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First Watch Restaurant Group, Inc.（FWRG）与J&J SNACK FOODS CORP（JJSF）财务数据对比。点击上方公司名可切换其他公司
J&J SNACK FOODS CORP的季度营收约是First Watch Restaurant Group, Inc.的1.1倍（$343.8M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -5.2%），J&J SNACK FOODS CORP自由现金流更多（$17.0M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs -2.2%）
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。
强生休闲食品公司（J&J Snack Foods Corp.）是美国知名的品牌休闲食品与冷冻饮品生产商、营销商及分销商，总部位于新泽西州芒特劳雷尔，在全美44个州、墨西哥及加拿大设有超175个生产、仓储及配送设施，于纳斯达克全球精选市场上市，业务覆盖国内外市场。
FWRG vs JJSF — 直观对比
营收规模更大
JJSF
是对方的1.1倍
$316.4M
营收增速更快
FWRG
高出25.3%
-5.2%
自由现金流更多
JJSF
多$35.3M
$-18.3M
两年增速更快
FWRG
近两年复合增速
-2.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $343.8M |
| 净利润 | — | $883.0K |
| 毛利率 | — | 27.9% |
| 营业利润率 | 2.9% | 0.2% |
| 净利率 | — | 0.3% |
| 营收同比 | 20.2% | -5.2% |
| 净利润同比 | — | -82.8% |
| 每股收益（稀释后） | $0.24 | $0.05 |
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FWRGJJSF
| Q4 25 | $316.4M | $343.8M | ||
| Q3 25 | $316.0M | $410.2M | ||
| Q2 25 | $307.9M | $454.3M | ||
| Q1 25 | $282.2M | $356.1M | ||
| Q4 24 | $263.3M | $362.6M | ||
| Q3 24 | $251.6M | $426.8M | ||
| Q2 24 | $258.6M | $440.0M | ||
| Q1 24 | $242.4M | $359.7M |
净利润FWRGJJSF
| Q4 25 | — | $883.0K | ||
| Q3 25 | $3.0M | $11.4M | ||
| Q2 25 | $2.1M | $44.2M | ||
| Q1 25 | $-829.0K | $4.8M | ||
| Q4 24 | — | $5.1M | ||
| Q3 24 | $2.1M | $29.6M | ||
| Q2 24 | $8.9M | $36.3M | ||
| Q1 24 | $7.2M | $13.3M |
毛利率FWRGJJSF
| Q4 25 | — | 27.9% | ||
| Q3 25 | — | 31.7% | ||
| Q2 25 | — | 33.0% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 25.9% | ||
| Q3 24 | — | 31.8% | ||
| Q2 24 | — | 33.6% | ||
| Q1 24 | — | 30.1% |
营业利润率FWRGJJSF
| Q4 25 | 2.9% | 0.2% | ||
| Q3 25 | 3.2% | 2.8% | ||
| Q2 25 | 2.4% | 13.3% | ||
| Q1 25 | 0.4% | 1.7% | ||
| Q4 24 | 1.5% | 1.7% | ||
| Q3 24 | 2.5% | 9.3% | ||
| Q2 24 | 6.4% | 11.4% | ||
| Q1 24 | 5.1% | 5.0% |
净利率FWRGJJSF
| Q4 25 | — | 0.3% | ||
| Q3 25 | 0.9% | 2.8% | ||
| Q2 25 | 0.7% | 9.7% | ||
| Q1 25 | -0.3% | 1.4% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 0.8% | 6.9% | ||
| Q2 24 | 3.4% | 8.3% | ||
| Q1 24 | 3.0% | 3.7% |
每股收益（稀释后）FWRGJJSF
| Q4 25 | $0.24 | $0.05 | ||
| Q3 25 | $0.05 | $0.59 | ||
| Q2 25 | $0.03 | $2.26 | ||
| Q1 25 | $-0.01 | $0.25 | ||
| Q4 24 | $0.01 | $0.26 | ||
| Q3 24 | $0.03 | $1.52 | ||
| Q2 24 | $0.14 | $1.87 | ||
| Q1 24 | $0.12 | $0.69 |
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 | $66.8M |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | $912.9M |
| 总资产 | $1.7B | $1.3B |
| 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FWRGJJSF
| Q4 25 | $21.2M | $66.8M | ||
| Q3 25 | $20.7M | $105.9M | ||
| Q2 25 | $19.2M | $77.4M | ||
| Q1 25 | $18.6M | $48.5M | ||
| Q4 24 | $33.3M | $73.6M | ||
| Q3 24 | $51.1M | $73.4M | ||
| Q2 24 | $45.1M | $64.0M | ||
| Q1 24 | $43.2M | $43.6M |
总债务FWRGJJSF
| 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 | — | ||
| Q1 24 | $122.7M | — |
股东权益FWRGJJSF
| Q4 25 | $626.3M | $912.9M | ||
| Q3 25 | $607.3M | $966.7M | ||
| Q2 25 | $601.3M | $969.9M | ||
| Q1 25 | $596.3M | $935.0M | ||
| Q4 24 | $595.4M | $946.8M | ||
| Q3 24 | $589.1M | $957.0M | ||
| Q2 24 | $585.8M | $937.9M | ||
| Q1 24 | $574.4M | $915.7M |
总资产FWRGJJSF
| Q4 25 | $1.7B | $1.3B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.5B | $1.4B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.3B | $1.3B |
负债/权益比FWRGJJSF
| 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× | — | ||
| Q1 24 | 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 | $18.5M | $36.0M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $17.0M |
| 自由现金流率自由现金流/营收 | -5.8% | 4.9% |
| 资本支出强度资本支出/营收 | 11.6% | 5.5% |
| 现金转化率经营现金流/净利润 | — | 40.73× |
| 过去12个月自由现金流最近4个季度 | $-31.0M | $83.1M |
8季度趋势，按日历期对齐
经营现金流FWRGJJSF
| Q4 25 | $18.5M | $36.0M | ||
| Q3 25 | $47.9M | $66.4M | ||
| Q2 25 | $39.4M | $51.2M | ||
| Q1 25 | $20.1M | $12.3M | ||
| Q4 24 | $22.9M | $35.2M | ||
| Q3 24 | $35.9M | $46.3M | ||
| Q2 24 | $31.9M | $65.0M | ||
| Q1 24 | $25.0M | $12.7M |
自由现金流FWRGJJSF
| Q4 25 | $-18.3M | $17.0M | ||
| Q3 25 | $5.5M | $44.8M | ||
| Q2 25 | $-1.7M | $28.5M | ||
| Q1 25 | $-16.4M | $-7.2M | ||
| Q4 24 | $-17.7M | $16.1M | ||
| Q3 24 | $6.8M | $29.1M | ||
| Q2 24 | $2.3M | $45.3M | ||
| Q1 24 | $-3.6M | $-4.0M |
自由现金流率FWRGJJSF
| Q4 25 | -5.8% | 4.9% | ||
| Q3 25 | 1.7% | 10.9% | ||
| Q2 25 | -0.5% | 6.3% | ||
| Q1 25 | -5.8% | -2.0% | ||
| Q4 24 | -6.7% | 4.4% | ||
| Q3 24 | 2.7% | 6.8% | ||
| Q2 24 | 0.9% | 10.3% | ||
| Q1 24 | -1.5% | -1.1% |
资本支出强度FWRGJJSF
| Q4 25 | 11.6% | 5.5% | ||
| Q3 25 | 13.4% | 5.3% | ||
| Q2 25 | 13.4% | 5.0% | ||
| Q1 25 | 13.0% | 5.5% | ||
| Q4 24 | 15.4% | 5.3% | ||
| Q3 24 | 11.6% | 4.0% | ||
| Q2 24 | 11.5% | 4.5% | ||
| Q1 24 | 11.8% | 4.6% |
现金转化率FWRGJJSF
| Q4 25 | — | 40.73× | ||
| Q3 25 | 16.01× | 5.84× | ||
| Q2 25 | 18.72× | 1.16× | ||
| Q1 25 | — | 2.55× | ||
| Q4 24 | — | 6.84× | ||
| Q3 24 | 16.98× | 1.56× | ||
| Q2 24 | 3.59× | 1.79× | ||
| Q1 24 | 3.46× | 0.96× |
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% |
JJSF
| Food Service | $219.2M | 64% |
| Frozen Beverages | $78.7M | 23% |
| Repair And Maintenance Service | $22.5M | 7% |
| Other | $12.7M | 4% |
| Machine Sales | $10.7M | 3% |
