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PATHWARD FINANCIAL, INC.（CASH）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PATHWARD FINANCIAL, INC.的1.1倍（$316.4M vs $276.3M），过去两年PATHWARD FINANCIAL, INC.的营收复合增速更高（21.0% vs 14.2%）
Pathward Financial, Inc.是一家总部位于美国的银行及金融服务企业，其前身为Meta金融集团旗下相关业务主体，2022年母公司将“Meta”商标出售给Meta Platforms后，正式启用现有名称。
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。
CASH vs FWRG — 直观对比
营收规模更大
FWRG
是对方的1.1倍
$276.3M
两年增速更快
CASH
近两年复合增速
14.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $276.3M | $316.4M |
| 净利润 | $72.9M | — |
| 毛利率 | — | — |
| 营业利润率 | — | 2.9% |
| 净利率 | 26.4% | — |
| 营收同比 | — | 20.2% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $3.35 | $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CASHFWRG
| Q1 26 | $276.3M | — | ||
| Q4 25 | $173.1M | $316.4M | ||
| Q3 25 | $186.7M | $316.0M | ||
| Q2 25 | $195.8M | $307.9M | ||
| Q1 25 | $274.8M | $282.2M | ||
| Q4 24 | $182.6M | $263.3M | ||
| Q3 24 | $179.5M | $251.6M | ||
| Q2 24 | $188.6M | $258.6M |
净利润CASHFWRG
| Q1 26 | $72.9M | — | ||
| Q4 25 | $35.2M | — | ||
| Q3 25 | $38.8M | $3.0M | ||
| Q2 25 | $42.1M | $2.1M | ||
| Q1 25 | $75.0M | $-829.0K | ||
| Q4 24 | $30.0M | — | ||
| Q3 24 | $33.5M | $2.1M | ||
| Q2 24 | $44.9M | $8.9M |
营业利润率CASHFWRG
| Q1 26 | — | — | ||
| Q4 25 | 24.6% | 2.9% | ||
| Q3 25 | 25.9% | 3.2% | ||
| Q2 25 | 24.1% | 2.4% | ||
| Q1 25 | 33.2% | 0.4% | ||
| Q4 24 | 19.8% | 1.5% | ||
| Q3 24 | 20.9% | 2.5% | ||
| Q2 24 | 27.1% | 6.4% |
净利率CASHFWRG
| Q1 26 | 26.4% | — | ||
| Q4 25 | 20.3% | — | ||
| Q3 25 | 20.8% | 0.9% | ||
| Q2 25 | 21.5% | 0.7% | ||
| Q1 25 | 27.3% | -0.3% | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | 18.7% | 0.8% | ||
| Q2 24 | 23.8% | 3.4% |
每股收益（稀释后）CASHFWRG
| Q1 26 | $3.35 | — | ||
| Q4 25 | $1.57 | $0.24 | ||
| Q3 25 | $1.69 | $0.05 | ||
| Q2 25 | $1.81 | $0.03 | ||
| Q1 25 | $3.14 | $-0.01 | ||
| Q4 24 | $1.23 | $0.01 | ||
| Q3 24 | $1.34 | $0.03 | ||
| Q2 24 | $1.78 | $0.14 |
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 | $157.6M | $21.2M |
| 总债务越低越好 | $59.5M | $269.1M |
| 股东权益账面价值 | $850.7M | $626.3M |
| 总资产 | $7.1B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.07× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资CASHFWRG
| Q1 26 | $157.6M | — | ||
| Q4 25 | $331.2M | $21.2M | ||
| Q3 25 | $120.6M | $20.7M | ||
| Q2 25 | $258.3M | $19.2M | ||
| Q1 25 | $254.2M | $18.6M | ||
| Q4 24 | $597.4M | $33.3M | ||
| Q3 24 | $158.3M | $51.1M | ||
| Q2 24 | $298.9M | $45.1M |
总债务CASHFWRG
| Q1 26 | $59.5M | — | ||
| Q4 25 | $33.5M | $269.1M | ||
| Q3 25 | $33.5M | $251.0M | ||
| Q2 25 | $33.4M | $250.0M | ||
| Q1 25 | $33.4M | $191.5M | ||
| Q4 24 | $33.4M | $189.0M | ||
| Q3 24 | $33.4M | $189.7M | ||
| Q2 24 | $33.3M | $192.1M |
股东权益CASHFWRG
| Q1 26 | $850.7M | — | ||
| Q4 25 | $854.5M | $626.3M | ||
| Q3 25 | $858.0M | $607.3M | ||
| Q2 25 | $819.0M | $601.3M | ||
| Q1 25 | $814.7M | $596.3M | ||
| Q4 24 | $758.3M | $595.4M | ||
| Q3 24 | $822.5M | $589.1M | ||
| Q2 24 | $748.4M | $585.8M |
总资产CASHFWRG
| Q1 26 | $7.1B | — | ||
| Q4 25 | $7.6B | $1.7B | ||
| Q3 25 | $7.2B | $1.7B | ||
| Q2 25 | $7.2B | $1.7B | ||
| Q1 25 | $7.0B | $1.5B | ||
| Q4 24 | $7.6B | $1.5B | ||
| Q3 24 | $7.5B | $1.5B | ||
| Q2 24 | $7.5B | $1.4B |
负债/权益比CASHFWRG
| Q1 26 | 0.07× | — | ||
| Q4 25 | 0.04× | 0.43× | ||
| Q3 25 | 0.04× | 0.41× | ||
| Q2 25 | 0.04× | 0.42× | ||
| Q1 25 | 0.04× | 0.32× | ||
| Q4 24 | 0.04× | 0.32× | ||
| Q3 24 | 0.04× | 0.32× | ||
| Q2 24 | 0.04× | 0.33× |
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 | — | $18.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-18.3M |
| 自由现金流率自由现金流/营收 | — | -5.8% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-31.0M |
8季度趋势，按日历期对齐
经营现金流CASHFWRG
| Q1 26 | — | — | ||
| Q4 25 | $108.3M | $18.5M | ||
| Q3 25 | $303.7M | $47.9M | ||
| Q2 25 | $30.4M | $39.4M | ||
| Q1 25 | $188.3M | $20.1M | ||
| Q4 24 | $-71.7M | $22.9M | ||
| Q3 24 | $143.1M | $35.9M | ||
| Q2 24 | $113.2M | $31.9M |
自由现金流CASHFWRG
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $-18.3M | ||
| Q3 25 | $300.3M | $5.5M | ||
| Q2 25 | $27.7M | $-1.7M | ||
| Q1 25 | $184.7M | $-16.4M | ||
| Q4 24 | $-73.8M | $-17.7M | ||
| Q3 24 | $138.8M | $6.8M | ||
| Q2 24 | $111.0M | $2.3M |
自由现金流率CASHFWRG
| Q1 26 | — | — | ||
| Q4 25 | 60.1% | -5.8% | ||
| Q3 25 | 160.9% | 1.7% | ||
| Q2 25 | 14.1% | -0.5% | ||
| Q1 25 | 67.2% | -5.8% | ||
| Q4 24 | -40.4% | -6.7% | ||
| Q3 24 | 77.3% | 2.7% | ||
| Q2 24 | 58.8% | 0.9% |
资本支出强度CASHFWRG
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 11.6% | ||
| Q3 25 | 1.8% | 13.4% | ||
| Q2 25 | 1.4% | 13.4% | ||
| Q1 25 | 1.3% | 13.0% | ||
| Q4 24 | 1.1% | 15.4% | ||
| Q3 24 | 2.4% | 11.6% | ||
| Q2 24 | 1.2% | 11.5% |
现金转化率CASHFWRG
| Q1 26 | — | — | ||
| Q4 25 | 3.08× | — | ||
| Q3 25 | 7.83× | 16.01× | ||
| Q2 25 | 0.72× | 18.72× | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | — | ||
| Q3 24 | 4.27× | 16.98× | ||
| Q2 24 | 2.52× | 3.59× |
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
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
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% |
