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First Watch Restaurant Group, Inc.（FWRG）与百胜餐饮集团（LCUT）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.的季度营收约是百胜餐饮集团的1.6倍（$316.4M vs $204.1M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -5.2%），百胜餐饮集团自由现金流更多（$2.6M vs $-18.3M），过去两年百胜餐饮集团的营收复合增速更高（19.8% vs 14.2%）
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。
百胜餐饮集团是美国跨国快餐企业，1977年百事可乐收购肯德基、必胜客、塔可Bell后将其整合为旗下子公司，1997年百事剥离该业务板块后正式独立为百胜集团。集团目前运营肯德基、必胜客、塔可Bell、哈比特汉堡等多个餐饮品牌，同时布局相关餐饮科技业务，门店网络遍布全球多个国家和地区。
FWRG vs LCUT — 直观对比
营收规模更大
FWRG
是对方的1.6倍
$204.1M
营收增速更快
FWRG
高出25.3%
-5.2%
自由现金流更多
LCUT
多$20.9M
$-18.3M
两年增速更快
LCUT
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $204.1M |
| 净利润 | — | $18.2M |
| 毛利率 | — | 38.6% |
| 营业利润率 | 2.9% | 9.8% |
| 净利率 | — | 8.9% |
| 营收同比 | 20.2% | -5.2% |
| 净利润同比 | — | 103.5% |
| 每股收益（稀释后） | $0.24 | $0.83 |
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FWRGLCUT
| Q4 25 | $316.4M | $204.1M | ||
| Q3 25 | $316.0M | $171.9M | ||
| Q2 25 | $307.9M | $131.9M | ||
| Q1 25 | $282.2M | $140.1M | ||
| Q4 24 | $263.3M | $215.2M | ||
| Q3 24 | $251.6M | $183.8M | ||
| Q2 24 | $258.6M | $141.7M | ||
| Q1 24 | $242.4M | $142.2M |
净利润FWRGLCUT
| Q4 25 | — | $18.2M | ||
| Q3 25 | $3.0M | $-1.2M | ||
| Q2 25 | $2.1M | $-39.7M | ||
| Q1 25 | $-829.0K | $-4.2M | ||
| Q4 24 | — | $8.9M | ||
| Q3 24 | $2.1M | $344.0K | ||
| Q2 24 | $8.9M | $-18.2M | ||
| Q1 24 | $7.2M | $-6.3M |
毛利率FWRGLCUT
| Q4 25 | — | 38.6% | ||
| Q3 25 | — | 35.1% | ||
| Q2 25 | — | 38.6% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | 37.7% | ||
| Q3 24 | — | 36.7% | ||
| Q2 24 | — | 38.5% | ||
| Q1 24 | — | 40.5% |
营业利润率FWRGLCUT
| Q4 25 | 2.9% | 9.8% | ||
| Q3 25 | 3.2% | 3.9% | ||
| Q2 25 | 2.4% | -28.2% | ||
| Q1 25 | 0.4% | 0.8% | ||
| Q4 24 | 1.5% | 7.2% | ||
| Q3 24 | 2.5% | 4.7% | ||
| Q2 24 | 6.4% | 0.8% | ||
| Q1 24 | 5.1% | 1.3% |
净利率FWRGLCUT
| Q4 25 | — | 8.9% | ||
| Q3 25 | 0.9% | -0.7% | ||
| Q2 25 | 0.7% | -30.1% | ||
| Q1 25 | -0.3% | -3.0% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | 0.8% | 0.2% | ||
| Q2 24 | 3.4% | -12.8% | ||
| Q1 24 | 3.0% | -4.4% |
每股收益（稀释后）FWRGLCUT
| Q4 25 | $0.24 | $0.83 | ||
| Q3 25 | $0.05 | $-0.05 | ||
| Q2 25 | $0.03 | $-1.83 | ||
| Q1 25 | $-0.01 | $-0.19 | ||
| Q4 24 | $0.01 | $0.41 | ||
| Q3 24 | $0.03 | $0.02 | ||
| Q2 24 | $0.14 | $-0.85 | ||
| Q1 24 | $0.12 | $-0.29 |
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 | $4.3M |
| 总债务越低越好 | $269.1M | $135.0M |
| 股东权益账面价值 | $626.3M | $202.3M |
| 总资产 | $1.7B | $572.6M |
| 负债/权益比越低杠杆越低 | 0.43× | 0.67× |
8季度趋势，按日历期对齐
现金及短期投资FWRGLCUT
| Q4 25 | $21.2M | $4.3M | ||
| Q3 25 | $20.7M | $12.1M | ||
| Q2 25 | $19.2M | $12.0M | ||
| Q1 25 | $18.6M | $10.4M | ||
| Q4 24 | $33.3M | $2.9M | ||
| Q3 24 | $51.1M | $6.0M | ||
| Q2 24 | $45.1M | $3.4M | ||
| Q1 24 | $43.2M | $4.6M |
总债务FWRGLCUT
| Q4 25 | $269.1M | $135.0M | ||
| Q3 25 | $251.0M | — | ||
| Q2 25 | $250.0M | — | ||
| Q1 25 | $191.5M | — | ||
| Q4 24 | $189.0M | $142.5M | ||
| Q3 24 | $189.7M | — | ||
| Q2 24 | $192.1M | — | ||
| Q1 24 | $122.7M | — |
股东权益FWRGLCUT
| Q4 25 | $626.3M | $202.3M | ||
| Q3 25 | $607.3M | $184.6M | ||
| Q2 25 | $601.3M | $185.8M | ||
| Q1 25 | $596.3M | $225.7M | ||
| Q4 24 | $595.4M | $229.9M | ||
| Q3 24 | $589.1M | $220.9M | ||
| Q2 24 | $585.8M | $219.8M | ||
| Q1 24 | $574.4M | $223.7M |
总资产FWRGLCUT
| Q4 25 | $1.7B | $572.6M | ||
| Q3 25 | $1.7B | $581.1M | ||
| Q2 25 | $1.7B | $551.9M | ||
| Q1 25 | $1.5B | $594.6M | ||
| Q4 24 | $1.5B | $634.3M | ||
| Q3 24 | $1.5B | $668.7M | ||
| Q2 24 | $1.4B | $617.0M | ||
| Q1 24 | $1.3B | $602.7M |
负债/权益比FWRGLCUT
| Q4 25 | 0.43× | 0.67× | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | 0.62× | ||
| 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 | $3.7M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $2.6M |
| 自由现金流率自由现金流/营收 | -5.8% | 1.3% |
| 资本支出强度资本支出/营收 | 11.6% | 0.6% |
| 现金转化率经营现金流/净利润 | — | 0.21× |
| 过去12个月自由现金流最近4个季度 | $-31.0M | $3.3M |
8季度趋势，按日历期对齐
经营现金流FWRGLCUT
| Q4 25 | $18.5M | $3.7M | ||
| Q3 25 | $47.9M | $-22.2M | ||
| Q2 25 | $39.4M | $9.3M | ||
| Q1 25 | $20.1M | $16.7M | ||
| Q4 24 | $22.9M | $20.3M | ||
| Q3 24 | $35.9M | $-22.7M | ||
| Q2 24 | $31.9M | $10.4M | ||
| Q1 24 | $25.0M | $10.5M |
自由现金流FWRGLCUT
| Q4 25 | $-18.3M | $2.6M | ||
| Q3 25 | $5.5M | $-22.7M | ||
| Q2 25 | $-1.7M | $8.2M | ||
| Q1 25 | $-16.4M | $15.1M | ||
| Q4 24 | $-17.7M | $19.7M | ||
| Q3 24 | $6.8M | $-23.2M | ||
| Q2 24 | $2.3M | $9.9M | ||
| Q1 24 | $-3.6M | $9.9M |
自由现金流率FWRGLCUT
| Q4 25 | -5.8% | 1.3% | ||
| Q3 25 | 1.7% | -13.2% | ||
| Q2 25 | -0.5% | 6.2% | ||
| Q1 25 | -5.8% | 10.8% | ||
| Q4 24 | -6.7% | 9.1% | ||
| Q3 24 | 2.7% | -12.6% | ||
| Q2 24 | 0.9% | 7.0% | ||
| Q1 24 | -1.5% | 7.0% |
资本支出强度FWRGLCUT
| Q4 25 | 11.6% | 0.6% | ||
| Q3 25 | 13.4% | 0.3% | ||
| Q2 25 | 13.4% | 0.9% | ||
| Q1 25 | 13.0% | 1.1% | ||
| Q4 24 | 15.4% | 0.3% | ||
| Q3 24 | 11.6% | 0.3% | ||
| Q2 24 | 11.5% | 0.4% | ||
| Q1 24 | 11.8% | 0.4% |
现金转化率FWRGLCUT
| Q4 25 | — | 0.21× | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.28× | ||
| Q3 24 | 16.98× | -65.89× | ||
| Q2 24 | 3.59× | — | ||
| Q1 24 | 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
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% |
LCUT
| Kitchenware | $114.3M | 56% |
| Tableware | $41.7M | 20% |
| Home Solutions | $29.4M | 14% |
| Other | $18.8M | 9% |
