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First Watch Restaurant Group, Inc.(FWRG)Earnings, Financials & Key Ratios
FWRG•NASDAQ
$12.17
$750M mkt cap·39.3× P/E·Price updated May 6, 2026
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$1.22B+20.3%
- EBITDA$109M+12.6%
- Net Income$19M+2.7%
- EPS (Diluted)0.31+3.3%
- Gross Margin13.04%-83.3%
- EBITDA Margin8.9%-6.4%
- Operating Margin2.76%-27.9%
- Net Margin1.59%-14.7%
- ROE3.18%-2.8%
- ROIC1.86%-20.4%
- Debt/Equity1.18-13.1%
- Interest Coverage2.02-37.1%
FWRG Key Insights
First Watch Restaurant Group, Inc. (FWRG) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 29.0%
- ✓Trading at only 1.2x book value
✗Weaknesses
- ✗Weak 3Y average ROE of 3.7%
- ✗Negative free cash flow
- ✗Thin 5Y average net margin of 1.4%
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
FWRG Price & Volume
First Watch Restaurant Group, Inc. (FWRG) stock price & volume — 10-year historical chart
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FWRG Growth Metrics
First Watch Restaurant Group, Inc. (FWRG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years28.99%
3 Years18.74%
TTM20.41%
Profit CAGR
10 Years-
5 Years-
3 Years41.17%
TTM85.67%
EPS CAGR
10 Years-
5 Years-
3 Years41.25%
TTM68.99%
Return on Capital
10 Years0.47%
5 Years2.66%
3 Years3.06%
Last Year2.29%
FWRG Recent Earnings
First Watch Restaurant Group, Inc. (FWRG) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 5, 2026EPS
$0.04
Est $0.02
-100.0%
Revenue
$331M
Est $329M
+0.5%
Q1 2026
Feb 24, 2026EPS
$0.24
Est $0.08
+200.0%
Revenue
$316M
Est $316M
+0.0%
Q4 2025
Nov 4, 2025EPS
$0.05
Est $0.08
-37.5%
Revenue
$316M
Est $317M
-0.5%
Q3 2025
Aug 5, 2025EPS
$0.03
Est $0.07
-57.1%
Revenue
$308M
Est $306M
+0.6%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 5, 2026 | $0.04vs $0.02-100.0% | $331Mvs $329M+0.5% |
| Q1 2026 | Feb 24, 2026 | $0.24vs $0.08+200.0% | $316Mvs $316M+0.0% |
| Q4 2025 | Nov 4, 2025 | $0.05vs $0.08-37.5% | $316Mvs $317M-0.5% |
| Q3 2025 | Aug 5, 2025 | $0.03vs $0.07-57.1% | $308Mvs $306M+0.6% |
Based on last 12 quarters of dataView full earnings history →
FWRG Peer Comparison
First Watch Restaurant Group, Inc. (FWRG) competitors in Casual and Family Dining Chains — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 DENN | 321.87M | 6.25 | 15.24 | -2.5% | 2.24% | |||
 CBRL | 686.62M | 30.72 | 14.91 | 0.37% | -0.12% | -0.9% | 2.44 | |
 BJRI | 841.83M | 40.05 | 18.54 | 3.08% | 3.15% | 11.97% | 1.34 | |
 CAKE | 3.02B | 60.62 | 19.75 | 4.75% | 3.96% | 37.06% | 7.93 | |
 RRGB | 81.36M | 3.69 | -2.82 | -3.07% | -1.92% | |||
 DRI | 23.17B | 195.70 | 22.09 | 6.03% | 8.66% | 50.71% | 2.70 | |
 BLMN | 692.05M | 8.12 | 128.68 | 0.14% | 0.21% | 2.24% | 9.10 | |
 EAT | 6.31B | 147.11 | 17.68 | 21.95% | 8.07% | 123.43% | 4.57 |
Compare FWRG vs Peers
First Watch Restaurant Group, Inc. (FWRG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FWRG Income Statement
First Watch Restaurant Group, Inc. (FWRG) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 349.77M | 436.37M | 342.39M | 601.19M | 730.16M | 891.55M | 1.02B | 1.22B | 1.27B |
| Revenue Growth % | - | 24.76% | -21.54% | 75.59% | 21.45% | 22.1% | 13.95% | 20.34% | 20.41% |
| Cost of Goods Sold | 278.4M | 348.96M | 312.51M | 476.96M | 590.63M | 701.43M | 223.1M | 1.06B | 825.08M |
| COGS % of Revenue | 79.6% | 79.97% | 91.27% | 79.34% | 80.89% | 78.68% | 21.96% | 86.96% | - |
| Gross Profit | 71.36M▲ 0% | 87.41M▲ 22.5% | 29.88M▼ 65.8% | 124.23M▲ 315.8% | 139.53M▲ 12.3% | 190.12M▲ 36.3% | 792.81M▲ 317.0% | 159.44M▼ 79.9% | 446.14M▲ 0% |
| Gross Margin % | 20.4% | 20.03% | 8.73% | 20.66% | 19.11% | 21.32% | 78.04% | 13.04% | 35.1% |
| Gross Profit Growth % | - | 22.49% | -65.81% | 315.75% | 12.32% | 36.25% | 317.01% | -79.89% | - |
| Operating Expenses | 68.13M | 124.97M | 77.1M | 101.99M | 122.62M | 148.85M | 753.91M | 125.67M | 418.3M |
| OpEx % of Revenue | 19.48% | 28.64% | 22.52% | 16.96% | 16.79% | 16.7% | 74.21% | 10.28% | - |
| Selling, General & Admin | 37.53M | 55.82M | 46.32M | 70.39M | 84.96M | 103.12M | 113.27M | 128.95M | 141.77M |
| SG&A % of Revenue | 10.73% | 12.79% | 13.53% | 11.71% | 11.64% | 11.57% | 11.15% | 10.55% | - |
| Research & Development | 0 | 0 | 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 | -3.28M | 4M |
| Operating Income | 3.23M▲ 0% | -37.56M▼ 1261.6% | -47.22M▼ 25.7% | 22.24M▲ 147.1% | 16.91M▼ 24.0% | 41.27M▲ 144.0% | 38.91M▼ 5.7% | 33.77M▼ 13.2% | 27.85M▲ 0% |
| Operating Margin % | 0.92% | -8.61% | -13.79% | 3.7% | 2.32% | 4.63% | 3.83% | 2.76% | 2.19% |
| Operating Income Growth % | - | -1261.65% | -25.74% | 147.1% | -23.96% | 144% | -5.72% | -13.2% | - |
| EBITDA | 29.36M | -9.53M | -16.5M | 54.62M | 51.14M | 82.49M | 96.62M | 108.78M | 107.7M |
| EBITDA Margin % | 8.39% | -2.18% | -4.82% | 9.09% | 7% | 9.25% | 9.51% | 8.9% | 8.47% |
| EBITDA Growth % | - | -132.46% | -73.12% | 431.1% | -6.37% | 61.29% | 17.13% | 12.59% | 20.02% |
| D&A (Non-Cash Add-back) | 26.12M | 28.03M | 30.73M | 32.38M | 34.23M | 41.22M | 57.72M | 75.01M | 79.85M |
| EBIT | 7.71M | -37.81M | -46.74M | 20.47M | 17.82M | 44.14M | 40.67M | 33.77M | 27.04M |
| Net Interest Income | 0 | -20.08M | -22.82M | -20.1M | -5.23M | -8.06M | -12.64M | -16.7M | -13.37M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 20.08M | 22.82M | 20.1M | 5.23M | 8.06M | 12.64M | 16.7M | 8.59M |
| Other Income/Expense | -15.76M | -20.34M | -22.33M | -21.87M | -4.32M | -5.19M | -10.88M | -21.64M | -17.61M |
| Pretax Income | -12.52M▲ 0% | -57.89M▼ 362.3% | -69.55M▼ 20.1% | 370K▲ 100.5% | 12.59M▲ 3303.0% | 36.08M▲ 186.5% | 28.03M▼ 22.3% | 12.13M▼ 56.7% | 10.24M▲ 0% |
| Pretax Margin % | -3.58% | -13.27% | -20.31% | 0.06% | 1.72% | 4.05% | 2.76% | 0.99% | 0.81% |
| Income Tax | -221K | -12.42M | -19.87M | 2.48M | 5.68M | 10.69M | 9.1M | -7.3M | -7.34M |
| Effective Tax Rate % | 1.76% | 21.45% | 28.57% | 669.46% | 45.14% | 29.63% | 32.47% | -60.16% | -71.71% |
| Net Income | -12.3M▲ 0% | -45.44M▼ 269.5% | -49.68M▼ 9.3% | -2.11M▲ 95.8% | 6.91M▲ 427.8% | 25.39M▲ 267.5% | 18.93M▼ 25.4% | 19.43M▲ 2.7% | 17.58M▲ 0% |
| Net Margin % | -3.52% | -10.41% | -14.51% | -0.35% | 0.95% | 2.85% | 1.86% | 1.59% | 1.38% |
| Net Income Growth % | - | -269.54% | -9.34% | 95.76% | 427.81% | 267.53% | -25.45% | 2.68% | 85.67% |
| Net Income (Continuing) | -12.3M | -45.47M | -49.68M | -2.11M | 6.91M | 25.39M | 18.93M | 19.43M | 17.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 250K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.27▲ 0% | -0.79▼ 192.6% | -0.86▼ 8.9% | -0.04▲ 95.3% | 0.11▲ 375.0% | 0.41▲ 272.7% | 0.30▼ 26.8% | 0.31▲ 3.3% | 0.29▲ 0% |
| EPS Growth % | - | -192.59% | -8.86% | 95.35% | 375% | 272.73% | -26.83% | 3.33% | 68.99% |
| EPS (Basic) | -0.27 | -0.79 | -0.86 | -0.04 | 0.12 | 0.43 | 0.31 | 0.32 | - |
| Diluted Shares Outstanding | 45.01M | 58.51M | 58.51M | 48.21M | 60.14M | 61.19M | 62.35M | 62.84M | 61.24M |
| Basic Shares Outstanding | 45.01M | 57.63M | 57.63M | 48.21M | 59.1M | 59.53M | 60.37M | 60.96M | 61.24M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
FWRG Balance Sheet
First Watch Restaurant Group, Inc. (FWRG) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 29.44M | 24.24M | 49.04M | 67.7M | 67.29M | 71.19M | 55.88M | 49.08M | 51.57M |
| Cash & Short-Term Investments | 16.28M | 11.12M | 38.85M | 51.86M | 49.67M | 49.63M | 33.31M | 21.25M | 23.57M |
| Cash Only | 16.28M | 11.12M | 38.85M | 51.86M | 49.67M | 49.63M | 33.31M | 21.25M | 23.57M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.91M | 5.74M | 3.92M | 4.45M | 6.16M | 5.53M | 7.24M | 6.86M | 6.03M |
| Days Sales Outstanding | 1.99 | 4.8 | 4.17 | 2.7 | 3.08 | 2.26 | 2.6 | 2.05 | 1.71 |
| Inventory | 2.14M | 2.71M | 2.92M | 4.02M | 5.03M | 5.38M | 6.12M | 7.17M | 7.14M |
| Days Inventory Outstanding | 2.8 | 2.84 | 3.4 | 3.08 | 3.11 | 2.8 | 10.01 | 2.46 | 3.05 |
| Other Current Assets | 4.29M | 1.56M | 872K | 1.68M | 624K | 3.15M | 2.2M | 13.8M | 14.83M |
| Total Non-Current Assets | 635.07M | 957.84M | 958.47M | 979.22M | 1.04B | 1.2B | 1.46B | 1.69B | 1.72B |
| Property, Plant & Equipment | 124.76M | 466.85M | 468.3M | 489.69M | 547.49M | 683.08M | 889.07M | 1.09B | 1.12B |
| Fixed Asset Turnover | 2.80x | 0.93x | 0.73x | 1.23x | 1.33x | 1.31x | 1.14x | 1.12x | 1.18x |
| Goodwill | 330.83M | 345.22M | 345.22M | 345.22M | 345.22M | 359.88M | 398.56M | 420.21M | 420.21M |
| Intangible Assets | 178.25M | 144.56M | 143.66M | 143M | 143.15M | 151.19M | 167.6M | 174.91M | 172.58M |
| Long-Term Investments | 0 | 0 | 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 | 4.83M | 18.55M |
| Total Assets | 664.51M▲ 0% | 982.08M▲ 47.8% | 1.01B▲ 2.6% | 1.05B▲ 3.9% | 1.1B▲ 5.5% | 1.27B▲ 14.7% | 1.51B▲ 19.5% | 1.74B▲ 15.0% | 1.77B▲ 0% |
| Asset Turnover | 0.53x | 0.44x | 0.34x | 0.57x | 0.66x | 0.70x | 0.67x | 0.70x | 0.74x |
| Asset Growth % | - | 47.79% | 2.59% | 3.91% | 5.5% | 14.72% | 19.52% | 15.03% | 62.43% |
| Total Current Liabilities | 36.9M | 73.02M | 76.53M | 96.52M | 99.98M | 115.07M | 138.47M | 167.5M | 177.49M |
| Accounts Payable | 5.56M | 5.09M | 4.22M | 11.06M | 7.59M | 6.32M | 6.96M | 8.7M | 9.77M |
| Days Payables Outstanding | 7.29 | 5.32 | 4.93 | 8.46 | 4.69 | 3.29 | 11.39 | 2.99 | 3.67 |
| Short-Term Debt | 1.9M | 2.97M | 3.59M | 5.54M | 7.63M | 5.63M | 9.23M | 88.34M | 89.36M |
| Deferred Revenue (Current) | 0 | 7.12M | 4.27M | 4.65M | 5.19M | 5.5M | 5.62M | 6.78M | 14.6M |
| Other Current Liabilities | 10.88M | 13.05M | 12.15M | 22.55M | 19.43M | 23.3M | 23.87M | 63.68M | 74.05M |
| Current Ratio | 0.80x | 0.33x | 0.64x | 0.70x | 0.67x | 0.62x | 0.40x | 0.29x | 0.29x |
| Quick Ratio | 0.74x | 0.29x | 0.60x | 0.66x | 0.62x | 0.57x | 0.36x | 0.25x | 0.25x |
| Cash Conversion Cycle | -2.5 | 2.32 | 2.65 | -2.68 | 1.5 | 1.77 | 1.22 | 1.52 | 1.09 |
| Total Non-Current Liabilities | 252.93M | 579.27M | 610.11M | 445.96M | 481.33M | 590.69M | 780.5M | 948.25M | 968.91M |
| Long-Term Debt | 188.61M | 250.4M | 286.4M | 99.75M | 94.67M | 119.77M | 189.04M | 651.25M | 672.56M |
| Capital Lease Obligations | 4.54M | 295.63M | 307.8M | 330.5M | 366.11M | 441.29M | 555.58M | 0 | 1.29B |
| Deferred Tax Liabilities | 0 | 30.3M | 13.65M | 12.49M | 17.17M | 25.33M | 32.22M | 21.97M | 108.04M |
| Other Non-Current Liabilities | 59.79M | 2.93M | 2.27M | 3.23M | 3.38M | 4.3M | 3.66M | 275.02M | 562.01M |
| Total Liabilities | 289.84M | 652.28M | 686.65M | 542.49M | 581.31M | 705.76M | 918.97M | 1.12B | 1.15B |
| Total Debt | 195.04M | 576.44M | 637.9M | 473.97M | 507.35M | 606.97M | 809.55M | 739.6M | 761.92M |
| Net Debt | 178.76M | 565.32M | 599.06M | 422.11M | 457.68M | 557.33M | 776.24M | 718.35M | 738.36M |
| Debt / Equity | 0.52x | 1.75x | 1.99x | 0.94x | 0.97x | 1.08x | 1.36x | 1.18x | 1.18x |
| Debt / EBITDA | 6.64x | - | - | 8.68x | 9.92x | 7.36x | 8.38x | 6.80x | 7.07x |
| Net Debt / EBITDA | 6.09x | - | - | 7.73x | 8.95x | 6.76x | 8.03x | 6.60x | 6.60x |
| Interest Coverage | - | -1.88x | -2.05x | 1.02x | 3.41x | 5.47x | 3.22x | 2.02x | 3.15x |
| Total Equity | 374.67M▲ 0% | 329.8M▼ 12.0% | 320.87M▼ 2.7% | 504.43M▲ 57.2% | 523.13M▲ 3.7% | 561.28M▲ 7.3% | 595.39M▲ 6.1% | 626.28M▲ 5.2% | 627.66M▲ 0% |
| Equity Growth % | - | -11.98% | -2.71% | 57.21% | 3.71% | 7.29% | 6.08% | 5.19% | 16.19% |
| Book Value per Share | 8.32 | 5.64 | 5.48 | 10.46 | 8.70 | 9.17 | 9.55 | 9.97 | 10.25 |
| Total Shareholders' Equity | 374.42M | 329.8M | 320.87M | 504.43M | 523.13M | 561.28M | 595.39M | 626.28M | 627.66M |
| Common Stock | 38K | 450K | 450K | 590K | 592K | 599K | 607K | 611K | 616K |
| Retained Earnings | -7.69M | -53.25M | -102.93M | -105.04M | -98.13M | -72.75M | -53.82M | -34.39M | -37.08M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | -667K | -441K | -1.09M | -541K |
| Minority Interest | 250K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
FWRG Cash Flow Statement
First Watch Restaurant Group, Inc. (FWRG) cash flow — operating, investing & free cash flow history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 30.77M | 21.46M | -18.36M | 62.97M | 62.94M | 95.34M | 115.67M | 125.91M | 125.91M |
| Operating CF Margin % | 8.8% | 4.92% | -5.36% | 10.47% | 8.62% | 10.69% | 11.39% | 10.3% | - |
| Operating CF Growth % | - | -30.25% | -185.55% | 442.9% | -0.05% | 51.48% | 21.33% | 8.85% | 108.73% |
| Net Income | -12.3M | -45.47M | -49.68M | -2.11M | 6.91M | 25.39M | 18.93M | 19.43M | 17.58M |
| Depreciation & Amortization | 26.12M | 28.03M | 30.73M | 32.38M | 34.23M | 41.22M | 57.72M | 75.01M | 79.85M |
| Stock-Based Compensation | 1.3M | 1.16M | 750K | 8.6M | 10.37M | 7.6M | 8.53M | 10.76M | 11.85M |
| Deferred Taxes | -538K | -12.56M | -19.99M | 2.18M | 4.68M | 8.31M | 6.82M | -10.03M | -10.21M |
| Other Non-Cash Items | 5.57M | 45.34M | 13.32M | 15.96M | 17.18M | 20.09M | 28M | 33.9M | 39.84M |
| Working Capital Changes | 10.07M | 4.97M | 6.51M | 5.96M | -10.44M | -7.27M | -4.31M | -3.16M | 1.32M |
| Change in Receivables | -332K | -3.19M | 1.83M | -535K | -1.71M | 632K | -1.7M | 376K | -71K |
| Change in Inventory | -432K | -439K | -203K | -1.11M | -1M | -62K | -508K | -867K | -747K |
| Change in Payables | 0 | -740K | -866K | 6.7M | -3.47M | -1.3M | 637K | 1.74M | 2.07M |
| Cash from Investing | -51.9M | -82.39M | -26.97M | -35.68M | -63.11M | -123.37M | -206.65M | -213.76M | -206.69M |
| Capital Expenditures | -37.73M | -59.17M | -26.97M | -35.68M | -63.33M | -84.69M | -128.05M | -156.91M | -149.69M |
| CapEx % of Revenue | 10.79% | 13.56% | 7.88% | 5.94% | 8.67% | 9.5% | 12.6% | 12.83% | - |
| Acquisitions | -14.17M | -23.22M | 0 | 0 | 0 | -39.88M | -78.64M | -56.01M | -56M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -14.17M | 0 | 0 | 0 | 219K | 1.2M | 34K | -850K | -999K |
| Cash from Financing | 30.28M | 55.76M | 73.31M | -14.27M | -2.02M | 28.07M | 74.33M | 75.79M | 71.42M |
| Debt Issued (Net) | 30.28M | 56.9M | 33.31M | -189.25M | -3.37M | 22.44M | 70.71M | 74.59M | -1.63M |
| Equity Issued (Net) | 0 | 0 | 40M | 182.09M | 0 | 0 | 6.43M | 1.19M | -133K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -1.14M | 0 | -7.12M | 1.35M | 5.63M | -2.81M | 0 | 73.18M |
| Net Change in Cash | 16.28M▲ 0% | -5.16M▼ 131.7% | 27.98M▲ 641.9% | 13.02M▼ 53.5% | -2.19M▼ 116.8% | 38K▲ 101.7% | -16.65M▼ 43913.2% | -12.07M▲ 27.5% | 4.96M▲ 0% |
| Free Cash Flow | -6.95M▲ 0% | -37.7M▼ 442.2% | -45.34M▼ 20.2% | 27.29M▲ 160.2% | -393K▼ 101.4% | 10.65M▲ 2809.9% | -12.28M▼ 215.3% | -30.99M▼ 152.5% | -9.46M▲ 0% |
| FCF Margin % | -1.99% | -8.64% | -13.24% | 4.54% | -0.05% | 1.19% | -1.21% | -2.54% | -0.74% |
| FCF Growth % | - | -442.19% | -20.25% | 160.19% | -101.44% | 2809.92% | -215.27% | -152.48% | 62.44% |
| FCF per Share | -0.15 | -0.64 | -0.77 | 0.57 | -0.01 | 0.17 | -0.20 | -0.49 | -0.49 |
| FCF Conversion (FCF/Net Income) | -2.50x | -0.47x | 0.37x | -29.89x | 9.11x | 3.76x | 6.11x | 6.48x | -0.54x |
| Interest Paid | 0 | 18.93M | 19.82M | 16.15M | 3.37M | 8.72M | 12.33M | 0 | -3.07M |
| Taxes Paid | 0 | 152K | 163K | 79K | 915K | 1.95M | 3.11M | 0 | -101K |
FWRG Key Ratios
First Watch Restaurant Group, Inc. (FWRG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -12.9% | -15.27% | -0.51% | 1.34% | 4.68% | 3.27% | 3.18% | 2.85% |
| Return on Invested Capital (ROIC) | -3.89% | -3.9% | 1.81% | 1.33% | 2.95% | 2.34% | 1.86% | 1.86% |
| Gross Margin | 20.03% | 8.73% | 20.66% | 19.11% | 21.32% | 78.04% | 13.04% | 35.1% |
| Net Margin | -10.41% | -14.51% | -0.35% | 0.95% | 2.85% | 1.86% | 1.59% | 1.38% |
| Debt / Equity | 1.75x | 1.99x | 0.94x | 0.97x | 1.08x | 1.36x | 1.18x | 1.18x |
| Interest Coverage | -1.88x | -2.05x | 1.02x | 3.41x | 5.47x | 3.22x | 2.02x | 3.15x |
| FCF Conversion | -0.47x | 0.37x | -29.89x | 9.11x | 3.76x | 6.11x | 6.48x | -0.54x |
| Revenue Growth | 24.76% | -21.54% | 75.59% | 21.45% | 22.1% | 13.95% | 20.34% | 20.41% |
FWRG SEC Filings & Documents
First Watch Restaurant Group, Inc. (FWRG) SEC filings — annual & quarterly reports (10-K, 10-Q)
FWRG Frequently Asked Questions
First Watch Restaurant Group, Inc. (FWRG) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
First Watch Restaurant Group, Inc. (FWRG) reported $1.27B in revenue for fiscal year 2025. This represents a 263% increase from $349.8M in 2018.
First Watch Restaurant Group, Inc. (FWRG) grew revenue by 20.3% over the past year. This is strong growth.
Yes, First Watch Restaurant Group, Inc. (FWRG) is profitable, generating $17.6M in net income for fiscal year 2025 (1.6% net margin).
Dividend & Returns
First Watch Restaurant Group, Inc. (FWRG) has a return on equity (ROE) of 3.2%. This is below average, suggesting room for improvement.
First Watch Restaurant Group, Inc. (FWRG) had negative free cash flow of $9.5M in fiscal year 2025, likely due to heavy capital investments.
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