First Watch Restaurant Group, Inc. (FWRG) 10-Year Financial Performance & Capital Metrics

FWRG • • Industrial / General

Consumer CyclicalRestaurantsCasual DiningFamily & Diner Casual

AboutFirst Watch Restaurant Group, Inc. operates and franchises restaurants under the First Watch trade name. As of March 23, 2022, it operated 341 company-owned restaurants and 94 franchised restaurants in 28 states in the United States. The company was formerly known as AI Fresh Super Holdco, Inc. and changed its name to First Watch Restaurant Group, Inc. in December 2019. First Watch Restaurant Group, Inc. was founded in 1983 and is headquartered in Bradenton, Florida.Show more

Revenue $1.02B +13.9%
EBITDA $97M +17.1%
Net Income $19M -25.4%
EPS (Diluted) 0.30 -26.8%
Gross Margin 78.04% +266.0%
EBITDA Margin 9.51% +2.8%
Operating Margin 3.83% -17.3%
Net Margin 1.86% -34.6%
ROE 3.27% -30.1%
ROIC 2.34% -20.5%
Debt/Equity 1.36 +25.7%
Interest Coverage 3.08 -39.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.4%

✗Weaknesses

✗Weak 3Y average ROE of 3.1%
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y18.41%

3Y19.11%

TTM14.53%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-88.95%

EPS CAGR

10Y-

5Y-

3Y-

TTM-84.73%

ROCE

10Y Avg0.21%

5Y Avg1.17%

3Y Avg2.88%

Latest3.08%

Peer Comparison

Family & Diner Casual

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BJRIBJ's Restaurants, Inc.	961.63M	45.50	65	1.81%	1.99%	7.12%	2.56%	1.35
FWRGFirst Watch Restaurant Group, Inc.	1.02B	16.72	55.73	13.95%	0.24%	0.44%		1.36
DRIDarden Restaurants, Inc.	24.68B	214.33	24.19	6.03%	8.9%	49.43%	4.19%	2.70
EATBrinker International, Inc.	7.41B	166.71	20.04	21.95%	7.94%	129.14%	5.59%	4.57
CAKEThe Cheesecake Factory Incorporated	3.03B	60.75	18.98	4.13%	4.33%	39.63%	3.57%	4.30
CBRLCracker Barrel Old Country Store, Inc.	819.44M	36.70	17.82	0.37%	1.33%	10.05%	7.35%	2.44
DENNDenny's Corporation	322.38M	6.26	15.27	-2.5%	3.53%		0.28%
BDLFlanigan's Enterprises, Inc.	59.59M	32.06	11.83	8.99%	2.45%	6.36%	7.85%	0.60

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	349.77M	436.37M	342.39M	601.19M	730.16M	891.55M	1.02B
Revenue Growth %	-	0.25%	-0.22%	0.76%	0.21%	0.22%	0.14%
Cost of Goods Sold+	278.4M	348.96M	312.51M	476.96M	590.63M	701.43M	223.1M
COGS % of Revenue	0.8%	0.8%	0.91%	0.79%	0.81%	0.79%	0.22%
Gross Profit+	71.36M	87.41M	29.88M	124.23M	139.53M	190.12M	792.81M
Gross Margin %	0.2%	0.2%	0.09%	0.21%	0.19%	0.21%	0.78%
Gross Profit Growth %	-	0.22%	-0.66%	3.16%	0.12%	0.36%	3.17%
Operating Expenses+	68.13M	124.97M	77.1M	101.99M	122.62M	148.85M	753.91M
OpEx % of Revenue	0.19%	0.29%	0.23%	0.17%	0.17%	0.17%	0.74%
Selling, General & Admin	37.53M	55.82M	46.32M	70.39M	84.96M	103.12M	113.27M
SG&A % of Revenue	0.11%	0.13%	0.14%	0.12%	0.12%	0.12%	0.11%
Research & Development	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-
Other Operating Expenses	30.6M	69.15M	30.78M	31.6M	37.66M	45.73M	640.64M
Operating Income+	3.23M	-37.56M	-47.22M	22.24M	16.91M	41.27M	38.91M
Operating Margin %	0.01%	-0.09%	-0.14%	0.04%	0.02%	0.05%	0.04%
Operating Income Growth %	-	-12.62%	-0.26%	1.47%	-0.24%	1.44%	-0.06%
EBITDA+	29.36M	-9.53M	-16.5M	54.62M	51.14M	82.49M	96.62M
EBITDA Margin %	0.08%	-0.02%	-0.05%	0.09%	0.07%	0.09%	0.1%
EBITDA Growth %	-	-1.32%	-0.73%	4.31%	-0.06%	0.61%	0.17%
D&A (Non-Cash Add-back)	26.12M	28.03M	30.73M	32.38M	34.23M	41.22M	57.72M
EBIT	7.71M	-37.81M	-46.74M	20.47M	17.82M	44.14M	40.67M
Net Interest Income+	0	-20.08M	-22.82M	-20.1M	-5.23M	-8.06M	-12.64M
Interest Income	0	0	0	0	0	0	0
Interest Expense	0	20.08M	22.82M	20.1M	5.23M	8.06M	12.64M
Other Income/Expense	-15.76M	-20.34M	-22.33M	-21.87M	-4.32M	-5.19M	-10.88M
Pretax Income+	-12.52M	-57.89M	-69.55M	370K	12.59M	36.08M	28.03M
Pretax Margin %	-0.04%	-0.13%	-0.2%	0%	0.02%	0.04%	0.03%
Income Tax+	-221K	-12.42M	-19.87M	2.48M	5.68M	10.69M	9.1M
Effective Tax Rate %	0.98%	0.78%	0.71%	-5.69%	0.55%	0.7%	0.68%
Net Income+	-12.3M	-45.44M	-49.68M	-2.11M	6.91M	25.39M	18.93M
Net Margin %	-0.04%	-0.1%	-0.15%	-0%	0.01%	0.03%	0.02%
Net Income Growth %	-	-2.7%	-0.09%	0.96%	4.28%	2.68%	-0.25%
Net Income (Continuing)	-12.3M	-45.47M	-49.68M	-2.11M	6.91M	25.39M	18.93M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	250K	0	0	0	0	0	0
EPS (Diluted)+	-0.27	-0.79	-0.86	-0.04	0.11	0.41	0.30
EPS Growth %	-	-1.93%	-0.09%	0.95%	3.75%	2.73%	-0.27%
EPS (Basic)	-0.27	-0.79	-0.86	-0.04	0.12	0.43	0.31
Diluted Shares Outstanding	45.01M	58.51M	58.51M	48.21M	60.14M	61.19M	62.35M
Basic Shares Outstanding	45.01M	57.63M	57.63M	48.21M	59.1M	59.53M	60.37M
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	29.44M	24.24M	49.04M	67.7M	67.29M	71.19M	55.88M
Cash & Short-Term Investments	16.28M	11.12M	38.85M	51.86M	49.67M	49.63M	33.31M
Cash Only	16.28M	11.12M	38.85M	51.86M	49.67M	49.63M	33.31M
Short-Term Investments	0	0	0	0	0	0	0
Accounts Receivable	1.91M	5.74M	3.92M	4.45M	6.16M	5.53M	7.24M
Days Sales Outstanding	1.99	4.8	4.17	2.7	3.08	2.26	2.6
Inventory	2.14M	2.71M	2.92M	4.02M	5.03M	5.38M	6.12M
Days Inventory Outstanding	2.8	2.84	3.4	3.08	3.11	2.8	10.01
Other Current Assets	4.29M	1.56M	872K	1.68M	624K	3.15M	2.2M
Total Non-Current Assets+	635.07M	957.84M	958.47M	979.22M	1.04B	1.2B	1.46B
Property, Plant & Equipment	124.76M	466.85M	468.3M	489.69M	547.49M	683.08M	889.07M
Fixed Asset Turnover	2.80x	0.93x	0.73x	1.23x	1.33x	1.31x	1.14x
Goodwill	330.83M	345.22M	345.22M	345.22M	345.22M	359.88M	398.56M
Intangible Assets	178.25M	144.56M	143.66M	143M	143.15M	151.19M	167.6M
Long-Term Investments	0	0	0	0	0	0	0
Other Non-Current Assets	1.23M	1.21M	1.29M	1.31M	1.3M	1.7M	3.25M
Total Assets+	664.51M	982.08M	1.01B	1.05B	1.1B	1.27B	1.51B
Asset Turnover	0.53x	0.44x	0.34x	0.57x	0.66x	0.70x	0.67x
Asset Growth %	-	0.48%	0.03%	0.04%	0.05%	0.15%	0.2%
Total Current Liabilities+	36.9M	73.02M	76.53M	96.52M	99.98M	115.07M	138.47M
Accounts Payable	5.56M	5.09M	4.22M	11.06M	7.59M	6.32M	6.96M
Days Payables Outstanding	7.29	5.32	4.93	8.46	4.69	3.29	11.39
Short-Term Debt	1.9M	2.97M	3.59M	5.54M	7.63M	5.63M	9.23M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	10.88M	13.05M	12.15M	22.55M	19.43M	23.3M	23.87M
Current Ratio	0.80x	0.33x	0.64x	0.70x	0.67x	0.62x	0.40x
Quick Ratio	0.74x	0.29x	0.60x	0.66x	0.62x	0.57x	0.36x
Cash Conversion Cycle	-2.5	2.32	2.65	-2.68	1.5	1.77	1.22
Total Non-Current Liabilities+	252.93M	579.27M	610.11M	445.96M	481.33M	590.69M	780.5M
Long-Term Debt	188.61M	250.4M	286.4M	99.75M	94.67M	119.77M	189.04M
Capital Lease Obligations	4.54M	295.63M	307.8M	330.5M	366.11M	441.29M	555.58M
Deferred Tax Liabilities	0	30.3M	13.65M	12.49M	17.17M	25.33M	32.22M
Other Non-Current Liabilities	59.79M	2.93M	2.27M	3.23M	3.38M	4.3M	3.66M
Total Liabilities	289.84M	652.28M	686.65M	542.49M	581.31M	705.76M	918.97M
Total Debt+	195.04M	576.44M	637.9M	473.97M	507.35M	606.97M	809.55M
Net Debt	178.76M	565.32M	599.06M	422.11M	457.68M	557.33M	776.24M
Debt / Equity	0.52x	1.75x	1.99x	0.94x	0.97x	1.08x	1.36x
Debt / EBITDA	6.64x	-	-	8.68x	9.92x	7.36x	8.38x
Net Debt / EBITDA	6.09x	-	-	7.73x	8.95x	6.76x	8.03x
Interest Coverage	-	-1.87x	-2.07x	1.11x	3.23x	5.12x	3.08x
Total Equity+	374.67M	329.8M	320.87M	504.43M	523.13M	561.28M	595.39M
Equity Growth %	-	-0.12%	-0.03%	0.57%	0.04%	0.07%	0.06%
Book Value per Share	8.32	5.64	5.48	10.46	8.70	9.17	9.55
Total Shareholders' Equity	374.42M	329.8M	320.87M	504.43M	523.13M	561.28M	595.39M
Common Stock	38K	450K	450K	590K	592K	599K	607K
Retained Earnings	-7.69M	-53.25M	-102.93M	-105.04M	-98.13M	-72.75M	-53.82M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	-667K	-441K
Minority Interest	250K	0	0	0	0	0	0

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	30.77M	21.46M	-18.36M	62.97M	62.94M	95.34M	115.67M
Operating CF Margin %	0.09%	0.05%	-0.05%	0.1%	0.09%	0.11%	0.11%
Operating CF Growth %	-	-0.3%	-1.86%	4.43%	-0%	0.51%	0.21%
Net Income	-12.3M	-45.47M	-49.68M	-2.11M	6.91M	25.39M	18.93M
Depreciation & Amortization	26.12M	28.03M	30.73M	32.38M	34.23M	41.22M	57.72M
Stock-Based Compensation	1.3M	1.16M	750K	8.6M	10.37M	7.6M	8.53M
Deferred Taxes	-538K	-12.56M	-19.99M	2.18M	4.68M	8.31M	6.82M
Other Non-Cash Items	5.57M	45.34M	13.32M	15.96M	17.18M	20.09M	28M
Working Capital Changes	10.07M	4.97M	6.51M	5.96M	-10.44M	-7.27M	-4.31M
Change in Receivables	-332K	-3.19M	1.83M	-535K	-1.71M	632K	-1.7M
Change in Inventory	-432K	-439K	-203K	-1.11M	-1M	-62K	-508K
Change in Payables	0	-740K	-866K	6.7M	-3.47M	-1.3M	637K
Cash from Investing+	-51.9M	-82.39M	-26.97M	-35.68M	-63.11M	-123.37M	-206.65M
Capital Expenditures	-37.73M	-59.17M	-26.97M	-35.68M	-63.33M	-84.69M	-128.05M
CapEx % of Revenue	0.11%	0.14%	0.08%	0.06%	0.09%	0.09%	0.13%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	-14.17M	0	0	0	219K	1.2M	34K
Cash from Financing+	30.28M	55.76M	73.31M	-14.27M	-2.02M	28.07M	74.33M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	0	-1.14M	0	-7.12M	1.35M	5.63M	-2.81M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	-6.95M	-37.7M	-45.34M	27.29M	-393K	10.65M	-12.28M
FCF Margin %	-0.02%	-0.09%	-0.13%	0.05%	-0%	0.01%	-0.01%
FCF Growth %	-	-4.42%	-0.2%	1.6%	-1.01%	28.1%	-2.15%
FCF per Share	-0.15	-0.64	-0.77	0.57	-0.01	0.17	-0.20
FCF Conversion (FCF/Net Income)	-2.50x	-0.47x	0.37x	-29.89x	9.11x	3.76x	6.11x
Interest Paid	0	18.93M	19.82M	16.15M	3.37M	8.72M	12.33M
Taxes Paid	0	152K	163K	79K	915K	1.95M	3.11M

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-3.28%	-12.9%	-15.27%	-0.51%	1.34%	4.68%	3.27%
Return on Invested Capital (ROIC)	0.44%	-3.89%	-3.9%	1.81%	1.33%	2.95%	2.34%
Gross Margin	20.4%	20.03%	8.73%	20.66%	19.11%	21.32%	78.04%
Net Margin	-3.52%	-10.41%	-14.51%	-0.35%	0.95%	2.85%	1.86%
Debt / Equity	0.52x	1.75x	1.99x	0.94x	0.97x	1.08x	1.36x
Interest Coverage	-	-1.87x	-2.07x	1.11x	3.23x	5.12x	3.08x
FCF Conversion	-2.50x	-0.47x	0.37x	-29.89x	9.11x	3.76x	6.11x
Revenue Growth	-	24.76%	-21.54%	75.59%	21.45%	22.1%	13.95%

Revenue by Segment

	2021	2022	2023	2024
Franchisor Owned Outlet	592.34M	719.18M	877.09M	1B
Franchisor Owned Outlet Growth	-	21.41%	21.96%	14.51%
In-Restaurant Dining Sales	452.99M	571.05M	716.96M	829.05M
In-Restaurant Dining Sales Growth	-	26.06%	25.55%	15.63%
Third-Party Delivery Sales	70.49M	82.05M	91.43M	97.44M
Third-Party Delivery Sales Growth	-	16.40%	11.44%	6.57%
Take-Out Sales	68.87M	66.08M	68.7M	77.86M
Take-Out Sales Growth	-	-4.04%	3.96%	13.34%
Franchise	8.85M	10.98M	14.46M	11.55M
Franchise Growth	-	24.08%	31.67%	-20.08%
Royalty And System Fund Contributions	8.57M	10.68M	13.46M	10.86M
Royalty And System Fund Contributions Growth	-	24.58%	26.03%	-19.31%
Initial Fees	275K	298K	388K	278K
Initial Fees Growth	-	8.36%	30.20%	-28.35%

Frequently Asked Questions

Valuation & Price

First Watch Restaurant Group, Inc. (FWRG) has a price-to-earnings (P/E) ratio of 55.7x. This suggests investors expect higher future growth.

Growth & Financials

First Watch Restaurant Group, Inc. (FWRG) reported $1.11B in revenue for fiscal year 2024. This represents a 216% increase from $349.8M in 2018.

First Watch Restaurant Group, Inc. (FWRG) grew revenue by 13.9% over the past year. This is steady growth.

Yes, First Watch Restaurant Group, Inc. (FWRG) is profitable, generating $2.7M in net income for fiscal year 2024 (1.9% net margin).

Dividend & Returns

First Watch Restaurant Group, Inc. (FWRG) has a return on equity (ROE) of 3.3%. This is below average, suggesting room for improvement.

First Watch Restaurant Group, Inc. (FWRG) had negative free cash flow of $29.4M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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First Watch Restaurant Group, Inc. (FWRG) 10-Year Financial Performance & Capital Metrics

FWRG • • Industrial / General

Consumer CyclicalRestaurantsCasual DiningFamily & Diner Casual

Revenue $1.02B +13.9%
EBITDA $97M +17.1%
Net Income $19M -25.4%
EPS (Diluted) 0.30 -26.8%
Gross Margin 78.04% +266.0%
EBITDA Margin 9.51% +2.8%
Operating Margin 3.83% -17.3%
Net Margin 1.86% -34.6%
ROE 3.27% -30.1%
ROIC 2.34% -20.5%
Debt/Equity 1.36 +25.7%
Interest Coverage 3.08 -39.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.4%

✗Weaknesses

✗Weak 3Y average ROE of 3.1%
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y18.41%

3Y19.11%

TTM14.53%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-88.95%

EPS CAGR

10Y-

5Y-

3Y-

TTM-84.73%

ROCE

10Y Avg0.21%

5Y Avg1.17%

3Y Avg2.88%

Latest3.08%

Peer Comparison

Family & Diner Casual

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BJRIBJ's Restaurants, Inc.	961.63M	45.50	65	1.81%	1.99%	7.12%	2.56%	1.35
FWRGFirst Watch Restaurant Group, Inc.	1.02B	16.72	55.73	13.95%	0.24%	0.44%		1.36
DRIDarden Restaurants, Inc.	24.68B	214.33	24.19	6.03%	8.9%	49.43%	4.19%	2.70
EATBrinker International, Inc.	7.41B	166.71	20.04	21.95%	7.94%	129.14%	5.59%	4.57
CAKEThe Cheesecake Factory Incorporated	3.03B	60.75	18.98	4.13%	4.33%	39.63%	3.57%	4.30
CBRLCracker Barrel Old Country Store, Inc.	819.44M	36.70	17.82	0.37%	1.33%	10.05%	7.35%	2.44
DENNDenny's Corporation	322.38M	6.26	15.27	-2.5%	3.53%		0.28%
BDLFlanigan's Enterprises, Inc.	59.59M	32.06	11.83	8.99%	2.45%	6.36%	7.85%	0.60

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	349.77M	436.37M	342.39M	601.19M	730.16M	891.55M	1.02B
Revenue Growth %	-	0.25%	-0.22%	0.76%	0.21%	0.22%	0.14%
Cost of Goods Sold+	278.4M	348.96M	312.51M	476.96M	590.63M	701.43M	223.1M
COGS % of Revenue	0.8%	0.8%	0.91%	0.79%	0.81%	0.79%	0.22%
Gross Profit+	71.36M	87.41M	29.88M	124.23M	139.53M	190.12M	792.81M
Gross Margin %	0.2%	0.2%	0.09%	0.21%	0.19%	0.21%	0.78%
Gross Profit Growth %	-	0.22%	-0.66%	3.16%	0.12%	0.36%	3.17%
Operating Expenses+	68.13M	124.97M	77.1M	101.99M	122.62M	148.85M	753.91M
OpEx % of Revenue	0.19%	0.29%	0.23%	0.17%	0.17%	0.17%	0.74%
Selling, General & Admin	37.53M	55.82M	46.32M	70.39M	84.96M	103.12M	113.27M
SG&A % of Revenue	0.11%	0.13%	0.14%	0.12%	0.12%	0.12%	0.11%
Research & Development	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-
Other Operating Expenses	30.6M	69.15M	30.78M	31.6M	37.66M	45.73M	640.64M
Operating Income+	3.23M	-37.56M	-47.22M	22.24M	16.91M	41.27M	38.91M
Operating Margin %	0.01%	-0.09%	-0.14%	0.04%	0.02%	0.05%	0.04%
Operating Income Growth %	-	-12.62%	-0.26%	1.47%	-0.24%	1.44%	-0.06%
EBITDA+	29.36M	-9.53M	-16.5M	54.62M	51.14M	82.49M	96.62M
EBITDA Margin %	0.08%	-0.02%	-0.05%	0.09%	0.07%	0.09%	0.1%
EBITDA Growth %	-	-1.32%	-0.73%	4.31%	-0.06%	0.61%	0.17%
D&A (Non-Cash Add-back)	26.12M	28.03M	30.73M	32.38M	34.23M	41.22M	57.72M
EBIT	7.71M	-37.81M	-46.74M	20.47M	17.82M	44.14M	40.67M
Net Interest Income+	0	-20.08M	-22.82M	-20.1M	-5.23M	-8.06M	-12.64M
Interest Income	0	0	0	0	0	0	0
Interest Expense	0	20.08M	22.82M	20.1M	5.23M	8.06M	12.64M
Other Income/Expense	-15.76M	-20.34M	-22.33M	-21.87M	-4.32M	-5.19M	-10.88M
Pretax Income+	-12.52M	-57.89M	-69.55M	370K	12.59M	36.08M	28.03M
Pretax Margin %	-0.04%	-0.13%	-0.2%	0%	0.02%	0.04%	0.03%
Income Tax+	-221K	-12.42M	-19.87M	2.48M	5.68M	10.69M	9.1M
Effective Tax Rate %	0.98%	0.78%	0.71%	-5.69%	0.55%	0.7%	0.68%
Net Income+	-12.3M	-45.44M	-49.68M	-2.11M	6.91M	25.39M	18.93M
Net Margin %	-0.04%	-0.1%	-0.15%	-0%	0.01%	0.03%	0.02%
Net Income Growth %	-	-2.7%	-0.09%	0.96%	4.28%	2.68%	-0.25%
Net Income (Continuing)	-12.3M	-45.47M	-49.68M	-2.11M	6.91M	25.39M	18.93M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	250K	0	0	0	0	0	0
EPS (Diluted)+	-0.27	-0.79	-0.86	-0.04	0.11	0.41	0.30
EPS Growth %	-	-1.93%	-0.09%	0.95%	3.75%	2.73%	-0.27%
EPS (Basic)	-0.27	-0.79	-0.86	-0.04	0.12	0.43	0.31
Diluted Shares Outstanding	45.01M	58.51M	58.51M	48.21M	60.14M	61.19M	62.35M
Basic Shares Outstanding	45.01M	57.63M	57.63M	48.21M	59.1M	59.53M	60.37M
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	29.44M	24.24M	49.04M	67.7M	67.29M	71.19M	55.88M
Cash & Short-Term Investments	16.28M	11.12M	38.85M	51.86M	49.67M	49.63M	33.31M
Cash Only	16.28M	11.12M	38.85M	51.86M	49.67M	49.63M	33.31M
Short-Term Investments	0	0	0	0	0	0	0
Accounts Receivable	1.91M	5.74M	3.92M	4.45M	6.16M	5.53M	7.24M
Days Sales Outstanding	1.99	4.8	4.17	2.7	3.08	2.26	2.6
Inventory	2.14M	2.71M	2.92M	4.02M	5.03M	5.38M	6.12M
Days Inventory Outstanding	2.8	2.84	3.4	3.08	3.11	2.8	10.01
Other Current Assets	4.29M	1.56M	872K	1.68M	624K	3.15M	2.2M
Total Non-Current Assets+	635.07M	957.84M	958.47M	979.22M	1.04B	1.2B	1.46B
Property, Plant & Equipment	124.76M	466.85M	468.3M	489.69M	547.49M	683.08M	889.07M
Fixed Asset Turnover	2.80x	0.93x	0.73x	1.23x	1.33x	1.31x	1.14x
Goodwill	330.83M	345.22M	345.22M	345.22M	345.22M	359.88M	398.56M
Intangible Assets	178.25M	144.56M	143.66M	143M	143.15M	151.19M	167.6M
Long-Term Investments	0	0	0	0	0	0	0
Other Non-Current Assets	1.23M	1.21M	1.29M	1.31M	1.3M	1.7M	3.25M
Total Assets+	664.51M	982.08M	1.01B	1.05B	1.1B	1.27B	1.51B
Asset Turnover	0.53x	0.44x	0.34x	0.57x	0.66x	0.70x	0.67x
Asset Growth %	-	0.48%	0.03%	0.04%	0.05%	0.15%	0.2%
Total Current Liabilities+	36.9M	73.02M	76.53M	96.52M	99.98M	115.07M	138.47M
Accounts Payable	5.56M	5.09M	4.22M	11.06M	7.59M	6.32M	6.96M
Days Payables Outstanding	7.29	5.32	4.93	8.46	4.69	3.29	11.39
Short-Term Debt	1.9M	2.97M	3.59M	5.54M	7.63M	5.63M	9.23M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	10.88M	13.05M	12.15M	22.55M	19.43M	23.3M	23.87M
Current Ratio	0.80x	0.33x	0.64x	0.70x	0.67x	0.62x	0.40x
Quick Ratio	0.74x	0.29x	0.60x	0.66x	0.62x	0.57x	0.36x
Cash Conversion Cycle	-2.5	2.32	2.65	-2.68	1.5	1.77	1.22
Total Non-Current Liabilities+	252.93M	579.27M	610.11M	445.96M	481.33M	590.69M	780.5M
Long-Term Debt	188.61M	250.4M	286.4M	99.75M	94.67M	119.77M	189.04M
Capital Lease Obligations	4.54M	295.63M	307.8M	330.5M	366.11M	441.29M	555.58M
Deferred Tax Liabilities	0	30.3M	13.65M	12.49M	17.17M	25.33M	32.22M
Other Non-Current Liabilities	59.79M	2.93M	2.27M	3.23M	3.38M	4.3M	3.66M
Total Liabilities	289.84M	652.28M	686.65M	542.49M	581.31M	705.76M	918.97M
Total Debt+	195.04M	576.44M	637.9M	473.97M	507.35M	606.97M	809.55M
Net Debt	178.76M	565.32M	599.06M	422.11M	457.68M	557.33M	776.24M
Debt / Equity	0.52x	1.75x	1.99x	0.94x	0.97x	1.08x	1.36x
Debt / EBITDA	6.64x	-	-	8.68x	9.92x	7.36x	8.38x
Net Debt / EBITDA	6.09x	-	-	7.73x	8.95x	6.76x	8.03x
Interest Coverage	-	-1.87x	-2.07x	1.11x	3.23x	5.12x	3.08x
Total Equity+	374.67M	329.8M	320.87M	504.43M	523.13M	561.28M	595.39M
Equity Growth %	-	-0.12%	-0.03%	0.57%	0.04%	0.07%	0.06%
Book Value per Share	8.32	5.64	5.48	10.46	8.70	9.17	9.55
Total Shareholders' Equity	374.42M	329.8M	320.87M	504.43M	523.13M	561.28M	595.39M
Common Stock	38K	450K	450K	590K	592K	599K	607K
Retained Earnings	-7.69M	-53.25M	-102.93M	-105.04M	-98.13M	-72.75M	-53.82M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	-667K	-441K
Minority Interest	250K	0	0	0	0	0	0

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	30.77M	21.46M	-18.36M	62.97M	62.94M	95.34M	115.67M
Operating CF Margin %	0.09%	0.05%	-0.05%	0.1%	0.09%	0.11%	0.11%
Operating CF Growth %	-	-0.3%	-1.86%	4.43%	-0%	0.51%	0.21%
Net Income	-12.3M	-45.47M	-49.68M	-2.11M	6.91M	25.39M	18.93M
Depreciation & Amortization	26.12M	28.03M	30.73M	32.38M	34.23M	41.22M	57.72M
Stock-Based Compensation	1.3M	1.16M	750K	8.6M	10.37M	7.6M	8.53M
Deferred Taxes	-538K	-12.56M	-19.99M	2.18M	4.68M	8.31M	6.82M
Other Non-Cash Items	5.57M	45.34M	13.32M	15.96M	17.18M	20.09M	28M
Working Capital Changes	10.07M	4.97M	6.51M	5.96M	-10.44M	-7.27M	-4.31M
Change in Receivables	-332K	-3.19M	1.83M	-535K	-1.71M	632K	-1.7M
Change in Inventory	-432K	-439K	-203K	-1.11M	-1M	-62K	-508K
Change in Payables	0	-740K	-866K	6.7M	-3.47M	-1.3M	637K
Cash from Investing+	-51.9M	-82.39M	-26.97M	-35.68M	-63.11M	-123.37M	-206.65M
Capital Expenditures	-37.73M	-59.17M	-26.97M	-35.68M	-63.33M	-84.69M	-128.05M
CapEx % of Revenue	0.11%	0.14%	0.08%	0.06%	0.09%	0.09%	0.13%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	-14.17M	0	0	0	219K	1.2M	34K
Cash from Financing+	30.28M	55.76M	73.31M	-14.27M	-2.02M	28.07M	74.33M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	0	-1.14M	0	-7.12M	1.35M	5.63M	-2.81M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	-6.95M	-37.7M	-45.34M	27.29M	-393K	10.65M	-12.28M
FCF Margin %	-0.02%	-0.09%	-0.13%	0.05%	-0%	0.01%	-0.01%
FCF Growth %	-	-4.42%	-0.2%	1.6%	-1.01%	28.1%	-2.15%
FCF per Share	-0.15	-0.64	-0.77	0.57	-0.01	0.17	-0.20
FCF Conversion (FCF/Net Income)	-2.50x	-0.47x	0.37x	-29.89x	9.11x	3.76x	6.11x
Interest Paid	0	18.93M	19.82M	16.15M	3.37M	8.72M	12.33M
Taxes Paid	0	152K	163K	79K	915K	1.95M	3.11M

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-3.28%	-12.9%	-15.27%	-0.51%	1.34%	4.68%	3.27%
Return on Invested Capital (ROIC)	0.44%	-3.89%	-3.9%	1.81%	1.33%	2.95%	2.34%
Gross Margin	20.4%	20.03%	8.73%	20.66%	19.11%	21.32%	78.04%
Net Margin	-3.52%	-10.41%	-14.51%	-0.35%	0.95%	2.85%	1.86%
Debt / Equity	0.52x	1.75x	1.99x	0.94x	0.97x	1.08x	1.36x
Interest Coverage	-	-1.87x	-2.07x	1.11x	3.23x	5.12x	3.08x
FCF Conversion	-2.50x	-0.47x	0.37x	-29.89x	9.11x	3.76x	6.11x
Revenue Growth	-	24.76%	-21.54%	75.59%	21.45%	22.1%	13.95%

Revenue by Segment

	2021	2022	2023	2024
Franchisor Owned Outlet	592.34M	719.18M	877.09M	1B
Franchisor Owned Outlet Growth	-	21.41%	21.96%	14.51%
In-Restaurant Dining Sales	452.99M	571.05M	716.96M	829.05M
In-Restaurant Dining Sales Growth	-	26.06%	25.55%	15.63%
Third-Party Delivery Sales	70.49M	82.05M	91.43M	97.44M
Third-Party Delivery Sales Growth	-	16.40%	11.44%	6.57%
Take-Out Sales	68.87M	66.08M	68.7M	77.86M
Take-Out Sales Growth	-	-4.04%	3.96%	13.34%
Franchise	8.85M	10.98M	14.46M	11.55M
Franchise Growth	-	24.08%	31.67%	-20.08%
Royalty And System Fund Contributions	8.57M	10.68M	13.46M	10.86M
Royalty And System Fund Contributions Growth	-	24.58%	26.03%	-19.31%
Initial Fees	275K	298K	388K	278K
Initial Fees Growth	-	8.36%	30.20%	-28.35%

Frequently Asked Questions

Valuation & Price

First Watch Restaurant Group, Inc. (FWRG) has a price-to-earnings (P/E) ratio of 55.7x. This suggests investors expect higher future growth.

Growth & Financials

First Watch Restaurant Group, Inc. (FWRG) reported $1.11B in revenue for fiscal year 2024. This represents a 216% increase from $349.8M in 2018.

First Watch Restaurant Group, Inc. (FWRG) grew revenue by 13.9% over the past year. This is steady growth.

Yes, First Watch Restaurant Group, Inc. (FWRG) is profitable, generating $2.7M in net income for fiscal year 2024 (1.9% net margin).

Dividend & Returns

First Watch Restaurant Group, Inc. (FWRG) has a return on equity (ROE) of 3.3%. This is below average, suggesting room for improvement.

First Watch Restaurant Group, Inc. (FWRG) had negative free cash flow of $29.4M in fiscal year 2024, likely due to heavy capital investments.