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First Watch Restaurant Group, Inc.（FWRG）与Ingevity Corp（NGVT）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Ingevity Corp的1.7倍（$316.4M vs $185.4M），Ingevity Corp同比增速更快（36.7% vs 20.2%），Ingevity Corp自由现金流更多（$73.5M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs -26.2%）
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。
Ingevity Corp是一家全球特种化学品与先进材料生产商，主营高性能碳材料、路面养护解决方案及特种化工产品，服务汽车排放控制、工业净化、道路基建、农业投入品等核心市场，业务覆盖北美、欧洲及亚太地区。
FWRG vs NGVT — 直观对比
营收规模更大
FWRG
是对方的1.7倍
$185.4M
营收增速更快
NGVT
高出16.6%
20.2%
自由现金流更多
NGVT
多$91.8M
$-18.3M
两年增速更快
FWRG
近两年复合增速
-26.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $185.4M |
| 净利润 | — | $-84.6M |
| 毛利率 | — | 41.2% |
| 营业利润率 | 2.9% | -47.7% |
| 净利率 | — | -45.6% |
| 营收同比 | 20.2% | 36.7% |
| 净利润同比 | — | -609.6% |
| 每股收益（稀释后） | $0.24 | $-2.33 |
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FWRGNGVT
| Q4 25 | $316.4M | $185.4M | ||
| Q3 25 | $316.0M | $333.1M | ||
| Q2 25 | $307.9M | $365.1M | ||
| Q1 25 | $282.2M | $284.0M | ||
| Q4 24 | $263.3M | $135.6M | ||
| Q3 24 | $251.6M | $333.8M | ||
| Q2 24 | $258.6M | $390.6M | ||
| Q1 24 | $242.4M | $340.1M |
净利润FWRGNGVT
| Q4 25 | — | $-84.6M | ||
| Q3 25 | $3.0M | $43.5M | ||
| Q2 25 | $2.1M | $-146.5M | ||
| Q1 25 | $-829.0K | $20.5M | ||
| Q4 24 | — | $16.6M | ||
| Q3 24 | $2.1M | $-107.2M | ||
| Q2 24 | $8.9M | $-283.7M | ||
| Q1 24 | $7.2M | $-56.0M |
毛利率FWRGNGVT
| Q4 25 | — | 41.2% | ||
| Q3 25 | — | 40.2% | ||
| Q2 25 | — | 37.8% | ||
| Q1 25 | — | 39.9% | ||
| Q4 24 | — | 81.3% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 31.5% | ||
| Q1 24 | — | 29.3% |
营业利润率FWRGNGVT
| Q4 25 | 2.9% | -47.7% | ||
| Q3 25 | 3.2% | 18.7% | ||
| Q2 25 | 2.4% | -39.1% | ||
| Q1 25 | 0.4% | 9.4% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 2.5% | 33.0% | ||
| Q2 24 | 6.4% | 25.9% | ||
| Q1 24 | 5.1% | 22.6% |
净利率FWRGNGVT
| Q4 25 | — | -45.6% | ||
| Q3 25 | 0.9% | 13.1% | ||
| Q2 25 | 0.7% | -40.1% | ||
| Q1 25 | -0.3% | 7.2% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | 0.8% | -32.1% | ||
| Q2 24 | 3.4% | -72.6% | ||
| Q1 24 | 3.0% | -16.5% |
每股收益（稀释后）FWRGNGVT
| Q4 25 | $0.24 | $-2.33 | ||
| Q3 25 | $0.05 | $1.18 | ||
| Q2 25 | $0.03 | $-4.02 | ||
| Q1 25 | $-0.01 | $0.56 | ||
| Q4 24 | $0.01 | $0.44 | ||
| Q3 24 | $0.03 | $-2.94 | ||
| Q2 24 | $0.14 | $-7.81 | ||
| Q1 24 | $0.12 | $-1.54 |
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 | $78.1M |
| 总债务越低越好 | $269.1M | $1.2B |
| 股东权益账面价值 | $626.3M | $29.7M |
| 总资产 | $1.7B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.43× | 39.10× |
8季度趋势，按日历期对齐
现金及短期投资FWRGNGVT
| Q4 25 | $21.2M | $78.1M | ||
| Q3 25 | $20.7M | $83.4M | ||
| Q2 25 | $19.2M | $76.9M | ||
| Q1 25 | $18.6M | $71.5M | ||
| Q4 24 | $33.3M | $68.0M | ||
| Q3 24 | $51.1M | $135.5M | ||
| Q2 24 | $45.1M | $107.4M | ||
| Q1 24 | $43.2M | $88.5M |
总债务FWRGNGVT
| Q4 25 | $269.1M | $1.2B | ||
| Q3 25 | $251.0M | $1.2B | ||
| Q2 25 | $250.0M | $1.2B | ||
| Q1 25 | $191.5M | $1.3B | ||
| Q4 24 | $189.0M | $1.3B | ||
| Q3 24 | $189.7M | $1.4B | ||
| Q2 24 | $192.1M | $1.4B | ||
| Q1 24 | $122.7M | $1.4B |
股东权益FWRGNGVT
| Q4 25 | $626.3M | $29.7M | ||
| Q3 25 | $607.3M | $138.1M | ||
| Q2 25 | $601.3M | $120.7M | ||
| Q1 25 | $596.3M | $234.6M | ||
| Q4 24 | $595.4M | $195.2M | ||
| Q3 24 | $589.1M | $214.5M | ||
| Q2 24 | $585.8M | $284.8M | ||
| Q1 24 | $574.4M | $568.2M |
总资产FWRGNGVT
| Q4 25 | $1.7B | $1.7B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.7B | $1.9B | ||
| Q1 25 | $1.5B | $2.1B | ||
| Q4 24 | $1.5B | $2.0B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.4B | $2.3B | ||
| Q1 24 | $1.3B | $2.6B |
负债/权益比FWRGNGVT
| Q4 25 | 0.43× | 39.10× | ||
| Q3 25 | 0.41× | 8.39× | ||
| Q2 25 | 0.42× | 10.24× | ||
| Q1 25 | 0.32× | 5.68× | ||
| Q4 24 | 0.32× | 6.86× | ||
| Q3 24 | 0.32× | 6.52× | ||
| Q2 24 | 0.33× | 4.92× | ||
| Q1 24 | 0.21× | 2.48× |
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 | $97.1M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $73.5M |
| 自由现金流率自由现金流/营收 | -5.8% | 39.6% |
| 资本支出强度资本支出/营收 | 11.6% | 12.7% |
| 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 | $273.5M |
8季度趋势，按日历期对齐
经营现金流FWRGNGVT
| Q4 25 | $18.5M | $97.1M | ||
| Q3 25 | $47.9M | $129.7M | ||
| Q2 25 | $39.4M | $79.0M | ||
| Q1 25 | $20.1M | $25.4M | ||
| Q4 24 | $22.9M | $64.5M | ||
| Q3 24 | $35.9M | $46.5M | ||
| Q2 24 | $31.9M | $29.7M | ||
| Q1 24 | $25.0M | $-12.1M |
自由现金流FWRGNGVT
| Q4 25 | $-18.3M | $73.5M | ||
| Q3 25 | $5.5M | $117.8M | ||
| Q2 25 | $-1.7M | $66.8M | ||
| Q1 25 | $-16.4M | $15.4M | ||
| Q4 24 | $-17.7M | $39.6M | ||
| Q3 24 | $6.8M | $28.5M | ||
| Q2 24 | $2.3M | $11.6M | ||
| Q1 24 | $-3.6M | $-28.7M |
自由现金流率FWRGNGVT
| Q4 25 | -5.8% | 39.6% | ||
| Q3 25 | 1.7% | 35.4% | ||
| Q2 25 | -0.5% | 18.3% | ||
| Q1 25 | -5.8% | 5.4% | ||
| Q4 24 | -6.7% | 29.2% | ||
| Q3 24 | 2.7% | 8.5% | ||
| Q2 24 | 0.9% | 3.0% | ||
| Q1 24 | -1.5% | -8.4% |
资本支出强度FWRGNGVT
| Q4 25 | 11.6% | 12.7% | ||
| Q3 25 | 13.4% | 3.6% | ||
| Q2 25 | 13.4% | 3.3% | ||
| Q1 25 | 13.0% | 3.5% | ||
| Q4 24 | 15.4% | 18.4% | ||
| Q3 24 | 11.6% | 5.4% | ||
| Q2 24 | 11.5% | 4.6% | ||
| Q1 24 | 11.8% | 4.9% |
现金转化率FWRGNGVT
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | 2.98× | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | 1.24× | ||
| Q4 24 | — | 3.89× | ||
| 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% |
NGVT
| Performance Materials | $151.2M | 82% |
| Advanced Polymer Technologies Segment | $36.5M | 20% |
