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First Watch Restaurant Group, Inc.（FWRG）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是First Watch Restaurant Group, Inc.的1.5倍（$461.6M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -4.1%），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs -10.7%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
FWRG vs SAM — 直观对比
营收规模更大
SAM
是对方的1.5倍
$316.4M
营收增速更快
FWRG
高出24.3%
-4.1%
两年增速更快
FWRG
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $461.6M |
| 净利润 | — | — |
| 毛利率 | — | 46.4% |
| 营业利润率 | 2.9% | 12.4% |
| 净利率 | — | — |
| 营收同比 | 20.2% | -4.1% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $0.24 | $2.16 |
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FWRGSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $316.4M | $385.7M | ||
| Q3 25 | $316.0M | $537.5M | ||
| Q2 25 | $307.9M | $587.9M | ||
| Q1 25 | $282.2M | $453.9M | ||
| Q4 24 | $263.3M | $402.3M | ||
| Q3 24 | $251.6M | $605.5M | ||
| Q2 24 | $258.6M | $579.1M |
净利润FWRGSAM
| Q1 26 | — | — | ||
| Q4 25 | — | $-22.5M | ||
| Q3 25 | $3.0M | $46.2M | ||
| Q2 25 | $2.1M | $60.4M | ||
| Q1 25 | $-829.0K | $24.4M | ||
| Q4 24 | — | $-38.8M | ||
| Q3 24 | $2.1M | $33.5M | ||
| Q2 24 | $8.9M | $52.3M |
毛利率FWRGSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率FWRGSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | 2.9% | -8.6% | ||
| Q3 25 | 3.2% | 11.5% | ||
| Q2 25 | 2.4% | 14.0% | ||
| Q1 25 | 0.4% | 7.4% | ||
| Q4 24 | 1.5% | -13.9% | ||
| Q3 24 | 2.5% | 7.6% | ||
| Q2 24 | 6.4% | 12.2% |
净利率FWRGSAM
| Q1 26 | — | — | ||
| Q4 25 | — | -5.8% | ||
| Q3 25 | 0.9% | 8.6% | ||
| Q2 25 | 0.7% | 10.3% | ||
| Q1 25 | -0.3% | 5.4% | ||
| Q4 24 | — | -9.6% | ||
| Q3 24 | 0.8% | 5.5% | ||
| Q2 24 | 3.4% | 9.0% |
每股收益（稀释后）FWRGSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $0.24 | $-1.97 | ||
| Q3 25 | $0.05 | $4.25 | ||
| Q2 25 | $0.03 | $5.45 | ||
| Q1 25 | $-0.01 | $2.16 | ||
| Q4 24 | $0.01 | $-3.23 | ||
| Q3 24 | $0.03 | $2.86 | ||
| Q2 24 | $0.14 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | $682.6M |
| 总资产 | $1.7B | $1.2B |
| 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FWRGSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $21.2M | $223.4M | ||
| Q3 25 | $20.7M | $250.5M | ||
| Q2 25 | $19.2M | $212.4M | ||
| Q1 25 | $18.6M | $152.5M | ||
| Q4 24 | $33.3M | $211.8M | ||
| Q3 24 | $51.1M | $255.6M | ||
| Q2 24 | $45.1M | $219.3M |
总债务FWRGSAM
| Q1 26 | — | — | ||
| 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 | — |
股东权益FWRGSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $626.3M | $846.3M | ||
| Q3 25 | $607.3M | $911.0M | ||
| Q2 25 | $601.3M | $912.3M | ||
| Q1 25 | $596.3M | $897.0M | ||
| Q4 24 | $595.4M | $916.2M | ||
| Q3 24 | $589.1M | $1.0B | ||
| Q2 24 | $585.8M | $1.0B |
总资产FWRGSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.5B | $1.2B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.5B | $1.4B | ||
| Q2 24 | $1.4B | $1.4B |
负债/权益比FWRGSAM
| Q1 26 | — | — | ||
| 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× | — |
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FWRGSAM
| Q1 26 | — | — | ||
| Q4 25 | $18.5M | $39.9M | ||
| Q3 25 | $47.9M | $101.8M | ||
| Q2 25 | $39.4M | $126.5M | ||
| Q1 25 | $20.1M | $1.9M | ||
| Q4 24 | $22.9M | $41.9M | ||
| Q3 24 | $35.9M | $115.9M | ||
| Q2 24 | $31.9M | $96.0M |
自由现金流FWRGSAM
| Q1 26 | — | — | ||
| Q4 25 | $-18.3M | $22.1M | ||
| Q3 25 | $5.5M | $89.2M | ||
| Q2 25 | $-1.7M | $112.2M | ||
| Q1 25 | $-16.4M | $-8.0M | ||
| Q4 24 | $-17.7M | $18.4M | ||
| Q3 24 | $6.8M | $99.2M | ||
| Q2 24 | $2.3M | $75.6M |
自由现金流率FWRGSAM
| Q1 26 | — | — | ||
| Q4 25 | -5.8% | 5.7% | ||
| Q3 25 | 1.7% | 16.6% | ||
| Q2 25 | -0.5% | 19.1% | ||
| Q1 25 | -5.8% | -1.8% | ||
| Q4 24 | -6.7% | 4.6% | ||
| Q3 24 | 2.7% | 16.4% | ||
| Q2 24 | 0.9% | 13.1% |
资本支出强度FWRGSAM
| Q1 26 | — | — | ||
| Q4 25 | 11.6% | 4.6% | ||
| Q3 25 | 13.4% | 2.3% | ||
| Q2 25 | 13.4% | 2.4% | ||
| Q1 25 | 13.0% | 2.2% | ||
| Q4 24 | 15.4% | 5.8% | ||
| Q3 24 | 11.6% | 2.8% | ||
| Q2 24 | 11.5% | 3.5% |
现金转化率FWRGSAM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | 2.21× | ||
| Q2 25 | 18.72× | 2.09× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.98× | 3.46× | ||
| Q2 24 | 3.59× | 1.83× |
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% |
SAM
暂无分部数据
