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First Watch Restaurant Group, Inc.（FWRG）与Ultragenyx Pharmaceutical Inc.（RARE）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Ultragenyx Pharmaceutical Inc.的1.5倍（$316.4M vs $207.3M），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 20.2%），First Watch Restaurant Group, Inc.自由现金流更多（$-18.3M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% 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。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
FWRG vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $207.3M |
| 净利润 | — | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | 2.9% | -54.7% |
| 净利率 | — | -62.0% |
| 营收同比 | 20.2% | 25.9% |
| 净利润同比 | — | 3.5% |
| 每股收益（稀释后） | $0.24 | $-1.28 |
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
| Q4 25 | $316.4M | $207.3M | ||
| Q3 25 | $316.0M | $159.9M | ||
| Q2 25 | $307.9M | $166.5M | ||
| Q1 25 | $282.2M | $139.3M | ||
| Q4 24 | $263.3M | $164.6M | ||
| Q3 24 | $251.6M | $139.5M | ||
| Q2 24 | $258.6M | $147.0M | ||
| Q1 24 | $242.4M | $108.8M |
| Q4 25 | — | $-128.6M | ||
| Q3 25 | $3.0M | $-180.4M | ||
| Q2 25 | $2.1M | $-115.0M | ||
| Q1 25 | $-829.0K | $-151.1M | ||
| Q4 24 | — | $-133.2M | ||
| Q3 24 | $2.1M | $-133.5M | ||
| Q2 24 | $8.9M | $-131.6M | ||
| Q1 24 | $7.2M | $-170.7M |
| Q4 25 | 2.9% | -54.7% | ||
| Q3 25 | 3.2% | -106.9% | ||
| Q2 25 | 2.4% | -64.8% | ||
| Q1 25 | 0.4% | -102.6% | ||
| Q4 24 | 1.5% | -74.3% | ||
| Q3 24 | 2.5% | -94.6% | ||
| Q2 24 | 6.4% | -79.1% | ||
| Q1 24 | 5.1% | -151.9% |
| Q4 25 | — | -62.0% | ||
| Q3 25 | 0.9% | -112.8% | ||
| Q2 25 | 0.7% | -69.0% | ||
| Q1 25 | -0.3% | -108.5% | ||
| Q4 24 | — | -80.9% | ||
| Q3 24 | 0.8% | -95.7% | ||
| Q2 24 | 3.4% | -89.5% | ||
| Q1 24 | 3.0% | -156.8% |
| Q4 25 | $0.24 | $-1.28 | ||
| Q3 25 | $0.05 | $-1.81 | ||
| Q2 25 | $0.03 | $-1.17 | ||
| Q1 25 | $-0.01 | $-1.57 | ||
| Q4 24 | $0.01 | $-1.34 | ||
| Q3 24 | $0.03 | $-1.40 | ||
| Q2 24 | $0.14 | $-1.52 | ||
| Q1 24 | $0.12 | $-2.03 |
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 | $421.0M |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | $-80.0M |
| 总资产 | $1.7B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
| Q4 25 | $21.2M | $421.0M | ||
| Q3 25 | $20.7M | $202.5M | ||
| Q2 25 | $19.2M | $176.3M | ||
| Q1 25 | $18.6M | $127.1M | ||
| Q4 24 | $33.3M | $174.0M | ||
| Q3 24 | $51.1M | $150.6M | ||
| Q2 24 | $45.1M | $480.7M | ||
| Q1 24 | $43.2M | $112.3M |
| 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 | — |
| Q4 25 | $626.3M | $-80.0M | ||
| Q3 25 | $607.3M | $9.2M | ||
| Q2 25 | $601.3M | $151.3M | ||
| Q1 25 | $596.3M | $144.2M | ||
| Q4 24 | $595.4M | $255.0M | ||
| Q3 24 | $589.1M | $346.8M | ||
| Q2 24 | $585.8M | $432.4M | ||
| Q1 24 | $574.4M | $140.3M |
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.3B | $1.3B |
| 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 | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $-100.8M |
| 自由现金流率自由现金流/营收 | -5.8% | -48.6% |
| 资本支出强度资本支出/营收 | 11.6% | 0.5% |
| 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 | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $18.5M | $-99.8M | ||
| Q3 25 | $47.9M | $-91.4M | ||
| Q2 25 | $39.4M | $-108.3M | ||
| Q1 25 | $20.1M | $-166.5M | ||
| Q4 24 | $22.9M | $-79.3M | ||
| Q3 24 | $35.9M | $-67.0M | ||
| Q2 24 | $31.9M | $-77.0M | ||
| Q1 24 | $25.0M | $-190.7M |
| Q4 25 | $-18.3M | $-100.8M | ||
| Q3 25 | $5.5M | $-92.7M | ||
| Q2 25 | $-1.7M | $-110.7M | ||
| Q1 25 | $-16.4M | $-167.8M | ||
| Q4 24 | $-17.7M | $-79.5M | ||
| Q3 24 | $6.8M | $-68.6M | ||
| Q2 24 | $2.3M | $-79.0M | ||
| Q1 24 | $-3.6M | $-193.9M |
| Q4 25 | -5.8% | -48.6% | ||
| Q3 25 | 1.7% | -58.0% | ||
| Q2 25 | -0.5% | -66.5% | ||
| Q1 25 | -5.8% | -120.5% | ||
| Q4 24 | -6.7% | -48.3% | ||
| Q3 24 | 2.7% | -49.2% | ||
| Q2 24 | 0.9% | -53.7% | ||
| Q1 24 | -1.5% | -178.2% |
| Q4 25 | 11.6% | 0.5% | ||
| Q3 25 | 13.4% | 0.8% | ||
| Q2 25 | 13.4% | 1.5% | ||
| Q1 25 | 13.0% | 1.0% | ||
| Q4 24 | 15.4% | 0.1% | ||
| Q3 24 | 11.6% | 1.2% | ||
| Q2 24 | 11.5% | 1.4% | ||
| Q1 24 | 11.8% | 3.0% |
| 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% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
