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Friday 6 November 2026
Export FWRG’s income statement to Excel — free account
First Watch Restaurant Group, Inc.
FWRG Consumer Cyclical Restaurants
First Watch Restaurant Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 20.3% from fiscal 2024.
- Revenue
- +10.7%
- EPS
- +55.2%
- Free cash flow
- +2.94%
- Total debt
- +10.3%
Quarter to September 2026, against a year earlier
13.04
0.46
−3.41%
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| Dec '17 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
— | — | — | 7 | 6 | 6 | 3 | 4 |
P/E ratio |
— | 0.00 | 0.00 | 0.00 | 114.90 | 46.71 | 60.03 | 47.66 |
Altman Z-Score |
— | — | — | 1.36 | 1.38 | 1.71 | 1.37 | 1.14 |
P/S ratio |
— | 1.85 | 1.85 | 1.34 | 1.12 | 1.31 | 1.11 | 0.75 |
P/FCF ratio |
— | 70.40 | 70.40 | 29.61 | 0.00 | 98.58 | 0.00 | 0.00 |
Altman Z″-Score (non-manufacturers) |
— | (0.23) | (0.34) | 0.61 | 0.56 | 0.64 | 0.38 | 0.19 |
Beneish M-Score |
— | — | (2.45) | (2.53) | (2.33) | (2.86) | (2.57) | (2.79) |
P/Operating CF |
— | 71.99 | 71.99 | 43.20 | 50.35 | 52.39 | 49.01 | 49.80 |
P/B ratio |
— | 3.07 | 3.07 | 1.60 | 1.57 | 2.08 | 1.89 | 1.47 |
Price to Tangible BV |
— | 0.00 | 0.00 | 49.85 | 23.60 | 23.26 | 38.44 | 29.50 |
EV/Sales |
— | 2.29 | 2.29 | 1.43 | 1.19 | 1.39 | 1.27 | 0.97 |
EV/EBITDA |
— | 31.18 | 31.18 | 15.42 | 16.89 | 14.99 | 13.26 | 11.44 |
EV/Operating CF |
— | 26.68 | 26.68 | 13.64 | 13.84 | 13.04 | 11.14 | 9.38 |
EV/FCF |
— | 87.30 | 87.30 | 31.47 | (2,217.00) | 104.95 | (104.39) | (37.07) |
Quick Ratio |
— | 0.23 | 0.56 | 0.59 | 0.56 | 0.48 | 0.29 | 0.17 |
Current Ratio |
— | 0.33 | 0.64 | 0.70 | 0.67 | 0.62 | 0.40 | 0.29 |
Net Debt/EBITDA |
— | (28.84) | (16.49) | 0.91 | 0.99 | 0.91 | 1.70 | 2.53 |
Debt/Assets |
0.00% | 25.80% | 28.78% | 9.83% | 9.14% | 9.90% | 13.09% | 16.21% |
Debt/Equity |
— | 0.77 | 0.90 | 0.20 | 0.19 | 0.22 | 0.33 | 0.45 |
Asset Turnover |
— | 0.89 | 0.34 | 0.59 | 0.68 | 0.75 | 0.73 | 0.75 |
Operating CF/Net income |
— | (0.47) | 0.37 | (29.89) | 9.11 | 3.76 | 6.11 | 6.48 |
Capex/Depreciation |
— | (2.03) | (0.84) | (1.07) | (1.83) | (2.00) | (2.20) | (2.08) |
Interest Coverage |
— | (1.87) | (2.07) | 1.11 | 3.23 | 5.12 | 3.08 | 1.65 |
| — | (13.96%) | (15.27%) | (0.51%) | 1.34% | 4.68% | 3.27% | 3.18% | |
| — | (9.25%) | (4.99%) | (0.21%) | 0.64% | 2.14% | 1.36% | 1.19% | |
ROIC |
— | (4.10%) | (5.16%) | 2.50% | 1.84% | 4.05% | 3.20% | 1.94% |
Return on Tangible Assets |
— | (39.32%) | (37.28%) | (1.55%) | 4.25% | 11.58% | 6.79% | 5.40% |
Average Days of Receivables |
— | 4.80 | 4.17 | 2.70 | 3.08 | 2.26 | 2.60 | 2.05 |
Research and Development Expense of Revenue |
— | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
— | 12.79% | 13.53% | 11.71% | 11.64% | 11.57% | 11.15% | 10.55% |
Intangible Assets out of Total Assets |
0.00 | 0.50 | 0.49 | 0.47 | 0.44 | 0.40 | 0.37 | 0.34 |
Share Based Compensation of Revenue |
— | 0.27% | 0.22% | 1.43% | 1.42% | 0.85% | 0.84% | 0.88% |
Graham Net Nets |
— | (0.65) | (0.65) | (0.59) | (0.63) | (0.54) | (0.77) | (1.16) |
Graham Number |
— | 0.00 | 0.00 | 0.00 | 4.91 | 9.44 | 8.29 | 8.55 |
Earnings Yield |
— | (0.85%) | (0.85%) | (0.12%) | 0.87% | 2.14% | 1.67% | 2.10% |
Free Cash Flow Yield |
— | 1.42% | 1.42% | 3.38% | (0.05%) | 1.01% | (1.10%) | (3.46%) |
Revenue per Share |
— | 9.69 | 7.61 | 12.47 | 12.36 | 14.98 | 16.83 | 20.05 |
Operating CF per Share |
— | 0.48 | (0.41) | 1.31 | 1.07 | 1.60 | 1.92 | 2.07 |
Capex per Share |
— | (1.31) | (0.60) | (0.74) | (1.07) | (1.40) | (2.12) | (2.59) |
Free Cash Flow per Share |
— | (0.84) | (1.01) | 0.57 | (0.01) | 0.20 | (0.20) | (0.52) |
Cash per Share |
— | 0.25 | 0.87 | 1.08 | 0.84 | 0.84 | 0.55 | 0.35 |
Shareholders Equity per Share |
— | 7.33 | 7.13 | 10.46 | 8.85 | 9.43 | 9.86 | 10.27 |
Interest Debt per Share |
— | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
— | 7.33 | 7.13 | 10.46 | 8.85 | 9.43 | 9.86 | 10.27 |
Free Cash Flow |
— | (37.70) | (45.34) | 27.29 | (0.39) | 11.85 | (12.34) | (31.84) |
Working Capital |
— | (48.77) | (27.49) | (28.83) | (32.69) | (43.88) | (82.60) | (118.42) |
Capital Expenditures |
— | (59.17) | (26.97) | (35.68) | (63.33) | (83.49) | (128.01) | (157.76) |
Net Current Asset Value |
— | (628.04) | (637.61) | (474.79) | (514.02) | (634.57) | (863.09) | (1,066.67) |
EV/EBIT |
— | 84.07 | 84.07 | 38.61 | 51.52 | 30.13 | 33.11 | 42.91 |
Capex to Sales |
— | 0.14 | 0.08 | 0.06 | 0.09 | 0.09 | 0.13 | 0.13 |
Price to Operating Income |
— | 67.79 | 67.79 | 36.33 | 48.50 | 28.30 | 28.87 | 33.42 |
| Other line items | ||||||||
Depreciation/Fixed assets |
— | 0.18 | 0.20 | 0.20 | 0.18 | 0.16 | 0.16 | 0.16 |
Cash ROIC |
— | (6.34%) | (6.98%) | 4.14% | (0.06%) | 1.61% | (1.49%) | (3.42%) |
Accounts Receivable Turnover |
— | 87.27 | 70.92 | 143.74 | 137.58 | 152.45 | 159.15 | 173.48 |
Accounts Payable Turnover |
— | 77.55 | 66.33 | 62.00 | 62.76 | 99.79 | 119.35 | 124.52 |
Inventory Turnover |
— | 116.32 | 109.71 | 136.54 | 129.31 | 133.40 | 137.90 | 146.73 |
Average Days of Payables |
— | 5.32 | 4.99 | 8.52 | 4.73 | 3.32 | 3.20 | 3.26 |
Days of Inventory on Hand |
— | 2.84 | 3.45 | 3.10 | 3.14 | 2.83 | 2.82 | 2.69 |
Average Receivables |
— | 5.00 | 4.83 | 4.18 | 5.31 | 5.85 | 6.38 | 7.05 |
Average Payables |
— | 4.50 | 4.65 | 7.64 | 9.33 | 6.96 | 6.64 | 7.83 |
Average Inventory |
— | 3.00 | 2.81 | 3.47 | 4.53 | 5.20 | 5.75 | 6.65 |
Average Assets |
— | 491.04 | 994.80 | 1,027.21 | 1,075.68 | 1,185.75 | 1,390.70 | 1,628.19 |
Average Common Equity |
— | 325.50 | 325.33 | 412.65 | 513.78 | 542.21 | 578.34 | 610.83 |
Columns are period end dates · fundamentals updated 5 Nov 2026