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First Watch Restaurant Group, Inc.（FWRG）与ONE Group Hospitality, Inc.（STKS）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ONE Group Hospitality, Inc.的1.5倍（$316.4M vs $207.0M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -6.7%），ONE Group Hospitality, Inc.自由现金流更多（$-329.0K vs $-18.3M），过去两年ONE Group Hospitality, Inc.的营收复合增速更高（56.1% 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。
该公司主营劳动力住宿供应，还提供模块化临时住宿服务，这类住宿可应用于油气、采矿作业、大型活动及救灾场景。公司总部位于得克萨斯州伍德兰兹，同时在北达科他州威利斯顿、科罗拉多州丹佛以及阿尔伯塔省卡尔加里设有办事处。
FWRG vs STKS — 直观对比
营收规模更大
FWRG
是对方的1.5倍
$207.0M
营收增速更快
FWRG
高出26.9%
-6.7%
自由现金流更多
STKS
多$18.0M
$-18.3M
两年增速更快
STKS
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $207.0M |
| 净利润 | — | $-6.4M |
| 毛利率 | — | — |
| 营业利润率 | 2.9% | 2.2% |
| 净利率 | — | -3.1% |
| 营收同比 | 20.2% | -6.7% |
| 净利润同比 | — | -531.8% |
| 每股收益（稀释后） | $0.24 | $-0.50 |
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FWRGSTKS
| Q4 25 | $316.4M | $207.0M | ||
| Q3 25 | $316.0M | $180.2M | ||
| Q2 25 | $307.9M | $207.4M | ||
| Q1 25 | $282.2M | $211.1M | ||
| Q4 24 | $263.3M | $221.9M | ||
| Q3 24 | $251.6M | $194.0M | ||
| Q2 24 | $258.6M | $172.5M | ||
| Q1 24 | $242.4M | $85.0M |
净利润FWRGSTKS
| Q4 25 | — | $-6.4M | ||
| Q3 25 | $3.0M | $-76.7M | ||
| Q2 25 | $2.1M | $-10.1M | ||
| Q1 25 | $-829.0K | $975.0K | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | $2.1M | $-9.3M | ||
| Q2 24 | $8.9M | $-7.3M | ||
| Q1 24 | $7.2M | $-2.1M |
营业利润率FWRGSTKS
| Q4 25 | 2.9% | 2.2% | ||
| Q3 25 | 3.2% | -4.4% | ||
| Q2 25 | 2.4% | 0.3% | ||
| Q1 25 | 0.4% | 5.1% | ||
| Q4 24 | 1.5% | 5.5% | ||
| Q3 24 | 2.5% | -1.9% | ||
| Q2 24 | 6.4% | 0.6% | ||
| Q1 24 | 5.1% | -0.7% |
净利率FWRGSTKS
| Q4 25 | — | -3.1% | ||
| Q3 25 | 0.9% | -42.6% | ||
| Q2 25 | 0.7% | -4.9% | ||
| Q1 25 | -0.3% | 0.5% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 0.8% | -4.8% | ||
| Q2 24 | 3.4% | -4.3% | ||
| Q1 24 | 3.0% | -2.4% |
每股收益（稀释后）FWRGSTKS
| Q4 25 | $0.24 | $-0.50 | ||
| Q3 25 | $0.05 | $-2.75 | ||
| Q2 25 | $0.03 | $-0.59 | ||
| Q1 25 | $-0.01 | $-0.21 | ||
| Q4 24 | $0.01 | $-0.18 | ||
| Q3 24 | $0.03 | $-0.53 | ||
| Q2 24 | $0.14 | $-0.38 | ||
| Q1 24 | $0.12 | $-0.07 |
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 | $4.2M |
| 总债务越低越好 | $269.1M | $354.2M |
| 股东权益账面价值 | $626.3M | $-75.8M |
| 总资产 | $1.7B | $884.2M |
| 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FWRGSTKS
| Q4 25 | $21.2M | $4.2M | ||
| Q3 25 | $20.7M | $5.5M | ||
| Q2 25 | $19.2M | $4.7M | ||
| Q1 25 | $18.6M | $21.4M | ||
| Q4 24 | $33.3M | $27.6M | ||
| Q3 24 | $51.1M | $28.2M | ||
| Q2 24 | $45.1M | $32.2M | ||
| Q1 24 | $43.2M | $15.4M |
总债务FWRGSTKS
| Q4 25 | $269.1M | $354.2M | ||
| Q3 25 | $251.0M | $355.0M | ||
| Q2 25 | $250.0M | $347.4M | ||
| Q1 25 | $191.5M | $348.3M | ||
| Q4 24 | $189.0M | $348.3M | ||
| Q3 24 | $189.7M | $349.1M | ||
| Q2 24 | $192.1M | $350.0M | ||
| Q1 24 | $122.7M | $73.5M |
股东权益FWRGSTKS
| Q4 25 | $626.3M | $-75.8M | ||
| Q3 25 | $607.3M | $-61.5M | ||
| Q2 25 | $601.3M | $23.0M | ||
| Q1 25 | $596.3M | $40.5M | ||
| Q4 24 | $595.4M | $45.9M | ||
| Q3 24 | $589.1M | $51.4M | ||
| Q2 24 | $585.8M | $68.1M | ||
| Q1 24 | $574.4M | $68.3M |
总资产FWRGSTKS
| Q4 25 | $1.7B | $884.2M | ||
| Q3 25 | $1.7B | $879.5M | ||
| Q2 25 | $1.7B | $935.7M | ||
| Q1 25 | $1.5B | $956.0M | ||
| Q4 24 | $1.5B | $960.1M | ||
| Q3 24 | $1.5B | $953.5M | ||
| Q2 24 | $1.4B | $945.9M | ||
| Q1 24 | $1.3B | $309.3M |
负债/权益比FWRGSTKS
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.42× | 15.07× | ||
| Q1 25 | 0.32× | 8.61× | ||
| Q4 24 | 0.32× | 7.59× | ||
| Q3 24 | 0.32× | 6.79× | ||
| Q2 24 | 0.33× | 5.14× | ||
| Q1 24 | 0.21× | 1.08× |
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 | $13.1M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $-329.0K |
| 自由现金流率自由现金流/营收 | -5.8% | -0.2% |
| 资本支出强度资本支出/营收 | 11.6% | 6.5% |
| 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 | $-27.3M |
8季度趋势，按日历期对齐
经营现金流FWRGSTKS
| Q4 25 | $18.5M | $13.1M | ||
| Q3 25 | $47.9M | $5.9M | ||
| Q2 25 | $39.4M | $2.8M | ||
| Q1 25 | $20.1M | $8.5M | ||
| Q4 24 | $22.9M | $18.5M | ||
| Q3 24 | $35.9M | $19.1M | ||
| Q2 24 | $31.9M | $-3.8M | ||
| Q1 24 | $25.0M | $10.4M |
自由现金流FWRGSTKS
| Q4 25 | $-18.3M | $-329.0K | ||
| Q3 25 | $5.5M | $-6.1M | ||
| Q2 25 | $-1.7M | $-15.0M | ||
| Q1 25 | $-16.4M | $-5.8M | ||
| Q4 24 | $-17.7M | $733.0K | ||
| Q3 24 | $6.8M | $287.0K | ||
| Q2 24 | $2.3M | $-23.0M | ||
| Q1 24 | $-3.6M | $-5.4M |
自由现金流率FWRGSTKS
| Q4 25 | -5.8% | -0.2% | ||
| Q3 25 | 1.7% | -3.4% | ||
| Q2 25 | -0.5% | -7.2% | ||
| Q1 25 | -5.8% | -2.7% | ||
| Q4 24 | -6.7% | 0.3% | ||
| Q3 24 | 2.7% | 0.1% | ||
| Q2 24 | 0.9% | -13.3% | ||
| Q1 24 | -1.5% | -6.4% |
资本支出强度FWRGSTKS
| Q4 25 | 11.6% | 6.5% | ||
| Q3 25 | 13.4% | 6.7% | ||
| Q2 25 | 13.4% | 8.6% | ||
| Q1 25 | 13.0% | 6.8% | ||
| Q4 24 | 15.4% | 8.0% | ||
| Q3 24 | 11.6% | 9.7% | ||
| Q2 24 | 11.5% | 11.1% | ||
| Q1 24 | 11.8% | 18.6% |
现金转化率FWRGSTKS
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | 8.76× | ||
| Q4 24 | — | 12.54× | ||
| 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% |
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
