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First Watch Restaurant Group, Inc.（FWRG）与SLM Corp（SLM）财务数据对比。点击上方公司名可切换其他公司
SLM Corp的季度营收约是First Watch Restaurant Group, Inc.的1.8倍（$560.0M vs $316.4M），过去两年SLM Corp的营收复合增速更高（22.7% 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。
尼康旗下SLM Solutions AG总部位于德国吕贝克，是金属3D打印机领域的上市生产商，共同拥有SLM文字商标，集团股份自2014年5月9日起在法兰克福证券交易所高级市场板块挂牌交易。
FWRG vs SLM — 直观对比
营收规模更大
SLM
是对方的1.8倍
$316.4M
两年增速更快
SLM
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $560.0M |
| 净利润 | — | $308.0M |
| 毛利率 | — | — |
| 营业利润率 | 2.9% | — |
| 净利率 | — | 55.0% |
| 营收同比 | 20.2% | — |
| 净利润同比 | — | 1.0% |
| 每股收益（稀释后） | $0.24 | $1.54 |
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FWRGSLM
| Q1 26 | — | $560.0M | ||
| Q4 25 | $316.4M | $377.1M | ||
| Q3 25 | $316.0M | $373.0M | ||
| Q2 25 | $307.9M | $376.8M | ||
| Q1 25 | $282.2M | $375.0M | ||
| Q4 24 | $263.3M | $362.2M | ||
| Q3 24 | $251.6M | $359.4M | ||
| Q2 24 | $258.6M | $372.2M |
净利润FWRGSLM
| Q1 26 | — | $308.0M | ||
| Q4 25 | — | $233.2M | ||
| Q3 25 | $3.0M | $135.8M | ||
| Q2 25 | $2.1M | $71.3M | ||
| Q1 25 | $-829.0K | $304.5M | ||
| Q4 24 | — | $111.6M | ||
| Q3 24 | $2.1M | $-45.2M | ||
| Q2 24 | $8.9M | $252.0M |
营业利润率FWRGSLM
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 83.8% | ||
| Q3 25 | 3.2% | 49.8% | ||
| Q2 25 | 2.4% | 23.3% | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 1.5% | 36.5% | ||
| Q3 24 | 2.5% | -16.6% | ||
| Q2 24 | 6.4% | 91.0% |
净利率FWRGSLM
| Q1 26 | — | 55.0% | ||
| Q4 25 | — | 61.8% | ||
| Q3 25 | 0.9% | 36.4% | ||
| Q2 25 | 0.7% | 18.9% | ||
| Q1 25 | -0.3% | 81.2% | ||
| Q4 24 | — | 30.8% | ||
| Q3 24 | 0.8% | -12.6% | ||
| Q2 24 | 3.4% | 67.7% |
每股收益（稀释后）FWRGSLM
| Q1 26 | — | $1.54 | ||
| Q4 25 | $0.24 | $1.11 | ||
| Q3 25 | $0.05 | $0.63 | ||
| Q2 25 | $0.03 | $0.32 | ||
| Q1 25 | $-0.01 | $1.40 | ||
| Q4 24 | $0.01 | $0.53 | ||
| Q3 24 | $0.03 | $-0.23 | ||
| Q2 24 | $0.14 | $1.11 |
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 | $5.2B |
| 总债务越低越好 | $269.1M | $6.2B |
| 股东权益账面价值 | $626.3M | $2.4B |
| 总资产 | $1.7B | $29.4B |
| 负债/权益比越低杠杆越低 | 0.43× | 2.53× |
8季度趋势，按日历期对齐
现金及短期投资FWRGSLM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $21.2M | $4.2B | ||
| Q3 25 | $20.7M | $3.5B | ||
| Q2 25 | $19.2M | $4.1B | ||
| Q1 25 | $18.6M | $3.7B | ||
| Q4 24 | $33.3M | $4.7B | ||
| Q3 24 | $51.1M | $4.5B | ||
| Q2 24 | $45.1M | $5.3B |
总债务FWRGSLM
| Q1 26 | — | $6.2B | ||
| Q4 25 | $269.1M | $5.4B | ||
| Q3 25 | $251.0M | $6.8B | ||
| Q2 25 | $250.0M | $6.4B | ||
| Q1 25 | $191.5M | $6.1B | ||
| Q4 24 | $189.0M | $6.4B | ||
| Q3 24 | $189.7M | $6.0B | ||
| Q2 24 | $192.1M | $5.4B |
股东权益FWRGSLM
| Q1 26 | — | $2.4B | ||
| Q4 25 | $626.3M | $2.5B | ||
| Q3 25 | $607.3M | $2.3B | ||
| Q2 25 | $601.3M | $2.4B | ||
| Q1 25 | $596.3M | $2.4B | ||
| Q4 24 | $595.4M | $2.2B | ||
| Q3 24 | $589.1M | $2.1B | ||
| Q2 24 | $585.8M | $2.3B |
总资产FWRGSLM
| Q1 26 | — | $29.4B | ||
| Q4 25 | $1.7B | $29.7B | ||
| Q3 25 | $1.7B | $29.6B | ||
| Q2 25 | $1.7B | $29.6B | ||
| Q1 25 | $1.5B | $28.9B | ||
| Q4 24 | $1.5B | $30.1B | ||
| Q3 24 | $1.5B | $30.0B | ||
| Q2 24 | $1.4B | $28.8B |
负债/权益比FWRGSLM
| Q1 26 | — | 2.53× | ||
| Q4 25 | 0.43× | 2.19× | ||
| Q3 25 | 0.41× | 2.92× | ||
| Q2 25 | 0.42× | 2.70× | ||
| Q1 25 | 0.32× | 2.56× | ||
| Q4 24 | 0.32× | 2.98× | ||
| Q3 24 | 0.32× | 2.83× | ||
| Q2 24 | 0.33× | 2.37× |
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FWRGSLM
| Q1 26 | — | — | ||
| Q4 25 | $18.5M | $-64.5M | ||
| Q3 25 | $47.9M | $-49.3M | ||
| Q2 25 | $39.4M | $-138.7M | ||
| Q1 25 | $20.1M | $-146.1M | ||
| Q4 24 | $22.9M | $4.5M | ||
| Q3 24 | $35.9M | $-113.4M | ||
| Q2 24 | $31.9M | $-143.8M |
自由现金流FWRGSLM
| Q1 26 | — | — | ||
| 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 | — |
自由现金流率FWRGSLM
| Q1 26 | — | — | ||
| 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% | — |
资本支出强度FWRGSLM
| Q1 26 | — | — | ||
| 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% | — |
现金转化率FWRGSLM
| Q1 26 | — | — | ||
| Q4 25 | — | -0.28× | ||
| Q3 25 | 16.01× | -0.36× | ||
| Q2 25 | 18.72× | -1.95× | ||
| Q1 25 | — | -0.48× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | 16.98× | — | ||
| Q2 24 | 3.59× | -0.57× |
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% |
SLM
| Net Interest Income | $375.0M | 67% |
| Noninterest Income | $185.0M | 33% |
