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First Watch Restaurant Group, Inc.（FWRG）与Mativ Holdings, Inc.（MATV）财务数据对比。点击上方公司名可切换其他公司
Mativ Holdings, Inc.的季度营收约是First Watch Restaurant Group, Inc.的1.5倍（$463.1M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 1.0%），Mativ Holdings, Inc.自由现金流更多（$8.0M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs -3.8%）
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。
Mativ Holdings是一家全球特种材料制造商，主要生产高性能先进聚合物、无纺布、过滤解决方案及功能性涂层材料，服务医疗、工业、消费品、航空航天、能源等领域，业务遍及北美、欧洲及亚太地区。
FWRG vs MATV — 直观对比
营收规模更大
MATV
是对方的1.5倍
$316.4M
营收增速更快
FWRG
高出19.2%
1.0%
自由现金流更多
MATV
多$26.3M
$-18.3M
两年增速更快
FWRG
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $463.1M |
| 净利润 | — | $100.8M |
| 毛利率 | — | 18.8% |
| 营业利润率 | 2.9% | 2.2% |
| 净利率 | — | 21.8% |
| 营收同比 | 20.2% | 1.0% |
| 净利润同比 | — | 6620.0% |
| 每股收益（稀释后） | $0.24 | $1.87 |
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FWRGMATV
| Q4 25 | $316.4M | $463.1M | ||
| Q3 25 | $316.0M | $513.7M | ||
| Q2 25 | $307.9M | $525.4M | ||
| Q1 25 | $282.2M | $484.8M | ||
| Q4 24 | $263.3M | $458.6M | ||
| Q3 24 | $251.6M | $498.5M | ||
| Q2 24 | $258.6M | $523.8M | ||
| Q1 24 | $242.4M | $500.2M |
净利润FWRGMATV
| Q4 25 | — | $100.8M | ||
| Q3 25 | $3.0M | $-3.2M | ||
| Q2 25 | $2.1M | $-9.5M | ||
| Q1 25 | $-829.0K | $-425.5M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | $2.1M | $-20.8M | ||
| Q2 24 | $8.9M | $-1.4M | ||
| Q1 24 | $7.2M | $-28.0M |
毛利率FWRGMATV
| Q4 25 | — | 18.8% | ||
| Q3 25 | — | 19.3% | ||
| Q2 25 | — | 19.7% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 16.9% | ||
| Q3 24 | — | 18.8% | ||
| Q2 24 | — | 20.8% | ||
| Q1 24 | — | 16.8% |
营业利润率FWRGMATV
| Q4 25 | 2.9% | 2.2% | ||
| Q3 25 | 3.2% | 3.1% | ||
| Q2 25 | 2.4% | 3.8% | ||
| Q1 25 | 0.4% | -88.8% | ||
| Q4 24 | 1.5% | 0.6% | ||
| Q3 24 | 2.5% | 1.4% | ||
| Q2 24 | 6.4% | 2.0% | ||
| Q1 24 | 5.1% | -2.8% |
净利率FWRGMATV
| Q4 25 | — | 21.8% | ||
| Q3 25 | 0.9% | -0.6% | ||
| Q2 25 | 0.7% | -1.8% | ||
| Q1 25 | -0.3% | -87.8% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | 0.8% | -4.2% | ||
| Q2 24 | 3.4% | -0.3% | ||
| Q1 24 | 3.0% | -5.6% |
每股收益（稀释后）FWRGMATV
| Q4 25 | $0.24 | $1.87 | ||
| Q3 25 | $0.05 | $-0.06 | ||
| Q2 25 | $0.03 | $-0.18 | ||
| Q1 25 | $-0.01 | $-7.82 | ||
| Q4 24 | $0.01 | $0.03 | ||
| Q3 24 | $0.03 | $-0.38 | ||
| Q2 24 | $0.14 | $-0.03 | ||
| Q1 24 | $0.12 | $-0.52 |
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 | $84.2M |
| 总债务越低越好 | $269.1M | $1.0B |
| 股东权益账面价值 | $626.3M | $498.7M |
| 总资产 | $1.7B | $2.1B |
| 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FWRGMATV
| Q4 25 | $21.2M | $84.2M | ||
| Q3 25 | $20.7M | $97.1M | ||
| Q2 25 | $19.2M | $95.6M | ||
| Q1 25 | $18.6M | $84.0M | ||
| Q4 24 | $33.3M | $94.3M | ||
| Q3 24 | $51.1M | $162.2M | ||
| Q2 24 | $45.1M | $133.4M | ||
| Q1 24 | $43.2M | $128.9M |
总债务FWRGMATV
| Q4 25 | $269.1M | $1.0B | ||
| Q3 25 | $251.0M | $1.0B | ||
| Q2 25 | $250.0M | $1.1B | ||
| Q1 25 | $191.5M | $1.1B | ||
| Q4 24 | $189.0M | $1.1B | ||
| Q3 24 | $189.7M | $1.2B | ||
| Q2 24 | $192.1M | $1.2B | ||
| Q1 24 | $122.7M | $1.2B |
股东权益FWRGMATV
| Q4 25 | $626.3M | $498.7M | ||
| Q3 25 | $607.3M | $397.4M | ||
| Q2 25 | $601.3M | $416.6M | ||
| Q1 25 | $596.3M | $428.2M | ||
| Q4 24 | $595.4M | $858.5M | ||
| Q3 24 | $589.1M | $882.3M | ||
| Q2 24 | $585.8M | $898.0M | ||
| Q1 24 | $574.4M | $906.9M |
总资产FWRGMATV
| Q4 25 | $1.7B | $2.1B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.5B | $2.1B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.5B | $2.6B | ||
| Q2 24 | $1.4B | $2.6B | ||
| Q1 24 | $1.3B | $2.7B |
负债/权益比FWRGMATV
| Q4 25 | 0.43× | 2.07× | ||
| Q3 25 | 0.41× | 2.63× | ||
| Q2 25 | 0.42× | 2.66× | ||
| Q1 25 | 0.32× | 2.67× | ||
| Q4 24 | 0.32× | 1.30× | ||
| Q3 24 | 0.32× | 1.32× | ||
| Q2 24 | 0.33× | 1.29× | ||
| Q1 24 | 0.21× | 1.30× |
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 | $19.3M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $8.0M |
| 自由现金流率自由现金流/营收 | -5.8% | 1.7% |
| 资本支出强度资本支出/营收 | 11.6% | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.19× |
| 过去12个月自由现金流最近4个季度 | $-31.0M | $93.8M |
8季度趋势，按日历期对齐
经营现金流FWRGMATV
| Q4 25 | $18.5M | $19.3M | ||
| Q3 25 | $47.9M | $72.8M | ||
| Q2 25 | $39.4M | $57.6M | ||
| Q1 25 | $20.1M | $-15.9M | ||
| Q4 24 | $22.9M | $24.1M | ||
| Q3 24 | $35.9M | $37.6M | ||
| Q2 24 | $31.9M | $46.1M | ||
| Q1 24 | $25.0M | $-13.0M |
自由现金流FWRGMATV
| Q4 25 | $-18.3M | $8.0M | ||
| Q3 25 | $5.5M | $66.7M | ||
| Q2 25 | $-1.7M | $48.9M | ||
| Q1 25 | $-16.4M | $-29.8M | ||
| Q4 24 | $-17.7M | $2.0M | ||
| Q3 24 | $6.8M | $25.5M | ||
| Q2 24 | $2.3M | $37.4M | ||
| Q1 24 | $-3.6M | $-25.1M |
自由现金流率FWRGMATV
| Q4 25 | -5.8% | 1.7% | ||
| Q3 25 | 1.7% | 13.0% | ||
| Q2 25 | -0.5% | 9.3% | ||
| Q1 25 | -5.8% | -6.1% | ||
| Q4 24 | -6.7% | 0.4% | ||
| Q3 24 | 2.7% | 5.1% | ||
| Q2 24 | 0.9% | 7.1% | ||
| Q1 24 | -1.5% | -5.0% |
资本支出强度FWRGMATV
| Q4 25 | 11.6% | 2.4% | ||
| Q3 25 | 13.4% | 1.2% | ||
| Q2 25 | 13.4% | 1.7% | ||
| Q1 25 | 13.0% | 2.9% | ||
| Q4 24 | 15.4% | 4.8% | ||
| Q3 24 | 11.6% | 2.4% | ||
| Q2 24 | 11.5% | 1.7% | ||
| Q1 24 | 11.8% | 2.4% |
现金转化率FWRGMATV
| Q4 25 | — | 0.19× | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 16.07× | ||
| Q3 24 | 16.98× | — | ||
| 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% |
MATV
| Other | $208.7M | 45% |
| SAS Segment | $157.4M | 34% |
| FAM Segment | $97.0M | 21% |
