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First Watch Restaurant Group, Inc.（FWRG）与棒约翰（PZZA）财务数据对比。点击上方公司名可切换其他公司
棒约翰的季度营收约是First Watch Restaurant Group, Inc.的1.6倍（$498.2M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -6.1%），棒约翰自由现金流更多（$2.1M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs -1.5%）
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。
棒约翰国际是源自美国的知名披萨餐饮连锁品牌，截至2023年，它是美国市场规模第四大披萨外送连锁餐饮集团，总部设于肯塔基州路易斯维尔与佐治亚州亚特兰大的都会区，在全球多地开设门店，主打披萨外卖业务。
FWRG vs PZZA — 直观对比
营收规模更大
PZZA
是对方的1.6倍
$316.4M
营收增速更快
FWRG
高出26.3%
-6.1%
自由现金流更多
PZZA
多$20.5M
$-18.3M
两年增速更快
FWRG
近两年复合增速
-1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $498.2M |
| 净利润 | — | $7.1M |
| 毛利率 | — | — |
| 营业利润率 | 2.9% | 4.9% |
| 净利率 | — | 1.4% |
| 营收同比 | 20.2% | -6.1% |
| 净利润同比 | — | -52.2% |
| 每股收益（稀释后） | $0.24 | $0.22 |
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FWRGPZZA
| Q4 25 | $316.4M | $498.2M | ||
| Q3 25 | $316.0M | $508.2M | ||
| Q2 25 | $307.9M | $529.2M | ||
| Q1 25 | $282.2M | $518.3M | ||
| Q4 24 | $263.3M | $530.8M | ||
| Q3 24 | $251.6M | $506.8M | ||
| Q2 24 | $258.6M | $507.9M | ||
| Q1 24 | $242.4M | $513.9M |
净利润FWRGPZZA
| Q4 25 | — | $7.1M | ||
| Q3 25 | $3.0M | $4.7M | ||
| Q2 25 | $2.1M | $9.5M | ||
| Q1 25 | $-829.0K | $9.2M | ||
| Q4 24 | — | $14.8M | ||
| Q3 24 | $2.1M | $41.8M | ||
| Q2 24 | $8.9M | $12.2M | ||
| Q1 24 | $7.2M | $14.6M |
营业利润率FWRGPZZA
| Q4 25 | 2.9% | 4.9% | ||
| Q3 25 | 3.2% | 3.2% | ||
| Q2 25 | 2.4% | 4.6% | ||
| Q1 25 | 0.4% | 4.6% | ||
| Q4 24 | 1.5% | 5.6% | ||
| Q3 24 | 2.5% | 12.9% | ||
| Q2 24 | 6.4% | 5.6% | ||
| Q1 24 | 5.1% | 6.6% |
净利率FWRGPZZA
| Q4 25 | — | 1.4% | ||
| Q3 25 | 0.9% | 0.9% | ||
| Q2 25 | 0.7% | 1.8% | ||
| Q1 25 | -0.3% | 1.8% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | 0.8% | 8.2% | ||
| Q2 24 | 3.4% | 2.4% | ||
| Q1 24 | 3.0% | 2.8% |
每股收益（稀释后）FWRGPZZA
| Q4 25 | $0.24 | $0.22 | ||
| Q3 25 | $0.05 | $0.13 | ||
| Q2 25 | $0.03 | $0.28 | ||
| Q1 25 | $-0.01 | $0.27 | ||
| Q4 24 | $0.01 | $0.46 | ||
| Q3 24 | $0.03 | $1.27 | ||
| Q2 24 | $0.14 | $0.37 | ||
| Q1 24 | $0.12 | $0.44 |
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 | $34.6M |
| 总债务越低越好 | $269.1M | $722.3M |
| 股东权益账面价值 | $626.3M | $-444.8M |
| 总资产 | $1.7B | $837.5M |
| 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FWRGPZZA
| Q4 25 | $21.2M | $34.6M | ||
| Q3 25 | $20.7M | $39.0M | ||
| Q2 25 | $19.2M | $33.3M | ||
| Q1 25 | $18.6M | $44.0M | ||
| Q4 24 | $33.3M | $38.0M | ||
| Q3 24 | $51.1M | $17.6M | ||
| Q2 24 | $45.1M | $24.3M | ||
| Q1 24 | $43.2M | $27.8M |
总债务FWRGPZZA
| Q4 25 | $269.1M | $722.3M | ||
| 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FWRGPZZA
| Q4 25 | $626.3M | $-444.8M | ||
| Q3 25 | $607.3M | $-439.3M | ||
| Q2 25 | $601.3M | $-432.0M | ||
| Q1 25 | $596.3M | $-431.9M | ||
| Q4 24 | $595.4M | $-429.5M | ||
| Q3 24 | $589.1M | $-430.9M | ||
| Q2 24 | $585.8M | $-461.7M | ||
| Q1 24 | $574.4M | $-461.9M |
总资产FWRGPZZA
| Q4 25 | $1.7B | $837.5M | ||
| Q3 25 | $1.7B | $884.1M | ||
| Q2 25 | $1.7B | $890.4M | ||
| Q1 25 | $1.5B | $898.1M | ||
| Q4 24 | $1.5B | $889.0M | ||
| Q3 24 | $1.5B | $860.9M | ||
| Q2 24 | $1.4B | $838.4M | ||
| Q1 24 | $1.3B | $847.2M |
负债/权益比FWRGPZZA
| 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 | $19.8M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $2.1M |
| 自由现金流率自由现金流/营收 | -5.8% | 0.4% |
| 资本支出强度资本支出/营收 | 11.6% | 3.6% |
| 现金转化率经营现金流/净利润 | — | 2.80× |
| 过去12个月自由现金流最近4个季度 | $-31.0M | $61.3M |
8季度趋势，按日历期对齐
经营现金流FWRGPZZA
| Q4 25 | $18.5M | $19.8M | ||
| Q3 25 | $47.9M | $39.3M | ||
| Q2 25 | $39.4M | $35.5M | ||
| Q1 25 | $20.1M | $31.3M | ||
| Q4 24 | $22.9M | $50.7M | ||
| Q3 24 | $35.9M | $13.9M | ||
| Q2 24 | $31.9M | $30.0M | ||
| Q1 24 | $25.0M | $12.0M |
自由现金流FWRGPZZA
| Q4 25 | $-18.3M | $2.1M | ||
| Q3 25 | $5.5M | $22.7M | ||
| Q2 25 | $-1.7M | $17.4M | ||
| Q1 25 | $-16.4M | $19.1M | ||
| Q4 24 | $-17.7M | $25.2M | ||
| Q3 24 | $6.8M | $-3.8M | ||
| Q2 24 | $2.3M | $13.9M | ||
| Q1 24 | $-3.6M | $-1.1M |
自由现金流率FWRGPZZA
| Q4 25 | -5.8% | 0.4% | ||
| Q3 25 | 1.7% | 4.5% | ||
| Q2 25 | -0.5% | 3.3% | ||
| Q1 25 | -5.8% | 3.7% | ||
| Q4 24 | -6.7% | 4.7% | ||
| Q3 24 | 2.7% | -0.8% | ||
| Q2 24 | 0.9% | 2.7% | ||
| Q1 24 | -1.5% | -0.2% |
资本支出强度FWRGPZZA
| Q4 25 | 11.6% | 3.6% | ||
| Q3 25 | 13.4% | 3.3% | ||
| Q2 25 | 13.4% | 3.4% | ||
| Q1 25 | 13.0% | 2.4% | ||
| Q4 24 | 15.4% | 4.8% | ||
| Q3 24 | 11.6% | 3.5% | ||
| Q2 24 | 11.5% | 3.2% | ||
| Q1 24 | 11.8% | 2.5% |
现金转化率FWRGPZZA
| Q4 25 | — | 2.80× | ||
| Q3 25 | 16.01× | 8.36× | ||
| Q2 25 | 18.72× | 3.73× | ||
| Q1 25 | — | 3.40× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | 16.98× | 0.33× | ||
| Q2 24 | 3.59× | 2.45× | ||
| Q1 24 | 3.46× | 0.82× |
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% |
PZZA
| Commissary | $236.8M | 48% |
| Company Owned Restaurant Sales | $154.4M | 31% |
| Franchisor | $47.5M | 10% |
| Advertising | $37.2M | 7% |
| Other | $22.2M | 4% |
