vs
Forestar Group Inc.（FOR）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Forestar Group Inc.的1.2倍（$316.4M vs $273.0M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 9.0%），First Watch Restaurant Group, Inc.自由现金流更多（$-18.3M vs $-157.1M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs -9.6%）
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
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。
FOR vs FWRG — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $316.4M |
| 净利润 | $15.4M | — |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 2.9% |
| 净利率 | 5.6% | — |
| 营收同比 | 9.0% | 20.2% |
| 净利润同比 | -6.7% | — |
| 每股收益（稀释后） | $0.30 | $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
| Q4 25 | $273.0M | $316.4M | ||
| Q3 25 | $670.5M | $316.0M | ||
| Q2 25 | $390.5M | $307.9M | ||
| Q1 25 | $351.0M | $282.2M | ||
| Q4 24 | $250.4M | $263.3M | ||
| Q3 24 | $551.3M | $251.6M | ||
| Q2 24 | $318.4M | $258.6M | ||
| Q1 24 | $333.8M | $242.4M |
| Q4 25 | $15.4M | — | ||
| Q3 25 | $86.9M | $3.0M | ||
| Q2 25 | $32.9M | $2.1M | ||
| Q1 25 | $31.6M | $-829.0K | ||
| Q4 24 | $16.5M | — | ||
| Q3 24 | $81.5M | $2.1M | ||
| Q2 24 | $38.7M | $8.9M | ||
| Q1 24 | $45.0M | $7.2M |
| Q4 25 | 20.1% | — | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 20.4% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 23.9% | — | ||
| Q2 24 | 22.5% | — | ||
| Q1 24 | 24.9% | — |
| Q4 25 | 7.6% | 2.9% | ||
| Q3 25 | 16.9% | 3.2% | ||
| Q2 25 | 11.2% | 2.4% | ||
| Q1 25 | 11.6% | 0.4% | ||
| Q4 24 | 8.7% | 1.5% | ||
| Q3 24 | 19.7% | 2.5% | ||
| Q2 24 | 16.2% | 6.4% | ||
| Q1 24 | 17.6% | 5.1% |
| Q4 25 | 5.6% | — | ||
| Q3 25 | 13.0% | 0.9% | ||
| Q2 25 | 8.4% | 0.7% | ||
| Q1 25 | 9.0% | -0.3% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 14.8% | 0.8% | ||
| Q2 24 | 12.2% | 3.4% | ||
| Q1 24 | 13.5% | 3.0% |
| Q4 25 | $0.30 | $0.24 | ||
| Q3 25 | $1.70 | $0.05 | ||
| Q2 25 | $0.65 | $0.03 | ||
| Q1 25 | $0.62 | $-0.01 | ||
| Q4 24 | $0.32 | $0.01 | ||
| Q3 24 | $1.59 | $0.03 | ||
| Q2 24 | $0.76 | $0.14 | ||
| Q1 24 | $0.89 | $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 | $211.7M | $21.2M |
| 总债务越低越好 | $793.2M | $269.1M |
| 股东权益账面价值 | $1.8B | $626.3M |
| 总资产 | $3.2B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.44× | 0.43× |
8季度趋势，按日历期对齐
| Q4 25 | $211.7M | $21.2M | ||
| Q3 25 | $379.2M | $20.7M | ||
| Q2 25 | $189.2M | $19.2M | ||
| Q1 25 | $174.3M | $18.6M | ||
| Q4 24 | $132.0M | $33.3M | ||
| Q3 24 | $481.2M | $51.1M | ||
| Q2 24 | $359.2M | $45.1M | ||
| Q1 24 | $416.2M | $43.2M |
| Q4 25 | $793.2M | $269.1M | ||
| Q3 25 | $802.7M | $251.0M | ||
| Q2 25 | $872.8M | $250.0M | ||
| Q1 25 | $872.5M | $191.5M | ||
| Q4 24 | $806.8M | $189.0M | ||
| Q3 24 | $706.4M | $189.7M | ||
| Q2 24 | $706.1M | $192.1M | ||
| Q1 24 | $705.7M | $122.7M |
| Q4 25 | $1.8B | $626.3M | ||
| Q3 25 | $1.8B | $607.3M | ||
| Q2 25 | $1.7B | $601.3M | ||
| Q1 25 | $1.6B | $596.3M | ||
| Q4 24 | $1.6B | $595.4M | ||
| Q3 24 | $1.6B | $589.1M | ||
| Q2 24 | $1.5B | $585.8M | ||
| Q1 24 | $1.5B | $574.4M |
| Q4 25 | $3.2B | $1.7B | ||
| Q3 25 | $3.1B | $1.7B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $3.0B | $1.5B | ||
| Q4 24 | $3.0B | $1.5B | ||
| Q3 24 | $2.8B | $1.5B | ||
| Q2 24 | $2.7B | $1.4B | ||
| Q1 24 | $2.6B | $1.3B |
| Q4 25 | 0.44× | 0.43× | ||
| Q3 25 | 0.45× | 0.41× | ||
| Q2 25 | 0.52× | 0.42× | ||
| Q1 25 | 0.53× | 0.32× | ||
| Q4 24 | 0.50× | 0.32× | ||
| Q3 24 | 0.44× | 0.32× | ||
| Q2 24 | 0.47× | 0.33× | ||
| Q1 24 | 0.48× | 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 | $-157.0M | $18.5M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $-18.3M |
| 自由现金流率自由现金流/营收 | -57.5% | -5.8% |
| 资本支出强度资本支出/营收 | 0.0% | 11.6% |
| 现金转化率经营现金流/净利润 | -10.19× | — |
| 过去12个月自由现金流最近4个季度 | $93.0M | $-31.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-157.0M | $18.5M | ||
| Q3 25 | $256.3M | $47.9M | ||
| Q2 25 | $15.8M | $39.4M | ||
| Q1 25 | $-19.8M | $20.1M | ||
| Q4 24 | $-450.0M | $22.9M | ||
| Q3 24 | $119.2M | $35.9M | ||
| Q2 24 | $-61.7M | $31.9M | ||
| Q1 24 | $-59.2M | $25.0M |
| Q4 25 | $-157.1M | $-18.3M | ||
| Q3 25 | $255.6M | $5.5M | ||
| Q2 25 | $15.0M | $-1.7M | ||
| Q1 25 | $-20.5M | $-16.4M | ||
| Q4 24 | — | $-17.7M | ||
| Q3 24 | $118.4M | $6.8M | ||
| Q2 24 | $-62.3M | $2.3M | ||
| Q1 24 | $-59.8M | $-3.6M |
| Q4 25 | -57.5% | -5.8% | ||
| Q3 25 | 38.1% | 1.7% | ||
| Q2 25 | 3.8% | -0.5% | ||
| Q1 25 | -5.8% | -5.8% | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | 21.5% | 2.7% | ||
| Q2 24 | -19.6% | 0.9% | ||
| Q1 24 | -17.9% | -1.5% |
| Q4 25 | 0.0% | 11.6% | ||
| Q3 25 | 0.1% | 13.4% | ||
| Q2 25 | 0.2% | 13.4% | ||
| Q1 25 | 0.2% | 13.0% | ||
| Q4 24 | 0.0% | 15.4% | ||
| Q3 24 | 0.1% | 11.6% | ||
| Q2 24 | 0.2% | 11.5% | ||
| Q1 24 | 0.2% | 11.8% |
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | 16.01× | ||
| Q2 25 | 0.48× | 18.72× | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | 16.98× | ||
| Q2 24 | -1.59× | 3.59× | ||
| Q1 24 | -1.32× | 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
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
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% |
