vs
First Watch Restaurant Group, Inc.（FWRG）与Tyler Technologies（TYL）财务数据对比。点击上方公司名可切换其他公司
Tyler Technologies的季度营收约是First Watch Restaurant Group, Inc.的1.8倍（$575.2M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 6.3%），Tyler Technologies自由现金流更多（$239.6M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs 6.0%）
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。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
FWRG vs TYL — 直观对比
营收规模更大
TYL
是对方的1.8倍
$316.4M
营收增速更快
FWRG
高出13.9%
6.3%
自由现金流更多
TYL
多$257.9M
$-18.3M
两年增速更快
FWRG
近两年复合增速
6.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $575.2M |
| 净利润 | — | $65.5M |
| 毛利率 | — | 45.5% |
| 营业利润率 | 2.9% | 13.0% |
| 净利率 | — | 11.4% |
| 营收同比 | 20.2% | 6.3% |
| 净利润同比 | — | 0.5% |
| 每股收益（稀释后） | $0.24 | $1.50 |
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FWRGTYL
| Q4 25 | $316.4M | $575.2M | ||
| Q3 25 | $316.0M | $595.9M | ||
| Q2 25 | $307.9M | $596.1M | ||
| Q1 25 | $282.2M | $565.2M | ||
| Q4 24 | $263.3M | $541.1M | ||
| Q3 24 | $251.6M | $543.3M | ||
| Q2 24 | $258.6M | $541.0M | ||
| Q1 24 | $242.4M | $512.4M |
净利润FWRGTYL
| Q4 25 | — | $65.5M | ||
| Q3 25 | $3.0M | $84.4M | ||
| Q2 25 | $2.1M | $84.6M | ||
| Q1 25 | $-829.0K | $81.1M | ||
| Q4 24 | — | $65.2M | ||
| Q3 24 | $2.1M | $75.9M | ||
| Q2 24 | $8.9M | $67.7M | ||
| Q1 24 | $7.2M | $54.2M |
毛利率FWRGTYL
| Q4 25 | — | 45.5% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 45.8% | ||
| Q1 25 | — | 47.3% | ||
| Q4 24 | — | 43.8% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 44.0% | ||
| Q1 24 | — | 43.7% |
营业利润率FWRGTYL
| Q4 25 | 2.9% | 13.0% | ||
| Q3 25 | 3.2% | 16.4% | ||
| Q2 25 | 2.4% | 16.0% | ||
| Q1 25 | 0.4% | 15.8% | ||
| Q4 24 | 1.5% | 13.2% | ||
| Q3 24 | 2.5% | 15.2% | ||
| Q2 24 | 6.4% | 14.4% | ||
| Q1 24 | 5.1% | 13.1% |
净利率FWRGTYL
| Q4 25 | — | 11.4% | ||
| Q3 25 | 0.9% | 14.2% | ||
| Q2 25 | 0.7% | 14.2% | ||
| Q1 25 | -0.3% | 14.3% | ||
| Q4 24 | — | 12.1% | ||
| Q3 24 | 0.8% | 14.0% | ||
| Q2 24 | 3.4% | 12.5% | ||
| Q1 24 | 3.0% | 10.6% |
每股收益（稀释后）FWRGTYL
| Q4 25 | $0.24 | $1.50 | ||
| Q3 25 | $0.05 | $1.93 | ||
| Q2 25 | $0.03 | $1.93 | ||
| Q1 25 | $-0.01 | $1.84 | ||
| Q4 24 | $0.01 | $1.48 | ||
| Q3 24 | $0.03 | $1.74 | ||
| Q2 24 | $0.14 | $1.57 | ||
| Q1 24 | $0.12 | $1.26 |
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 | $1.1B |
| 总债务越低越好 | $269.1M | $599.7M |
| 股东权益账面价值 | $626.3M | $3.7B |
| 总资产 | $1.7B | $5.6B |
| 负债/权益比越低杠杆越低 | 0.43× | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资FWRGTYL
| Q4 25 | $21.2M | $1.1B | ||
| Q3 25 | $20.7M | $950.8M | ||
| Q2 25 | $19.2M | $892.3M | ||
| Q1 25 | $18.6M | $807.4M | ||
| Q4 24 | $33.3M | $768.0M | ||
| Q3 24 | $51.1M | $544.3M | ||
| Q2 24 | $45.1M | $258.0M | ||
| Q1 24 | $43.2M | $196.9M |
总债务FWRGTYL
| Q4 25 | $269.1M | $599.7M | ||
| Q3 25 | $251.0M | $599.2M | ||
| Q2 25 | $250.0M | $598.8M | ||
| Q1 25 | $191.5M | $598.4M | ||
| Q4 24 | $189.0M | $597.9M | ||
| Q3 24 | $189.7M | $597.5M | ||
| Q2 24 | $192.1M | $597.1M | ||
| Q1 24 | $122.7M | $596.6M |
股东权益FWRGTYL
| Q4 25 | $626.3M | $3.7B | ||
| Q3 25 | $607.3M | $3.6B | ||
| Q2 25 | $601.3M | $3.6B | ||
| Q1 25 | $596.3M | $3.5B | ||
| Q4 24 | $595.4M | $3.4B | ||
| Q3 24 | $589.1M | $3.3B | ||
| Q2 24 | $585.8M | $3.1B | ||
| Q1 24 | $574.4M | $3.0B |
总资产FWRGTYL
| Q4 25 | $1.7B | $5.6B | ||
| Q3 25 | $1.7B | $5.5B | ||
| Q2 25 | $1.7B | $5.4B | ||
| Q1 25 | $1.5B | $5.2B | ||
| Q4 24 | $1.5B | $5.2B | ||
| Q3 24 | $1.5B | $5.0B | ||
| Q2 24 | $1.4B | $4.8B | ||
| Q1 24 | $1.3B | $4.6B |
负债/权益比FWRGTYL
| Q4 25 | 0.43× | 0.16× | ||
| Q3 25 | 0.41× | 0.17× | ||
| Q2 25 | 0.42× | 0.16× | ||
| Q1 25 | 0.32× | 0.17× | ||
| Q4 24 | 0.32× | 0.18× | ||
| Q3 24 | 0.32× | 0.18× | ||
| Q2 24 | 0.33× | 0.19× | ||
| Q1 24 | 0.21× | 0.20× |
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 | $243.9M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $239.6M |
| 自由现金流率自由现金流/营收 | -5.8% | 41.7% |
| 资本支出强度资本支出/营收 | 11.6% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 3.72× |
| 过去12个月自由现金流最近4个季度 | $-31.0M | $637.5M |
8季度趋势，按日历期对齐
经营现金流FWRGTYL
| Q4 25 | $18.5M | $243.9M | ||
| Q3 25 | $47.9M | $255.2M | ||
| Q2 25 | $39.4M | $98.3M | ||
| Q1 25 | $20.1M | $56.2M | ||
| Q4 24 | $22.9M | $224.8M | ||
| Q3 24 | $35.9M | $263.7M | ||
| Q2 24 | $31.9M | $64.3M | ||
| Q1 24 | $25.0M | $71.8M |
自由现金流FWRGTYL
| Q4 25 | $-18.3M | $239.6M | ||
| Q3 25 | $5.5M | $251.3M | ||
| Q2 25 | $-1.7M | $92.8M | ||
| Q1 25 | $-16.4M | $53.8M | ||
| Q4 24 | $-17.7M | $221.0M | ||
| Q3 24 | $6.8M | $260.8M | ||
| Q2 24 | $2.3M | $57.7M | ||
| Q1 24 | $-3.6M | $64.6M |
自由现金流率FWRGTYL
| Q4 25 | -5.8% | 41.7% | ||
| Q3 25 | 1.7% | 42.2% | ||
| Q2 25 | -0.5% | 15.6% | ||
| Q1 25 | -5.8% | 9.5% | ||
| Q4 24 | -6.7% | 40.8% | ||
| Q3 24 | 2.7% | 48.0% | ||
| Q2 24 | 0.9% | 10.7% | ||
| Q1 24 | -1.5% | 12.6% |
资本支出强度FWRGTYL
| Q4 25 | 11.6% | 0.8% | ||
| Q3 25 | 13.4% | 0.7% | ||
| Q2 25 | 13.4% | 0.9% | ||
| Q1 25 | 13.0% | 0.4% | ||
| Q4 24 | 15.4% | 0.7% | ||
| Q3 24 | 11.6% | 0.5% | ||
| Q2 24 | 11.5% | 1.2% | ||
| Q1 24 | 11.8% | 1.4% |
现金转化率FWRGTYL
| Q4 25 | — | 3.72× | ||
| Q3 25 | 16.01× | 3.02× | ||
| Q2 25 | 18.72× | 1.16× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 3.45× | ||
| Q3 24 | 16.98× | 3.47× | ||
| Q2 24 | 3.59× | 0.95× | ||
| Q1 24 | 3.46× | 1.33× |
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% |
TYL
| Saas Arrangements | $186.1M | 32% |
| Platform Technologies Segment | $143.3M | 25% |
| Maintenance | $109.4M | 19% |
| Professional Services | $55.3M | 10% |
| Nonrecurring Revenue | $51.3M | 9% |
| Other | $21.4M | 4% |
| Hardware And Other | $8.4M | 1% |
