Friday 6 November 2026 Export FWRG’s income statement to Excel — free account

First Watch Restaurant Group, Inc.

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

13.39 0.27 +2.06%

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Market cap: $809.9M
P/E: 39.8×
Fwd P/E: 138×
Dividend yield: —
F-score: 4/9
Altman Z: 1.14
Beneish M: −2.79
Dividend safety: n/a

Overview

	Older periods	Dec '25	Mar '26	Jun '26	Sep '26
Piotroski F-Score Full definition →	+8 more TTM periods Free account	4	5	7	7
ROE Full definition →		3.18%	2.87%	2.88%	3.13%
ROA Full definition →		1.19%	1.06%	1.02%	1.10%
ROIC Full definition →		1.94%	1.93%	1.95%	2.00%
Return on Tangible Assets Full definition →		5.40%	4.78%	4.62%	4.95%
Average Days of Receivables Full definition →		2.05	1.73	1.89	1.93
Free Cash Flow per Share Full definition →		(0.52)	(0.17)	(0.35)	(0.35)
Free Cash Flow Full definition →		(31.84)	(10.29)	(21.84)	(21.69)
Capital Expenditures Full definition →		(157.76)	(150.52)	(150.07)	(150.60)
Other line items
Cash ROIC Full definition →		(3.42%)	(1.10%)	(2.31%)	(2.27%)
Accounts Receivable Turnover Full definition →		173.48	212.03	214.36	213.39
Accounts Payable Turnover Full definition →		124.52	115.53	117.65	124.56
Inventory Turnover Full definition →		146.73	151.24	143.56	155.80
Average Days of Payables Full definition →		3.26	3.53	3.59	3.40
Days of Inventory on Hand Full definition →		2.69	2.58	2.72	2.48
Tax Rate Full definition →		0.60	0.72	0.78	0.81
Research and Development Expense of Revenue Full definition →		0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →		10.55%	10.91%	10.94%	10.78%
Share Based Compensation of Revenue Full definition →		0.88%	0.93%	0.97%	1.00%
Interest Coverage Full definition →		1.65	1.51	1.48	1.51
Operating CF/Net income Full definition →		6.48	7.98	7.20	6.58
Depreciation/Fixed assets Full definition →		0.16	0.16	0.16	0.16
Capex/Depreciation Full definition →		(2.08)	(1.87)	(1.78)	(1.73)
Revenue per Share Full definition →		20.05	20.76	21.37	21.90
Operating CF per Share Full definition →		2.07	2.29	2.08	2.09
Capex per Share Full definition →		(2.59)	(2.46)	(2.43)	(2.44)
Capex to Sales Full definition →		0.13	0.12	0.11	0.11

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Columns are period end dates · fundamentals updated 5 Nov 2026

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