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First Watch Restaurant Group, Inc.（FWRG）与UiPath, Inc.（PATH）财务数据对比。点击上方公司名可切换其他公司
UiPath, Inc.的季度营收约是First Watch Restaurant Group, Inc.的1.3倍（$411.1M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 15.9%），UiPath, Inc.自由现金流更多（$25.1M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs 0.7%）
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。
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
FWRG vs PATH — 直观对比
营收规模更大
PATH
是对方的1.3倍
$316.4M
营收增速更快
FWRG
高出4.2%
15.9%
自由现金流更多
PATH
多$43.4M
$-18.3M
两年增速更快
FWRG
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $411.1M |
| 净利润 | — | $198.8M |
| 毛利率 | — | 83.3% |
| 营业利润率 | 2.9% | 3.2% |
| 净利率 | — | 48.4% |
| 营收同比 | 20.2% | 15.9% |
| 净利润同比 | — | 1966.2% |
| 每股收益（稀释后） | $0.24 | $0.37 |
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FWRGPATH
| Q4 25 | $316.4M | $411.1M | ||
| Q3 25 | $316.0M | $361.7M | ||
| Q2 25 | $307.9M | $356.6M | ||
| Q1 25 | $282.2M | $423.6M | ||
| Q4 24 | $263.3M | $354.7M | ||
| Q3 24 | $251.6M | $316.3M | ||
| Q2 24 | $258.6M | $335.1M | ||
| Q1 24 | $242.4M | $405.3M |
净利润FWRGPATH
| Q4 25 | — | $198.8M | ||
| Q3 25 | $3.0M | $1.6M | ||
| Q2 25 | $2.1M | $-22.6M | ||
| Q1 25 | $-829.0K | $51.8M | ||
| Q4 24 | — | $-10.7M | ||
| Q3 24 | $2.1M | $-86.1M | ||
| Q2 24 | $8.9M | $-28.7M | ||
| Q1 24 | $7.2M | $33.9M |
毛利率FWRGPATH
| Q4 25 | — | 83.3% | ||
| Q3 25 | — | 82.2% | ||
| Q2 25 | — | 82.1% | ||
| Q1 25 | — | 84.8% | ||
| Q4 24 | — | 82.0% | ||
| Q3 24 | — | 80.0% | ||
| Q2 24 | — | 83.5% | ||
| Q1 24 | — | 86.8% |
营业利润率FWRGPATH
| Q4 25 | 2.9% | 3.2% | ||
| Q3 25 | 3.2% | -5.6% | ||
| Q2 25 | 2.4% | -4.6% | ||
| Q1 25 | 0.4% | 7.9% | ||
| Q4 24 | 1.5% | -12.2% | ||
| Q3 24 | 2.5% | -32.7% | ||
| Q2 24 | 6.4% | -14.8% | ||
| Q1 24 | 5.1% | 3.7% |
净利率FWRGPATH
| Q4 25 | — | 48.4% | ||
| Q3 25 | 0.9% | 0.4% | ||
| Q2 25 | 0.7% | -6.3% | ||
| Q1 25 | -0.3% | 12.2% | ||
| Q4 24 | — | -3.0% | ||
| Q3 24 | 0.8% | -27.2% | ||
| Q2 24 | 3.4% | -8.6% | ||
| Q1 24 | 3.0% | 8.4% |
每股收益（稀释后）FWRGPATH
| Q4 25 | $0.24 | $0.37 | ||
| Q3 25 | $0.05 | $0.00 | ||
| Q2 25 | $0.03 | $-0.04 | ||
| Q1 25 | $-0.01 | $0.09 | ||
| Q4 24 | $0.01 | $-0.02 | ||
| Q3 24 | $0.03 | $-0.15 | ||
| Q2 24 | $0.14 | $-0.05 | ||
| Q1 24 | $0.12 | $0.07 |
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 | $1.4B |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | $1.9B |
| 总资产 | $1.7B | $2.9B |
| 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FWRGPATH
| Q4 25 | $21.2M | $1.4B | ||
| Q3 25 | $20.7M | $1.4B | ||
| Q2 25 | $19.2M | $1.6B | ||
| Q1 25 | $18.6M | $1.6B | ||
| Q4 24 | $33.3M | $1.6B | ||
| Q3 24 | $51.1M | $1.7B | ||
| Q2 24 | $45.1M | $1.9B | ||
| Q1 24 | $43.2M | $1.9B |
总债务FWRGPATH
| 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FWRGPATH
| Q4 25 | $626.3M | $1.9B | ||
| Q3 25 | $607.3M | $1.7B | ||
| Q2 25 | $601.3M | $1.7B | ||
| Q1 25 | $596.3M | $1.8B | ||
| Q4 24 | $595.4M | $1.7B | ||
| Q3 24 | $589.1M | $1.8B | ||
| Q2 24 | $585.8M | $2.0B | ||
| Q1 24 | $574.4M | $2.0B |
总资产FWRGPATH
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $1.5B | $2.9B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $1.5B | $2.7B | ||
| Q2 24 | $1.4B | $2.8B | ||
| Q1 24 | $1.3B | $3.0B |
负债/权益比FWRGPATH
| 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 | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $25.1M |
| 自由现金流率自由现金流/营收 | -5.8% | 6.1% |
| 资本支出强度资本支出/营收 | 11.6% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 0.14× |
| 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FWRGPATH
| Q4 25 | $18.5M | $28.3M | ||
| Q3 25 | $47.9M | $41.6M | ||
| Q2 25 | $39.4M | $119.0M | ||
| Q1 25 | $20.1M | $146.1M | ||
| Q4 24 | $22.9M | $28.1M | ||
| Q3 24 | $35.9M | $46.4M | ||
| Q2 24 | $31.9M | $100.0M | ||
| Q1 24 | $25.0M | $145.6M |
自由现金流FWRGPATH
| Q4 25 | $-18.3M | $25.1M | ||
| Q3 25 | $5.5M | — | ||
| Q2 25 | $-1.7M | $106.2M | ||
| Q1 25 | $-16.4M | $138.7M | ||
| Q4 24 | $-17.7M | $23.2M | ||
| Q3 24 | $6.8M | $45.0M | ||
| Q2 24 | $2.3M | $98.8M | ||
| Q1 24 | $-3.6M | $141.8M |
自由现金流率FWRGPATH
| Q4 25 | -5.8% | 6.1% | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | -0.5% | 29.8% | ||
| Q1 25 | -5.8% | 32.7% | ||
| Q4 24 | -6.7% | 6.5% | ||
| Q3 24 | 2.7% | 14.2% | ||
| Q2 24 | 0.9% | 29.5% | ||
| Q1 24 | -1.5% | 35.0% |
资本支出强度FWRGPATH
| Q4 25 | 11.6% | 0.8% | ||
| Q3 25 | 13.4% | 0.0% | ||
| Q2 25 | 13.4% | 3.6% | ||
| Q1 25 | 13.0% | 1.7% | ||
| Q4 24 | 15.4% | 1.4% | ||
| Q3 24 | 11.6% | 0.4% | ||
| Q2 24 | 11.5% | 0.4% | ||
| Q1 24 | 11.8% | 0.9% |
现金转化率FWRGPATH
| Q4 25 | — | 0.14× | ||
| Q3 25 | 16.01× | 26.25× | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | 2.82× | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.98× | — | ||
| Q2 24 | 3.59× | — | ||
| Q1 24 | 3.46× | 4.29× |
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% |
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
