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FEDERAL SIGNAL CORP（FSS）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
FEDERAL SIGNAL CORP的季度营收约是First Watch Restaurant Group, Inc.的1.9倍（$597.1M vs $316.4M），FEDERAL SIGNAL CORP同比增速更快（26.5% vs 20.2%），FEDERAL SIGNAL CORP自由现金流更多（$89.5M vs $-18.3M），过去两年FEDERAL SIGNAL CORP的营收复合增速更高（18.5% vs 14.2%）
联邦信号公司是20世纪早期的美国企业，主营铁路信号设备的制造业务，总部坐落于美国纽约州奥尔巴尼市，其生产的相关信号产品在当时的美国轨道交通行业得到了广泛应用，具备一定的行业知名度。
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。
FSS vs FWRG — 直观对比
营收规模更大
FSS
是对方的1.9倍
$316.4M
营收增速更快
FSS
高出6.4%
20.2%
自由现金流更多
FSS
多$107.8M
$-18.3M
两年增速更快
FSS
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $597.1M | $316.4M |
| 净利润 | $60.8M | — |
| 毛利率 | 28.4% | — |
| 营业利润率 | 14.0% | 2.9% |
| 净利率 | 10.2% | — |
| 营收同比 | 26.5% | 20.2% |
| 净利润同比 | 21.6% | — |
| 每股收益（稀释后） | $0.99 | $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FSSFWRG
| Q4 25 | $597.1M | $316.4M | ||
| Q3 25 | $555.0M | $316.0M | ||
| Q2 25 | $564.6M | $307.9M | ||
| Q1 25 | $463.8M | $282.2M | ||
| Q4 24 | $472.0M | $263.3M | ||
| Q3 24 | $474.2M | $251.6M | ||
| Q2 24 | $490.4M | $258.6M | ||
| Q1 24 | $424.9M | $242.4M |
净利润FSSFWRG
| Q4 25 | $60.8M | — | ||
| Q3 25 | $68.1M | $3.0M | ||
| Q2 25 | $71.4M | $2.1M | ||
| Q1 25 | $46.3M | $-829.0K | ||
| Q4 24 | $50.0M | — | ||
| Q3 24 | $53.9M | $2.1M | ||
| Q2 24 | $60.8M | $8.9M | ||
| Q1 24 | $51.6M | $7.2M |
毛利率FSSFWRG
| Q4 25 | 28.4% | — | ||
| Q3 25 | 29.1% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 28.2% | — | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 29.6% | — | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 27.3% | — |
营业利润率FSSFWRG
| Q4 25 | 14.0% | 2.9% | ||
| Q3 25 | 16.9% | 3.2% | ||
| Q2 25 | 17.3% | 2.4% | ||
| Q1 25 | 14.2% | 0.4% | ||
| Q4 24 | 14.9% | 1.5% | ||
| Q3 24 | 16.0% | 2.5% | ||
| Q2 24 | 16.5% | 6.4% | ||
| Q1 24 | 12.8% | 5.1% |
净利率FSSFWRG
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.3% | 0.9% | ||
| Q2 25 | 12.6% | 0.7% | ||
| Q1 25 | 10.0% | -0.3% | ||
| Q4 24 | 10.6% | — | ||
| Q3 24 | 11.4% | 0.8% | ||
| Q2 24 | 12.4% | 3.4% | ||
| Q1 24 | 12.1% | 3.0% |
每股收益（稀释后）FSSFWRG
| Q4 25 | $0.99 | $0.24 | ||
| Q3 25 | $1.11 | $0.05 | ||
| Q2 25 | $1.16 | $0.03 | ||
| Q1 25 | $0.75 | $-0.01 | ||
| Q4 24 | $0.80 | $0.01 | ||
| Q3 24 | $0.87 | $0.03 | ||
| Q2 24 | $0.99 | $0.14 | ||
| Q1 24 | $0.84 | $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 | $63.7M | $21.2M |
| 总债务越低越好 | $564.6M | $269.1M |
| 股东权益账面价值 | $1.4B | $626.3M |
| 总资产 | $2.4B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.41× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资FSSFWRG
| Q4 25 | $63.7M | $21.2M | ||
| Q3 25 | $54.4M | $20.7M | ||
| Q2 25 | $64.7M | $19.2M | ||
| Q1 25 | $57.5M | $18.6M | ||
| Q4 24 | $91.1M | $33.3M | ||
| Q3 24 | $73.7M | $51.1M | ||
| Q2 24 | $48.6M | $45.1M | ||
| Q1 24 | $48.9M | $43.2M |
总债务FSSFWRG
| Q4 25 | $564.6M | $269.1M | ||
| Q3 25 | $201.2M | $251.0M | ||
| Q2 25 | $258.3M | $250.0M | ||
| Q1 25 | $266.9M | $191.5M | ||
| Q4 24 | $204.4M | $189.0M | ||
| Q3 24 | $223.3M | $189.7M | ||
| Q2 24 | $248.8M | $192.1M | ||
| Q1 24 | $266.8M | $122.7M |
股东权益FSSFWRG
| Q4 25 | $1.4B | $626.3M | ||
| Q3 25 | $1.3B | $607.3M | ||
| Q2 25 | $1.3B | $601.3M | ||
| Q1 25 | $1.2B | $596.3M | ||
| Q4 24 | $1.2B | $595.4M | ||
| Q3 24 | $1.1B | $589.1M | ||
| Q2 24 | $1.1B | $585.8M | ||
| Q1 24 | $1.0B | $574.4M |
总资产FSSFWRG
| Q4 25 | $2.4B | $1.7B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $1.9B | $1.5B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.7B | $1.4B | ||
| Q1 24 | $1.7B | $1.3B |
负债/权益比FSSFWRG
| Q4 25 | 0.41× | 0.43× | ||
| Q3 25 | 0.15× | 0.41× | ||
| Q2 25 | 0.20× | 0.42× | ||
| Q1 25 | 0.22× | 0.32× | ||
| Q4 24 | 0.17× | 0.32× | ||
| Q3 24 | 0.19× | 0.32× | ||
| Q2 24 | 0.23× | 0.33× | ||
| Q1 24 | 0.26× | 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 | $97.2M | $18.5M |
| 自由现金流经营现金流 - 资本支出 | $89.5M | $-18.3M |
| 自由现金流率自由现金流/营收 | 15.0% | -5.8% |
| 资本支出强度资本支出/营收 | 1.3% | 11.6% |
| 现金转化率经营现金流/净利润 | 1.60× | — |
| 过去12个月自由现金流最近4个季度 | $227.1M | $-31.0M |
8季度趋势，按日历期对齐
经营现金流FSSFWRG
| Q4 25 | $97.2M | $18.5M | ||
| Q3 25 | $61.1M | $47.9M | ||
| Q2 25 | $59.7M | $39.4M | ||
| Q1 25 | $36.7M | $20.1M | ||
| Q4 24 | $90.6M | $22.9M | ||
| Q3 24 | $68.8M | $35.9M | ||
| Q2 24 | $40.6M | $31.9M | ||
| Q1 24 | $31.3M | $25.0M |
自由现金流FSSFWRG
| Q4 25 | $89.5M | $-18.3M | ||
| Q3 25 | $54.1M | $5.5M | ||
| Q2 25 | $52.4M | $-1.7M | ||
| Q1 25 | $31.1M | $-16.4M | ||
| Q4 24 | $82.1M | $-17.7M | ||
| Q3 24 | $60.9M | $6.8M | ||
| Q2 24 | $24.8M | $2.3M | ||
| Q1 24 | $22.9M | $-3.6M |
自由现金流率FSSFWRG
| Q4 25 | 15.0% | -5.8% | ||
| Q3 25 | 9.7% | 1.7% | ||
| Q2 25 | 9.3% | -0.5% | ||
| Q1 25 | 6.7% | -5.8% | ||
| Q4 24 | 17.4% | -6.7% | ||
| Q3 24 | 12.8% | 2.7% | ||
| Q2 24 | 5.1% | 0.9% | ||
| Q1 24 | 5.4% | -1.5% |
资本支出强度FSSFWRG
| Q4 25 | 1.3% | 11.6% | ||
| Q3 25 | 1.3% | 13.4% | ||
| Q2 25 | 1.3% | 13.4% | ||
| Q1 25 | 1.2% | 13.0% | ||
| Q4 24 | 1.8% | 15.4% | ||
| Q3 24 | 1.7% | 11.6% | ||
| Q2 24 | 3.2% | 11.5% | ||
| Q1 24 | 2.0% | 11.8% |
现金转化率FSSFWRG
| Q4 25 | 1.60× | — | ||
| Q3 25 | 0.90× | 16.01× | ||
| Q2 25 | 0.84× | 18.72× | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.28× | 16.98× | ||
| Q2 24 | 0.67× | 3.59× | ||
| Q1 24 | 0.61× | 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
FSS
| Vehiclesandequipment | $403.4M | 68% |
| Parts | $66.8M | 11% |
| Publicsafetyandsecurityequipment | $62.2M | 10% |
| Rentalincome | $19.0M | 3% |
| Industrialsignalingequipment | $18.2M | 3% |
| Other | $14.9M | 2% |
| Warningsystems | $12.6M | 2% |
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% |
