First Watch Restaurant Group, Inc. (FWRG) Financial Ratios
8 years of historical data (2018–2025) · Consumer Cyclical · Restaurants
EV/EBITDA
↓
13.50
↓-36% vs avg
5yr avg: 20.99
30Y Low15.8·High24.9
P/FCF
↑
N/A
—
5yr avg: 72.55
30Y Low29.6·High115.5
P/B Ratio
↓
1.22
↓-31% vs avg
5yr avg: 1.78
30Y Low1.6·High2.2
ROE
↑
3.2%
↓+33% vs avg
5yr avg: 2.4%
30Y Low-15%·High5%
Debt/EBITDA
↓
6.80
↓-17% vs avg
5yr avg: 8.23
30Y Low6.6·High9.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FWRG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
First Watch Restaurant Group, Inc. trades at 39.3x earnings, 45% below its 5-year average of 71.4x, sitting at the 0th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.6x, the stock trades at a premium of 100%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $750M | $1000M | $1.2B | $1.2B | $814M | $808M | — | — | — |
| Enterprise Value | $1.5B | $1.7B | $1.9B | $1.8B | $1.3B | $1.2B | — | — | — |
| P/E Ratio → | 39.26 | 51.32 | 62.33 | 49.02 | 123.00 | — | — | — | — |
| P/S Ratio | 0.61 | 0.82 | 1.15 | 1.38 | 1.11 | 1.34 | — | — | — |
| P/B Ratio | 1.22 | 1.60 | 1.96 | 2.19 | 1.56 | 1.60 | — | — | — |
| P/FCF | — | — | — | 115.49 | — | 29.61 | — | — | — |
| P/OCF | 5.96 | 7.94 | 10.08 | 12.90 | 12.93 | 12.83 | — | — | — |
P/E links to full P/E history page with 30-year chart
FWRG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
First Watch Restaurant Group, Inc.'s enterprise value stands at 13.5x EBITDA, 36% below its 5-year average of 21.0x. The Consumer Cyclical sector median is 11.4x, placing the stock at a 19% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.41 | 1.91 | 2.00 | 1.74 | 2.05 | — | — | — |
| EV / EBITDA | 13.50 | 15.79 | 20.10 | 21.67 | 24.86 | 22.52 | — | — | — |
| EV / EBIT | 43.48 | 50.88 | 47.76 | 40.49 | 71.33 | 60.10 | — | — | — |
| EV / FCF | — | — | — | 167.82 | — | 45.08 | — | — | — |
FWRG Profitability
Margins and return-on-capital ratios measuring operating efficiency
First Watch Restaurant Group, Inc. earns an operating margin of 2.8%, roughly in line with the Consumer Cyclical sector average. Operating margins have compressed from 4.6% to 2.8% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 3.2% is modest, trailing the sector median of 5.6%. ROIC of 1.9% represents below-average returns on invested capital versus a sector median of 5.8%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.0% | 13.0% | 78.0% | 21.3% | 19.1% | 20.7% | 8.7% | 20.0% | 20.4% |
| Operating Margin | 2.8% | 2.8% | 3.8% | 4.6% | 2.3% | 3.7% | -13.8% | -8.6% | 0.9% |
| Net Profit Margin | 1.6% | 1.6% | 1.9% | 2.8% | 0.9% | -0.4% | -14.5% | -10.4% | -3.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.2% | 3.2% | 3.3% | 4.7% | 1.3% | -0.5% | -15.3% | -12.9% | -3.3% |
| ROA | 1.2% | 1.2% | 1.4% | 2.1% | 0.6% | -0.2% | -5.0% | -5.5% | -1.9% |
| ROIC | 1.9% | 1.9% | 2.3% | 2.9% | 1.3% | 1.8% | -3.9% | -3.9% | 0.4% |
| ROCE | 2.3% | 2.3% | 3.1% | 3.8% | 1.7% | 2.4% | -5.1% | -4.9% | 0.5% |
FWRG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
First Watch Restaurant Group, Inc. carries a Debt/EBITDA ratio of 6.8x, which is highly leveraged (55% above the sector average of 4.4x). Net debt stands at $718M ($740M total debt minus $21M cash). Interest coverage of just 2.0x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.18 | 1.18 | 1.36 | 1.08 | 0.97 | 0.94 | 1.99 | 1.75 | 0.52 |
| Debt / EBITDA | 6.80 | 6.80 | 8.38 | 7.36 | 9.92 | 8.68 | — | — | 6.64 |
| Net Debt / Equity | — | 1.15 | 1.30 | 0.99 | 0.87 | 0.84 | 1.87 | 1.71 | 0.48 |
| Net Debt / EBITDA | 6.60 | 6.60 | 8.03 | 6.76 | 8.95 | 7.73 | — | — | 6.09 |
| Debt / FCF | — | — | — | 52.33 | — | 15.47 | — | — | — |
| Interest Coverage | 2.02 | 2.02 | 3.22 | 5.47 | 3.41 | 1.02 | -2.05 | -1.88 | — |
FWRG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.29x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.62x to 0.29x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.29 | 0.29 | 0.40 | 0.62 | 0.67 | 0.70 | 0.64 | 0.33 | 0.80 |
| Quick Ratio | 0.25 | 0.25 | 0.36 | 0.57 | 0.62 | 0.66 | 0.60 | 0.29 | 0.74 |
| Cash Ratio | 0.13 | 0.13 | 0.24 | 0.43 | 0.50 | 0.54 | 0.51 | 0.15 | 0.44 |
| Asset Turnover | — | 0.70 | 0.67 | 0.70 | 0.66 | 0.57 | 0.34 | 0.44 | 0.53 |
| Inventory Turnover | 148.18 | 148.18 | 36.47 | 130.35 | 117.47 | 118.56 | 107.21 | 128.72 | 130.22 |
| Days Sales Outstanding | — | 2.05 | 2.60 | 2.26 | 3.08 | 2.70 | 4.17 | 4.80 | 1.99 |
FWRG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
First Watch Restaurant Group, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 2.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 1.9% | 1.6% | 2.0% | 0.8% | — | — | — | — |
| FCF Yield | — | — | — | 0.9% | — | 3.4% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $63M | $62M | $61M | $60M | $48M | $59M | $59M | $45M |
Peer Comparison
Compare FWRG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FWRGYou | $750M | 39.3 | 13.5 | — | 13.0% | 2.8% | 3.2% | 1.9% | 6.8 |
 DENN | $322M | 15.2 | 12.1 | 350.6 | 73.4% | 10.0% | — | 9.7% | 6.8 |
 CBRL | $687M | 14.9 | 9.3 | 11.4 | 33.0% | 1.6% | 10.3% | 2.6% | 5.9 |
 BJRI | $842M | 18.5 | 10.7 | 20.6 | 74.7% | 3.3% | 13.3% | 4.1% | 4.0 |
 CAKE | $3B | 19.7 | 21.2 | 19.5 | 78.3% | 5.0% | 33.7% | 4.7% | 11.7 |
 RRGB | $81M | -2.8 | 10.7 | 13.1 | 68.0% | 0.2% | — | 0.5% | 9.5 |
 DRI | $23B | 22.1 | 15.5 | 22.4 | 21.9% | 11.3% | 46.1% | 13.0% | 3.3 |
 BLMN | $692M | 128.7 | 10.9 | 7.2 | 8.9% | 4.1% | 2.3% | 4.3% | 9.0 |
 EAT | $6B | 17.7 | 11.1 | 15.3 | 18.2% | 9.5% | 186.7% | 19.1% | 2.4 |
 TXRH | $11B | 24.7 | 16.1 | 26.5 | 17.6% | 9.6% | 34.3% | 20.4% | 1.2 |
 PTLO | $324M | 16.6 | 16.2 | — | 39.4% | 7.0% | 3.9% | 3.0% | 12.4 |
| Consumer Cyclical Median | — | 19.6 | 11.4 | 15.0 | 36.9% | 2.9% | 5.6% | 5.8% | 4.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 8 years · Updated daily
See FWRG's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs FWRG Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare FWRG vs DENN
Side-by-side business, growth, and profitability comparison vs Denny's Corporation.
Start ComparisonFWRG — Frequently Asked Questions
Quick answers to the most common questions about buying FWRG stock.
What is First Watch Restaurant Group, Inc.'s P/E ratio?
First Watch Restaurant Group, Inc.'s current P/E ratio is 39.3x. The historical average is 71.4x.
What is First Watch Restaurant Group, Inc.'s EV/EBITDA?
First Watch Restaurant Group, Inc.'s current EV/EBITDA is 13.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.0x.
What is First Watch Restaurant Group, Inc.'s ROE?
First Watch Restaurant Group, Inc.'s return on equity (ROE) is 3.2%. The historical average is -2.4%.
Is FWRG stock overvalued?
Based on historical data, First Watch Restaurant Group, Inc. is trading at a P/E of 39.3x. Compare with industry peers and growth rates for a complete picture.
What are First Watch Restaurant Group, Inc.'s profit margins?
First Watch Restaurant Group, Inc. has 13.0% gross margin and 2.8% operating margin.
How much debt does First Watch Restaurant Group, Inc. have?
First Watch Restaurant Group, Inc.'s Debt/EBITDA ratio is 6.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.