vs
First Watch Restaurant Group, Inc.（FWRG）与Westrock Coffee Co（WEST）财务数据对比。点击上方公司名可切换其他公司
Westrock Coffee Co的季度营收约是First Watch Restaurant Group, Inc.的1.1倍（$339.5M vs $316.4M），Westrock Coffee Co同比增速更快（48.3% vs 20.2%），Westrock Coffee Co自由现金流更多（$27.8M vs $-18.3M），过去两年Westrock Coffee Co的营收复合增速更高（32.8% 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。
Westrock Coffee Co是一家全球化综合咖啡及饮品解决方案供应商，业务覆盖咖啡、茶与功能性饮品的采购、烘焙、生产及分销，为北美及全球其他区域的零售、餐饮和商业客户提供定制化产品及配套服务。
FWRG vs WEST — 直观对比
营收规模更大
WEST
是对方的1.1倍
$316.4M
营收增速更快
WEST
高出28.1%
20.2%
自由现金流更多
WEST
多$46.1M
$-18.3M
两年增速更快
WEST
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $339.5M |
| 净利润 | — | $-22.6M |
| 毛利率 | — | 11.5% |
| 营业利润率 | 2.9% | -2.6% |
| 净利率 | — | -6.6% |
| 营收同比 | 20.2% | 48.3% |
| 净利润同比 | — | 8.3% |
| 每股收益（稀释后） | $0.24 | $-0.22 |
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FWRGWEST
| Q4 25 | $316.4M | $339.5M | ||
| Q3 25 | $316.0M | $354.8M | ||
| Q2 25 | $307.9M | $280.9M | ||
| Q1 25 | $282.2M | $213.8M | ||
| Q4 24 | $263.3M | $229.0M | ||
| Q3 24 | $251.6M | $220.9M | ||
| Q2 24 | $258.6M | $208.4M | ||
| Q1 24 | $242.4M | $192.5M |
净利润FWRGWEST
| Q4 25 | — | $-22.6M | ||
| Q3 25 | $3.0M | $-19.1M | ||
| Q2 25 | $2.1M | $-21.6M | ||
| Q1 25 | $-829.0K | $-27.2M | ||
| Q4 24 | — | $-24.6M | ||
| Q3 24 | $2.1M | $-14.3M | ||
| Q2 24 | $8.9M | $-17.8M | ||
| Q1 24 | $7.2M | $-23.7M |
毛利率FWRGWEST
| Q4 25 | — | 11.5% | ||
| Q3 25 | — | 11.7% | ||
| Q2 25 | — | 14.7% | ||
| Q1 25 | — | 13.6% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 19.9% | ||
| Q1 24 | — | 19.4% |
营业利润率FWRGWEST
| Q4 25 | 2.9% | -2.6% | ||
| Q3 25 | 3.2% | -2.4% | ||
| Q2 25 | 2.4% | -5.3% | ||
| Q1 25 | 0.4% | -6.1% | ||
| Q4 24 | 1.5% | -4.3% | ||
| Q3 24 | 2.5% | -5.8% | ||
| Q2 24 | 6.4% | -7.9% | ||
| Q1 24 | 5.1% | -5.3% |
净利率FWRGWEST
| Q4 25 | — | -6.6% | ||
| Q3 25 | 0.9% | -5.4% | ||
| Q2 25 | 0.7% | -7.7% | ||
| Q1 25 | -0.3% | -12.7% | ||
| Q4 24 | — | -10.7% | ||
| Q3 24 | 0.8% | -6.5% | ||
| Q2 24 | 3.4% | -8.5% | ||
| Q1 24 | 3.0% | -12.3% |
每股收益（稀释后）FWRGWEST
| Q4 25 | $0.24 | $-0.22 | ||
| Q3 25 | $0.05 | $-0.20 | ||
| Q2 25 | $0.03 | $-0.23 | ||
| Q1 25 | $-0.01 | $-0.29 | ||
| Q4 24 | $0.01 | $-0.26 | ||
| Q3 24 | $0.03 | $-0.16 | ||
| Q2 24 | $0.14 | $-0.20 | ||
| Q1 24 | $0.12 | $-0.27 |
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 | $49.9M |
| 总债务越低越好 | $269.1M | $444.1M |
| 股东权益账面价值 | $626.3M | $-1.9M |
| 总资产 | $1.7B | $1.2B |
| 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FWRGWEST
| Q4 25 | $21.2M | $49.9M | ||
| Q3 25 | $20.7M | $34.0M | ||
| Q2 25 | $19.2M | $44.0M | ||
| Q1 25 | $18.6M | $33.1M | ||
| Q4 24 | $33.3M | $26.2M | ||
| Q3 24 | $51.1M | $22.4M | ||
| Q2 24 | $45.1M | $24.3M | ||
| Q1 24 | $43.2M | $12.6M |
总债务FWRGWEST
| Q4 25 | $269.1M | $444.1M | ||
| Q3 25 | $251.0M | — | ||
| Q2 25 | $250.0M | — | ||
| Q1 25 | $191.5M | — | ||
| Q4 24 | $189.0M | $393.1M | ||
| Q3 24 | $189.7M | — | ||
| Q2 24 | $192.1M | — | ||
| Q1 24 | $122.7M | — |
股东权益FWRGWEST
| Q4 25 | $626.3M | $-1.9M | ||
| Q3 25 | $607.3M | $11.4M | ||
| Q2 25 | $601.3M | $18.2M | ||
| Q1 25 | $596.3M | $71.4M | ||
| Q4 24 | $595.4M | $97.5M | ||
| Q3 24 | $589.1M | $110.3M | ||
| Q2 24 | $585.8M | $81.5M | ||
| Q1 24 | $574.4M | $91.7M |
总资产FWRGWEST
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.3B | $983.3M |
负债/权益比FWRGWEST
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | 4.03× | ||
| 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 | $36.7M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $27.8M |
| 自由现金流率自由现金流/营收 | -5.8% | 8.2% |
| 资本支出强度资本支出/营收 | 11.6% | 2.6% |
| 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 | $-107.8M |
8季度趋势，按日历期对齐
经营现金流FWRGWEST
| Q4 25 | $18.5M | $36.7M | ||
| Q3 25 | $47.9M | $-26.6M | ||
| Q2 25 | $39.4M | $-7.0M | ||
| Q1 25 | $20.1M | $-22.1M | ||
| Q4 24 | $22.9M | $2.8M | ||
| Q3 24 | $35.9M | $-332.0K | ||
| Q2 24 | $31.9M | $-23.7M | ||
| Q1 24 | $25.0M | $8.0M |
自由现金流FWRGWEST
| Q4 25 | $-18.3M | $27.8M | ||
| Q3 25 | $5.5M | $-44.7M | ||
| Q2 25 | $-1.7M | $-27.5M | ||
| Q1 25 | $-16.4M | $-63.4M | ||
| Q4 24 | $-17.7M | $-15.4M | ||
| Q3 24 | $6.8M | $-36.7M | ||
| Q2 24 | $2.3M | $-59.9M | ||
| Q1 24 | $-3.6M | $-60.9M |
自由现金流率FWRGWEST
| Q4 25 | -5.8% | 8.2% | ||
| Q3 25 | 1.7% | -12.6% | ||
| Q2 25 | -0.5% | -9.8% | ||
| Q1 25 | -5.8% | -29.7% | ||
| Q4 24 | -6.7% | -6.7% | ||
| Q3 24 | 2.7% | -16.6% | ||
| Q2 24 | 0.9% | -28.7% | ||
| Q1 24 | -1.5% | -31.7% |
资本支出强度FWRGWEST
| Q4 25 | 11.6% | 2.6% | ||
| Q3 25 | 13.4% | 5.1% | ||
| Q2 25 | 13.4% | 7.3% | ||
| Q1 25 | 13.0% | 19.3% | ||
| Q4 24 | 15.4% | 7.9% | ||
| Q3 24 | 11.6% | 16.5% | ||
| Q2 24 | 11.5% | 17.4% | ||
| Q1 24 | 11.8% | 35.8% |
现金转化率FWRGWEST
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | — | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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% |
WEST
| Coffee And Tea | $202.6M | 60% |
| Flavors Extracts And Ingredients | $69.6M | 21% |
| Sustainable Sourcing And Traceability Segments | $66.9M | 20% |
