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First Watch Restaurant Group, Inc.（FWRG）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是First Watch Restaurant Group, Inc.的1.2倍（$375.3M vs $316.4M），ROYAL GOLD INC同比增速更快（85.3% vs 20.2%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
FWRG vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.2倍
$316.4M
营收增速更快
RGLD
高出65.1%
20.2%
两年增速更快
RGLD
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $375.3M |
| 净利润 | — | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 2.9% | 56.2% |
| 净利率 | — | 24.9% |
| 营收同比 | 20.2% | 85.3% |
| 净利润同比 | — | -12.8% |
| 每股收益（稀释后） | $0.24 | $1.04 |
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FWRGRGLD
| Q4 25 | $316.4M | $375.3M | ||
| Q3 25 | $316.0M | $252.1M | ||
| Q2 25 | $307.9M | $209.6M | ||
| Q1 25 | $282.2M | $193.4M | ||
| Q4 24 | $263.3M | $202.6M | ||
| Q3 24 | $251.6M | $193.8M | ||
| Q2 24 | $258.6M | $174.1M | ||
| Q1 24 | $242.4M | $148.9M |
净利润FWRGRGLD
| Q4 25 | — | $93.6M | ||
| Q3 25 | $3.0M | $126.8M | ||
| Q2 25 | $2.1M | $132.3M | ||
| Q1 25 | $-829.0K | $113.5M | ||
| Q4 24 | — | $107.4M | ||
| Q3 24 | $2.1M | $96.2M | ||
| Q2 24 | $8.9M | $81.2M | ||
| Q1 24 | $7.2M | $47.2M |
毛利率FWRGRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率FWRGRGLD
| Q4 25 | 2.9% | 56.2% | ||
| Q3 25 | 3.2% | 64.4% | ||
| Q2 25 | 2.4% | 67.7% | ||
| Q1 25 | 0.4% | 63.6% | ||
| Q4 24 | 1.5% | 65.9% | ||
| Q3 24 | 2.5% | 61.3% | ||
| Q2 24 | 6.4% | 58.6% | ||
| Q1 24 | 5.1% | 50.7% |
净利率FWRGRGLD
| Q4 25 | — | 24.9% | ||
| Q3 25 | 0.9% | 50.3% | ||
| Q2 25 | 0.7% | 63.1% | ||
| Q1 25 | -0.3% | 58.7% | ||
| Q4 24 | — | 53.0% | ||
| Q3 24 | 0.8% | 49.7% | ||
| Q2 24 | 3.4% | 46.6% | ||
| Q1 24 | 3.0% | 31.7% |
每股收益（稀释后）FWRGRGLD
| Q4 25 | $0.24 | $1.04 | ||
| Q3 25 | $0.05 | $1.92 | ||
| Q2 25 | $0.03 | $2.01 | ||
| Q1 25 | $-0.01 | $1.72 | ||
| Q4 24 | $0.01 | $1.63 | ||
| Q3 24 | $0.03 | $1.46 | ||
| Q2 24 | $0.14 | $1.23 | ||
| Q1 24 | $0.12 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | $7.2B |
| 总资产 | $1.7B | $9.5B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
现金及短期投资FWRGRGLD
| Q4 25 | $21.2M | $233.7M | ||
| Q3 25 | $20.7M | $172.8M | ||
| Q2 25 | $19.2M | $248.2M | ||
| Q1 25 | $18.6M | $240.8M | ||
| Q4 24 | $33.3M | $195.5M | ||
| Q3 24 | $51.1M | $127.9M | ||
| Q2 24 | $45.1M | $74.2M | ||
| Q1 24 | $43.2M | $137.9M |
总债务FWRGRGLD
| Q4 25 | $269.1M | — | ||
| Q3 25 | $251.0M | — | ||
| Q2 25 | $250.0M | — | ||
| Q1 25 | $191.5M | — | ||
| Q4 24 | $189.0M | — | ||
| Q3 24 | $189.7M | $0 | ||
| Q2 24 | $192.1M | $50.0M | ||
| Q1 24 | $122.7M | — |
股东权益FWRGRGLD
| Q4 25 | $626.3M | $7.2B | ||
| Q3 25 | $607.3M | $3.4B | ||
| Q2 25 | $601.3M | $3.3B | ||
| Q1 25 | $596.3M | $3.2B | ||
| Q4 24 | $595.4M | $3.1B | ||
| Q3 24 | $589.1M | $3.0B | ||
| Q2 24 | $585.8M | $3.0B | ||
| Q1 24 | $574.4M | $2.9B |
总资产FWRGRGLD
| Q4 25 | $1.7B | $9.5B | ||
| Q3 25 | $1.7B | $4.5B | ||
| Q2 25 | $1.7B | $3.6B | ||
| Q1 25 | $1.5B | $3.5B | ||
| Q4 24 | $1.5B | $3.4B | ||
| Q3 24 | $1.5B | $3.3B | ||
| Q2 24 | $1.4B | $3.3B | ||
| Q1 24 | $1.3B | $3.3B |
负债/权益比FWRGRGLD
| 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× | 0.02× | ||
| 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 | $241.7M |
| 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 | — | 2.58× |
| 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FWRGRGLD
| Q4 25 | $18.5M | $241.7M | ||
| Q3 25 | $47.9M | $174.0M | ||
| Q2 25 | $39.4M | $152.8M | ||
| Q1 25 | $20.1M | $136.4M | ||
| Q4 24 | $22.9M | $141.1M | ||
| Q3 24 | $35.9M | $136.7M | ||
| Q2 24 | $31.9M | $113.5M | ||
| Q1 24 | $25.0M | $138.3M |
自由现金流FWRGRGLD
| Q4 25 | $-18.3M | — | ||
| Q3 25 | $5.5M | — | ||
| Q2 25 | $-1.7M | — | ||
| Q1 25 | $-16.4M | — | ||
| Q4 24 | $-17.7M | — | ||
| Q3 24 | $6.8M | — | ||
| Q2 24 | $2.3M | — | ||
| Q1 24 | $-3.6M | — |
自由现金流率FWRGRGLD
| Q4 25 | -5.8% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | -0.5% | — | ||
| Q1 25 | -5.8% | — | ||
| Q4 24 | -6.7% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | -1.5% | — |
资本支出强度FWRGRGLD
| Q4 25 | 11.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | 13.4% | — | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 15.4% | — | ||
| Q3 24 | 11.6% | — | ||
| Q2 24 | 11.5% | — | ||
| Q1 24 | 11.8% | — |
现金转化率FWRGRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | 16.01× | 1.37× | ||
| Q2 25 | 18.72× | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | 16.98× | 1.42× | ||
| Q2 24 | 3.59× | 1.40× | ||
| Q1 24 | 3.46× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
