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First Watch Restaurant Group, Inc.（FWRG）与Rocket Lab Corp（RKLB）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Rocket Lab Corp的1.8倍（$316.4M vs $179.7M），Rocket Lab Corp同比增速更快（35.7% vs 20.2%），First Watch Restaurant Group, Inc.自由现金流更多（$-18.3M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% 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。
Rocket Lab是公开上市的航空航天制造商及发射服务提供商，旗下Electron轨道火箭主打小型卫星发射，截至2026年1月已成功完成超75次任务，是全球现役发射次数最多的小型运载火箭。公司还开发了Electron的亚轨道改型HASTE用作高超音速技术测试平台，下一代可复用中型运载火箭Neutron目前也在研发中。
FWRG vs RKLB — 直观对比
营收规模更大
FWRG
是对方的1.8倍
$179.7M
营收增速更快
RKLB
高出15.5%
20.2%
自由现金流更多
FWRG
多$95.8M
$-114.2M
两年增速更快
RKLB
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $179.7M |
| 净利润 | — | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 2.9% | -28.4% |
| 净利率 | — | -29.5% |
| 营收同比 | 20.2% | 35.7% |
| 净利润同比 | — | -1.1% |
| 每股收益（稀释后） | $0.24 | $-0.09 |
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FWRGRKLB
| Q4 25 | $316.4M | $179.7M | ||
| Q3 25 | $316.0M | $155.1M | ||
| Q2 25 | $307.9M | $144.5M | ||
| Q1 25 | $282.2M | $122.6M | ||
| Q4 24 | $263.3M | $132.4M | ||
| Q3 24 | $251.6M | $104.8M | ||
| Q2 24 | $258.6M | $106.3M | ||
| Q1 24 | $242.4M | $92.8M |
净利润FWRGRKLB
| Q4 25 | — | $-52.9M | ||
| Q3 25 | $3.0M | $-18.3M | ||
| Q2 25 | $2.1M | $-66.4M | ||
| Q1 25 | $-829.0K | $-60.6M | ||
| Q4 24 | — | $-52.3M | ||
| Q3 24 | $2.1M | $-51.9M | ||
| Q2 24 | $8.9M | $-41.6M | ||
| Q1 24 | $7.2M | $-44.3M |
毛利率FWRGRKLB
| Q4 25 | — | 38.0% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 32.1% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | — | 26.7% | ||
| Q2 24 | — | 25.6% | ||
| Q1 24 | — | 26.1% |
营业利润率FWRGRKLB
| Q4 25 | 2.9% | -28.4% | ||
| Q3 25 | 3.2% | -38.0% | ||
| Q2 25 | 2.4% | -41.3% | ||
| Q1 25 | 0.4% | -48.3% | ||
| Q4 24 | 1.5% | -38.9% | ||
| Q3 24 | 2.5% | -49.5% | ||
| Q2 24 | 6.4% | -40.7% | ||
| Q1 24 | 5.1% | -46.4% |
净利率FWRGRKLB
| Q4 25 | — | -29.5% | ||
| Q3 25 | 0.9% | -11.8% | ||
| Q2 25 | 0.7% | -46.0% | ||
| Q1 25 | -0.3% | -49.5% | ||
| Q4 24 | — | -39.5% | ||
| Q3 24 | 0.8% | -49.6% | ||
| Q2 24 | 3.4% | -39.2% | ||
| Q1 24 | 3.0% | -47.7% |
每股收益（稀释后）FWRGRKLB
| Q4 25 | $0.24 | $-0.09 | ||
| Q3 25 | $0.05 | $-0.03 | ||
| Q2 25 | $0.03 | $-0.13 | ||
| Q1 25 | $-0.01 | $-0.12 | ||
| Q4 24 | $0.01 | $-0.11 | ||
| Q3 24 | $0.03 | $-0.10 | ||
| Q2 24 | $0.14 | $-0.08 | ||
| Q1 24 | $0.12 | $-0.09 |
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 | $1.0B |
| 总债务越低越好 | $269.1M | $152.4M |
| 股东权益账面价值 | $626.3M | $1.7B |
| 总资产 | $1.7B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.43× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资FWRGRKLB
| Q4 25 | $21.2M | $1.0B | ||
| Q3 25 | $20.7M | $976.7M | ||
| Q2 25 | $19.2M | $688.1M | ||
| Q1 25 | $18.6M | $428.4M | ||
| Q4 24 | $33.3M | $419.0M | ||
| Q3 24 | $51.1M | $442.4M | ||
| Q2 24 | $45.1M | $496.8M | ||
| Q1 24 | $43.2M | $492.5M |
总债务FWRGRKLB
| Q4 25 | $269.1M | $152.4M | ||
| Q3 25 | $251.0M | $347.0M | ||
| Q2 25 | $250.0M | $346.5M | ||
| Q1 25 | $191.5M | $345.9M | ||
| Q4 24 | $189.0M | $345.4M | ||
| Q3 24 | $189.7M | $61.2M | ||
| Q2 24 | $192.1M | $64.2M | ||
| Q1 24 | $122.7M | $66.8M |
股东权益FWRGRKLB
| Q4 25 | $626.3M | $1.7B | ||
| Q3 25 | $607.3M | $1.3B | ||
| Q2 25 | $601.3M | $688.5M | ||
| Q1 25 | $596.3M | $431.3M | ||
| Q4 24 | $595.4M | $382.5M | ||
| Q3 24 | $589.1M | $419.8M | ||
| Q2 24 | $585.8M | $455.2M | ||
| Q1 24 | $574.4M | $478.9M |
总资产FWRGRKLB
| Q4 25 | $1.7B | $2.3B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.7B | $1.6B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
负债/权益比FWRGRKLB
| Q4 25 | 0.43× | 0.09× | ||
| Q3 25 | 0.41× | 0.27× | ||
| Q2 25 | 0.42× | 0.50× | ||
| Q1 25 | 0.32× | 0.80× | ||
| Q4 24 | 0.32× | 0.90× | ||
| Q3 24 | 0.32× | 0.15× | ||
| Q2 24 | 0.33× | 0.14× | ||
| Q1 24 | 0.21× | 0.14× |
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 | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $-114.2M |
| 自由现金流率自由现金流/营收 | -5.8% | -63.6% |
| 资本支出强度资本支出/营收 | 11.6% | 27.6% |
| 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 | $-321.8M |
8季度趋势，按日历期对齐
经营现金流FWRGRKLB
| Q4 25 | $18.5M | $-64.5M | ||
| Q3 25 | $47.9M | $-23.5M | ||
| Q2 25 | $39.4M | $-23.2M | ||
| Q1 25 | $20.1M | $-54.2M | ||
| Q4 24 | $22.9M | $-2.4M | ||
| Q3 24 | $35.9M | $-30.9M | ||
| Q2 24 | $31.9M | $-13.0M | ||
| Q1 24 | $25.0M | $-2.6M |
自由现金流FWRGRKLB
| Q4 25 | $-18.3M | $-114.2M | ||
| Q3 25 | $5.5M | $-69.4M | ||
| Q2 25 | $-1.7M | $-55.3M | ||
| Q1 25 | $-16.4M | $-82.9M | ||
| Q4 24 | $-17.7M | $-23.9M | ||
| Q3 24 | $6.8M | $-41.9M | ||
| Q2 24 | $2.3M | $-28.3M | ||
| Q1 24 | $-3.6M | $-21.8M |
自由现金流率FWRGRKLB
| Q4 25 | -5.8% | -63.6% | ||
| Q3 25 | 1.7% | -44.8% | ||
| Q2 25 | -0.5% | -38.3% | ||
| Q1 25 | -5.8% | -67.6% | ||
| Q4 24 | -6.7% | -18.1% | ||
| Q3 24 | 2.7% | -40.0% | ||
| Q2 24 | 0.9% | -26.7% | ||
| Q1 24 | -1.5% | -23.5% |
资本支出强度FWRGRKLB
| Q4 25 | 11.6% | 27.6% | ||
| Q3 25 | 13.4% | 29.6% | ||
| Q2 25 | 13.4% | 22.2% | ||
| Q1 25 | 13.0% | 23.4% | ||
| Q4 24 | 15.4% | 16.3% | ||
| Q3 24 | 11.6% | 10.5% | ||
| Q2 24 | 11.5% | 14.4% | ||
| Q1 24 | 11.8% | 20.7% |
现金转化率FWRGRKLB
| 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% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
