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