Last 25 quarters of trend data · Consumer Cyclical · Restaurants
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 41.03 | 31.69 | 79.63 | — | 16.57 | 84.03 | 119.87 | — | 465.25 | 131.17 | 31.36 | 51.29 | 117.41 | 49.72 | 30.96 | 25.58 | — | 4534.38 | 72.50 | 39.31 | — |
| — | -62.3% | -33.6% | — | -96.4% | -35.9% | +282.3% | — | +296.3% | +163.8% | +1.3% | +100.5% | — | -98.9% | -57.3% | -34.9% | — | — | — | — | — | |
| P/S Ratio | 0.59 | 0.45 | 0.56 | 0.48 | 0.79 | 0.80 | 0.82 | 0.91 | 1.10 | 0.97 | 1.06 | 1.59 | 1.27 | 1.26 | 1.13 | 1.10 | 1.08 | 1.17 | 1.18 | 1.09 | 1.49 |
| — | -43.0% | -31.7% | -47.4% | -28.3% | -17.8% | -22.8% | -42.8% | -13.3% | -23.0% | -6.5% | +44.2% | +17.8% | +7.1% | -3.6% | +0.9% | -27.6% | — | — | — | — | |
| P/B Ratio | 1.29 | 0.99 | 1.25 | 1.01 | 1.60 | 1.66 | 1.68 | 1.72 | 1.95 | 1.65 | 1.87 | 2.68 | 2.21 | 1.98 | 1.80 | 1.74 | 1.53 | 1.69 | 1.68 | 1.48 | 1.92 |
| — | -40.5% | -25.4% | -41.4% | -18.1% | +0.2% | -10.5% | -35.8% | -12.0% | -16.5% | +4.2% | +53.9% | +44.6% | +17.3% | +7.0% | +17.9% | -20.3% | — | — | — | — | |
| P/FCF | — | 28.29 | — | 30.89 | — | 50.20 | — | — | — | 36.09 | 122.86 | — | — | — | 12.72 | 35.51 | — | — | 26.04 | — | 23.19 |
| — | -43.7% | — | — | — | +39.1% | — | — | — | — | +865.7% | — | — | — | -51.2% | — | — | — | — | — | — | |
| EV / EBITDA | 12.40 | 10.58 | 8.30 | 17.00 | 16.48 | 16.55 | 19.13 | 26.08 | 24.68 | 19.81 | 14.53 | 21.44 | 23.58 | 22.33 | 17.34 | 14.18 | 30.23 | 29.40 | 24.31 | 18.58 | 47.34 |
| — | -36.1% | -56.6% | -34.8% | -33.2% | -16.5% | +31.7% | +21.6% | +4.7% | -11.3% | -16.2% | +51.2% | -22.0% | -24.0% | -28.7% | -23.7% | -36.1% | — | — | — | — | |
| EV / EBIT | 52.74 | 31.30 | — | 304.79 | 53.91 | 48.02 | 64.25 | — | 122.33 | 61.31 | 26.23 | 41.75 | 57.88 | 47.69 | 29.96 | 21.91 | 157.79 | 121.37 | 63.28 | 37.48 | — |
| — | -34.8% | — | — | -55.9% | -21.7% | +144.9% | — | +111.4% | +28.6% | -12.5% | +90.6% | -63.3% | -60.7% | -52.7% | -41.5% | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.0% | 20.1% | 76.7% | 12.8% | 19.6% | 21.5% | 19.4% | 76.4% | 19.5% | 19.7% | 22.8% | 21.9% | 20.6% | 20.1% | 22.2% | 22.5% | 17.8% | 18.6% | 19.4% | 20.7% | 21.5% |
| — | -6.2% | +295.8% | -83.3% | +0.5% | +8.9% | -15.1% | +249.4% | -5.4% | -1.9% | +2.7% | -2.8% | +15.7% | +8.1% | +14.4% | +8.5% | -17.1% | -10.2% | -17.6% | +11.1% | +51.2% | |
| Operating Margin | 2.8% | 3.2% | 9.5% | 0.8% | 3.0% | 3.2% | 2.4% | 0.4% | 1.5% | 2.5% | 6.4% | 5.1% | 2.8% | 3.5% | 5.2% | 7.3% | 0.8% | 1.4% | 2.7% | 4.5% | -0.7% |
| — | -0.7% | +301.2% | +107.2% | +104.5% | +26.7% | -62.7% | -92.2% | -47.7% | -28.9% | +21.3% | -30.1% | +251.9% | +151.7% | +91.4% | +61.8% | +221.4% | -69.1% | -65.7% | +48.3% | +84.8% | |
| Net Margin | 1.6% | 1.4% | 0.7% | -0.8% | 4.8% | 0.9% | 0.7% | -0.8% | 0.3% | 0.8% | 3.4% | 3.0% | 1.1% | 2.5% | 3.7% | 4.4% | -0.3% | 0.0% | 1.5% | 2.7% | -2.9% |
| — | +44.6% | -3.6% | -2.0% | +1705.4% | +12.8% | -80.1% | -126.7% | -75.5% | -66.0% | -6.5% | -32.8% | +513.8% | +9947.2% | +150.7% | +65.2% | +90.9% | -95.1% | -40.6% | +266.9% | +56.0% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.2% | 0.7% | 0.4% | -0.4% | 2.5% | 0.5% | 0.4% | -0.4% | 0.1% | 0.4% | 1.5% | 1.3% | 0.5% | 1.0% | 1.5% | 1.8% | -0.1% | 0.0% | 0.5% | 0.9% | -1.1% |
| — | +51.4% | +5.4% | -13.7% | +1983.5% | +37.7% | -77.1% | -129.7% | -75.1% | -63.4% | +4.1% | -28.2% | +608.0% | +10939.3% | +179.9% | +93.7% | +91.7% | -96.3% | -55.5% | +243.6% | +48.7% | |
| ROA | 1.2% | 0.3% | 0.1% | -0.2% | 0.9% | 0.2% | 0.1% | -0.1% | 0.0% | 0.1% | 0.7% | 0.6% | 0.2% | 0.5% | 0.7% | 0.8% | -0.0% | 0.0% | 0.3% | 0.4% | -0.4% |
| — | +47.8% | -0.5% | -4.0% | +1779.8% | +21.8% | -80.0% | -125.9% | -78.2% | -68.4% | -6.2% | -32.8% | +583.5% | +10792.9% | +174.9% | +90.5% | +90.1% | -94.4% | -30.9% | — | +36.8% | |
| ROIC | 1.7% | 0.5% | 1.5% | 0.1% | 0.4% | 0.5% | 0.4% | 0.1% | 0.2% | 0.4% | 1.0% | 0.8% | 0.5% | 0.6% | 0.9% | 1.2% | 0.1% | 0.2% | 0.4% | 0.6% | -0.1% |
| — | +9.4% | +311.2% | +108.5% | +107.5% | +33.4% | -63.4% | -92.7% | -54.0% | -34.8% | +19.1% | -30.1% | +312.0% | +173.2% | +113.7% | +87.4% | +231.5% | -64.8% | -73.1% | +33.8% | +84.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.61 | 1.27 | 1.69 | 1.64 | 1.61 | 1.62 | 1.59 | 1.40 | 1.36 | 1.32 | 1.28 | 1.06 | 1.08 | 1.01 | 0.97 | 0.96 | 0.97 | 0.96 | 0.95 | 0.94 | 0.94 |
| — | -21.7% | +6.2% | +17.0% | +18.5% | +22.3% | +24.8% | +31.9% | +25.7% | +31.2% | +32.4% | +11.3% | +11.5% | +4.7% | +1.2% | +1.9% | +3.2% | -52.3% | -52.7% | — | -52.7% | |
| Debt / EBITDA | 9.27 | 24.16 | 19.29 | 42.77 | 33.46 | 33.06 | 37.67 | 47.38 | 41.27 | 36.29 | 24.16 | 24.90 | 31.80 | 30.88 | 25.36 | 20.91 | 48.75 | 44.31 | 36.68 | 30.01 | 64.51 |
| — | -26.9% | -48.8% | -9.7% | -18.9% | -8.9% | +55.9% | +90.3% | +29.8% | +17.5% | -4.7% | +19.1% | -34.8% | -30.3% | -30.9% | -30.3% | -24.4% | +4.1% | +14.3% | — | -68.5% | |
| Current Ratio | 0.29 | 0.25 | 0.27 | 0.29 | 0.29 | 0.25 | 0.27 | 0.31 | 0.40 | 0.54 | 0.57 | 0.60 | 0.62 | 0.53 | 0.78 | 0.77 | 0.67 | 0.70 | 0.75 | 0.74 | 0.70 |
| — | -0.1% | -1.5% | -6.9% | -27.4% | -54.6% | -52.2% | -47.6% | -34.8% | +2.4% | -27.2% | -22.2% | -8.1% | -24.5% | +3.3% | +4.0% | -4.0% | -10.2% | +3.8% | — | +9.5% | |
| Quick Ratio | 0.25 | 0.21 | 0.22 | 0.25 | 0.25 | 0.21 | 0.23 | 0.27 | 0.36 | 0.51 | 0.52 | 0.55 | 0.57 | 0.49 | 0.73 | 0.72 | 0.62 | 0.66 | 0.71 | 0.69 | 0.66 |
| — | -0.9% | -2.3% | -6.7% | -30.4% | -58.3% | -56.0% | -51.0% | -37.2% | +3.4% | -29.3% | -23.8% | -8.2% | -26.0% | +3.2% | +3.8% | -5.6% | -11.2% | +3.4% | — | +9.5% | |
| Interest Coverage | 1.73 | 2.31 | -0.31 | 0.28 | 1.92 | 2.24 | 1.89 | -1.46 | 1.23 | 2.02 | 5.08 | 4.85 | 3.42 | 4.60 | 5.90 | 8.30 | 1.15 | 2.01 | 4.59 | 7.88 | -2.34 |
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Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying FWRG stock.
First Watch Restaurant Group, Inc.'s current P/E is 41.0x. The average P/E over the last 3 quarters is 42.6x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
First Watch Restaurant Group, Inc.'s current operating margin is 2.8%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking First Watch Restaurant Group, Inc.'s business trajectory between earnings reports.