
| Q4 24 | $1.7B | $189.0M | ||
| Q3 24 | $914.8M | $189.7M | ||
| Q2 24 | $914.0M | $192.1M | ||
| Q1 24 | $1.1B | $122.7M |
股东权益BILLFWRG
| Q4 25 | $3.8B | $626.3M | ||
| Q3 25 | $3.9B | $607.3M | ||
| Q2 25 | $3.9B | $601.3M | ||
| Q1 25 | $3.9B | $596.3M | ||
| Q4 24 | $3.8B | $595.4M | ||
| Q3 24 | $4.0B | $589.1M | ||
| Q2 24 | $4.1B | $585.8M | ||
| Q1 24 | $4.1B | $574.4M |
总资产BILLFWRG
| Q4 25 | $10.1B | $1.7B | ||
| Q3 25 | $10.2B | $1.7B | ||
| Q2 25 | $10.1B | $1.7B | ||
| Q1 25 | $9.6B | $1.5B | ||
| Q4 24 | $9.7B | $1.5B | ||
| Q3 24 | $9.0B | $1.5B | ||
| Q2 24 | $9.2B | $1.4B | ||
| Q1 24 | $9.1B | $1.3B |
负债/权益比BILLFWRG
| Q4 25 | 0.48× | 0.43× | ||
| Q3 25 | 0.48× | 0.41× | ||
| Q2 25 | 0.44× | 0.42× | ||
| Q1 25 | 0.43× | 0.32× | ||
| Q4 24 | 0.44× | 0.32× | ||
| Q3 24 | 0.23× | 0.32× | ||
| Q2 24 | 0.22× | 0.33× | ||
| Q1 24 | 0.28× | 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 | $105.3M | $18.5M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | $-18.3M |
| 自由现金流率自由现金流/营收 | 25.0% | -5.8% |
| 资本支出强度资本支出/营收 | 0.4% | 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 | $378.8M | $-31.0M |
8季度趋势，按日历期对齐
经营现金流BILLFWRG
| Q4 25 | $105.3M | $18.5M | ||
| Q3 25 | $96.9M | $47.9M | ||
| Q2 25 | $83.8M | $39.4M | ||
| Q1 25 | $99.5M | $20.1M | ||
| Q4 24 | $78.7M | $22.9M | ||
| Q3 24 | $88.6M | $35.9M | ||
| Q2 24 | $78.6M | $31.9M | ||
| Q1 24 | $66.8M | $25.0M |
自由现金流BILLFWRG
| Q4 25 | $103.8M | $-18.3M | ||
| Q3 25 | $95.6M | $5.5M | ||
| Q2 25 | $81.0M | $-1.7M | ||
| Q1 25 | $98.4M | $-16.4M | ||
| Q4 24 | $78.3M | $-17.7M | ||
| Q3 24 | $88.6M | $6.8M | ||
| Q2 24 | $78.4M | $2.3M | ||
| Q1 24 | $66.8M | $-3.6M |
自由现金流率BILLFWRG
| Q4 25 | 25.0% | -5.8% | ||
| Q3 25 | 24.1% | 1.7% | ||
| Q2 25 | 21.1% | -0.5% | ||
| Q1 25 | 27.5% | -5.8% | ||
| Q4 24 | 21.6% | -6.7% | ||
| Q3 24 | 24.7% | 2.7% | ||
| Q2 24 | 22.8% | 0.9% | ||
| Q1 24 | 20.7% | -1.5% |
资本支出强度BILLFWRG
| Q4 25 | 0.4% | 11.6% | ||
| Q3 25 | 0.3% | 13.4% | ||
| Q2 25 | 0.7% | 13.4% | ||
| Q1 25 | 0.3% | 13.0% | ||
| Q4 24 | 0.1% | 15.4% | ||
| Q3 24 | 0.0% | 11.6% | ||
| Q2 24 | 0.1% | 11.5% | ||
| Q1 24 | 0.0% | 11.8% |
现金转化率BILLFWRG
| Q4 25 | — | — | ||
| Q3 25 | — | 16.01× | ||
| Q2 25 | — | 18.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | 16.98× | ||
| Q2 24 | 10.35× | 3.59× | ||
| Q1 24 | 2.10× | 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
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
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% |
