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First Watch Restaurant Group, Inc.（FWRG）与MACOM Technology Solutions Holdings, Inc.（MTSI）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MACOM Technology Solutions Holdings, Inc.的1.2倍（$316.4M vs $271.6M），MACOM Technology Solutions Holdings, Inc.同比增速更快（24.5% vs 20.2%），MACOM Technology Solutions Holdings, Inc.自由现金流更多（$30.0M vs $-18.3M），过去两年MACOM Technology Solutions Holdings, Inc.的营收复合增速更高（22.4% 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。
MACOM是美国知名的射频、微波及毫米波半导体器件与组件研发生产商，总部位于马萨诸塞州洛厄尔，2005年曾是当地规模最大的私营雇主。公司已通过ISO9001国际质量体系认证及ISO14001环境管理体系认证，在北美、欧洲、亚洲及澳大利亚均设有设计中心与销售办事处。
FWRG vs MTSI — 直观对比
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $271.6M |
| 净利润 | — | $48.8M |
| 毛利率 | — | 55.9% |
| 营业利润率 | 2.9% | 15.9% |
| 净利率 | — | 18.0% |
| 营收同比 | 20.2% | 24.5% |
| 净利润同比 | — | 129.1% |
| 每股收益（稀释后） | $0.24 | $0.64 |
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
| Q1 26 | — | $271.6M | ||
| Q4 25 | $316.4M | $261.2M | ||
| Q3 25 | $316.0M | $252.1M | ||
| Q2 25 | $307.9M | $235.9M | ||
| Q1 25 | $282.2M | $218.1M | ||
| Q4 24 | $263.3M | — | ||
| Q3 24 | $251.6M | $200.7M | ||
| Q2 24 | $258.6M | $190.5M |
| Q1 26 | — | $48.8M | ||
| Q4 25 | — | $45.1M | ||
| Q3 25 | $3.0M | $36.5M | ||
| Q2 25 | $2.1M | $31.7M | ||
| Q1 25 | $-829.0K | $-167.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.1M | $29.4M | ||
| Q2 24 | $8.9M | $19.9M |
| Q1 26 | — | 55.9% | ||
| Q4 25 | — | 54.5% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.2% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 54.7% | ||
| Q2 24 | — | 53.2% |
| Q1 26 | — | 15.9% | ||
| Q4 25 | 2.9% | 15.2% | ||
| Q3 25 | 3.2% | 14.9% | ||
| Q2 25 | 2.4% | 14.8% | ||
| Q1 25 | 0.4% | 8.0% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 2.5% | 13.7% | ||
| Q2 24 | 6.4% | 10.4% |
| Q1 26 | — | 18.0% | ||
| Q4 25 | — | 17.3% | ||
| Q3 25 | 0.9% | 14.5% | ||
| Q2 25 | 0.7% | 13.4% | ||
| Q1 25 | -0.3% | -76.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.8% | 14.7% | ||
| Q2 24 | 3.4% | 10.5% |
| Q1 26 | — | $0.64 | ||
| Q4 25 | $0.24 | $0.67 | ||
| Q3 25 | $0.05 | $0.48 | ||
| Q2 25 | $0.03 | $0.42 | ||
| Q1 25 | $-0.01 | $-2.30 | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $0.03 | $0.40 | ||
| 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 | $768.5M |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | $1.4B |
| 总资产 | $1.7B | $2.1B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
| Q1 26 | — | $768.5M | ||
| Q4 25 | $21.2M | $786.0M | ||
| Q3 25 | $20.7M | $735.2M | ||
| Q2 25 | $19.2M | $681.5M | ||
| Q1 25 | $18.6M | $656.5M | ||
| Q4 24 | $33.3M | — | ||
| Q3 24 | $51.1M | $581.9M | ||
| Q2 24 | $45.1M | $521.5M |
| Q1 26 | — | — | ||
| 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 26 | — | $1.4B | ||
| Q4 25 | $626.3M | $1.3B | ||
| Q3 25 | $607.3M | $1.3B | ||
| Q2 25 | $601.3M | $1.2B | ||
| Q1 25 | $596.3M | $1.2B | ||
| Q4 24 | $595.4M | — | ||
| Q3 24 | $589.1M | $1.1B | ||
| Q2 24 | $585.8M | $1.1B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.7B | $2.1B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.7B | $1.9B | ||
| Q1 25 | $1.5B | $1.8B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | $1.8B | ||
| Q2 24 | $1.4B | $1.7B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $42.9M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $30.0M |
| 自由现金流率自由现金流/营收 | -5.8% | 11.0% |
| 资本支出强度资本支出/营收 | 11.6% | 4.8% |
| 现金转化率经营现金流/净利润 | — | 0.88× |
| 过去12个月自由现金流最近4个季度 | $-31.0M | $161.5M |
8季度趋势，按日历期对齐
| Q1 26 | — | $42.9M | ||
| Q4 25 | $18.5M | $69.6M | ||
| Q3 25 | $47.9M | $60.4M | ||
| Q2 25 | $39.4M | $38.7M | ||
| Q1 25 | $20.1M | $66.7M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $35.9M | $62.3M | ||
| Q2 24 | $31.9M | $49.0M |
| Q1 26 | — | $30.0M | ||
| Q4 25 | $-18.3M | $49.4M | ||
| Q3 25 | $5.5M | $51.6M | ||
| Q2 25 | $-1.7M | $30.5M | ||
| Q1 25 | $-16.4M | $61.3M | ||
| Q4 24 | $-17.7M | — | ||
| Q3 24 | $6.8M | $57.1M | ||
| Q2 24 | $2.3M | $41.5M |
| Q1 26 | — | 11.0% | ||
| Q4 25 | -5.8% | 18.9% | ||
| Q3 25 | 1.7% | 20.5% | ||
| Q2 25 | -0.5% | 12.9% | ||
| Q1 25 | -5.8% | 28.1% | ||
| Q4 24 | -6.7% | — | ||
| Q3 24 | 2.7% | 28.5% | ||
| Q2 24 | 0.9% | 21.8% |
| Q1 26 | — | 4.8% | ||
| Q4 25 | 11.6% | 7.7% | ||
| Q3 25 | 13.4% | 3.5% | ||
| Q2 25 | 13.4% | 3.5% | ||
| Q1 25 | 13.0% | 2.4% | ||
| Q4 24 | 15.4% | — | ||
| Q3 24 | 11.6% | 2.6% | ||
| Q2 24 | 11.5% | 3.9% |
| Q1 26 | — | 0.88× | ||
| Q4 25 | — | 1.54× | ||
| Q3 25 | 16.01× | 1.65× | ||
| Q2 25 | 18.72× | 1.22× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.98× | 2.12× | ||
| Q2 24 | 3.59× | 2.46× |
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% |
MTSI
| Industrial Defense | $117.7M | 43% |
| Data Center | $85.8M | 32% |
| Telecom | $68.1M | 25% |
