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. 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

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

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 2026-08-04

Restaurant expansion is driving higher sales and cash generation, but reinvestment is outpacing self-funding and pulling in more debt financing.

From FY2023 to FY2025, capital spending rose from $83.3M to $156.9M, faster than the gain in operating cash flow. That turned free cash flow from $12.0M positive to -$31.0M even as the business kept producing more cash from operations, showing that recent growth is being financed rather than harvested.

Margin compression says scale is not flowing through cleanly: operating margin fell from 4.6% to 2.3% between FY2023 and FY2025. That happened even as overhead consumed a smaller share of revenue, pointing to pressure in restaurant-level costs and a heavier depreciation load rather than simple corporate overspending, which fits a business adding assets before they fully contribute earnings.

Liquidity has tightened as cash fell to $21.2M and the current ratio slipped to 0.3x by FY2025, leaving less balance-sheet cushion despite positive equity. With long-term debt at $269.1M, the expansion program now depends more on external capital than on retained cash.

Financial Health Signals

Financial Health Score 40/100

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 54/100, 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 78/100.

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 26/100, 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 26/100, 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 51/100. This is down from 3.2% the prior year.

Altman Z-Score Distress

1.06

First Watch Restaurant Group, Inc. scores 1.06, 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

$1.2B

YoY+20.3%

5Y CAGR+29.0%

First Watch Restaurant Group, Inc. generated $1.2B in revenue in fiscal year 2025. This represents an increase of 20.3% from the prior year.

EBITDA

$102.5M

YoY+6.1%

First Watch Restaurant Group, Inc.'s EBITDA was $102.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.1% from the prior year.

Net Income

$19.4M

YoY+2.7%

First Watch Restaurant Group, Inc. reported $19.4M in net income in fiscal year 2025. This represents an increase of 2.7% from the prior year.

EPS (Diluted)

$0.31

YoY+3.3%

First Watch Restaurant Group, Inc. earned $0.31 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$31.0M

YoY-153.2%

First Watch Restaurant Group, Inc. recorded an outflow of $31.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 153.2% from the prior year.

Cash & Debt

$21.2M

YoY-36.2%

5Y CAGR-11.4%

First Watch Restaurant Group, Inc. held $21.2M in cash against $269.1M in long-term debt as of fiscal year 2025.

Shares Outstanding

61M

YoY+0.7%

5Y CAGR+6.3%

First Watch Restaurant Group, Inc. had 61M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin

2.3%

YoY-1.6pp

5Y CAGR+16.0pp

First Watch Restaurant Group, Inc.'s operating margin was 2.3% in fiscal year 2025, reflecting core business profitability. This is down 1.6 percentage points from the prior year.

Net Margin

1.6%

YoY-0.3pp

5Y CAGR+16.1pp

First Watch Restaurant Group, Inc.'s net profit margin was 1.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.

Return on Equity

3.1%

YoY-0.1pp

5Y CAGR+18.6pp

First Watch Restaurant Group, Inc.'s ROE was 3.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures

$156.9M

YoY+22.7%

5Y CAGR+42.5%

First Watch Restaurant Group, Inc. invested $156.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 22.7% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

FWRG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FWRG quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19
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
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 (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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$354.7M+7.2%	$331.0M+4.6%	$316.4M+0.1%	$316.0M+2.6%	$307.9M+9.1%	$282.2M+7.2%	$263.3M+4.6%	$251.6M
SG&A Expenses	$38.7M-3.0%	$39.9M+25.6%	$31.8M-5.8%	$33.7M+1.7%	$33.2M+9.8%	$30.2M-1.7%	$30.7M+11.1%	$27.7M
Operating Income	$8.1M+713.5%	$999K-88.9%	$9.0M-10.1%	$10.1M+37.4%	$7.3M+557.1%	$1.1M-71.2%	$3.9M-38.8%	$6.3M
Interest Expense	$4.9M+2.4%	$4.8M-29.3%	$6.8M+48.0%	$4.6M+14.1%	$4.0M+20.1%	$3.3M-31.1%	$4.8M+40.5%	$3.4M
Income Tax	$1.0M+237.4%	-$749K+93.0%	-$10.7M-500.4%	$2.7M+82.5%	$1.5M+307.6%	-$708K-1915.4%	$39K-97.2%	$1.4M
Net Income	$2.3M+187.1%	-$2.7M-117.7%	$15.2M+407.0%	$3.0M+42.0%	$2.1M+354.0%	-$829K-218.6%	$699K-66.9%	$2.1M
EPS (Diluted)	$0.04+200.0%	-$0.04-116.7%	$0.24+380.0%	$0.05+66.7%	$0.03+400.0%	-$0.01-200.0%	$0.01-66.7%	$0.03

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

FWRG Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FWRG quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19
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
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
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$1.8B+2.6%	$1.8B+1.8%	$1.7B+1.3%	$1.7B+2.6%	$1.7B+8.5%	$1.5B+2.0%	$1.5B+2.0%	$1.5B
Current Assets	$47.5M-7.8%	$51.6M+5.1%	$49.1M+12.3%	$43.7M+1.8%	$42.9M-2.9%	$44.3M-20.8%	$55.9M-23.5%	$73.0M
Cash & Equivalents	$20.5M-13.1%	$23.6M+10.9%	$21.2M+2.6%	$20.7M+8.0%	$19.2M+3.1%	$18.6M-44.1%	$33.3M-34.8%	$51.1M
Inventory	$7.8M+9.3%	$7.1M-0.5%	$7.2M+10.6%	$6.5M-4.2%	$6.8M+9.2%	$6.2M+1.4%	$6.1M+14.8%	$5.3M
Accounts Receivable	$6.8M+13.0%	$6.0M-12.1%	$6.9M+24.6%	$5.5M+0.4%	$5.5M-8.0%	$6.0M-17.6%	$7.2M+46.7%	$4.9M
Goodwill	$420.2M0.0%	$420.2M0.0%	$420.2M0.0%	$420.2M0.0%	$420.2M+5.4%	$398.6M0.0%	$398.6M0.0%	$398.6M
Total Liabilities	$1.2B+3.5%	$1.1B+2.7%	$1.1B+0.3%	$1.1B+3.6%	$1.1B+13.4%	$947.8M+3.1%	$919.0M+2.6%	$895.8M
Current Liabilities	$177.9M+0.2%	$177.5M+6.0%	$167.5M-5.2%	$176.8M+11.6%	$158.3M+11.6%	$141.8M+2.4%	$138.5M+3.3%	$134.0M
Long-Term Debt	$277.7M+3.3%	$268.7M-0.1%	$269.1M+7.2%	$251.0M+0.4%	$250.0M+30.5%	$191.5M+1.3%	$189.0M-0.3%	$189.7M
Total Equity	$634.2M+1.0%	$627.7M+0.2%	$626.3M+3.1%	$607.3M+1.0%	$601.3M+0.8%	$596.3M+0.2%	$595.4M+1.1%	$589.1M
Retained Earnings	-$34.7M+6.3%	-$37.1M-7.8%	-$34.4M+30.6%	-$49.6M+5.7%	-$52.5M+3.9%	-$54.7M-1.5%	-$53.8M+1.3%	-$54.5M

FWRG Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FWRG quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$27.4M-20.4%	$34.5M+86.7%	$18.5M-61.4%	$47.9M+21.4%	$39.4M+95.8%	$20.1M-12.2%	$22.9M-36.1%	$35.9M
Capital Expenditures	$40.5M+38.0%	$29.3M-20.3%	$36.8M-13.4%	$42.5M+3.4%	$41.1M+12.4%	$36.5M-10.1%	$40.6M+39.8%	$29.1M
Free Cash Flow	-$13.1M-355.6%	$5.1M+127.9%	-$18.3M-439.0%	$5.4M+425.9%	-$1.7M+89.9%	-$16.4M+7.4%	-$17.7M-361.2%	$6.8M
Investing Cash Flow	-$41.0M-38.7%	-$29.5M+22.3%	-$38.0M+11.5%	-$42.9M+55.4%	-$96.2M-162.9%	-$36.6M+10.1%	-$40.7M-33.3%	-$30.6M
Financing Cash Flow	$10.5M+501.3%	-$2.6M-113.0%	$20.1M+686.2%	-$3.4M-106.0%	$57.4M+3156.6%	$1.8M+25271.4%	-$7K-101.5%	$475K

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.

FWRG quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19
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
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Margin	2.3%+2.0pp	0.3%-2.6pp	2.9%-0.3pp	3.2%+0.8pp	2.4%+2.0pp	0.4%-1.1pp	1.5%-1.0pp	2.5%
Net Margin	0.7%+1.5pp	-0.8%-5.6pp	4.8%+3.8pp	0.9%+0.3pp	0.7%+1.0pp	-0.3%-0.6pp	0.3%-0.6pp	0.8%
Return on Equity	0.4%+0.8pp	-0.4%-2.8pp	2.4%+1.9pp	0.5%+0.1pp	0.4%+0.5pp	-0.1%-0.3pp	0.1%-0.2pp	0.4%
Return on Assets	0.1%+0.3pp	-0.1%-1.0pp	0.9%+0.7pp	0.2%0.0pp	0.1%+0.2pp	-0.1%-0.1pp	0.1%-0.1pp	0.1%
Current Ratio	0.270.0x	0.290.0x	0.290.0x	0.250.0x	0.270.0x	0.31-0.1x	0.40-0.1x	0.54
Debt-to-Equity	0.440.0x	0.430.0x	0.430.0x	0.410.0x	0.42+0.1x	0.320.0x	0.320.0x	0.32
FCF Margin	-3.7%-5.2pp	1.5%+7.3pp	-5.8%-7.5pp	1.7%+2.3pp	-0.5%+5.3pp	-5.8%+0.9pp	-6.7%-9.4pp	2.7%

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.

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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 Altman Z-Score?

First Watch Restaurant Group, Inc. (FWRG) has an Altman Z-Score of 1.06, 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 40 out of 100 on our Financial Health Score, indicating moderate 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.