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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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| Older periods | Dec '25 | Mar '26 | Jun '26 | Sep '26 | |
|---|---|---|---|---|---|
P/E ratio |
+8 more quarters Free account |
47.66 | 36.14 | 42.97 | 31.04 |
P/S ratio |
0.75 | 0.50 | 0.60 | 0.46 | |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | |
P/Operating CF |
49.80 | 18.63 | 28.97 | 12.93 | |
P/B ratio |
1.47 | 1.02 | 1.25 | 0.97 | |
Price to Tangible BV |
29.50 | 18.40 | 18.40 | 11.41 | |
EV/Sales |
0.97 | 0.71 | 0.81 | 0.66 | |
EV/EBITDA |
11.44 | 8.34 | 9.49 | 7.71 | |
EV/Operating CF |
9.38 | 6.42 | 8.32 | 6.97 | |
EV/FCF |
(37.07) | (87.48) | (48.86) | (41.40) | |
Quick Ratio |
0.17 | 0.17 | 0.15 | 0.15 | |
Current Ratio |
0.29 | 0.29 | 0.27 | 0.25 | |
Net Debt/EBITDA |
8.74 | 11.46 | 9.03 | 7.97 | |
Debt/Assets |
16.21% | 15.90% | 16.07% | 15.67% | |
Debt/Equity |
0.45 | 0.45 | 0.46 | 0.45 | |
Asset Turnover |
0.75 | 0.77 | 0.75 | 0.76 | |
Operating CF/Net income |
1.22 | (12.83) | 11.73 | 10.14 | |
Capex/Depreciation |
(1.77) | (1.36) | (1.86) | (1.90) | |
Interest Coverage |
1.88 | 0.21 | 1.66 | 2.24 | |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | |
Selling, General and Administrative Expense of Revenue |
10.05% | 12.07% | 10.92% | 10.07% | |
Intangible Assets out of Total Assets |
0.34 | 0.33 | 0.32 | 0.32 | |
Share Based Compensation of Revenue |
0.90% | 1.01% | 1.04% | 1.04% | |
Graham Net Nets |
(1.16) | (1.71) | (1.43) | (1.86) | |
Graham Number |
8.55 | 8.18 | 8.33 | 8.77 | |
Earnings Yield |
2.10% | 2.77% | 2.33% | 3.22% | |
Free Cash Flow Yield |
(3.46%) | (1.60%) | (2.75%) | (3.46%) | |
Revenue per Share |
5.19 | 5.40 | 5.75 | 5.67 | |
Operating CF per Share |
0.30 | 0.56 | 0.44 | 0.79 | |
Capex per Share |
(0.60) | (0.48) | (0.66) | (0.70) | |
Free Cash Flow per Share |
(0.30) | 0.08 | (0.22) | 0.08 | |
Cash per Share |
0.35 | 0.38 | 0.33 | 0.34 | |
Shareholders Equity per Share |
10.27 | 10.25 | 10.28 | 10.43 | |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | |
Book value per Share |
10.27 | 10.25 | 10.28 | 10.43 | |
Free Cash Flow |
(18.36) | 5.10 | (13.53) | 5.11 | |
Working Capital |
(118.42) | (125.92) | (130.36) | (143.88) | |
Capital Expenditures |
(36.82) | (29.36) | (40.97) | (43.44) | |
Net Current Asset Value |
(1,066.67) | (1,094.83) | (1,139.14) | (1,167.40) | |
EV/EBIT |
42.91 | 32.86 | 37.82 | 30.74 | |
Capex to Sales |
0.12 | 0.09 | 0.12 | 0.12 | |
Price to Operating Income |
33.42 | 23.43 | 28.18 | 21.49 | |
| Other line items | |||||
Average Receivables |
7.05 | 6.00 | 6.15 | 6.34 | |
Average Payables |
7.83 | 8.73 | 8.89 | 8.62 | |
Average Inventory |
6.65 | 6.67 | 7.29 | 6.89 | |
Average Assets |
1,628.19 | 1,659.10 | 1,748.42 | 1,789.33 | |
Average Common Equity |
610.83 | 611.97 | 617.74 | 625.58 |
Columns are period end dates · fundamentals updated 5 Nov 2026