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First Watch Restaurant Group, Inc.（FWRG）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是First Watch Restaurant Group, Inc.的1.9倍（$614.5M vs $316.4M），Cloudflare, Inc.同比增速更快（33.6% vs 20.2%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-18.3M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
FWRG vs NET — 直观对比
营收规模更大
NET
是对方的1.9倍
$316.4M
营收增速更快
NET
高出13.5%
20.2%
自由现金流更多
NET
多$123.6M
$-18.3M
两年增速更快
NET
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $614.5M |
| 净利润 | — | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 2.9% | -8.0% |
| 净利率 | — | -2.0% |
| 营收同比 | 20.2% | 33.6% |
| 净利润同比 | — | 6.0% |
| 每股收益（稀释后） | $0.24 | $-0.03 |
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FWRGNET
| Q4 25 | $316.4M | $614.5M | ||
| Q3 25 | $316.0M | $562.0M | ||
| Q2 25 | $307.9M | $512.3M | ||
| Q1 25 | $282.2M | $479.1M | ||
| Q4 24 | $263.3M | $459.9M | ||
| Q3 24 | $251.6M | $430.1M | ||
| Q2 24 | $258.6M | $401.0M | ||
| Q1 24 | $242.4M | $378.6M |
净利润FWRGNET
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $3.0M | $-1.3M | ||
| Q2 25 | $2.1M | $-50.4M | ||
| Q1 25 | $-829.0K | $-38.5M | ||
| Q4 24 | — | $-12.8M | ||
| Q3 24 | $2.1M | $-15.3M | ||
| Q2 24 | $8.9M | $-15.1M | ||
| Q1 24 | $7.2M | $-35.5M |
毛利率FWRGNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率FWRGNET
| Q4 25 | 2.9% | -8.0% | ||
| Q3 25 | 3.2% | -6.7% | ||
| Q2 25 | 2.4% | -13.1% | ||
| Q1 25 | 0.4% | -11.1% | ||
| Q4 24 | 1.5% | -7.5% | ||
| Q3 24 | 2.5% | -7.2% | ||
| Q2 24 | 6.4% | -8.7% | ||
| Q1 24 | 5.1% | -14.4% |
净利率FWRGNET
| Q4 25 | — | -2.0% | ||
| Q3 25 | 0.9% | -0.2% | ||
| Q2 25 | 0.7% | -9.8% | ||
| Q1 25 | -0.3% | -8.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | 0.8% | -3.6% | ||
| Q2 24 | 3.4% | -3.8% | ||
| Q1 24 | 3.0% | -9.4% |
每股收益（稀释后）FWRGNET
| Q4 25 | $0.24 | $-0.03 | ||
| Q3 25 | $0.05 | $0.00 | ||
| Q2 25 | $0.03 | $-0.15 | ||
| Q1 25 | $-0.01 | $-0.11 | ||
| Q4 24 | $0.01 | $-0.05 | ||
| Q3 24 | $0.03 | $-0.04 | ||
| Q2 24 | $0.14 | $-0.04 | ||
| Q1 24 | $0.12 | $-0.10 |
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 | $943.5M |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | $1.5B |
| 总资产 | $1.7B | $6.0B |
| 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FWRGNET
| Q4 25 | $21.2M | $943.5M | ||
| Q3 25 | $20.7M | $1.1B | ||
| Q2 25 | $19.2M | $1.5B | ||
| Q1 25 | $18.6M | $204.5M | ||
| Q4 24 | $33.3M | $147.7M | ||
| Q3 24 | $51.1M | $182.9M | ||
| Q2 24 | $45.1M | $157.0M | ||
| Q1 24 | $43.2M | $254.4M |
总债务FWRGNET
| 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FWRGNET
| Q4 25 | $626.3M | $1.5B | ||
| Q3 25 | $607.3M | $1.3B | ||
| Q2 25 | $601.3M | $1.2B | ||
| Q1 25 | $596.3M | $1.4B | ||
| Q4 24 | $595.4M | $1.0B | ||
| Q3 24 | $589.1M | $973.1M | ||
| Q2 24 | $585.8M | $881.5M | ||
| Q1 24 | $574.4M | $797.2M |
总资产FWRGNET
| Q4 25 | $1.7B | $6.0B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.7B | $5.6B | ||
| Q1 25 | $1.5B | $3.7B | ||
| Q4 24 | $1.5B | $3.3B | ||
| Q3 24 | $1.5B | $3.1B | ||
| Q2 24 | $1.4B | $2.9B | ||
| Q1 24 | $1.3B | $2.8B |
负债/权益比FWRGNET
| 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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $105.2M |
| 自由现金流率自由现金流/营收 | -5.8% | 17.1% |
| 资本支出强度资本支出/营收 | 11.6% | 13.9% |
| 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 | $287.5M |
8季度趋势，按日历期对齐
经营现金流FWRGNET
| Q4 25 | $18.5M | $190.4M | ||
| Q3 25 | $47.9M | $167.1M | ||
| Q2 25 | $39.4M | $99.8M | ||
| Q1 25 | $20.1M | $145.8M | ||
| Q4 24 | $22.9M | $127.3M | ||
| Q3 24 | $35.9M | $104.7M | ||
| Q2 24 | $31.9M | $74.8M | ||
| Q1 24 | $25.0M | $73.6M |
自由现金流FWRGNET
| Q4 25 | $-18.3M | $105.2M | ||
| Q3 25 | $5.5M | $82.5M | ||
| Q2 25 | $-1.7M | $39.9M | ||
| Q1 25 | $-16.4M | $59.9M | ||
| Q4 24 | $-17.7M | $54.2M | ||
| Q3 24 | $6.8M | $54.5M | ||
| Q2 24 | $2.3M | $45.2M | ||
| Q1 24 | $-3.6M | $41.5M |
自由现金流率FWRGNET
| Q4 25 | -5.8% | 17.1% | ||
| Q3 25 | 1.7% | 14.7% | ||
| Q2 25 | -0.5% | 7.8% | ||
| Q1 25 | -5.8% | 12.5% | ||
| Q4 24 | -6.7% | 11.8% | ||
| Q3 24 | 2.7% | 12.7% | ||
| Q2 24 | 0.9% | 11.3% | ||
| Q1 24 | -1.5% | 11.0% |
资本支出强度FWRGNET
| Q4 25 | 11.6% | 13.9% | ||
| Q3 25 | 13.4% | 15.1% | ||
| Q2 25 | 13.4% | 11.7% | ||
| Q1 25 | 13.0% | 17.9% | ||
| Q4 24 | 15.4% | 15.9% | ||
| Q3 24 | 11.6% | 11.7% | ||
| Q2 24 | 11.5% | 7.4% | ||
| Q1 24 | 11.8% | 8.5% |
现金转化率FWRGNET
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
