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Empire State Realty Trust, Inc.（ESRT）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Empire State Realty Trust, Inc.的1.7倍（$316.4M vs $190.3M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 5.7%），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs 0.2%）
帝国州房地产信托是一家美国房地产投资信托企业，持有并运营纽约大都会区的优质办公、零售及住宅物业，旗下资产包括地标性建筑帝国大厦，主打可持续运营模式，服务各类租户及住户，专注实现长期资产增值。
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。
ESRT vs FWRG — 直观对比
营收规模更大
FWRG
是对方的1.7倍
$190.3M
营收增速更快
FWRG
高出14.5%
5.7%
两年增速更快
FWRG
近两年复合增速
0.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $190.3M | $316.4M |
| 净利润 | $3.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 15.5% | 2.9% |
| 净利率 | 1.6% | — |
| 营收同比 | 5.7% | 20.2% |
| 净利润同比 | -73.7% | — |
| 每股收益（稀释后） | $0.20 | $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ESRTFWRG
| Q1 26 | $190.3M | — | ||
| Q4 25 | $199.2M | $316.4M | ||
| Q3 25 | $197.7M | $316.0M | ||
| Q2 25 | $191.3M | $307.9M | ||
| Q1 25 | $180.1M | $282.2M | ||
| Q4 24 | $197.6M | $263.3M | ||
| Q3 24 | $199.6M | $251.6M | ||
| Q2 24 | $189.5M | $258.6M |
净利润ESRTFWRG
| Q1 26 | $3.0M | — | ||
| Q4 25 | $32.2M | — | ||
| Q3 25 | $13.6M | $3.0M | ||
| Q2 25 | $11.4M | $2.1M | ||
| Q1 25 | $15.8M | $-829.0K | ||
| Q4 24 | $18.8M | — | ||
| Q3 24 | $22.8M | $2.1M | ||
| Q2 24 | $28.6M | $8.9M |
营业利润率ESRTFWRG
| Q1 26 | 15.5% | — | ||
| Q4 25 | 17.8% | 2.9% | ||
| Q3 25 | 19.9% | 3.2% | ||
| Q2 25 | 18.4% | 2.4% | ||
| Q1 25 | 14.3% | 0.4% | ||
| Q4 24 | 21.7% | 1.5% | ||
| Q3 24 | 22.7% | 2.5% | ||
| Q2 24 | 20.8% | 6.4% |
净利率ESRTFWRG
| Q1 26 | 1.6% | — | ||
| Q4 25 | 16.1% | — | ||
| Q3 25 | 6.9% | 0.9% | ||
| Q2 25 | 6.0% | 0.7% | ||
| Q1 25 | 8.8% | -0.3% | ||
| Q4 24 | 9.5% | — | ||
| Q3 24 | 11.4% | 0.8% | ||
| Q2 24 | 15.1% | 3.4% |
每股收益（稀释后）ESRTFWRG
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.11 | $0.24 | ||
| Q3 25 | $0.05 | $0.05 | ||
| Q2 25 | $0.04 | $0.03 | ||
| Q1 25 | $0.05 | $-0.01 | ||
| Q4 24 | $0.07 | $0.01 | ||
| Q3 24 | $0.08 | $0.03 | ||
| Q2 24 | $0.10 | $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 | $68.8M | $21.2M |
| 总债务越低越好 | — | $269.1M |
| 股东权益账面价值 | $1.8B | $626.3M |
| 总资产 | $4.4B | $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ESRTFWRG
| Q1 26 | $68.8M | — | ||
| Q4 25 | $132.7M | $21.2M | ||
| Q3 25 | $154.1M | $20.7M | ||
| Q2 25 | $94.6M | $19.2M | ||
| Q1 25 | $187.8M | $18.6M | ||
| Q4 24 | $385.5M | $33.3M | ||
| Q3 24 | $421.9M | $51.1M | ||
| Q2 24 | $535.5M | $45.1M |
总债务ESRTFWRG
| Q1 26 | — | — | ||
| Q4 25 | — | $269.1M | ||
| Q3 25 | — | $251.0M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | — | $191.5M | ||
| Q4 24 | — | $189.0M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $192.1M |
股东权益ESRTFWRG
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.1B | $626.3M | ||
| Q3 25 | $1.0B | $607.3M | ||
| Q2 25 | $1.0B | $601.3M | ||
| Q1 25 | $1.0B | $596.3M | ||
| Q4 24 | $1.0B | $595.4M | ||
| Q3 24 | $1.0B | $589.1M | ||
| Q2 24 | $1.0B | $585.8M |
总资产ESRTFWRG
| Q1 26 | $4.4B | — | ||
| Q4 25 | $4.5B | $1.7B | ||
| Q3 25 | $4.1B | $1.7B | ||
| Q2 25 | $4.1B | $1.7B | ||
| Q1 25 | $4.1B | $1.5B | ||
| Q4 24 | $4.5B | $1.5B | ||
| Q3 24 | $4.4B | $1.5B | ||
| Q2 24 | $4.4B | $1.4B |
负债/权益比ESRTFWRG
| Q1 26 | — | — | ||
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 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 | 10.0% | 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ESRTFWRG
| Q1 26 | — | — | ||
| Q4 25 | $249.1M | $18.5M | ||
| Q3 25 | $105.3M | $47.9M | ||
| Q2 25 | $26.7M | $39.4M | ||
| Q1 25 | $83.1M | $20.1M | ||
| Q4 24 | $260.9M | $22.9M | ||
| Q3 24 | $102.8M | $35.9M | ||
| Q2 24 | $37.1M | $31.9M |
自由现金流ESRTFWRG
| Q1 26 | — | — | ||
| Q4 25 | $50.6M | $-18.3M | ||
| Q3 25 | $72.8M | $5.5M | ||
| Q2 25 | $-55.1M | $-1.7M | ||
| Q1 25 | $41.1M | $-16.4M | ||
| Q4 24 | $88.0M | $-17.7M | ||
| Q3 24 | $-65.1M | $6.8M | ||
| Q2 24 | $19.5M | $2.3M |
自由现金流率ESRTFWRG
| Q1 26 | — | — | ||
| Q4 25 | 25.4% | -5.8% | ||
| Q3 25 | 36.8% | 1.7% | ||
| Q2 25 | -28.8% | -0.5% | ||
| Q1 25 | 22.8% | -5.8% | ||
| Q4 24 | 44.5% | -6.7% | ||
| Q3 24 | -32.6% | 2.7% | ||
| Q2 24 | 10.3% | 0.9% |
资本支出强度ESRTFWRG
| Q1 26 | 10.0% | — | ||
| Q4 25 | 99.6% | 11.6% | ||
| Q3 25 | 16.5% | 13.4% | ||
| Q2 25 | 42.8% | 13.4% | ||
| Q1 25 | 23.4% | 13.0% | ||
| Q4 24 | 87.5% | 15.4% | ||
| Q3 24 | 84.1% | 11.6% | ||
| Q2 24 | 9.3% | 11.5% |
现金转化率ESRTFWRG
| Q1 26 | — | — | ||
| Q4 25 | 7.74× | — | ||
| Q3 25 | 7.72× | 16.01× | ||
| Q2 25 | 2.35× | 18.72× | ||
| Q1 25 | 5.27× | — | ||
| Q4 24 | 13.88× | — | ||
| Q3 24 | 4.51× | 16.98× | ||
| Q2 24 | 1.30× | 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
ESRT
| Rental revenue (1) | $166.1M | 87% |
| Observatory revenue | $18.5M | 10% |
| Other revenue and fees | $4.1M | 2% |
| Lease termination fees | $1.4M | 1% |
| Third-party management and other fees | $277.0K | 0% |
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% |
