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. In the quarter to June 2026, revenue grew 15.2%, EPS grew 33.3%, free cash flow fell 580.4% and total debt rose 11.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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First Watch Restaurant Group, Inc. (FWRG) Piotroski F-score
First Watch Restaurant Group, Inc.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 1.00 |
| FY2024 | 3 | (3.00) |
| FY2023 | 6 | 0.00 |
| FY2022 | 6 | (1.00) |
| FY2021 | 7 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 1.19% | 1.36% | Pass | 1 |
| Positive operating cash flow | 125.91m | 115.67m | Pass | 1 |
| Rising return on assets | 1.19% | 1.36% | Fail | 0 |
| Cash flow above net income | 106.48m | 96.75m | Pass | 1 |
| Falling long-term leverage | 0.17 | 0.14 | Fail | 0 |
| Rising current ratio | 0.29 | 0.40 | Fail | 0 |
| No new shares issued | 60,964,000 | 60,365,000 | Fail | 0 |
| Rising gross margin | 20.24% | 21.96% | Fail | 0 |
| Rising asset turnover | 0.75 | 0.73 | Pass | 1 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| LOCO El Pollo Loco Holdings, Inc. compare | 9 |
| BLMN Bloomin' Brands, Inc. compare | 7 |
| PZZA Papa John's International, Inc. compare | 6 |
| HDL Super Hi International Holding Ltd. Unsponsored ADR compare | 5 |
| CNNE Cannae Holdings, Inc. compare | 5 |
| KRUS Kura Sushi USA, Inc. compare | 4 |
| FWRG First Watch Restaurant Group, Inc. | 4 |
| SG Sweetgreen, Inc. compare | 3 |
| BH.A Biglari Holdings Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover