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First Watch Restaurant Group, Inc.（FWRG）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
罗塞塔石碑的季度营收约是First Watch Restaurant Group, Inc.的1.9倍（$586.5M vs $316.4M），罗塞塔石碑同比增速更快（73.0% vs 20.2%），罗塞塔石碑自由现金流更多（$26.7M vs $-18.3M），过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
FWRG vs STEP — 直观对比
营收规模更大
STEP
是对方的1.9倍
$316.4M
营收增速更快
STEP
高出52.8%
20.2%
自由现金流更多
STEP
多$45.1M
$-18.3M
两年增速更快
STEP
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $586.5M |
| 净利润 | — | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 2.9% | -33.2% |
| 净利率 | — | -21.0% |
| 营收同比 | 20.2% | 73.0% |
| 净利润同比 | — | 35.7% |
| 每股收益（稀释后） | $0.24 | $-1.55 |
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FWRGSTEP
| Q4 25 | $316.4M | $586.5M | ||
| Q3 25 | $316.0M | $454.2M | ||
| Q2 25 | $307.9M | $364.3M | ||
| Q1 25 | $282.2M | $377.7M | ||
| Q4 24 | $263.3M | $339.0M | ||
| Q3 24 | $251.6M | $271.7M | ||
| Q2 24 | $258.6M | $186.4M | ||
| Q1 24 | $242.4M | $356.8M |
净利润FWRGSTEP
| Q4 25 | — | $-123.5M | ||
| Q3 25 | $3.0M | $-366.1M | ||
| Q2 25 | $2.1M | $-38.4M | ||
| Q1 25 | $-829.0K | $-18.5M | ||
| Q4 24 | — | $-192.0M | ||
| Q3 24 | $2.1M | $17.6M | ||
| Q2 24 | $8.9M | $13.3M | ||
| Q1 24 | $7.2M | $30.8M |
营业利润率FWRGSTEP
| Q4 25 | 2.9% | -33.2% | ||
| Q3 25 | 3.2% | -148.8% | ||
| Q2 25 | 2.4% | -5.6% | ||
| Q1 25 | 0.4% | 2.6% | ||
| Q4 24 | 1.5% | -101.7% | ||
| Q3 24 | 2.5% | 21.3% | ||
| Q2 24 | 6.4% | 29.4% | ||
| Q1 24 | 5.1% | 26.5% |
净利率FWRGSTEP
| Q4 25 | — | -21.0% | ||
| Q3 25 | 0.9% | -80.6% | ||
| Q2 25 | 0.7% | -10.5% | ||
| Q1 25 | -0.3% | -4.9% | ||
| Q4 24 | — | -56.6% | ||
| Q3 24 | 0.8% | 6.5% | ||
| Q2 24 | 3.4% | 7.2% | ||
| Q1 24 | 3.0% | 8.6% |
每股收益（稀释后）FWRGSTEP
| Q4 25 | $0.24 | $-1.55 | ||
| Q3 25 | $0.05 | $-4.66 | ||
| Q2 25 | $0.03 | $-0.49 | ||
| Q1 25 | $-0.01 | $-0.37 | ||
| Q4 24 | $0.01 | $-2.61 | ||
| Q3 24 | $0.03 | $0.26 | ||
| Q2 24 | $0.14 | $0.20 | ||
| Q1 24 | $0.12 | $0.47 |
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 | — |
| 总债务越低越好 | $269.1M | $270.2M |
| 股东权益账面价值 | $626.3M | $-378.8M |
| 总资产 | $1.7B | $5.2B |
| 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FWRGSTEP
| Q4 25 | $21.2M | — | ||
| Q3 25 | $20.7M | — | ||
| Q2 25 | $19.2M | — | ||
| Q1 25 | $18.6M | — | ||
| Q4 24 | $33.3M | — | ||
| Q3 24 | $51.1M | — | ||
| Q2 24 | $45.1M | — | ||
| Q1 24 | $43.2M | — |
总债务FWRGSTEP
| Q4 25 | $269.1M | $270.2M | ||
| Q3 25 | $251.0M | $269.9M | ||
| Q2 25 | $250.0M | $269.6M | ||
| Q1 25 | $191.5M | $269.3M | ||
| Q4 24 | $189.0M | $168.9M | ||
| Q3 24 | $189.7M | $172.3M | ||
| Q2 24 | $192.1M | $172.1M | ||
| Q1 24 | $122.7M | $148.8M |
股东权益FWRGSTEP
| Q4 25 | $626.3M | $-378.8M | ||
| Q3 25 | $607.3M | $-233.5M | ||
| Q2 25 | $601.3M | $153.9M | ||
| Q1 25 | $596.3M | $179.4M | ||
| Q4 24 | $595.4M | $209.8M | ||
| Q3 24 | $589.1M | $397.5M | ||
| Q2 24 | $585.8M | $366.9M | ||
| Q1 24 | $574.4M | $324.5M |
总资产FWRGSTEP
| Q4 25 | $1.7B | $5.2B | ||
| Q3 25 | $1.7B | $5.3B | ||
| Q2 25 | $1.7B | $4.8B | ||
| Q1 25 | $1.5B | $4.6B | ||
| Q4 24 | $1.5B | $4.3B | ||
| Q3 24 | $1.5B | $4.0B | ||
| Q2 24 | $1.4B | $3.8B | ||
| Q1 24 | $1.3B | $3.8B |
负债/权益比FWRGSTEP
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.42× | 1.75× | ||
| Q1 25 | 0.32× | 1.50× | ||
| Q4 24 | 0.32× | 0.81× | ||
| Q3 24 | 0.32× | 0.43× | ||
| Q2 24 | 0.33× | 0.47× | ||
| Q1 24 | 0.21× | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $26.7M |
| 自由现金流率自由现金流/营收 | -5.8% | 4.6% |
| 资本支出强度资本支出/营收 | 11.6% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流FWRGSTEP
| Q4 25 | $18.5M | $27.2M | ||
| Q3 25 | $47.9M | $16.2M | ||
| Q2 25 | $39.4M | $46.3M | ||
| Q1 25 | $20.1M | $-66.5M | ||
| Q4 24 | $22.9M | $27.6M | ||
| Q3 24 | $35.9M | $53.7M | ||
| Q2 24 | $31.9M | $50.2M | ||
| Q1 24 | $25.0M | $7.6M |
自由现金流FWRGSTEP
| Q4 25 | $-18.3M | $26.7M | ||
| Q3 25 | $5.5M | $15.9M | ||
| Q2 25 | $-1.7M | $45.2M | ||
| Q1 25 | $-16.4M | $-69.2M | ||
| Q4 24 | $-17.7M | $27.0M | ||
| Q3 24 | $6.8M | $52.4M | ||
| Q2 24 | $2.3M | $49.6M | ||
| Q1 24 | $-3.6M | $6.7M |
自由现金流率FWRGSTEP
| Q4 25 | -5.8% | 4.6% | ||
| Q3 25 | 1.7% | 3.5% | ||
| Q2 25 | -0.5% | 12.4% | ||
| Q1 25 | -5.8% | -18.3% | ||
| Q4 24 | -6.7% | 8.0% | ||
| Q3 24 | 2.7% | 19.3% | ||
| Q2 24 | 0.9% | 26.6% | ||
| Q1 24 | -1.5% | 1.9% |
资本支出强度FWRGSTEP
| Q4 25 | 11.6% | 0.1% | ||
| Q3 25 | 13.4% | 0.1% | ||
| Q2 25 | 13.4% | 0.3% | ||
| Q1 25 | 13.0% | 0.7% | ||
| Q4 24 | 15.4% | 0.2% | ||
| Q3 24 | 11.6% | 0.5% | ||
| Q2 24 | 11.5% | 0.3% | ||
| Q1 24 | 11.8% | 0.3% |
现金转化率FWRGSTEP
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.98× | 3.05× | ||
| Q2 24 | 3.59× | 3.76× | ||
| Q1 24 | 3.46× | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
