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First Watch Restaurant Group, Inc.（FWRG）与WillScot Holdings Corp（WSC）财务数据对比。点击上方公司名可切换其他公司
WillScot Holdings Corp的季度营收约是First Watch Restaurant Group, Inc.的1.8倍（$566.0M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -6.1%），WillScot Holdings Corp自由现金流更多（$149.7M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs -1.8%）
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。
WillScot Holdings Corp是北美领先的模块化空间及便携式存储服务供应商，服务覆盖建筑、商业开发、教育、医疗、政府项目、特殊活动等多个领域，为客户提供灵活可扩展的临时及半永久空间解决方案。
FWRG vs WSC — 直观对比
营收规模更大
WSC
是对方的1.8倍
$316.4M
营收增速更快
FWRG
高出26.2%
-6.1%
自由现金流更多
WSC
多$168.1M
$-18.3M
两年增速更快
FWRG
近两年复合增速
-1.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $316.4M | $566.0M |
| 净利润 | — | $-187.3M |
| 毛利率 | — | 50.4% |
| 营业利润率 | 2.9% | -32.5% |
| 净利率 | — | -33.1% |
| 营收同比 | 20.2% | -6.1% |
| 净利润同比 | — | -310.0% |
| 每股收益（稀释后） | $0.24 | $-1.02 |
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FWRGWSC
| Q4 25 | $316.4M | $566.0M | ||
| Q3 25 | $316.0M | $566.8M | ||
| Q2 25 | $307.9M | $589.1M | ||
| Q1 25 | $282.2M | $559.6M | ||
| Q4 24 | $263.3M | $602.5M | ||
| Q3 24 | $251.6M | $601.4M | ||
| Q2 24 | $258.6M | $604.6M | ||
| Q1 24 | $242.4M | $587.2M |
净利润FWRGWSC
| Q4 25 | — | $-187.3M | ||
| Q3 25 | $3.0M | $43.3M | ||
| Q2 25 | $2.1M | $47.9M | ||
| Q1 25 | $-829.0K | $43.1M | ||
| Q4 24 | — | $89.2M | ||
| Q3 24 | $2.1M | $-70.5M | ||
| Q2 24 | $8.9M | $-46.9M | ||
| Q1 24 | $7.2M | $56.2M |
毛利率FWRGWSC
| Q4 25 | — | 50.4% | ||
| Q3 25 | — | 49.7% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 54.1% | ||
| Q1 24 | — | 54.0% |
营业利润率FWRGWSC
| Q4 25 | 2.9% | -32.5% | ||
| Q3 25 | 3.2% | 21.0% | ||
| Q2 25 | 2.4% | 21.5% | ||
| Q1 25 | 0.4% | 21.3% | ||
| Q4 24 | 1.5% | 28.9% | ||
| Q3 24 | 2.5% | -5.9% | ||
| Q2 24 | 6.4% | -0.9% | ||
| Q1 24 | 5.1% | 22.1% |
净利率FWRGWSC
| Q4 25 | — | -33.1% | ||
| Q3 25 | 0.9% | 7.6% | ||
| Q2 25 | 0.7% | 8.1% | ||
| Q1 25 | -0.3% | 7.7% | ||
| Q4 24 | — | 14.8% | ||
| Q3 24 | 0.8% | -11.7% | ||
| Q2 24 | 3.4% | -7.7% | ||
| Q1 24 | 3.0% | 9.6% |
每股收益（稀释后）FWRGWSC
| Q4 25 | $0.24 | $-1.02 | ||
| Q3 25 | $0.05 | $0.24 | ||
| Q2 25 | $0.03 | $0.26 | ||
| Q1 25 | $-0.01 | $0.23 | ||
| Q4 24 | $0.01 | $0.48 | ||
| Q3 24 | $0.03 | $-0.37 | ||
| Q2 24 | $0.14 | $-0.25 | ||
| Q1 24 | $0.12 | $0.29 |
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 | $14.6M |
| 总债务越低越好 | $269.1M | $3.6B |
| 股东权益账面价值 | $626.3M | $856.3M |
| 总资产 | $1.7B | $5.8B |
| 负债/权益比越低杠杆越低 | 0.43× | 4.15× |
8季度趋势，按日历期对齐
现金及短期投资FWRGWSC
| Q4 25 | $21.2M | $14.6M | ||
| Q3 25 | $20.7M | $14.8M | ||
| Q2 25 | $19.2M | $12.8M | ||
| Q1 25 | $18.6M | $10.7M | ||
| Q4 24 | $33.3M | $9.0M | ||
| Q3 24 | $51.1M | $11.0M | ||
| Q2 24 | $45.1M | $5.9M | ||
| Q1 24 | $43.2M | $13.1M |
总债务FWRGWSC
| Q4 25 | $269.1M | $3.6B | ||
| Q3 25 | $251.0M | $3.6B | ||
| Q2 25 | $250.0M | $3.7B | ||
| Q1 25 | $191.5M | $3.6B | ||
| Q4 24 | $189.0M | $3.7B | ||
| Q3 24 | $189.7M | $3.6B | ||
| Q2 24 | $192.1M | $3.5B | ||
| Q1 24 | $122.7M | $3.5B |
股东权益FWRGWSC
| Q4 25 | $626.3M | $856.3M | ||
| Q3 25 | $607.3M | $1.1B | ||
| Q2 25 | $601.3M | $1.0B | ||
| Q1 25 | $596.3M | $1.0B | ||
| Q4 24 | $595.4M | $1.0B | ||
| Q3 24 | $589.1M | $1.1B | ||
| Q2 24 | $585.8M | $1.2B | ||
| Q1 24 | $574.4M | $1.3B |
总资产FWRGWSC
| Q4 25 | $1.7B | $5.8B | ||
| Q3 25 | $1.7B | $6.1B | ||
| Q2 25 | $1.7B | $6.1B | ||
| Q1 25 | $1.5B | $6.0B | ||
| Q4 24 | $1.5B | $6.0B | ||
| Q3 24 | $1.5B | $6.0B | ||
| Q2 24 | $1.4B | $6.0B | ||
| Q1 24 | $1.3B | $6.2B |
负债/权益比FWRGWSC
| Q4 25 | 0.43× | 4.15× | ||
| Q3 25 | 0.41× | 3.39× | ||
| Q2 25 | 0.42× | 3.55× | ||
| Q1 25 | 0.32× | 3.56× | ||
| Q4 24 | 0.32× | 3.62× | ||
| Q3 24 | 0.32× | 3.42× | ||
| Q2 24 | 0.33× | 2.88× | ||
| Q1 24 | 0.21× | 2.63× |
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 | $158.9M |
| 自由现金流经营现金流 - 资本支出 | $-18.3M | $149.7M |
| 自由现金流率自由现金流/营收 | -5.8% | 26.5% |
| 资本支出强度资本支出/营收 | 11.6% | 1.6% |
| 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 | $737.7M |
8季度趋势，按日历期对齐
经营现金流FWRGWSC
| Q4 25 | $18.5M | $158.9M | ||
| Q3 25 | $47.9M | $191.2M | ||
| Q2 25 | $39.4M | $205.3M | ||
| Q1 25 | $20.1M | $206.6M | ||
| Q4 24 | $22.9M | $178.9M | ||
| Q3 24 | $35.9M | $-1.6M | ||
| Q2 24 | $31.9M | $175.6M | ||
| Q1 24 | $25.0M | $208.7M |
自由现金流FWRGWSC
| Q4 25 | $-18.3M | $149.7M | ||
| Q3 25 | $5.5M | $186.9M | ||
| Q2 25 | $-1.7M | $199.0M | ||
| Q1 25 | $-16.4M | $202.0M | ||
| Q4 24 | $-17.7M | $176.6M | ||
| Q3 24 | $6.8M | $-4.9M | ||
| Q2 24 | $2.3M | $169.4M | ||
| Q1 24 | $-3.6M | $202.1M |
自由现金流率FWRGWSC
| Q4 25 | -5.8% | 26.5% | ||
| Q3 25 | 1.7% | 33.0% | ||
| Q2 25 | -0.5% | 33.8% | ||
| Q1 25 | -5.8% | 36.1% | ||
| Q4 24 | -6.7% | 29.3% | ||
| Q3 24 | 2.7% | -0.8% | ||
| Q2 24 | 0.9% | 28.0% | ||
| Q1 24 | -1.5% | 34.4% |
资本支出强度FWRGWSC
| Q4 25 | 11.6% | 1.6% | ||
| Q3 25 | 13.4% | 0.7% | ||
| Q2 25 | 13.4% | 1.1% | ||
| Q1 25 | 13.0% | 0.8% | ||
| Q4 24 | 15.4% | 0.4% | ||
| Q3 24 | 11.6% | 0.6% | ||
| Q2 24 | 11.5% | 1.0% | ||
| Q1 24 | 11.8% | 1.1% |
现金转化率FWRGWSC
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | 4.41× | ||
| Q2 25 | 18.72× | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | 16.98× | — | ||
| Q2 24 | 3.59× | — | ||
| Q1 24 | 3.46× | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
