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First Watch Restaurant Group, Inc.（FWRG）与PLUG POWER INC（PLUG）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PLUG POWER INC的1.4倍（$316.4M vs $225.2M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 17.6%），First Watch Restaurant Group, Inc.自由现金流更多（$-18.3M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% 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。
普拉格能源是一家美国企业，专注于氢燃料电池和电解槽系统的研发，其产品可替代电动设备及车辆所使用的传统电池。公司总部位于纽约州斯林格兰兹，在华盛顿州斯波坎、纽约州罗切斯特均设有生产运营基地。
FWRG vs PLUG — 直观对比
营收规模更大
FWRG
是对方的1.4倍
$225.2M
营收增速更快
FWRG
高出2.5%
17.6%
自由现金流更多
FWRG
多$134.7M
$-153.0M
两年增速更快
PLUG
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $225.2M |
| 净利润 | — | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 2.9% | -338.9% |
| 净利率 | — | -375.6% |
| 营收同比 | 20.2% | 17.6% |
| 净利润同比 | — | 36.7% |
| 每股收益（稀释后） | $0.24 | $-0.70 |
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FWRGPLUG
| Q4 25 | $316.4M | $225.2M | ||
| Q3 25 | $316.0M | $177.1M | ||
| Q2 25 | $307.9M | $174.0M | ||
| Q1 25 | $282.2M | $133.7M | ||
| Q4 24 | $263.3M | $191.5M | ||
| Q3 24 | $251.6M | $173.7M | ||
| Q2 24 | $258.6M | $143.3M | ||
| Q1 24 | $242.4M | $120.3M |
净利润FWRGPLUG
| Q4 25 | — | $-846.0M | ||
| Q3 25 | $3.0M | $-361.9M | ||
| Q2 25 | $2.1M | $-227.1M | ||
| Q1 25 | $-829.0K | $-196.7M | ||
| Q4 24 | — | $-1.3B | ||
| Q3 24 | $2.1M | $-211.2M | ||
| Q2 24 | $8.9M | $-262.3M | ||
| Q1 24 | $7.2M | $-295.8M |
毛利率FWRGPLUG
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | -67.9% | ||
| Q2 25 | — | -30.7% | ||
| Q1 25 | — | -55.3% | ||
| Q4 24 | — | -122.5% | ||
| Q3 24 | — | -57.6% | ||
| Q2 24 | — | -91.6% | ||
| Q1 24 | — | -132.3% |
营业利润率FWRGPLUG
| Q4 25 | 2.9% | -338.9% | ||
| Q3 25 | 3.2% | -197.0% | ||
| Q2 25 | 2.4% | -101.7% | ||
| Q1 25 | 0.4% | -133.5% | ||
| Q4 24 | 1.5% | -678.7% | ||
| Q3 24 | 2.5% | -124.4% | ||
| Q2 24 | 6.4% | -170.7% | ||
| Q1 24 | 5.1% | -215.7% |
净利率FWRGPLUG
| Q4 25 | — | -375.6% | ||
| Q3 25 | 0.9% | -204.4% | ||
| Q2 25 | 0.7% | -130.5% | ||
| Q1 25 | -0.3% | -147.1% | ||
| Q4 24 | — | -697.5% | ||
| Q3 24 | 0.8% | -121.5% | ||
| Q2 24 | 3.4% | -183.0% | ||
| Q1 24 | 3.0% | -245.9% |
每股收益（稀释后）FWRGPLUG
| Q4 25 | $0.24 | $-0.70 | ||
| Q3 25 | $0.05 | $-0.31 | ||
| Q2 25 | $0.03 | $-0.20 | ||
| Q1 25 | $-0.01 | $-0.21 | ||
| Q4 24 | $0.01 | $-1.61 | ||
| Q3 24 | $0.03 | $-0.25 | ||
| Q2 24 | $0.14 | $-0.36 | ||
| Q1 24 | $0.12 | $-0.46 |
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 | $368.5M |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | $978.1M |
| 总资产 | $1.7B | $2.6B |
| 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FWRGPLUG
| Q4 25 | $21.2M | $368.5M | ||
| Q3 25 | $20.7M | $165.9M | ||
| Q2 25 | $19.2M | $140.7M | ||
| Q1 25 | $18.6M | $295.8M | ||
| Q4 24 | $33.3M | $205.7M | ||
| Q3 24 | $51.1M | $93.9M | ||
| Q2 24 | $45.1M | $62.4M | ||
| Q1 24 | $43.2M | $172.9M |
总债务FWRGPLUG
| Q4 25 | $269.1M | — | ||
| Q3 25 | $251.0M | — | ||
| Q2 25 | $250.0M | — | ||
| Q1 25 | $191.5M | — | ||
| Q4 24 | $189.0M | — | ||
| Q3 24 | $189.7M | $3.9M | ||
| Q2 24 | $192.1M | $3.7M | ||
| Q1 24 | $122.7M | $3.8M |
股东权益FWRGPLUG
| Q4 25 | $626.3M | $978.1M | ||
| Q3 25 | $607.3M | $1.4B | ||
| Q2 25 | $601.3M | $1.7B | ||
| Q1 25 | $596.3M | $1.9B | ||
| Q4 24 | $595.4M | $1.7B | ||
| Q3 24 | $589.1M | $3.0B | ||
| Q2 24 | $585.8M | $3.0B | ||
| Q1 24 | $574.4M | $2.9B |
总资产FWRGPLUG
| Q4 25 | $1.7B | $2.6B | ||
| Q3 25 | $1.7B | $3.1B | ||
| Q2 25 | $1.7B | $3.4B | ||
| Q1 25 | $1.5B | $3.6B | ||
| Q4 24 | $1.5B | $3.6B | ||
| Q3 24 | $1.5B | $4.7B | ||
| Q2 24 | $1.4B | $4.8B | ||
| Q1 24 | $1.3B | $4.8B |
负债/权益比FWRGPLUG
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.32× | 0.00× | ||
| Q2 24 | 0.33× | 0.00× | ||
| Q1 24 | 0.21× | 0.00× |
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 | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $-153.0M |
| 自由现金流率自由现金流/营收 | -5.8% | -67.9% |
| 资本支出强度资本支出/营收 | 11.6% | 1.9% |
| 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 | $-647.0M |
8季度趋势，按日历期对齐
经营现金流FWRGPLUG
| Q4 25 | $18.5M | $-148.6M | ||
| Q3 25 | $47.9M | $-89.8M | ||
| Q2 25 | $39.4M | $-191.8M | ||
| Q1 25 | $20.1M | $-105.6M | ||
| Q4 24 | $22.9M | $-131.2M | ||
| Q3 24 | $35.9M | $-174.9M | ||
| Q2 24 | $31.9M | $-254.7M | ||
| Q1 24 | $25.0M | $-167.7M |
自由现金流FWRGPLUG
| Q4 25 | $-18.3M | $-153.0M | ||
| Q3 25 | $5.5M | $-117.5M | ||
| Q2 25 | $-1.7M | $-230.4M | ||
| Q1 25 | $-16.4M | $-146.0M | ||
| Q4 24 | $-17.7M | $-165.2M | ||
| Q3 24 | $6.8M | $-234.2M | ||
| Q2 24 | $2.3M | $-356.0M | ||
| Q1 24 | $-3.6M | $-260.3M |
自由现金流率FWRGPLUG
| Q4 25 | -5.8% | -67.9% | ||
| Q3 25 | 1.7% | -66.4% | ||
| Q2 25 | -0.5% | -132.5% | ||
| Q1 25 | -5.8% | -109.2% | ||
| Q4 24 | -6.7% | -86.3% | ||
| Q3 24 | 2.7% | -134.8% | ||
| Q2 24 | 0.9% | -248.4% | ||
| Q1 24 | -1.5% | -216.5% |
资本支出强度FWRGPLUG
| Q4 25 | 11.6% | 1.9% | ||
| Q3 25 | 13.4% | 15.6% | ||
| Q2 25 | 13.4% | 22.2% | ||
| Q1 25 | 13.0% | 30.3% | ||
| Q4 24 | 15.4% | 17.7% | ||
| Q3 24 | 11.6% | 34.1% | ||
| Q2 24 | 11.5% | 70.7% | ||
| Q1 24 | 11.8% | 77.0% |
现金转化率FWRGPLUG
| 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% |
PLUG
| Sales Of Equipment And Related Infrastructure | $111.6M | 50% |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $41.5M | 18% |
| Power Purchase Agreements | $36.1M | 16% |
| Sale Of Cryogenic Equipment | $20.0M | 9% |
| Sales Of Fuel Cell Systems | $11.2M | 5% |
| Other | $4.8M | 2% |
