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First Watch Restaurant Group, Inc.（FWRG）与MACERICH CO（MAC）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MACERICH CO的1.2倍（$316.4M vs $261.7M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -4.4%），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs 12.0%）
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。
Macerich是一家专注于购物中心投资的房地产投资信托基金，为美国第三大购物中心持有及运营商。截至2024年12月31日，公司共持有43处物业的权益，可租赁总面积达4300万平方英尺，公司名称由创始人Mace Siegel与Richard Cohen的名字组合而来。
FWRG vs MAC — 直观对比
营收规模更大
FWRG
是对方的1.2倍
$261.7M
营收增速更快
FWRG
高出24.5%
-4.4%
两年增速更快
FWRG
近两年复合增速
12.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $261.7M |
| 净利润 | — | $-18.8M |
| 毛利率 | — | — |
| 营业利润率 | 2.9% | — |
| 净利率 | — | -7.2% |
| 营收同比 | 20.2% | -4.4% |
| 净利润同比 | — | 91.1% |
| 每股收益（稀释后） | $0.24 | $-0.08 |
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FWRGMAC
| Q4 25 | $316.4M | $261.7M | ||
| Q3 25 | $316.0M | $253.3M | ||
| Q2 25 | $307.9M | $249.8M | ||
| Q1 25 | $282.2M | $249.2M | ||
| Q4 24 | $263.3M | $273.7M | ||
| Q3 24 | $251.6M | $220.2M | ||
| Q2 24 | $258.6M | $215.5M | ||
| Q1 24 | $242.4M | $208.8M |
净利润FWRGMAC
| Q4 25 | — | $-18.8M | ||
| Q3 25 | $3.0M | $-87.4M | ||
| Q2 25 | $2.1M | $-40.9M | ||
| Q1 25 | $-829.0K | $-50.1M | ||
| Q4 24 | — | $-211.2M | ||
| Q3 24 | $2.1M | $-108.2M | ||
| Q2 24 | $8.9M | $252.0M | ||
| Q1 24 | $7.2M | $-126.7M |
营业利润率FWRGMAC
| Q4 25 | 2.9% | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 6.4% | — | ||
| Q1 24 | 5.1% | — |
净利率FWRGMAC
| Q4 25 | — | -7.2% | ||
| Q3 25 | 0.9% | -34.5% | ||
| Q2 25 | 0.7% | -16.4% | ||
| Q1 25 | -0.3% | -20.1% | ||
| Q4 24 | — | -77.2% | ||
| Q3 24 | 0.8% | -49.1% | ||
| Q2 24 | 3.4% | 116.9% | ||
| Q1 24 | 3.0% | -60.7% |
每股收益（稀释后）FWRGMAC
| Q4 25 | $0.24 | $-0.08 | ||
| Q3 25 | $0.05 | $-0.34 | ||
| Q2 25 | $0.03 | $-0.16 | ||
| Q1 25 | $-0.01 | $-0.20 | ||
| Q4 24 | $0.01 | $-0.95 | ||
| Q3 24 | $0.03 | $-0.50 | ||
| Q2 24 | $0.14 | $1.16 | ||
| Q1 24 | $0.12 | $-0.59 |
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 | $280.2M |
| 总债务越低越好 | $269.1M | $5.1B |
| 股东权益账面价值 | $626.3M | $2.4B |
| 总资产 | $1.7B | $8.4B |
| 负债/权益比越低杠杆越低 | 0.43× | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资FWRGMAC
| Q4 25 | $21.2M | $280.2M | ||
| Q3 25 | $20.7M | $290.2M | ||
| Q2 25 | $19.2M | $131.1M | ||
| Q1 25 | $18.6M | $253.2M | ||
| Q4 24 | $33.3M | $89.9M | ||
| Q3 24 | $51.1M | $116.5M | ||
| Q2 24 | $45.1M | $70.7M | ||
| Q1 24 | $43.2M | $120.1M |
总债务FWRGMAC
| Q4 25 | $269.1M | $5.1B | ||
| Q3 25 | $251.0M | $5.1B | ||
| Q2 25 | $250.0M | $5.2B | ||
| Q1 25 | $191.5M | $5.2B | ||
| Q4 24 | $189.0M | $4.9B | ||
| Q3 24 | $189.7M | $4.3B | ||
| Q2 24 | $192.1M | $4.4B | ||
| Q1 24 | $122.7M | $4.1B |
股东权益FWRGMAC
| Q4 25 | $626.3M | $2.4B | ||
| Q3 25 | $607.3M | $2.5B | ||
| Q2 25 | $601.3M | $2.6B | ||
| Q1 25 | $596.3M | $2.7B | ||
| Q4 24 | $595.4M | $2.8B | ||
| Q3 24 | $589.1M | $2.5B | ||
| Q2 24 | $585.8M | $2.5B | ||
| Q1 24 | $574.4M | $2.3B |
总资产FWRGMAC
| Q4 25 | $1.7B | $8.4B | ||
| Q3 25 | $1.7B | $8.4B | ||
| Q2 25 | $1.7B | $8.7B | ||
| Q1 25 | $1.5B | $8.7B | ||
| Q4 24 | $1.5B | $8.6B | ||
| Q3 24 | $1.5B | $7.6B | ||
| Q2 24 | $1.4B | $7.8B | ||
| Q1 24 | $1.3B | $7.4B |
负债/权益比FWRGMAC
| Q4 25 | 0.43× | 2.07× | ||
| Q3 25 | 0.41× | 2.02× | ||
| Q2 25 | 0.42× | 2.02× | ||
| Q1 25 | 0.32× | 1.96× | ||
| Q4 24 | 0.32× | 1.78× | ||
| Q3 24 | 0.32× | 1.73× | ||
| Q2 24 | 0.33× | 1.75× | ||
| Q1 24 | 0.21× | 1.79× |
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 | $50.2M |
| 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% | — |
| 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FWRGMAC
| Q4 25 | $18.5M | $50.2M | ||
| Q3 25 | $47.9M | $112.4M | ||
| Q2 25 | $39.4M | $70.5M | ||
| Q1 25 | $20.1M | $88.5M | ||
| Q4 24 | $22.9M | $54.9M | ||
| Q3 24 | $35.9M | $100.0M | ||
| Q2 24 | $31.9M | $67.4M | ||
| Q1 24 | $25.0M | $61.1M |
自由现金流FWRGMAC
| Q4 25 | $-18.3M | — | ||
| Q3 25 | $5.5M | — | ||
| Q2 25 | $-1.7M | — | ||
| Q1 25 | $-16.4M | — | ||
| Q4 24 | $-17.7M | — | ||
| Q3 24 | $6.8M | — | ||
| Q2 24 | $2.3M | — | ||
| Q1 24 | $-3.6M | — |
自由现金流率FWRGMAC
| Q4 25 | -5.8% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | -0.5% | — | ||
| Q1 25 | -5.8% | — | ||
| Q4 24 | -6.7% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | -1.5% | — |
资本支出强度FWRGMAC
| Q4 25 | 11.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | 13.4% | — | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 15.4% | — | ||
| Q3 24 | 11.6% | — | ||
| Q2 24 | 11.5% | — | ||
| Q1 24 | 11.8% | — |
现金转化率FWRGMAC
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.98× | — | ||
| Q2 24 | 3.59× | 0.27× | ||
| 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% |
MAC
暂无分部数据
