What is First Watch Restaurant Group, Inc.'s earnings per share (EPS)?

First Watch Restaurant Group, Inc. (FWRG) reported diluted earnings per share of $0.31 for fiscal year 2025. This represents a 3.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

First Watch Restaurant Group, Inc. (FWRG) Financials

FWRG

Trailing 12 months to June 28, 2026

Revenue $1.3B +19.3% YoY

Net Income $17.8M +335.6% YoY

EPS (Diluted) $0.29 +383.3% YoY

Free Cash Flow -$20.9M +28.0% YoY

Market Cap $694.9M as of Oct 13, 2026

Price / Sales 0.5x on $1.3B revenue, trailing 12 months to June 28, 2026

Price / Earnings 39.0x on $17.8M net income, trailing 12 months to June 28, 2026

Price / Book 1.1x on $634.2M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 28, 2026 Reported Aug 4, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FWRG SEC filings page.

First Watch Restaurant Group, Inc. (FWRG) reported $1.3B in revenue over the twelve months to Jun 28, 2026, up 19.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FWRG FY2025 2026-10-03

Revenue has doubled since FY2021, but rising investment and leverage are absorbing more of the operating cash the restaurants generate.

Operating cash flow reached $126M in FY2025, while free cash flow was -$31M. That divergence, alongside capital expenditures of $157M, indicates that internally generated cash is being consumed by reinvestment rather than remaining broadly discretionary.

Revenue reached $1.2B in FY2025, but operating margin was only 2.3%. That was below FY2023's 4.6%, showing that recent growth has not translated proportionally into operating earnings.

Debt-to-equity reached 0.4x in FY2025, up from 0.2x in FY2021. The current ratio also fell to 0.3x from 0.7x, indicating a balance sheet carrying more financial commitments while near-term assets cover a smaller share of near-term obligations.

Financial Health Signals

Financial Health Score 39/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of First Watch Restaurant Group, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

First Watch Restaurant Group, Inc. has an operating margin of 2.3%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 52/100, indicating healthy but not exceptional operating efficiency. This is down from 3.8% the prior year.

Growth

First Watch Restaurant Group, Inc.'s revenue surged 20.3% year-over-year to $1.2B, reflecting rapid business expansion. This strong growth earns a score of 79/100.

Leverage

First Watch Restaurant Group, Inc. has elevated debt relative to equity (D/E of 0.43), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 27/100, reflecting increased financial risk.

Liquidity

First Watch Restaurant Group, Inc.'s current ratio of 0.29 is below the typical benchmark, resulting in a score of 2/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While First Watch Restaurant Group, Inc. generated $125.9M in operating cash flow, capex of $156.9M consumed most of it, leaving -$31.0M in free cash flow. This results in a low score of 22/100, reflecting heavy capital investment rather than weak cash generation.

Returns

First Watch Restaurant Group, Inc.'s ROE of 3.1% shows moderate profitability relative to equity, earning a score of 49/100. This is down from 3.2% the prior year.

Altman Z-Score Distress

1.02

First Watch Restaurant Group, Inc. scores 1.02, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

First Watch Restaurant Group, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

6.48x

For every $1 of reported earnings, First Watch Restaurant Group, Inc. generates $6.48 in operating cash flow ($125.9M OCF vs $19.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.47x

First Watch Restaurant Group, Inc. earns $1.47 in operating income for every $1 of interest expense ($27.5M vs $18.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$354.7M

YoY+15.2%

QoQ+7.2%

5Y CAGR+18.2%

First Watch Restaurant Group, Inc. generated $354.7M in revenue in Q2 2026. This represents an increase of 15.2% from the same quarter a year earlier. Against the prior quarter it is up 7.2%.

EBITDA

$30.0M

YoY+17.7%

QoQ+33.8%

5Y CAGR+8.1%

First Watch Restaurant Group, Inc.'s EBITDA was $30.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.7% from the same quarter a year earlier. Against the prior quarter it is up 33.8%.

Net Income

$2.3M

YoY+11.1%

QoQ+187.1%

5Y CAGR-9.3%

First Watch Restaurant Group, Inc. reported $2.3M in net income in Q2 2026. This represents an increase of 11.1% from the same quarter a year earlier. Against the prior quarter it is up 187.1%.

EPS (Diluted)

$0.04

YoY+33.3%

QoQ+200.0%

5Y CAGR-12.9%

First Watch Restaurant Group, Inc. earned $0.04 per diluted share (EPS) in Q2 2026. This represents an increase of 33.3% from the same quarter a year earlier. Against the prior quarter it is up 200.0%.

Cash & Balance Sheet

Free Cash Flow

-$13.1M

YoY-686.9%

QoQ-355.6%

First Watch Restaurant Group, Inc. recorded an outflow of $13.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 686.9% from the same quarter a year earlier. Against the prior quarter it is down 355.6%.

Cash & Debt

$20.5M

YoY+6.8%

QoQ-13.1%

5Y CAGR-15.8%

First Watch Restaurant Group, Inc. held $20.5M in cash against $277.7M in long-term debt as of Q2 2026.

Shares Outstanding

62M

YoY+1.1%

QoQ+0.1%

First Watch Restaurant Group, Inc. had 62M shares outstanding in Q2 2026. This represents an increase of 1.1% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Operating Margin

2.3%

YoY-0.1pp

QoQ+2.0pp

5Y change-5.7pp

First Watch Restaurant Group, Inc.'s operating margin was 2.3% in Q2 2026, reflecting core business profitability. This is down 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Net Margin

0.7%

YoY0.0pp

QoQ+1.5pp

5Y change-1.8pp

First Watch Restaurant Group, Inc.'s net profit margin was 0.7% in Q2 2026, showing the share of revenue converted to profit. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.

Return on Equity

0.4%

YoY0.0pp

QoQ+0.8pp

5Y change-0.8pp

First Watch Restaurant Group, Inc.'s ROE was 0.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$40.5M

YoY-1.4%

QoQ+38.0%

5Y CAGR+36.2%

First Watch Restaurant Group, Inc. invested $40.5M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 1.4% from the same quarter a year earlier. Against the prior quarter it is up 38.0%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

FWRG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FWRG quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Revenue	$1.3B	$1.2B+20.3%	$1.0B+13.9%	$891.6M+22.1%	$730.2M+21.5%	$601.2M+75.6%	$342.4M-21.5%	$436.4M
SG&A Expenses	$144.2M	$128.9M+13.8%	$113.3M+9.8%	$103.1M+21.4%	$85.0M+20.7%	$70.4M+52.0%	$46.3M-17.0%	$55.8M
Operating Income	$28.2M	$27.5M-29.3%	$38.9M-5.7%	$41.3M+144.0%	$16.9M-24.0%	$22.2M+147.1%	-$47.2M-25.7%	-$37.6M
EBITDA	N/A	$102.5M+6.1%	$96.6M+17.1%	$82.5M+61.3%	$51.1M-6.4%	$54.6M+431.1%	-$16.5M-73.1%	-$9.5M
Interest Expense	$21.0M	$18.7M+30.9%	$14.3M+76.8%	$8.1M+54.1%	$5.2M-74.0%	$20.1M-11.9%	$22.8M+13.6%	$20.1M
Income Tax	-$7.8M	-$7.3M-180.2%	$9.1M-14.9%	$10.7M+88.1%	$5.7M+129.5%	$2.5M+112.5%	-$19.9M-60.0%	-$12.4M
Net Income	$17.8M	$19.4M+2.7%	$18.9M-25.4%	$25.4M+267.5%	$6.9M+427.8%	-$2.1M+95.8%	-$49.7M-9.3%	-$45.4M
EPS (Basic)	N/A	$0.32+3.2%	$0.31-27.9%	$0.43+258.3%	$0.12+400.0%	-$0.04+96.4%	-$1.10-8.9%	-$1.01
EPS (Diluted)	$0.29	$0.31+3.3%	$0.30-26.8%	$0.41+272.7%	$0.11+375.0%	-$0.04+96.4%	-$1.10-8.9%	-$1.01
Diluted Shares (Avg)	N/A	63M+0.8%	62M+1.9%	61M+1.7%	60M+24.7%	48M+7.1%	45M0.0%	45M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$354.7M+15.2%	$331.0M+17.3%	$316.4M+20.2%	$316.0M+25.6%	$307.9M+19.1%	$282.2M+16.4%	$263.3M+7.6%	$251.6M+14.8%
SG&A Expenses	$38.7M+16.7%	$39.9M+32.2%	$31.8M+3.4%	$33.7M+21.9%	$33.2M+22.1%	$30.2M+9.3%	$30.7M+2.6%	$27.7M+9.9%
Operating Income	$8.1M+11.1%	$999K-10.2%	$9.0M+134.0%	$10.1M+59.2%	$7.3M-55.5%	$1.1M-90.9%	$3.9M-43.7%	$6.3M-18.4%
EBITDA	$30.0M+17.7%	$22.4M+26.7%	$29.7M+51.4%	$29.7M+38.4%	$25.4M-17.9%	$17.7M-28.0%	$19.6M+2.8%	$21.5M+18.1%
Interest Expense	$4.9M+22.2%	$4.8M+43.3%	$6.8M+39.8%	$4.6M+32.7%	$4.0M+18.4%	$3.3M+28.3%	$4.8M+112.9%	$3.4M+86.2%
Income Tax	$1.0M-30.0%	-$749K-5.8%	-$10.7M-27648.7%	$2.7M+93.9%	$1.5M-69.9%	-$708K-125.3%	$39K-98.6%	$1.4M+11.3%
Net Income	$2.3M+11.1%	-$2.7M-223.9%	$15.2M+2069.4%	$3.0M+41.6%	$2.1M-76.3%	-$829K-111.5%	$699K-97.2%	$2.1M-61.0%
EPS (Basic)	$0.04+33.3%	-$0.04-300.0%	$0.25+2400.0%	$0.05+66.7%	$0.03-80.0%	-$0.01-108.3%	$0.01-80.0%	$0.03-66.7%
EPS (Diluted)	$0.04+33.3%	-$0.04-300.0%	$0.24+2300.0%	$0.05+66.7%	$0.03-78.6%	-$0.01-108.3%	$0.01	$0.03-66.7%
Diluted Shares (Avg)	62M-0.5%	61M+0.8%	N/A	63M+1.6%	63M+0.2%	61M-2.7%	N/A	62M+0.5%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

FWRG Balance Sheet

FWRG quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Total Assets	$1.7B+15.0%	$1.5B+19.5%	$1.3B+14.7%	$1.1B+5.5%	$1.0B+3.9%	$1.0B	N/A
Current Assets	$49.1M-12.2%	$55.9M-21.5%	$71.2M+5.8%	$67.3M-0.6%	$67.7M+38.1%	$49.0M	N/A
Cash & Equivalents	$21.2M-36.2%	$33.3M-32.9%	$49.6M-0.1%	$49.7M-4.2%	$51.9M+33.5%	$38.8M+249.3%	$11.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0
Inventory	$7.2M+17.3%	$6.1M+13.7%	$5.4M+7.0%	$5.0M+25.0%	$4.0M+38.0%	$2.9M	N/A
Accounts Receivable	$6.9M-5.2%	$7.2M+30.8%	$5.5M-10.3%	$6.2M+38.5%	$4.5M+13.7%	$3.9M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0
Goodwill	$420.2M+5.4%	$398.6M+10.7%	$359.9M+4.2%	$345.2M0.0%	$345.2M0.0%	$345.2M	N/A
Total Liabilities	$1.1B+21.4%	$919.0M+30.2%	$705.8M+21.4%	$581.3M+7.2%	$542.5M-21.0%	$686.6M	N/A
Current Liabilities	$167.5M+21.0%	$138.5M+20.3%	$115.1M+15.1%	$100.0M+3.6%	$96.5M+26.1%	$76.5M	N/A
Non-Current Liabilities	$948.3M+21.5%	$780.5M+32.1%	$590.7M+22.7%	$481.3M+7.9%	$446.0M-26.9%	$610.1M	N/A
Long-Term Debt	$269.1M+42.3%	$189.0M+57.8%	$119.8M+26.5%	$94.7M-5.1%	$99.8M-65.2%	$286.4M	N/A
Total Equity	$626.3M+5.2%	$595.4M+6.1%	$561.3M+7.3%	$523.1M+3.7%	$504.4M+57.2%	$320.9M-2.7%	$329.8M
Retained Earnings	-$34.4M+36.1%	-$53.8M+26.0%	-$72.7M+25.9%	-$98.1M+6.6%	-$105.0M-2.0%	-$102.9M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.8B+8.6%	$1.8B+14.9%	$1.7B+15.0%	$1.7B+15.8%	$1.7B+16.7%	$1.5B+20.7%	$1.5B+19.5%	$1.5B+23.1%
Current Assets	$47.5M+10.7%	$51.6M+16.5%	$49.1M-12.2%	$43.7M-40.1%	$42.9M-36.3%	$44.3M-30.2%	$55.9M-21.5%	$73.0M+24.7%
Cash & Equivalents	$20.5M+6.8%	$23.6M+26.6%	$21.2M-36.2%	$20.7M-59.5%	$19.2M-57.5%	$18.6M-57.0%	$33.3M-32.9%	$51.1M+28.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$7.8M+15.2%	$7.1M+15.1%	$7.2M+17.3%	$6.5M+21.7%	$6.8M+19.5%	$6.2M+19.3%	$6.1M+13.7%	$5.3M+11.2%
Accounts Receivable	$6.8M+24.2%	$6.0M+1.2%	$6.9M-5.2%	$5.5M+11.6%	$5.5M+36.0%	$6.0M+44.3%	$7.2M+30.8%	$4.9M-1.2%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$420.2M0.0%	$420.2M+5.4%	$420.2M+5.4%	$420.2M+5.4%	$420.2M+5.4%	$398.6M+10.4%	$398.6M+10.7%	$398.6M+11.7%
Total Liabilities	$1.2B+10.4%	$1.1B+20.9%	$1.1B+21.4%	$1.1B+24.2%	$1.1B+26.3%	$947.8M+34.5%	$919.0M+30.2%	$895.8M+38.1%
Current Liabilities	$177.9M+12.4%	$177.5M+25.1%	$167.5M+21.0%	$176.8M+31.9%	$158.3M+33.2%	$141.8M+33.2%	$138.5M+20.3%	$134.0M+21.8%
Non-Current Liabilities	$1.0B+10.1%	$968.9M+20.2%	$948.3M+21.5%	$936.2M+22.9%	$916.4M+25.2%	$806.0M+34.7%	$780.5M+32.1%	$761.8M+41.4%
Long-Term Debt	$277.7M+11.1%	$268.7M+40.3%	$269.1M+42.3%	$251.0M+32.3%	$250.0M+30.2%	$191.5M+56.1%	$189.0M+57.8%	$189.7M+108.5%
Total Equity	$634.2M+5.5%	$627.7M+5.3%	$626.3M+5.2%	$607.3M+3.1%	$601.3M+2.7%	$596.3M+3.8%	$595.4M+6.1%	$589.1M+5.8%
Retained Earnings	-$34.7M+33.9%	-$37.1M+32.2%	-$34.4M+36.1%	-$49.6M+9.1%	-$52.5M+7.2%	-$54.7M+16.6%	-$53.8M+26.0%	-$54.5M+27.7%

FWRG Cash Flow Statement

FWRG quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Operating Cash Flow	$128.2M	$125.9M+8.9%	$115.7M+21.3%	$95.3M+51.5%	$62.9M-0.1%	$63.0M+442.9%	-$18.4M-185.6%	$21.5M
Depreciation & Amortization	N/A	$75.0M+30.0%	$57.7M+40.0%	$41.2M+20.4%	$34.2M+5.7%	$32.4M+5.4%	$30.7M+9.6%	$28.0M
Stock-Based Compensation	N/A	$10.8M+26.2%	$8.5M+12.1%	$7.6M-26.7%	$10.4M+20.7%	$8.6M+1046.1%	$750K-35.3%	$1.2M
Capital Expenditures	$149.1M	$156.9M+22.7%	$127.9M+53.5%	$83.3M+33.9%	$62.2M+76.2%	$35.3M+32.0%	$26.7M-54.8%	$59.2M
Free Cash Flow	-$20.9M	-$31.0M-153.2%	-$12.2M-201.9%	$12.0M+1572.6%	$718K-97.4%	$27.7M+161.3%	-$45.1M-19.7%	-$37.7M
Investing Cash Flow	-$151.4M	-$213.8M-3.4%	-$206.7M-67.5%	-$123.4M-95.5%	-$63.1M-76.9%	-$35.7M-32.3%	-$27.0M+67.3%	-$82.4M
Financing Cash Flow	$24.5M	$75.8M+2.0%	$74.3M+164.8%	$28.1M+1491.0%	-$2.0M+85.9%	-$14.3M-119.5%	$73.3M+31.5%	$55.8M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$27.4M-30.4%	$34.5M+71.1%	$18.5M-19.5%	$47.9M+33.5%	$39.4M+23.6%	$20.1M-19.4%	$22.9M+2.8%	$35.9M+105.3%
Depreciation & Amortization	$21.8M+20.4%	$21.4M+29.2%	$20.7M+31.1%	$19.7M+29.8%	$18.1M+24.8%	$16.6M+34.9%	$15.8M+28.8%	$15.2M+45.2%
Stock-Based Compensation	$3.7M+32.1%	$3.4M+48.4%	N/A	N/A	$2.8M+12.0%	$2.3M+21.1%	N/A	$2.1M+16.7%
Capital Expenditures	$40.5M-1.4%	$29.3M-19.7%	$36.8M-9.5%	$42.5M+46.1%	$41.1M+38.8%	$36.5M+27.8%	$40.6M+33.0%	$29.1M+25.9%
Free Cash Flow	-$13.1M-686.9%	$5.1M+131.1%	-$18.3M-3.5%	$5.4M-20.2%	-$1.7M-172.3%	-$16.4M-355.5%	-$17.7M-114.4%	$6.8M+220.4%
Investing Cash Flow	-$41.0M+57.4%	-$29.5M+19.3%	-$38.0M+6.7%	-$42.9M-40.4%	-$96.2M+6.9%	-$36.6M-14.4%	-$40.7M0.0%	-$30.6M+32.8%
Financing Cash Flow	$10.5M-81.8%	-$2.6M-247.8%	$20.1M+286742.9%	-$3.4M-820.6%	$57.4M-21.7%	$1.8M+213.5%	-$7K-100.0%	$475K-59.1%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

FWRG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FWRG quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Operating Margin	2.3%-1.6pp	3.8%-0.8pp	4.6%+2.3pp	2.3%-1.4pp	3.7%+17.5pp	-13.8%-5.2pp	-8.6%
Net Margin	1.6%-0.3pp	1.9%-1.0pp	2.9%+1.9pp	0.9%+1.3pp	-0.4%+14.2pp	-14.5%-4.1pp	-10.4%
Return on Equity	3.1%-0.1pp	3.2%-1.3pp	4.5%+3.2pp	1.3%+1.7pp	-0.4%+15.1pp	-15.5%-1.7pp	-13.8%
Return on Assets	1.1%-0.1pp	1.3%-0.8pp	2.0%+1.4pp	0.6%+0.8pp	-0.2%+4.7pp	-4.9%	N/A
Current Ratio	0.29-0.1x	0.40-0.2x	0.62-0.1x	0.670.0x	0.70+0.1x	0.64	N/A
Debt-to-Equity	0.43+0.1x	0.32+0.1x	0.210.0x	0.180.0x	0.20-0.7x	0.89	N/A
Asset Turnover	0.700.0x	0.670.0x	0.700.0x	0.66+0.1x	0.57+0.2x	0.34	N/A
FCF Margin	-2.5%-1.3pp	-1.2%-2.6pp	1.4%+1.3pp	0.1%-4.5pp	4.6%+17.8pp	-13.2%-4.5pp	-8.6%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	2.3%-0.1pp	0.3%-0.1pp	2.9%+1.4pp	3.2%+0.7pp	2.4%-4.0pp	0.4%-4.7pp	1.5%-1.3pp	2.5%-1.0pp
Net Margin	0.7%0.0pp	-0.8%-0.5pp	4.8%+4.5pp	0.9%+0.1pp	0.7%-2.8pp	-0.3%-3.3pp	0.3%-10.1pp	0.8%-1.6pp
Return on Equity	0.4%0.0pp	-0.4%-0.3pp	2.4%+2.3pp	0.5%+0.1pp	0.4%-1.2pp	-0.1%-1.4pp	0.1%-4.4pp	0.4%-0.6pp
Return on Assets	0.1%0.0pp	-0.1%-0.1pp	0.9%+0.8pp	0.2%0.0pp	0.1%-0.5pp	-0.1%-0.6pp	0.1%-1.9pp	0.1%-0.3pp
Current Ratio	0.270.0x	0.290.0x	0.29-0.1x	0.25-0.3x	0.27-0.3x	0.31-0.3x	0.40-0.2x	0.540.0x
Debt-to-Equity	0.440.0x	0.43+0.1x	0.43+0.1x	0.41+0.1x	0.42+0.1x	0.32+0.1x	0.32+0.1x	0.32+0.2x
Asset Turnover	0.190.0x	0.190.0x	0.180.0x	0.180.0x	0.180.0x	0.180.0x	0.170.0x	0.170.0x
FCF Margin	-3.7%-3.1pp	1.5%+7.3pp	-5.8%+0.9pp	1.7%-1.0pp	-0.5%-1.4pp	-5.8%-4.3pp	-6.7%-3.4pp	2.7%+5.3pp

Not reported in any period shown, so not listed: Gross Margin.

Note: The current ratio is below 1.0 (0.29), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
First Watch Restaurant Group, Inc. FWRG	FY2025	$1.2B	$19.4M	1.6%	$694.9M	39/100
Sweetgreen, Inc. SG	FY2025	$679.5M	-$134.1M	-19.7%	$1.1B	33/100
SUPER HI INTERNATIONAL HOLDING LTD. HDL	FY2025	$686.4M	$25.3M	3.7%	$700.2M	39/100
Kura Sushi USA, Inc. KRUS	FY2025	$282.8M	-$1.9M	-0.7%	$492.4M	43/100
Cracker Barrel Old Country Store, Inc,. CBRL	FY2026	$3.3B	$31.7M	1.0%	$1.3B	27/100
Biglari Holdings Inc. BH	FY2025	$395.3M	-$37.5M	-9.5%	$1.2B	42/100

Where First Watch Restaurant Group, Inc. Ranks

Frequently Asked Questions

What is First Watch Restaurant Group, Inc.'s annual revenue?

First Watch Restaurant Group, Inc. (FWRG) reported $1.2B in total revenue for fiscal year 2025. This represents a 20.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is First Watch Restaurant Group, Inc.'s revenue growing?

First Watch Restaurant Group, Inc. (FWRG) revenue grew by 20.3% year-over-year, from $1.0B to $1.2B in fiscal year 2025.

Is First Watch Restaurant Group, Inc. profitable?

Yes, First Watch Restaurant Group, Inc. (FWRG) reported a net income of $19.4M in fiscal year 2025, with a net profit margin of 1.6%.

What is First Watch Restaurant Group, Inc.'s EBITDA?

First Watch Restaurant Group, Inc. (FWRG) had EBITDA of $102.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does First Watch Restaurant Group, Inc. have?

As of fiscal year 2025, First Watch Restaurant Group, Inc. (FWRG) had $21.2M in cash and equivalents against $269.1M in long-term debt.

What is First Watch Restaurant Group, Inc.'s operating margin?

First Watch Restaurant Group, Inc. (FWRG) had an operating margin of 2.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is First Watch Restaurant Group, Inc.'s net profit margin?

First Watch Restaurant Group, Inc. (FWRG) had a net profit margin of 1.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is First Watch Restaurant Group, Inc.'s return on equity (ROE)?

First Watch Restaurant Group, Inc. (FWRG) has a return on equity of 3.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is First Watch Restaurant Group, Inc.'s free cash flow?

First Watch Restaurant Group, Inc. (FWRG) recorded an outflow of $31.0M in free cash flow during fiscal year 2025. This represents a -153.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is First Watch Restaurant Group, Inc.'s operating cash flow?

First Watch Restaurant Group, Inc. (FWRG) generated $125.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are First Watch Restaurant Group, Inc.'s total assets?

First Watch Restaurant Group, Inc. (FWRG) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are First Watch Restaurant Group, Inc.'s capital expenditures?

First Watch Restaurant Group, Inc. (FWRG) invested $156.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does First Watch Restaurant Group, Inc. have outstanding?

First Watch Restaurant Group, Inc. (FWRG) had 61M shares outstanding as of fiscal year 2025.

What is First Watch Restaurant Group, Inc.'s current ratio?

First Watch Restaurant Group, Inc. (FWRG) had a current ratio of 0.29 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is First Watch Restaurant Group, Inc.'s debt-to-equity ratio?

First Watch Restaurant Group, Inc. (FWRG) had a debt-to-equity ratio of 0.43 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is First Watch Restaurant Group, Inc.'s return on assets (ROA)?

First Watch Restaurant Group, Inc. (FWRG) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is First Watch Restaurant Group, Inc.'s P/E ratio?

First Watch Restaurant Group, Inc. (FWRG) trades at 39.0x earnings, its market capitalization divided by net income of $17.8M net income, trailing 12 months to June 28, 2026. The market capitalization is $694.9M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is First Watch Restaurant Group, Inc.'s price-to-sales ratio?

First Watch Restaurant Group, Inc. (FWRG) trades at 0.5x sales, its market capitalization divided by revenue of $1.3B revenue, trailing 12 months to June 28, 2026. The market capitalization is $694.9M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is First Watch Restaurant Group, Inc.'s Altman Z-Score?

First Watch Restaurant Group, Inc. (FWRG) has an Altman Z-Score of 1.02, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is First Watch Restaurant Group, Inc.'s Piotroski F-Score?

First Watch Restaurant Group, Inc. (FWRG) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are First Watch Restaurant Group, Inc.'s earnings high quality?

First Watch Restaurant Group, Inc. (FWRG) has an earnings quality ratio of 6.48x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can First Watch Restaurant Group, Inc. cover its interest payments?

First Watch Restaurant Group, Inc. (FWRG) has an interest coverage ratio of 1.47x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is First Watch Restaurant Group, Inc.?

First Watch Restaurant Group, Inc. (FWRG) scores 39 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.