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First Watch Restaurant Group, Inc.（FWRG）与铱星通信（IRDM）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.的季度营收约是铱星通信的1.4倍（$316.4M vs $219.1M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 1.9%），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs 4.4%）
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。
铱星通信是一家总部位于美国弗吉尼亚州麦克莱恩的上市企业，运营着由80颗卫星组成的铱星星座，其中66颗为工作星，14颗为在轨备用星。其卫星网络支持手持卫星电话、卫星通信终端及集成收发设备实现全球范围的语音和数据传输，还可提供双向卫星消息服务，满足全球各场景的通信需求。
FWRG vs IRDM — 直观对比
营收规模更大
FWRG
是对方的1.4倍
$219.1M
营收增速更快
FWRG
高出18.2%
1.9%
两年增速更快
FWRG
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $219.1M |
| 净利润 | — | $21.6M |
| 毛利率 | — | — |
| 营业利润率 | 2.9% | 23.2% |
| 净利率 | — | 9.9% |
| 营收同比 | 20.2% | 1.9% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $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FWRGIRDM
| Q1 26 | — | $219.1M | ||
| Q4 25 | $316.4M | $212.9M | ||
| Q3 25 | $316.0M | $226.9M | ||
| Q2 25 | $307.9M | $216.9M | ||
| Q1 25 | $282.2M | $214.9M | ||
| Q4 24 | $263.3M | $213.0M | ||
| Q3 24 | $251.6M | $212.8M | ||
| Q2 24 | $258.6M | $201.1M |
净利润FWRGIRDM
| Q1 26 | — | $21.6M | ||
| Q4 25 | — | $24.9M | ||
| Q3 25 | $3.0M | $37.1M | ||
| Q2 25 | $2.1M | $22.0M | ||
| Q1 25 | $-829.0K | $30.4M | ||
| Q4 24 | — | $36.3M | ||
| Q3 24 | $2.1M | $24.4M | ||
| Q2 24 | $8.9M | $32.3M |
营业利润率FWRGIRDM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 2.9% | 25.9% | ||
| Q3 25 | 3.2% | 30.9% | ||
| Q2 25 | 2.4% | 23.2% | ||
| Q1 25 | 0.4% | 28.1% | ||
| Q4 24 | 1.5% | 24.5% | ||
| Q3 24 | 2.5% | 25.8% | ||
| Q2 24 | 6.4% | 21.7% |
净利率FWRGIRDM
| Q1 26 | — | 9.9% | ||
| Q4 25 | — | 11.7% | ||
| Q3 25 | 0.9% | 16.4% | ||
| Q2 25 | 0.7% | 10.1% | ||
| Q1 25 | -0.3% | 14.2% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | 0.8% | 11.5% | ||
| Q2 24 | 3.4% | 16.1% |
每股收益（稀释后）FWRGIRDM
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.24 | ||
| Q3 25 | $0.05 | $0.35 | ||
| Q2 25 | $0.03 | $0.20 | ||
| Q1 25 | $-0.01 | $0.27 | ||
| Q4 24 | $0.01 | $0.30 | ||
| Q3 24 | $0.03 | $0.21 | ||
| Q2 24 | $0.14 | $0.27 |
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 | $21.2M | — |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | — |
| 总资产 | $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FWRGIRDM
| Q1 26 | — | — | ||
| Q4 25 | $21.2M | $96.5M | ||
| Q3 25 | $20.7M | $88.5M | ||
| Q2 25 | $19.2M | $79.3M | ||
| Q1 25 | $18.6M | $50.9M | ||
| Q4 24 | $33.3M | $93.5M | ||
| Q3 24 | $51.1M | $159.6M | ||
| Q2 24 | $45.1M | $63.5M |
总债务FWRGIRDM
| Q1 26 | — | — | ||
| Q4 25 | $269.1M | $1.8B | ||
| Q3 25 | $251.0M | — | ||
| Q2 25 | $250.0M | — | ||
| Q1 25 | $191.5M | — | ||
| Q4 24 | $189.0M | $1.8B | ||
| Q3 24 | $189.7M | — | ||
| Q2 24 | $192.1M | — |
股东权益FWRGIRDM
| Q1 26 | — | — | ||
| Q4 25 | $626.3M | $462.6M | ||
| Q3 25 | $607.3M | $450.5M | ||
| Q2 25 | $601.3M | $473.6M | ||
| Q1 25 | $596.3M | $518.4M | ||
| Q4 24 | $595.4M | $576.6M | ||
| Q3 24 | $589.1M | $663.8M | ||
| Q2 24 | $585.8M | $786.7M |
总资产FWRGIRDM
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $2.5B | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $1.5B | $2.6B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $1.5B | $2.8B | ||
| Q2 24 | $1.4B | $2.7B |
负债/权益比FWRGIRDM
| Q1 26 | — | — | ||
| Q4 25 | 0.43× | 3.80× | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | 3.05× | ||
| 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 | 11.6% | 13.7% |
| 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FWRGIRDM
| Q1 26 | — | — | ||
| Q4 25 | $18.5M | $108.6M | ||
| Q3 25 | $47.9M | $100.8M | ||
| Q2 25 | $39.4M | $129.6M | ||
| Q1 25 | $20.1M | $61.1M | ||
| Q4 24 | $22.9M | $104.8M | ||
| Q3 24 | $35.9M | $118.6M | ||
| Q2 24 | $31.9M | $81.1M |
自由现金流FWRGIRDM
| Q1 26 | — | — | ||
| Q4 25 | $-18.3M | $75.1M | ||
| Q3 25 | $5.5M | $79.2M | ||
| Q2 25 | $-1.7M | $108.9M | ||
| Q1 25 | $-16.4M | $36.5M | ||
| Q4 24 | $-17.7M | $80.5M | ||
| Q3 24 | $6.8M | $100.0M | ||
| Q2 24 | $2.3M | $68.7M |
自由现金流率FWRGIRDM
| Q1 26 | — | — | ||
| Q4 25 | -5.8% | 35.3% | ||
| Q3 25 | 1.7% | 34.9% | ||
| Q2 25 | -0.5% | 50.2% | ||
| Q1 25 | -5.8% | 17.0% | ||
| Q4 24 | -6.7% | 37.8% | ||
| Q3 24 | 2.7% | 47.0% | ||
| Q2 24 | 0.9% | 34.2% |
资本支出强度FWRGIRDM
| Q1 26 | — | 13.7% | ||
| Q4 25 | 11.6% | 15.7% | ||
| Q3 25 | 13.4% | 9.5% | ||
| Q2 25 | 13.4% | 9.5% | ||
| Q1 25 | 13.0% | 11.4% | ||
| Q4 24 | 15.4% | 11.4% | ||
| Q3 24 | 11.6% | 8.7% | ||
| Q2 24 | 11.5% | 6.2% |
现金转化率FWRGIRDM
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | 16.01× | 2.71× | ||
| Q2 25 | 18.72× | 5.90× | ||
| Q1 25 | — | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | 16.98× | 4.85× | ||
| Q2 24 | 3.59× | 2.51× |
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
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
