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First Watch Restaurant Group, Inc.（FWRG）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
STARWOOD PROPERTY TRUST, INC.的季度营收约是First Watch Restaurant Group, Inc.的1.6倍（$492.9M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 8.5%），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs -2.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
FWRG vs STWD — 直观对比
营收规模更大
STWD
是对方的1.6倍
$316.4M
营收增速更快
FWRG
高出11.7%
8.5%
两年增速更快
FWRG
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $492.9M |
| 净利润 | — | $96.9M |
| 毛利率 | — | — |
| 营业利润率 | 2.9% | 26.6% |
| 净利率 | — | 19.7% |
| 营收同比 | 20.2% | 8.5% |
| 净利润同比 | — | 87.7% |
| 每股收益（稀释后） | $0.24 | $0.25 |
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FWRGSTWD
| Q4 25 | $316.4M | $492.9M | ||
| Q3 25 | $316.0M | $488.9M | ||
| Q2 25 | $307.9M | $444.3M | ||
| Q1 25 | $282.2M | $418.2M | ||
| Q4 24 | $263.3M | $454.4M | ||
| Q3 24 | $251.6M | $479.5M | ||
| Q2 24 | $258.6M | $489.8M | ||
| Q1 24 | $242.4M | $523.1M |
净利润FWRGSTWD
| Q4 25 | — | $96.9M | ||
| Q3 25 | $3.0M | $72.6M | ||
| Q2 25 | $2.1M | $129.8M | ||
| Q1 25 | $-829.0K | $112.3M | ||
| Q4 24 | — | $51.6M | ||
| Q3 24 | $2.1M | $76.1M | ||
| Q2 24 | $8.9M | $77.9M | ||
| Q1 24 | $7.2M | $154.3M |
营业利润率FWRGSTWD
| Q4 25 | 2.9% | 26.6% | ||
| Q3 25 | 3.2% | 19.1% | ||
| Q2 25 | 2.4% | 30.5% | ||
| Q1 25 | 0.4% | 28.7% | ||
| Q4 24 | 1.5% | 15.1% | ||
| Q3 24 | 2.5% | 17.2% | ||
| Q2 24 | 6.4% | 19.1% | ||
| Q1 24 | 5.1% | 30.8% |
净利率FWRGSTWD
| Q4 25 | — | 19.7% | ||
| Q3 25 | 0.9% | 14.8% | ||
| Q2 25 | 0.7% | 29.2% | ||
| Q1 25 | -0.3% | 26.8% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | 0.8% | 15.9% | ||
| Q2 24 | 3.4% | 15.9% | ||
| Q1 24 | 3.0% | 29.5% |
每股收益（稀释后）FWRGSTWD
| Q4 25 | $0.24 | $0.25 | ||
| Q3 25 | $0.05 | $0.19 | ||
| Q2 25 | $0.03 | $0.38 | ||
| Q1 25 | $-0.01 | $0.33 | ||
| Q4 24 | $0.01 | $0.15 | ||
| Q3 24 | $0.03 | $0.23 | ||
| Q2 24 | $0.14 | $0.24 | ||
| Q1 24 | $0.12 | $0.48 |
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 | $499.5M |
| 总债务越低越好 | $269.1M | — |
| 股东权益账面价值 | $626.3M | $6.8B |
| 总资产 | $1.7B | $63.2B |
| 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FWRGSTWD
| Q4 25 | $21.2M | $499.5M | ||
| Q3 25 | $20.7M | $301.1M | ||
| Q2 25 | $19.2M | $259.9M | ||
| Q1 25 | $18.6M | $440.6M | ||
| Q4 24 | $33.3M | $377.8M | ||
| Q3 24 | $51.1M | $357.9M | ||
| Q2 24 | $45.1M | $259.3M | ||
| Q1 24 | $43.2M | $327.4M |
总债务FWRGSTWD
| 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 | — | ||
| Q1 24 | $122.7M | — |
股东权益FWRGSTWD
| Q4 25 | $626.3M | $6.8B | ||
| Q3 25 | $607.3M | $6.9B | ||
| Q2 25 | $601.3M | $6.4B | ||
| Q1 25 | $596.3M | $6.4B | ||
| Q4 24 | $595.4M | $6.4B | ||
| Q3 24 | $589.1M | $6.5B | ||
| Q2 24 | $585.8M | $6.2B | ||
| Q1 24 | $574.4M | $6.3B |
总资产FWRGSTWD
| Q4 25 | $1.7B | $63.2B | ||
| Q3 25 | $1.7B | $62.4B | ||
| Q2 25 | $1.7B | $62.4B | ||
| Q1 25 | $1.5B | $62.2B | ||
| Q4 24 | $1.5B | $62.6B | ||
| Q3 24 | $1.5B | $64.2B | ||
| Q2 24 | $1.4B | $64.1B | ||
| Q1 24 | $1.3B | $66.2B |
负债/权益比FWRGSTWD
| 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× | — | ||
| 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 | $488.8M |
| 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 | — | 5.04× |
| 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FWRGSTWD
| Q4 25 | $18.5M | $488.8M | ||
| Q3 25 | $47.9M | $337.6M | ||
| Q2 25 | $39.4M | $-87.4M | ||
| Q1 25 | $20.1M | $238.9M | ||
| Q4 24 | $22.9M | $295.6M | ||
| Q3 24 | $35.9M | $241.8M | ||
| Q2 24 | $31.9M | $53.3M | ||
| Q1 24 | $25.0M | $55.9M |
自由现金流FWRGSTWD
| 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 | — | ||
| Q1 24 | $-3.6M | — |
自由现金流率FWRGSTWD
| 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% | — | ||
| Q1 24 | -1.5% | — |
资本支出强度FWRGSTWD
| 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% | — | ||
| Q1 24 | 11.8% | — |
现金转化率FWRGSTWD
| Q4 25 | — | 5.04× | ||
| Q3 25 | 16.01× | 4.65× | ||
| Q2 25 | 18.72× | -0.67× | ||
| Q1 25 | — | 2.13× | ||
| Q4 24 | — | 5.72× | ||
| Q3 24 | 16.98× | 3.18× | ||
| Q2 24 | 3.59× | 0.68× | ||
| Q1 24 | 3.46× | 0.36× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
