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First Watch Restaurant Group, Inc.

FWRG

$12.44 0.00 (-0.04%) at close

8 Visible periods

29 Metrics

Peer-ranked Benchmarks

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Weak

Neutral

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Analytical Summary

First Watch Restaurant Group, Inc. shows mixed fundamentals. Consider comparing against peers in the Consumer Discretionary sector before making investment decisions.

Market Cap $758.4M

Dividend Yield —

Revenue Growth 20.3% ↗

Op. Margin 2.3% ↘

ROIC 7.0% ↗

FCF / Share $-0.51 ↘

Trailing P/E 38.9x

Price / Book 1.2x

FCF Yield —

Debt / Equity —

info Valuation on last close. End-of-day price, Aug 7, 2026.

8-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$1.22B

↑ +20.3% —

Net Income Profit after all expenses

$19.43M

↑ +2.7% —

Operating Margin Operating profit as % of sales

2.3%

↓ -41.2% 34th

FCF / Share Free cash flow per share

$-0.51

↓ -150.7% —

Health Breakdown

Profitability ↓

Returns

Financial Health ↑

Cash Quality ↑

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📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 28, 2025 10-K ↗	FY 2024 Dec 29, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 25, 2022 10-K ↗	FY 2021 Dec 26, 2021 10-K ↗	FY 2020 Dec 27, 2020 10-K ↗	FY 2019 Dec 29, 2019 10-K ↗	FY 2018 Dec 30, 2018 10-K ↗
Revenue Growth YoY (%)	20.3% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+191%)	13.9% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+99%)	22.1% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+216%)	21.5% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+206%)	75.6% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+980%)	-21.5% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-408%)	—	—
EPS Growth YoY (%)	3.2% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	-27.9% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	258.3% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	N/M	96.4% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	-8.9% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	2.7% Caution ↓ Caution Declining Year-over-year change in net income	-25.4% Weak ↓ Weak Declining Year-over-year change in net income	267.5% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	95.8% Excellent Excellent Year-over-year change in net income	-9.3% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	-150.7% Weak ↓ Weak Declining Year-over-year change in free cash flow	N/M	1394.7% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-97.9% Weak Weak Year-over-year change in free cash flow	N/M	-19.7% Weak Weak Year-over-year change in free cash flow	—	—
Revenue CAGR 3Y (%)	18.7% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	19.1% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	37.6% Excellent Excellent Compound annual revenue growth over 3 years	18.7% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	29.0% Excellent Excellent Compound annual revenue growth over 5 years	18.4% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	38.7% Excellent Excellent Compound annual EPS growth over 3 years	—	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 28, 2025 10-K ↗	FY 2024 Dec 29, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 25, 2022 10-K ↗	FY 2021 Dec 26, 2021 10-K ↗	FY 2020 Dec 27, 2020 10-K ↗	FY 2019 Dec 29, 2019 10-K ↗	FY 2018 Dec 30, 2018 10-K ↗
Operating Margin (%) (%)	2.3% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-81%)	3.8% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-68%)	4.6% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-61%)	2.3% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-81%)	3.7% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-69%)	-13.8% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-215%)	-8.6% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-172%)	—
Effective Tax Rate (%) (%)	-60.2% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	32.5% Weak ↓ Weak Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	29.6% Caution ↓ Caution Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	45.1% Weak ↓ Weak Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	669.5% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	28.6% Caution Caution Actual taxes paid relative to pre-tax income Optimal: 15-25%	21.5% Fair Fair Actual taxes paid relative to pre-tax income Optimal: 15-25%	—
Profit Margin (%) (%)	1.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-80%)	1.9% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-77%)	2.8% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-64%)	0.9% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-88%)	-0.4% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-104%)	-14.5% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-281%)	-10.4% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-230%)	—
FCF Margin (%) (%)	-2.5% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-1.2% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	1.2% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	0.1% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	4.6% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-13.2% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-8.6% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	-1.59x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-0.65x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	0.43x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	0.10x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-13.13x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.91x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	0.83x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 28, 2025 10-K ↗	FY 2024 Dec 29, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 25, 2022 10-K ↗	FY 2021 Dec 26, 2021 10-K ↗	FY 2020 Dec 27, 2020 10-K ↗	FY 2019 Dec 29, 2019 10-K ↗	FY 2018 Dec 30, 2018 10-K ↗
Return on Invested Capital (%)	7.0% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	4.4% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	5.2% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	1.8% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-25.1% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-10.5% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	-8.9% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	1.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	2.6% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	3.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.5% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	2.1% Weak Weak Operating profit relative to total assets Optimal: > 10%	-4.7% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	3.1% Weak → Weak Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-84%)	3.2% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-84%)	4.5% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-77%)	1.3% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-93%)	-0.4% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-102%)	-15.5% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-177%)	-13.8% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-169%)	—

⚖️ Is the balance sheet risky? 2 metrics

Metric	FY 2025 Dec 28, 2025 10-K ↗	FY 2024 Dec 29, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 25, 2022 10-K ↗	FY 2021 Dec 26, 2021 10-K ↗	FY 2020 Dec 27, 2020 10-K ↗	FY 2019 Dec 29, 2019 10-K ↗	FY 2018 Dec 30, 2018 10-K ↗
Interest Coverage (x)	1.47x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	2.73x Caution ↓ Caution Declining Operating income divided by interest expense Optimal: > 5x	5.12x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	3.23x Fair ↑ Fair Improving Operating income divided by interest expense Optimal: > 5x	1.11x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-2.07x Weak Weak Operating income divided by interest expense Optimal: > 5x	-1.87x Weak Weak Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$-21.25M	$-33.31M	$-49.63M	$-49.67M	$-51.86M	$-38.85M	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 28, 2025 10-K ↗	FY 2024 Dec 29, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 25, 2022 10-K ↗	FY 2021 Dec 26, 2021 10-K ↗	FY 2020 Dec 27, 2020 10-K ↗	FY 2019 Dec 29, 2019 10-K ↗	FY 2018 Dec 30, 2018 10-K ↗
Revenue per Share (USD)	$20.05	$16.83	$14.98	$12.36	$12.47	$7.61	$9.69	—
Basic EPS, GAAP (USD)	$0.32	$0.31	$0.43	$0.12	$-0.04	$-1.10	$-1.01	—
Free Cash Flow per Share (USD)	$-0.51	$-0.20	$0.18	$0.01	$0.57	$-1.00	$-0.84	—
Book Value per Share (USD)	$10.32	$9.81	$9.37	$8.84	$8.54	$7.13	$7.33	—
Tangible Book Value per Share (USD)	$0.51	$0.48	$0.84	$0.59	$0.27	$-3.73	$7.33	—
Basic Weighted Avg Shares (shares)	60.96M	60.37M	59.53M	59.10M	48.21M	45.01M	45.01M	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	FY 2025 Dec 28, 2025 10-K ↗	FY 2024 Dec 29, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 25, 2022 10-K ↗	FY 2021 Dec 26, 2021 10-K ↗	FY 2020 Dec 27, 2020 10-K ↗	FY 2019 Dec 29, 2019 10-K ↗	FY 2018 Dec 30, 2018 10-K ↗
Working Capital (USD)	$-118.42M	$-82.60M	$-43.88M	$-32.69M	$-28.83M	$-27.49M	—	—
Total Equity (USD)	$626.28M	$595.39M	$561.28M	$523.13M	$504.43M	$320.87M	$329.80M	$374.67M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 28, 2025 10-K ↗	FY 2024 Dec 29, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 25, 2022 10-K ↗	FY 2021 Dec 26, 2021 10-K ↗	FY 2020 Dec 27, 2020 10-K ↗	FY 2019 Dec 29, 2019 10-K ↗	FY 2018 Dec 30, 2018 10-K ↗
Sales/Revenue/Turnover (USD)	$1.22B	$1.02B	$891.55M	$730.16M	$601.19M	$342.39M	$436.37M	—
Depreciation Expense (USD)	$66.50M	$52.10M	$39.70M	$33.30M	$31.30M	$29.60M	$25.90M	—
Net Income, GAAP (USD)	$19.43M	$18.93M	$25.39M	$6.91M	$-2.11M	$-49.68M	$-45.44M	—
Operating Cash Flow (USD)	$125.91M	$115.67M	$95.34M	$62.94M	$62.97M	$-18.36M	$21.46M	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 1 week ago 8 years · 27 quarters

First Watch Restaurant Group, Inc.

Analytical Summary

8-Year Financial Trajectory

Health Breakdown

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