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CSW INDUSTRIALS, INC.（CSW）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CSW INDUSTRIALS, INC.的1.4倍（$316.4M vs $233.0M），CSW INDUSTRIALS, INC.同比增速更快（20.3% vs 20.2%），CSW INDUSTRIALS, INC.自由现金流更多（$22.7M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs 5.1%）
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。
CSW vs FWRG — 直观对比
营收规模更大
FWRG
是对方的1.4倍
$233.0M
营收增速更快
CSW
高出0.2%
20.2%
自由现金流更多
CSW
多$41.1M
$-18.3M
两年增速更快
FWRG
近两年复合增速
5.1%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $233.0M | $316.4M |
| 净利润 | $10.3M | — |
| 毛利率 | 39.7% | — |
| 营业利润率 | 7.4% | 2.9% |
| 净利率 | 4.4% | — |
| 营收同比 | 20.3% | 20.2% |
| 净利润同比 | -61.9% | — |
| 每股收益（稀释后） | $0.62 | $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CSWFWRG
| Q4 25 | $233.0M | $316.4M | ||
| Q3 25 | $277.0M | $316.0M | ||
| Q2 25 | $263.6M | $307.9M | ||
| Q1 25 | $230.5M | $282.2M | ||
| Q4 24 | $193.6M | $263.3M | ||
| Q3 24 | $227.9M | $251.6M | ||
| Q2 24 | $226.2M | $258.6M | ||
| Q1 24 | $210.9M | $242.4M |
净利润CSWFWRG
| Q4 25 | $10.3M | — | ||
| Q3 25 | $40.7M | $3.0M | ||
| Q2 25 | $40.9M | $2.1M | ||
| Q1 25 | $35.1M | $-829.0K | ||
| Q4 24 | $26.9M | — | ||
| Q3 24 | $36.1M | $2.1M | ||
| Q2 24 | $38.6M | $8.9M | ||
| Q1 24 | $31.8M | $7.2M |
毛利率CSWFWRG
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 43.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 41.4% | — | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 44.4% | — |
营业利润率CSWFWRG
| Q4 25 | 7.4% | 2.9% | ||
| Q3 25 | 20.5% | 3.2% | ||
| Q2 25 | 20.8% | 2.4% | ||
| Q1 25 | 19.5% | 0.4% | ||
| Q4 24 | 15.3% | 1.5% | ||
| Q3 24 | 22.6% | 2.5% | ||
| Q2 24 | 24.3% | 6.4% | ||
| Q1 24 | 21.0% | 5.1% |
净利率CSWFWRG
| Q4 25 | 4.4% | — | ||
| Q3 25 | 14.7% | 0.9% | ||
| Q2 25 | 15.5% | 0.7% | ||
| Q1 25 | 15.2% | -0.3% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 15.8% | 0.8% | ||
| Q2 24 | 17.1% | 3.4% | ||
| Q1 24 | 15.1% | 3.0% |
每股收益（稀释后）CSWFWRG
| Q4 25 | $0.62 | $0.24 | ||
| Q3 25 | $2.41 | $0.05 | ||
| Q2 25 | $2.43 | $0.03 | ||
| Q1 25 | $2.05 | $-0.01 | ||
| Q4 24 | $1.60 | $0.01 | ||
| Q3 24 | $2.26 | $0.03 | ||
| Q2 24 | $2.47 | $0.14 | ||
| Q1 24 | $2.03 | $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 | $40.2M | $21.2M |
| 总债务越低越好 | — | $269.1M |
| 股东权益账面价值 | $1.1B | $626.3M |
| 总资产 | $2.3B | $1.7B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资CSWFWRG
| Q4 25 | $40.2M | $21.2M | ||
| Q3 25 | $31.5M | $20.7M | ||
| Q2 25 | $38.0M | $19.2M | ||
| Q1 25 | $225.8M | $18.6M | ||
| Q4 24 | $213.8M | $33.3M | ||
| Q3 24 | $273.2M | $51.1M | ||
| Q2 24 | $18.9M | $45.1M | ||
| Q1 24 | $22.2M | $43.2M |
总债务CSWFWRG
| Q4 25 | — | $269.1M | ||
| Q3 25 | — | $251.0M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | $800.1M | $191.5M | ||
| Q4 24 | — | $189.0M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $192.1M | ||
| Q1 24 | $166.0M | $122.7M |
股东权益CSWFWRG
| Q4 25 | $1.1B | $626.3M | ||
| Q3 25 | $1.1B | $607.3M | ||
| Q2 25 | $1.1B | $601.3M | ||
| Q1 25 | $1.1B | $596.3M | ||
| Q4 24 | $1.0B | $595.4M | ||
| Q3 24 | $1.0B | $589.1M | ||
| Q2 24 | $650.2M | $585.8M | ||
| Q1 24 | $615.7M | $574.4M |
总资产CSWFWRG
| Q4 25 | $2.3B | $1.7B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $1.0B | $1.3B |
负债/权益比CSWFWRG
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | 0.75× | 0.32× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | 0.27× | 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 | $28.9M | $18.5M |
| 自由现金流经营现金流 - 资本支出 | $22.7M | $-18.3M |
| 自由现金流率自由现金流/营收 | 9.8% | -5.8% |
| 资本支出强度资本支出/营收 | 2.6% | 11.6% |
| 现金转化率经营现金流/净利润 | 2.81× | — |
| 过去12个月自由现金流最近4个季度 | $162.0M | $-31.0M |
8季度趋势，按日历期对齐
经营现金流CSWFWRG
| Q4 25 | $28.9M | $18.5M | ||
| Q3 25 | $61.8M | $47.9M | ||
| Q2 25 | $60.6M | $39.4M | ||
| Q1 25 | $27.3M | $20.1M | ||
| Q4 24 | $11.6M | $22.9M | ||
| Q3 24 | $66.8M | $35.9M | ||
| Q2 24 | $62.7M | $31.9M | ||
| Q1 24 | $22.4M | $25.0M |
自由现金流CSWFWRG
| Q4 25 | $22.7M | $-18.3M | ||
| Q3 25 | $58.7M | $5.5M | ||
| Q2 25 | $57.7M | $-1.7M | ||
| Q1 25 | $22.8M | $-16.4M | ||
| Q4 24 | $8.5M | $-17.7M | ||
| Q3 24 | $61.3M | $6.8M | ||
| Q2 24 | $59.6M | $2.3M | ||
| Q1 24 | $17.5M | $-3.6M |
自由现金流率CSWFWRG
| Q4 25 | 9.8% | -5.8% | ||
| Q3 25 | 21.2% | 1.7% | ||
| Q2 25 | 21.9% | -0.5% | ||
| Q1 25 | 9.9% | -5.8% | ||
| Q4 24 | 4.4% | -6.7% | ||
| Q3 24 | 26.9% | 2.7% | ||
| Q2 24 | 26.3% | 0.9% | ||
| Q1 24 | 8.3% | -1.5% |
资本支出强度CSWFWRG
| Q4 25 | 2.6% | 11.6% | ||
| Q3 25 | 1.1% | 13.4% | ||
| Q2 25 | 1.1% | 13.4% | ||
| Q1 25 | 2.0% | 13.0% | ||
| Q4 24 | 1.6% | 15.4% | ||
| Q3 24 | 2.4% | 11.6% | ||
| Q2 24 | 1.4% | 11.5% | ||
| Q1 24 | 2.3% | 11.8% |
现金转化率CSWFWRG
| Q4 25 | 2.81× | — | ||
| Q3 25 | 1.52× | 16.01× | ||
| Q2 25 | 1.48× | 18.72× | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | 16.98× | ||
| Q2 24 | 1.62× | 3.59× | ||
| Q1 24 | 0.71× | 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
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
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% |
