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First Watch Restaurant Group, Inc.（FWRG）与印度钢铁管理局（SAIL）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.的季度营收约是印度钢铁管理局的1.1倍（$316.4M vs $281.9M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 6.7%），印度钢铁管理局自由现金流更多（$52.5M vs $-18.3M）
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。
印度钢铁管理局（SAIL）是总部位于新德里的印度公营钢铁制造企业，属印度最高级别的“马哈拉特纳”中央公共部门企业，是印度最大的国有钢铁生产商，年钢铁产量达1829万吨，1973年1月24日成立，现有员工5.1万余名，由印度钢铁部行政管理。
FWRG vs SAIL — 直观对比
营收规模更大
FWRG
是对方的1.1倍
$281.9M
营收增速更快
FWRG
高出13.5%
6.7%
自由现金流更多
SAIL
多$70.9M
$-18.3M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $281.9M |
| 净利润 | — | $-36.0M |
| 毛利率 | — | 66.3% |
| 营业利润率 | 2.9% | -14.8% |
| 净利率 | — | -12.8% |
| 营收同比 | 20.2% | 6.7% |
| 净利润同比 | — | -240.9% |
| 每股收益（稀释后） | $0.24 | $-0.06 |
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FWRGSAIL
| Q4 25 | $316.4M | $281.9M | ||
| Q3 25 | $316.0M | $264.4M | ||
| Q2 25 | $307.9M | $230.5M | ||
| Q1 25 | $282.2M | $240.1M | ||
| Q4 24 | $263.3M | — | ||
| Q3 24 | $251.6M | $198.6M | ||
| Q2 24 | $258.6M | $187.7M | ||
| Q1 24 | $242.4M | — |
净利润FWRGSAIL
| Q4 25 | — | $-36.0M | ||
| Q3 25 | $3.0M | $-10.6M | ||
| Q2 25 | $2.1M | $-187.3M | ||
| Q1 25 | $-829.0K | $-80.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.1M | $-87.1M | ||
| Q2 24 | $8.9M | $-89.2M | ||
| Q1 24 | $7.2M | — |
毛利率FWRGSAIL
| Q4 25 | — | 66.3% | ||
| Q3 25 | — | 67.3% | ||
| Q2 25 | — | 55.4% | ||
| Q1 25 | — | 66.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.1% | ||
| Q2 24 | — | 61.5% | ||
| Q1 24 | — | — |
营业利润率FWRGSAIL
| Q4 25 | 2.9% | -14.8% | ||
| Q3 25 | 3.2% | -15.4% | ||
| Q2 25 | 2.4% | -80.3% | ||
| Q1 25 | 0.4% | -12.6% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 2.5% | -33.2% | ||
| Q2 24 | 6.4% | -36.3% | ||
| Q1 24 | 5.1% | — |
净利率FWRGSAIL
| Q4 25 | — | -12.8% | ||
| Q3 25 | 0.9% | -4.0% | ||
| Q2 25 | 0.7% | -81.3% | ||
| Q1 25 | -0.3% | -33.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.8% | -43.9% | ||
| Q2 24 | 3.4% | -47.5% | ||
| Q1 24 | 3.0% | — |
每股收益（稀释后）FWRGSAIL
| Q4 25 | $0.24 | $-0.06 | ||
| Q3 25 | $0.05 | $-0.02 | ||
| Q2 25 | $0.03 | $-0.42 | ||
| Q1 25 | $-0.01 | $-6.50 | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $0.03 | $-2.97 | ||
| Q2 24 | $0.14 | $-0.77 | ||
| Q1 24 | $0.12 | — |
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 | $298.1M |
| 总债务越低越好 | $269.1M | $0 |
| 股东权益账面价值 | $626.3M | $6.8B |
| 总资产 | $1.7B | $7.5B |
| 负债/权益比越低杠杆越低 | 0.43× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资FWRGSAIL
| Q4 25 | $21.2M | $298.1M | ||
| Q3 25 | $20.7M | $271.1M | ||
| Q2 25 | $19.2M | $228.1M | ||
| Q1 25 | $18.6M | $121.3M | ||
| Q4 24 | $33.3M | — | ||
| Q3 24 | $51.1M | $89.7M | ||
| Q2 24 | $45.1M | $146.8M | ||
| Q1 24 | $43.2M | — |
总债务FWRGSAIL
| Q4 25 | $269.1M | $0 | ||
| Q3 25 | $251.0M | $0 | ||
| Q2 25 | $250.0M | $0 | ||
| Q1 25 | $191.5M | $1.0B | ||
| Q4 24 | $189.0M | — | ||
| Q3 24 | $189.7M | — | ||
| Q2 24 | $192.1M | — | ||
| Q1 24 | $122.7M | — |
股东权益FWRGSAIL
| Q4 25 | $626.3M | $6.8B | ||
| Q3 25 | $607.3M | $6.8B | ||
| Q2 25 | $601.3M | $6.8B | ||
| Q1 25 | $596.3M | $-5.6B | ||
| Q4 24 | $595.4M | — | ||
| Q3 24 | $589.1M | $-701.3M | ||
| Q2 24 | $585.8M | $-622.5M | ||
| Q1 24 | $574.4M | — |
总资产FWRGSAIL
| Q4 25 | $1.7B | $7.5B | ||
| Q3 25 | $1.7B | $7.4B | ||
| Q2 25 | $1.7B | $7.4B | ||
| Q1 25 | $1.5B | $7.4B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.3B | — |
负债/权益比FWRGSAIL
| Q4 25 | 0.43× | 0.00× | ||
| Q3 25 | 0.41× | 0.00× | ||
| Q2 25 | 0.42× | 0.00× | ||
| 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 | $53.6M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $52.5M |
| 自由现金流率自由现金流/营收 | -5.8% | 18.6% |
| 资本支出强度资本支出/营收 | 11.6% | 0.4% |
| 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FWRGSAIL
| Q4 25 | $18.5M | $53.6M | ||
| Q3 25 | $47.9M | $49.9M | ||
| Q2 25 | $39.4M | $-96.8M | ||
| Q1 25 | $20.1M | — | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $35.9M | — | ||
| Q2 24 | $31.9M | $-55.4M | ||
| Q1 24 | $25.0M | — |
自由现金流FWRGSAIL
| Q4 25 | $-18.3M | $52.5M | ||
| Q3 25 | $5.5M | $49.0M | ||
| Q2 25 | $-1.7M | $-99.0M | ||
| Q1 25 | $-16.4M | — | ||
| Q4 24 | $-17.7M | — | ||
| Q3 24 | $6.8M | — | ||
| Q2 24 | $2.3M | $-56.0M | ||
| Q1 24 | $-3.6M | — |
自由现金流率FWRGSAIL
| Q4 25 | -5.8% | 18.6% | ||
| Q3 25 | 1.7% | 18.5% | ||
| Q2 25 | -0.5% | -43.0% | ||
| Q1 25 | -5.8% | — | ||
| Q4 24 | -6.7% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 0.9% | -29.8% | ||
| Q1 24 | -1.5% | — |
资本支出强度FWRGSAIL
| Q4 25 | 11.6% | 0.4% | ||
| Q3 25 | 13.4% | 0.4% | ||
| Q2 25 | 13.4% | 1.0% | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 15.4% | — | ||
| Q3 24 | 11.6% | — | ||
| Q2 24 | 11.5% | 0.3% | ||
| Q1 24 | 11.8% | — |
现金转化率FWRGSAIL
| 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% |
SAIL
| Software As A Service Saa S | $156.0M | 55% |
| Term Subscriptions Services | $65.1M | 23% |
| Maintenance | $38.0M | 13% |
| Other | $15.7M | 6% |
| Other Subscription Services | $7.1M | 3% |
