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First Watch Restaurant Group, Inc.（FWRG）与PROGRESS SOFTWARE CORP（PRGS）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PROGRESS SOFTWARE CORP的1.3倍（$316.4M vs $252.7M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 17.5%），PROGRESS SOFTWARE CORP自由现金流更多（$59.9M vs $-18.3M），过去两年PROGRESS SOFTWARE CORP的营收复合增速更高（17.0% 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。
Progress Software是全球领先的企业级软件服务商，主营应用开发平台、数据连接工具、数字体验解决方案等产品，服务覆盖金融、医疗、制造、零售等多行业的全球企业客户，助力客户搭建高性能可扩展的业务应用，提升运营效率。
FWRG vs PRGS — 直观对比
营收规模更大
FWRG
是对方的1.3倍
$252.7M
营收增速更快
FWRG
高出2.6%
17.5%
自由现金流更多
PRGS
多$78.3M
$-18.3M
两年增速更快
PRGS
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $252.7M |
| 净利润 | — | $25.7M |
| 毛利率 | — | 81.6% |
| 营业利润率 | 2.9% | 15.2% |
| 净利率 | — | 10.2% |
| 营收同比 | 20.2% | 17.5% |
| 净利润同比 | — | 2144.6% |
| 每股收益（稀释后） | $0.24 | $0.59 |
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FWRGPRGS
| Q4 25 | $316.4M | $252.7M | ||
| Q3 25 | $316.0M | $249.8M | ||
| Q2 25 | $307.9M | $237.4M | ||
| Q1 25 | $282.2M | $238.0M | ||
| Q4 24 | $263.3M | $215.0M | ||
| Q3 24 | $251.6M | $178.7M | ||
| Q2 24 | $258.6M | $175.1M | ||
| Q1 24 | $242.4M | $184.7M |
净利润FWRGPRGS
| Q4 25 | — | $25.7M | ||
| Q3 25 | $3.0M | $19.4M | ||
| Q2 25 | $2.1M | $17.0M | ||
| Q1 25 | $-829.0K | $10.9M | ||
| Q4 24 | — | $1.1M | ||
| Q3 24 | $2.1M | $28.5M | ||
| Q2 24 | $8.9M | $16.2M | ||
| Q1 24 | $7.2M | $22.6M |
毛利率FWRGPRGS
| Q4 25 | — | 81.6% | ||
| Q3 25 | — | 81.0% | ||
| Q2 25 | — | 80.1% | ||
| Q1 25 | — | 80.6% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | — | 83.7% | ||
| Q2 24 | — | 81.7% | ||
| Q1 24 | — | 82.2% |
营业利润率FWRGPRGS
| Q4 25 | 2.9% | 15.2% | ||
| Q3 25 | 3.2% | 17.6% | ||
| Q2 25 | 2.4% | 16.3% | ||
| Q1 25 | 0.4% | 13.6% | ||
| Q4 24 | 1.5% | 10.0% | ||
| Q3 24 | 2.5% | 22.6% | ||
| Q2 24 | 6.4% | 15.5% | ||
| Q1 24 | 5.1% | 19.0% |
净利率FWRGPRGS
| Q4 25 | — | 10.2% | ||
| Q3 25 | 0.9% | 7.8% | ||
| Q2 25 | 0.7% | 7.2% | ||
| Q1 25 | -0.3% | 4.6% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 0.8% | 15.9% | ||
| Q2 24 | 3.4% | 9.2% | ||
| Q1 24 | 3.0% | 12.3% |
每股收益（稀释后）FWRGPRGS
| Q4 25 | $0.24 | $0.59 | ||
| Q3 25 | $0.05 | $0.44 | ||
| Q2 25 | $0.03 | $0.39 | ||
| Q1 25 | $-0.01 | $0.24 | ||
| Q4 24 | $0.01 | $0.01 | ||
| Q3 24 | $0.03 | $0.65 | ||
| Q2 24 | $0.14 | $0.37 | ||
| Q1 24 | $0.12 | $0.51 |
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 | $94.8M |
| 总债务越低越好 | $269.1M | $1.4B |
| 股东权益账面价值 | $626.3M | $478.3M |
| 总资产 | $1.7B | $2.5B |
| 负债/权益比越低杠杆越低 | 0.43× | 2.93× |
8季度趋势，按日历期对齐
现金及短期投资FWRGPRGS
| Q4 25 | $21.2M | $94.8M | ||
| Q3 25 | $20.7M | $99.0M | ||
| Q2 25 | $19.2M | $102.0M | ||
| Q1 25 | $18.6M | $124.2M | ||
| Q4 24 | $33.3M | $118.1M | ||
| Q3 24 | $51.1M | $232.7M | ||
| Q2 24 | $45.1M | $190.4M | ||
| Q1 24 | $43.2M | $133.2M |
总债务FWRGPRGS
| Q4 25 | $269.1M | $1.4B | ||
| Q3 25 | $251.0M | $1.4B | ||
| Q2 25 | $250.0M | $1.5B | ||
| Q1 25 | $191.5M | $1.5B | ||
| Q4 24 | $189.0M | $1.5B | ||
| Q3 24 | $189.7M | — | ||
| Q2 24 | $192.1M | — | ||
| Q1 24 | $122.7M | — |
股东权益FWRGPRGS
| Q4 25 | $626.3M | $478.3M | ||
| Q3 25 | $607.3M | $477.7M | ||
| Q2 25 | $601.3M | $452.7M | ||
| Q1 25 | $596.3M | $431.8M | ||
| Q4 24 | $595.4M | $438.8M | ||
| Q3 24 | $589.1M | $425.6M | ||
| Q2 24 | $585.8M | $401.7M | ||
| Q1 24 | $574.4M | $461.7M |
总资产FWRGPRGS
| Q4 25 | $1.7B | $2.5B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.7B | $2.4B | ||
| Q1 25 | $1.5B | $2.5B | ||
| Q4 24 | $1.5B | $2.5B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.3B | $1.5B |
负债/权益比FWRGPRGS
| Q4 25 | 0.43× | 2.93× | ||
| Q3 25 | 0.41× | 2.97× | ||
| Q2 25 | 0.42× | 3.22× | ||
| Q1 25 | 0.32× | 3.50× | ||
| Q4 24 | 0.32× | 3.48× | ||
| 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 | $62.8M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $59.9M |
| 自由现金流率自由现金流/营收 | -5.8% | 23.7% |
| 资本支出强度资本支出/营收 | 11.6% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.44× |
| 过去12个月自由现金流最近4个季度 | $-31.0M | $229.5M |
8季度趋势，按日历期对齐
经营现金流FWRGPRGS
| Q4 25 | $18.5M | $62.8M | ||
| Q3 25 | $47.9M | $73.4M | ||
| Q2 25 | $39.4M | $30.0M | ||
| Q1 25 | $20.1M | $68.9M | ||
| Q4 24 | $22.9M | $19.7M | ||
| Q3 24 | $35.9M | $57.7M | ||
| Q2 24 | $31.9M | $63.7M | ||
| Q1 24 | $25.0M | $70.5M |
自由现金流FWRGPRGS
| Q4 25 | $-18.3M | $59.9M | ||
| Q3 25 | $5.5M | $72.4M | ||
| Q2 25 | $-1.7M | $29.5M | ||
| Q1 25 | $-16.4M | $67.7M | ||
| Q4 24 | $-17.7M | $16.8M | ||
| Q3 24 | $6.8M | $56.6M | ||
| Q2 24 | $2.3M | $62.7M | ||
| Q1 24 | $-3.6M | $70.2M |
自由现金流率FWRGPRGS
| Q4 25 | -5.8% | 23.7% | ||
| Q3 25 | 1.7% | 29.0% | ||
| Q2 25 | -0.5% | 12.4% | ||
| Q1 25 | -5.8% | 28.4% | ||
| Q4 24 | -6.7% | 7.8% | ||
| Q3 24 | 2.7% | 31.7% | ||
| Q2 24 | 0.9% | 35.8% | ||
| Q1 24 | -1.5% | 38.0% |
资本支出强度FWRGPRGS
| Q4 25 | 11.6% | 1.1% | ||
| Q3 25 | 13.4% | 0.4% | ||
| Q2 25 | 13.4% | 0.2% | ||
| Q1 25 | 13.0% | 0.5% | ||
| Q4 24 | 15.4% | 1.3% | ||
| Q3 24 | 11.6% | 0.6% | ||
| Q2 24 | 11.5% | 0.5% | ||
| Q1 24 | 11.8% | 0.2% |
现金转化率FWRGPRGS
| Q4 25 | — | 2.44× | ||
| Q3 25 | 16.01× | 3.78× | ||
| Q2 25 | 18.72× | 1.76× | ||
| Q1 25 | — | 6.30× | ||
| Q4 24 | — | 17.13× | ||
| Q3 24 | 16.98× | 2.03× | ||
| Q2 24 | 3.59× | 3.93× | ||
| Q1 24 | 3.46× | 3.11× |
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% |
PRGS
| Maintenanceand Services | $187.5M | 74% |
| Share File Acquisition | $67.5M | 27% |
