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

Source SEC Filings (10-K/10-Q) Data as of Mar 29, 2026 Currency USD FYE December

This page shows First Watch Restaurant Group, Inc. (FWRG) financial statements, including the 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 2026-05-05

Revenue growth is being bought with reinvestment, as operating cash stays healthy but capex outruns it and pressures liquidity.

From FY2023 to FY2025, operating cash flow rose from $95.3M to $125.9M. Capital spending climbed from $83.3M to $156.9M, and that faster asset buildout — not weak cash generation — is why free cash flow turned negative while earnings stayed roughly steady.

The business kept adding revenue, but operating margin fell from 4.6% in FY2023 to 2.3% in FY2025, so newer sales are translating into less operating profit than they did two years earlier. At the same time, debt to equity moved from 0.2x to 0.4x, which implies the expansion program is leaning more on financing than on internally retained cash.

Cash conversion looks better at the operating level than net income alone suggests, because depreciation and amortization reached $75.0M against net income of $19.4M in FY2025. But current ratio fell to 0.3x and cash dropped to $21.2M, leaving a much thinner short-term cushion while the company keeps funding heavy reinvestment.

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

1.5x

First Watch Restaurant Group, Inc. earns $1.5 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

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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. generated -$31.0M in free cash flow in fiscal year 2025, representing cash available 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.

Dividends Per Share

N/A

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.

Margins & Returns

Gross Margin

N/A

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

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.

FWRG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.2B+20.3%	$1.0B+13.9%	$891.6M+22.1%	$730.2M+21.5%	$601.2M+75.6%	$342.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$128.9M+13.8%	$113.3M+9.8%	$103.1M+21.4%	$85.0M+20.7%	$70.4M+52.0%	$46.3M
Operating Income	$27.5M-29.3%	$38.9M-5.7%	$41.3M+144.0%	$16.9M-24.0%	$22.2M+147.1%	-$47.2M
Interest Expense	$18.7M+30.9%	$14.3M+76.8%	$8.1M+54.1%	$5.2M-74.0%	$20.1M-11.9%	$22.8M
Income Tax	-$7.3M-180.2%	$9.1M-14.9%	$10.7M+88.1%	$5.7M+129.5%	$2.5M+112.5%	-$19.9M
Net Income	$19.4M+2.7%	$18.9M-25.4%	$25.4M+267.5%	$6.9M+427.8%	-$2.1M+95.8%	-$49.7M
EPS (Diluted)	$0.31+3.3%	$0.30-26.8%	$0.41+272.7%	$0.11+375.0%	$-0.04+96.4%	$-1.10

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$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-2.7%	$258.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$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+1.8%	$27.2M
Operating Income	$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-61.6%	$16.4M
Interest Expense	$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+1.8%	$3.4M
Income Tax	-$749K+93.0%	-$10.7M-500.4%	$2.7M+82.5%	$1.5M+307.6%	-$708K-1915.4%	$39K-97.2%	$1.4M-71.6%	$4.9M
Net Income	-$2.7M-117.7%	$15.2M+407.0%	$3.0M+42.0%	$2.1M+354.0%	-$829K-218.6%	$699K-66.9%	$2.1M-76.3%	$8.9M
EPS (Diluted)	$-0.04	N/A	$0.05+66.7%	$0.03+400.0%	$-0.01	N/A	$0.03-78.6%	$0.14

FWRG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.7B+15.0%	$1.5B+19.5%	$1.3B+14.7%	$1.1B+5.5%	$1.0B+3.9%	$1.0B
Current Assets	$49.1M-12.2%	$55.9M-21.5%	$71.2M+5.8%	$67.3M-0.6%	$67.7M+38.1%	$49.0M
Cash & Equivalents	$21.2M-36.2%	$33.3M-32.9%	$49.6M-0.1%	$49.7M-4.2%	$51.9M+33.5%	$38.8M
Inventory	$7.2M+17.3%	$6.1M+13.7%	$5.4M+7.0%	$5.0M+25.0%	$4.0M+38.0%	$2.9M
Accounts Receivable	$6.9M-5.2%	$7.2M+30.8%	$5.5M-10.3%	$6.2M+38.5%	$4.5M+13.7%	$3.9M
Goodwill	$420.2M+5.4%	$398.6M+10.7%	$359.9M+4.2%	$345.2M0.0%	$345.2M0.0%	$345.2M
Total Liabilities	$1.1B+21.4%	$919.0M+30.2%	$705.8M+21.4%	$581.3M+7.2%	$542.5M-21.0%	$686.6M
Current Liabilities	$167.5M+21.0%	$138.5M+20.3%	$115.1M+15.1%	$100.0M+3.6%	$96.5M+26.1%	$76.5M
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
Total Equity	$626.3M+5.2%	$595.4M+6.1%	$561.3M+7.3%	$523.1M+3.7%	$504.4M+57.2%	$320.9M
Retained Earnings	-$34.4M+36.1%	-$53.8M+26.0%	-$72.7M+25.9%	-$98.1M+6.6%	-$105.0M-2.0%	-$102.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$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+3.4%	$1.4B
Current Assets	$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+8.3%	$67.4M
Cash & Equivalents	$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+13.4%	$45.1M
Inventory	$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-5.9%	$5.7M
Accounts Receivable	$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+22.3%	$4.0M
Goodwill	$420.2M0.0%	$420.2M0.0%	$420.2M0.0%	$420.2M+5.4%	$398.6M0.0%	$398.6M0.0%	$398.6M0.0%	$398.6M
Total Liabilities	$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+5.3%	$850.9M
Current Liabilities	$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+12.8%	$118.8M
Long-Term Debt	$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-1.3%	$192.1M
Total Equity	$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+0.6%	$585.8M
Retained Earnings	-$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+3.7%	-$56.6M

FWRG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$125.9M+8.9%	$115.7M+21.3%	$95.3M+51.5%	$62.9M-0.1%	$63.0M+442.9%	-$18.4M
Capital Expenditures	$156.9M+22.7%	$127.9M+53.5%	$83.3M+33.9%	$62.2M+76.2%	$35.3M+32.0%	$26.7M
Free Cash Flow	-$31.0M-153.2%	-$12.2M-201.9%	$12.0M+1572.6%	$718K-97.4%	$27.7M+161.3%	-$45.1M
Investing Cash Flow	-$213.8M-3.4%	-$206.7M-67.5%	-$123.4M-95.5%	-$63.1M-76.9%	-$35.7M-32.3%	-$27.0M
Financing Cash Flow	$75.8M+2.0%	$74.3M+164.8%	$28.1M+1491.0%	-$2.0M+85.9%	-$14.3M-119.5%	$73.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$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+12.4%	$31.9M
Capital Expenditures	$29.3M-20.3%	$36.8M-13.3%	$42.4M+3.1%	$41.1M+12.6%	$36.5M-10.1%	$40.6M+39.8%	$29.1M-1.8%	$29.6M
Free Cash Flow	$5.1M+127.9%	-$18.3M-436.0%	$5.5M+419.7%	-$1.7M+89.6%	-$16.4M+7.4%	-$17.7M-361.2%	$6.8M+195.4%	$2.3M
Investing Cash Flow	-$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+70.4%	-$103.4M
Financing Cash Flow	-$2.6M-113.0%	$20.1M+686.2%	-$3.4M-106.0%	$57.4M+3156.6%	$1.8M+25271.4%	-$7K-101.5%	$475K-99.4%	$73.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FWRG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	2.3%-1.6pp	3.8%-0.8pp	4.6%+2.3pp	2.3%-1.4pp	3.7%+17.5pp	-13.8%
Net Margin	1.6%-0.3pp	1.9%-1.0pp	2.9%+1.9pp	0.9%+1.3pp	-0.4%+14.2pp	-14.5%
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%
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%
Current Ratio	0.29-0.1	0.40-0.2	0.62-0.1	0.67-0.0	0.70+0.1	0.64
Debt-to-Equity	0.43+0.1	0.32+0.1	0.21+0.0	0.18-0.0	0.20-0.7	0.89
FCF Margin	-2.5%-1.3pp	-1.2%-2.6pp	1.4%+1.3pp	0.1%-4.5pp	4.6%+17.8pp	-13.2%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	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%-3.9pp	6.4%
Net Margin	-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%-2.6pp	3.4%
Return on Equity	-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%-1.2pp	1.5%
Return on Assets	-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%-0.5pp	0.6%
Current Ratio	0.290.0	0.29+0.0	0.25-0.0	0.27-0.0	0.31-0.1	0.40-0.1	0.54-0.0	0.57
Debt-to-Equity	0.430.0	0.43+0.0	0.410.0	0.42+0.1	0.320.0	0.320.0	0.320.0	0.33
FCF Margin	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%+1.8pp	0.9%

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) generated -$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 1.5x, 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.