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First Watch Restaurant Group, Inc.（FWRG）与Ribbon Communications Inc.（RBBN）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Ribbon Communications Inc.的1.9倍（$316.4M vs $162.6M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -10.3%），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs -8.1%）
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。
睿宾通信公司（Ribbon Communications Inc.）主要为电信运营商、企业及关键基础设施领域提供软件、IP与光网络解决方案。公司于2017年由Genband与Sonus Networks合并成立，总部位于美国得克萨斯州普莱诺，是一家上市科技企业。
FWRG vs RBBN — 直观对比
营收规模更大
FWRG
是对方的1.9倍
$162.6M
营收增速更快
FWRG
高出30.5%
-10.3%
两年增速更快
FWRG
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $162.6M |
| 净利润 | — | $89.1M |
| 毛利率 | — | 42.9% |
| 营业利润率 | 2.9% | 37.6% |
| 净利率 | — | 54.8% |
| 营收同比 | 20.2% | -10.3% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $0.24 | $0.50 |
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FWRGRBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $316.4M | $227.3M | ||
| Q3 25 | $316.0M | $215.4M | ||
| Q2 25 | $307.9M | $220.6M | ||
| Q1 25 | $282.2M | $181.3M | ||
| Q4 24 | $263.3M | $251.4M | ||
| Q3 24 | $251.6M | $210.2M | ||
| Q2 24 | $258.6M | $192.6M |
净利润FWRGRBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | — | — | ||
| Q3 25 | $3.0M | $-12.1M | ||
| Q2 25 | $2.1M | $-11.1M | ||
| Q1 25 | $-829.0K | $-26.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.1M | $-13.4M | ||
| Q2 24 | $8.9M | $-16.8M |
毛利率FWRGRBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | — | 53.3% | ||
| Q3 25 | — | 50.1% | ||
| Q2 25 | — | 49.6% | ||
| Q1 25 | — | 45.4% | ||
| Q4 24 | — | 55.7% | ||
| Q3 24 | — | 52.1% | ||
| Q2 24 | — | 50.8% |
营业利润率FWRGRBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | 2.9% | 4.1% | ||
| Q3 25 | 3.2% | 1.3% | ||
| Q2 25 | 2.4% | 1.9% | ||
| Q1 25 | 0.4% | -10.8% | ||
| Q4 24 | 1.5% | 13.2% | ||
| Q3 24 | 2.5% | -0.4% | ||
| Q2 24 | 6.4% | -1.0% |
净利率FWRGRBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.9% | -5.6% | ||
| Q2 25 | 0.7% | -5.0% | ||
| Q1 25 | -0.3% | -14.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.8% | -6.4% | ||
| Q2 24 | 3.4% | -8.7% |
每股收益（稀释后）FWRGRBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | $0.24 | $0.50 | ||
| Q3 25 | $0.05 | $-0.07 | ||
| Q2 25 | $0.03 | $-0.06 | ||
| Q1 25 | $-0.01 | $-0.15 | ||
| Q4 24 | $0.01 | $0.05 | ||
| Q3 24 | $0.03 | $-0.08 | ||
| Q2 24 | $0.14 | $-0.10 |
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 | $67.6M |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | $419.1M |
| 总资产 | $1.7B | — |
| 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FWRGRBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | $21.2M | $96.4M | ||
| Q3 25 | $20.7M | $74.8M | ||
| Q2 25 | $19.2M | $60.5M | ||
| Q1 25 | $18.6M | $71.2M | ||
| Q4 24 | $33.3M | $87.8M | ||
| Q3 24 | $51.1M | $37.2M | ||
| Q2 24 | $45.1M | $64.6M |
总债务FWRGRBBN
| Q1 26 | — | — | ||
| Q4 25 | $269.1M | $342.1M | ||
| Q3 25 | $251.0M | $344.3M | ||
| Q2 25 | $250.0M | $346.5M | ||
| Q1 25 | $191.5M | $347.4M | ||
| Q4 24 | $189.0M | $348.3M | ||
| Q3 24 | $189.7M | $349.1M | ||
| Q2 24 | $192.1M | $350.0M |
股东权益FWRGRBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $626.3M | $449.0M | ||
| Q3 25 | $607.3M | $360.1M | ||
| Q2 25 | $601.3M | $370.4M | ||
| Q1 25 | $596.3M | $381.8M | ||
| Q4 24 | $595.4M | $404.6M | ||
| Q3 24 | $589.1M | $395.5M | ||
| Q2 24 | $585.8M | $405.0M |
总资产FWRGRBBN
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B |
负债/权益比FWRGRBBN
| Q1 26 | — | — | ||
| Q4 25 | 0.43× | 0.76× | ||
| Q3 25 | 0.41× | 0.96× | ||
| Q2 25 | 0.42× | 0.94× | ||
| Q1 25 | 0.32× | 0.91× | ||
| Q4 24 | 0.32× | 0.86× | ||
| Q3 24 | 0.32× | 0.88× | ||
| Q2 24 | 0.33× | 0.86× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | — |
| 自由现金流率自由现金流/营收 | -5.8% | — |
| 资本支出强度资本支出/营收 | 11.6% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流FWRGRBBN
| Q1 26 | — | — | ||
| Q4 25 | $18.5M | $29.2M | ||
| Q3 25 | $47.9M | $26.5M | ||
| Q2 25 | $39.4M | $-795.0K | ||
| Q1 25 | $20.1M | $-3.5M | ||
| Q4 24 | $22.9M | $61.8M | ||
| Q3 24 | $35.9M | $-14.8M | ||
| Q2 24 | $31.9M | $-9.8M |
自由现金流FWRGRBBN
| Q1 26 | — | — | ||
| Q4 25 | $-18.3M | $27.3M | ||
| Q3 25 | $5.5M | $21.0M | ||
| Q2 25 | $-1.7M | $-6.5M | ||
| Q1 25 | $-16.4M | $-15.7M | ||
| Q4 24 | $-17.7M | $53.8M | ||
| Q3 24 | $6.8M | $-23.7M | ||
| Q2 24 | $2.3M | $-12.9M |
自由现金流率FWRGRBBN
| Q1 26 | — | — | ||
| Q4 25 | -5.8% | 12.0% | ||
| Q3 25 | 1.7% | 9.7% | ||
| Q2 25 | -0.5% | -2.9% | ||
| Q1 25 | -5.8% | -8.7% | ||
| Q4 24 | -6.7% | 21.4% | ||
| Q3 24 | 2.7% | -11.3% | ||
| Q2 24 | 0.9% | -6.7% |
资本支出强度FWRGRBBN
| Q1 26 | — | — | ||
| Q4 25 | 11.6% | 0.9% | ||
| Q3 25 | 13.4% | 2.6% | ||
| Q2 25 | 13.4% | 2.6% | ||
| Q1 25 | 13.0% | 6.7% | ||
| Q4 24 | 15.4% | 3.2% | ||
| Q3 24 | 11.6% | 4.2% | ||
| Q2 24 | 11.5% | 1.6% |
现金转化率FWRGRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.98× | — | ||
| Q2 24 | 3.59× | — |
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% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
