First Watch Restaurant Group, Inc.
First Watch Restaurant Group, Inc.
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Financial Statements
Values in Millions ($) | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Financial statements beyond 3 years are for subscribers only. Unlock 17+ years of income statements, balance sheets, and cash flow statements Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | |||||||||||||||||
Assets Current | |||||||||||||||||
Cash And Cash Equivalents At Carrying Value | 20 | 24 | 21 | 21 | 19 | 19 | 33 | 51 | 45 | 43 | 50 | 40 | |||||
Accounts Receivable Net Current | 7 | 6 | 7 | 6 | 5 | 6 | 7 | 5 | 4 | 4 | 6 | 5 | |||||
Restricted Cash Current | - | - | - | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Inventory Net | 8 | 7 | 7 | 6 | 7 | 6 | 6 | 5 | 6 | 5 | 5 | 5 | |||||
Prepaid Expense Current | 11 | 12 | 8 | 7 | 8 | 11 | 7 | 7 | 8 | 9 | 7 | 5 | |||||
Derivative Assets Current | - | - | - | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | |||||
Other Assets Current | 2 | 2 | 6 | 4 | 3 | 3 | 2 | 4 | 3 | 1 | 2 | 3 | |||||
Assets Current | 48 | 52 | 49 | 44 | 43 | 44 | 56 | 73 | 67 | 63 | 71 | 59 | |||||
Goodwill | 420 | 420 | 420 | 420 | 420 | 399 | 399 | 399 | 399 | 361 | 360 | 357 | |||||
Intangible Assets Net Excluding Goodwill | 171 | 173 | 175 | 177 | 179 | 166 | 168 | 169 | 171 | 151 | 151 | 150 | |||||
Operating Lease Right Of Use Asset | 660 | 631 | 615 | 610 | 595 | 549 | 528 | 508 | 482 | 423 | 420 | 401 | |||||
Property Plant And Equipment And Finance Lease Rig… | - | 493 | 478 | 465 | 434 | 383 | 361 | 333 | 314 | 277 | 263 | 238 | |||||
Derivative Assets Noncurrent | - | - | - | - | - | - | - | - | - | - | - | 0 | |||||
Other Assets Noncurrent | 7 | 5 | 5 | 5 | 4 | 3 | 3 | 3 | 3 | 4 | 2 | 1 | |||||
Assets | 1,821 | 1,774 | 1,742 | 1,720 | 1,676 | 1,544 | 1,514 | 1,485 | 1,437 | 1,279 | 1,267 | 1,206 | |||||
Liabilities And Stockhold… | |||||||||||||||||
Liabilities Current | |||||||||||||||||
Accounts Payable Current | 10 | 10 | 9 | 7 | 8 | 8 | 7 | 7 | 7 | 6 | 6 | 6 | |||||
Accrued Liabilities Current | 47 | 44 | 38 | 50 | 48 | 41 | 40 | 44 | 39 | 32 | 36 | 34 | |||||
Employee Related Liabilities Current | 22 | 30 | 24 | 31 | 20 | 23 | 21 | 25 | 17 | 21 | 22 | 18 | |||||
Contract With Customer Liability Current | 4 | 4 | 7 | 3 | 4 | 3 | 6 | 2 | 3 | 3 | 5 | 3 | |||||
Operating Lease Liability Current | 79 | 76 | 75 | 73 | 68 | 57 | 56 | 48 | 46 | 41 | 40 | 43 | |||||
Derivative Liabilities Current | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | - | - | 0 | - | |||||
Notes Payable Current | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |||||
Liabilities Current | 178 | 177 | 167 | 177 | 158 | 142 | 138 | 134 | 119 | 106 | 115 | 110 | |||||
Operating Lease Liability Noncurrent | 702 | 673 | 651 | 645 | 629 | 579 | 556 | 534 | 504 | 444 | 441 | 420 | |||||
Long Term Debt And Capital Lease Obligations | 278 | 269 | 269 | 251 | 250 | 192 | 189 | 190 | 192 | 123 | 120 | 91 | |||||
Deferred Income Tax Liabilities Net | 21 | 21 | 22 | 34 | 32 | 31 | 32 | 32 | 32 | 28 | 25 | 24 | |||||
Derivative Liabilities | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 0 | 1 | - | |||||
Other Liabilities Noncurrent | 8 | 7 | 5 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | |||||
Liabilities | 1,187 | 1,146 | 1,116 | 1,113 | 1,075 | 948 | 919 | 896 | 851 | 705 | 706 | 649 | |||||
Stockholders Equity | |||||||||||||||||
Preferred Stock Value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Common Stock Value | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||
Additional Paid In Capital | 669 | 665 | 661 | 657 | 654 | 651 | 649 | 646 | 642 | 639 | 634 | 631 | |||||
Retained Earnings Accumulated Deficit | -35 | -37 | -34 | -50 | -53 | -55 | -54 | -55 | -57 | -66 | -73 | -75 | |||||
Accumulated Other Comprehensive Income Loss Net Of… | -0 | -1 | -1 | -1 | -1 | -1 | -0 | -2 | 0 | 0 | -1 | 1 | |||||
Stockholders Equity | 634 | 628 | 626 | 607 | 601 | 596 | 595 | 589 | 586 | 574 | 561 | 557 | |||||
Liabilities And Stockholders Equity | 1,821 | 1,774 | 1,742 | 1,720 | 1,676 | 1,544 | 1,514 | 1,485 | 1,437 | 1,279 | 1,267 | 1,206 | |||||
Property Plant And Equipment And Finance Lease Rig… | - | 303 | 286 | 269 | 254 | 242 | 229 | 216 | 204 | 192 | 181 | 172 | |||||
Preferred Stock Par Or Stated Value Per Share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||
Preferred Stock Shares Authorized | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | |||||
Preferred Stock Shares Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Preferred Stock Shares Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Common Stock Par Or Stated Value Per Share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||
Common Stock Shares Authorized | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | |||||
Common Stock Shares Issued | 62 | 62 | 61 | 61 | 61 | 61 | 61 | 61 | 60 | 60 | 60 | 60 | |||||
Shares Outstanding | 62 | 62 | 61 | 61 | 61 | 61 | 61 | 61 | 60 | 60 | 60 | 60 | |||||
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Interactive Financial Visualizations
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Earnings Market Reaction
| Fiscal Year | Q1 1 Month | Q1 2 Month | Q1 3 Month | Q2 1 Month | Q2 2 Month | Q2 3 Month | Q3 1 Month | Q3 2 Month | Q3 3 Month | Q4 1 Month | Q4 2 Month | Q4 3 Month |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -4.52% | 4.60% | -0.49% | - | - | - | - | - | - | - | - | - |
| 2025 | 0.72% | 5.09% | 12.72% | 5.55% | -10.36% | 2.46% | 5.45% | -9.60% | -6.19% | -1.14% | 3.49% | -8.85% |
| 2024 | -8.51% | -18.36% | -29.20% | 4.10% | -0.76% | 6.81% | -8.35% | -10.23% | -8.07% | -2.97% | 10.46% | -8.26% |
| 2023 | - | - | - | - | - | - | 4.20% | 19.38% | 16.93% | 0.16% | -3.78% | -19.45% |
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Performance and Valuation Metrics
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Metrics | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Metric history beyond 3 years is for subscribers only. Unlock 17+ years of history across 90+ calculated metrics Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Liquidity Ratios | |||||||||||||||||
| Current Ratio | 0.27 | 0.29 | 0.29 | 0.25 | 0.27 | 0.31 | 0.40 | 0.54 | 0.57 | 0.60 | 0.62 | 0.53 | |||||
| Quick Ratio | 0.16 | 0.18 | 0.20 | 0.17 | 0.18 | 0.19 | 0.31 | 0.45 | 0.45 | 0.46 | 0.51 | 0.45 | |||||
| Working Capital | -130.36M | -125.92M | -118.42M | -133.05M | -115.38M | -97.59M | -82.60M | -61.01M | -51.44M | -43.04M | -43.88M | -51.49M | |||||
Leverage & Debt | |||||||||||||||||
| Debt to Equity | 1.87 | 1.83 | 1.78 | 1.83 | 1.79 | 1.59 | 1.54 | 1.52 | 1.45 | 1.23 | 1.26 | 1.16 | |||||
| Interest Coverage TTM | 1.48 | 1.51 | 1.65 | 1.48 | 1.33 | 2.07 | 3.08 | 3.58 | 4.29 | 4.37 | 5.12 | 4.77 | |||||
| Debt Ratio | 0.65 | 0.65 | 0.64 | 0.65 | 0.64 | 0.61 | 0.61 | 0.60 | 0.59 | 0.55 | 0.56 | 0.54 | |||||
Efficiency & Turnover | |||||||||||||||||
| Asset Turnover TTM | 0.75 | 0.77 | 0.75 | 0.73 | 0.71 | 0.75 | 0.73 | 0.74 | 0.74 | 0.77 | 0.75 | 0.73 | |||||
| Days Sales Outstanding TTM | 1.70 | 1.72 | 2.10 | 1.63 | 1.57 | 1.74 | 2.29 | 1.82 | 1.61 | 1.57 | 2.39 | 1.85 | |||||
| Receivables Turnover TTM | 214.36 | 212.03 | 173.48 | 224.07 | 232.25 | 209.26 | 159.15 | 201.02 | 227.08 | 231.87 | 152.45 | 197.74 | |||||
Per Share Metrics | |||||||||||||||||
| Diluted EPS TTM | 0.29 | 0.29 | 0.31 | 0.08 | 0.07 | 0.18 | 0.30 | 0.34 | 0.39 | 0.37 | 0.41 | 0.36 | |||||
| Free Cash Flow Per Share TTM | -0.69 | -0.15 | -0.51 | -0.23 | -0.21 | -0.41 | -0.20 | -0.07 | -0.27 | 0.01 | 0.18 | 0.32 | |||||
| Dividend Per Share TTM | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Margin Metrics | |||||||||||||||||
| Gross Profit Margin TTM | - | - | - | - | - | - | - | - | - | 100.95% | 100.90% | 100.90% | |||||
| Operating Profit Margin TTM | 2.14% | 2.16% | 2.25% | 1.91% | 1.68% | 2.63% | 3.83% | 4.20% | 4.49% | 4.14% | 4.63% | 4.31% | |||||
| Net Profit Margin TTM | 1.35% | 1.38% | 1.59% | 0.42% | 0.37% | 1.03% | 1.86% | 2.09% | 2.51% | 2.52% | 2.85% | 2.67% | |||||
Growth Metrics | |||||||||||||||||
| Net Revenue Growth (1Y) | 19.27% | 20.41% | 20.34% | 17.27% | 14.53% | 14.43% | 13.95% | 19.77% | 20.56% | 20.06% | 22.10% | -15.74% | |||||
| Net Income Growth (1Y) | 335.64% | 61.51% | 2.68% | -76.20% | -83.09% | -53.17% | -25.45% | -6.19% | 43.25% | 99.87% | 267.53% | 394.14% | |||||
| EPS Growth (1Y) | 330.95% | 60.26% | 1.67% | -76.44% | -83.27% | -53.76% | -26.48% | -7.40% | 40.88% | 97.31% | 264.85% | 389.53% | |||||
Valuation Metrics | |||||||||||||||||
| P/E TTM | 44.64 | 36.52 | 47.31 | 192.16 | 239.37 | 92.98 | 59.36 | 45.16 | 43.85 | 63.58 | 47.14 | 46.35 | |||||
| P/B TTM | 1.25 | 1.02 | 1.47 | 1.57 | 1.63 | 1.70 | 1.89 | 1.60 | 1.81 | 2.57 | 2.13 | 1.85 | |||||
| P/S TTM | 0.60 | 0.50 | 0.75 | 0.82 | 0.89 | 0.96 | 1.11 | 0.95 | 1.10 | 1.60 | 1.34 | 1.24 | |||||
| Market Cap | 794.92M | 641.83M | 919.33M | 954.47M | 978.53M | 1.01B | 1.12B | 942.68M | 1.06B | 1.48B | 1.20B | 1.03B | |||||
| Enterprise Value | 1.05B | 887.01M | 1.17B | 1.18B | 1.21B | 1.18B | 1.28B | 1.08B | 1.21B | 1.56B | 1.27B | 1.08B | |||||
Calculated Values | |||||||||||||||||
| Free Cash Flow TTM | -42.40M | -9.48M | -30.99M | -13.97M | -12.60M | -25.05M | -12.24M | -3.99M | -16.40M | 585.00K | 10.81M | 19.33M | |||||
| Net Debt | 257.21M | 245.18M | 247.83M | 230.27M | 230.83M | 172.91M | 155.73M | 138.52M | 146.71M | 79.20M | 69.81M | 50.70M | |||||
Per-Share and Margin | |||||||||||||||||
| EPS TTM | |||||||||||||||||
| Adjusted EPS TTM | |||||||||||||||||
| Cash Flow Per Share TTM | |||||||||||||||||
| Pretax Margin TTM | |||||||||||||||||
| Stock Comp to Revenue TTM | |||||||||||||||||
Turnover Ratios and Averages | |||||||||||||||||
| Average Assets | |||||||||||||||||
| Average Equity | |||||||||||||||||
| Average Inventory | |||||||||||||||||
| Average Receivables | |||||||||||||||||
| Average Accounts Payables | |||||||||||||||||
| Inventory Turnover TTM | |||||||||||||||||
| Payables Turnover TTM | |||||||||||||||||
| Days Inventory Outstanding TTM | |||||||||||||||||
| Days Payables Outstanding TTM | |||||||||||||||||
| Cash Conversion Cycle TTM | |||||||||||||||||
| Working Capital to Revenue | |||||||||||||||||
| Deferred Revenue to Revenue | |||||||||||||||||
Growth Rates | |||||||||||||||||
| Total Assets Growth (1Y) | |||||||||||||||||
| Total Assets Growth (3Y) | |||||||||||||||||
| Total Assets Growth (5Y) | |||||||||||||||||
| Dividends Paid Growth (1Y) | |||||||||||||||||
| Dividends Paid Growth (3Y) | |||||||||||||||||
| Dividends Paid Growth (5Y) | |||||||||||||||||
| EPS Growth (3Y) | |||||||||||||||||
| EPS Growth (5Y) | |||||||||||||||||
| Net Income Growth (3Y) | |||||||||||||||||
| Net Income Growth (5Y) | |||||||||||||||||
| Net Profit Margin Growth (1Y) | |||||||||||||||||
| Net Profit Margin Growth (3Y) | |||||||||||||||||
| Net Profit Margin Growth (5Y) | |||||||||||||||||
| Net Revenue Growth (3Y) | |||||||||||||||||
| Net Revenue Growth (5Y) | |||||||||||||||||
| Deferred Revenue Growth (1Y) | |||||||||||||||||
| Retained Earnings Growth (1Y) | |||||||||||||||||
Credit, Liquidity, Returns, Payout | |||||||||||||||||
| Cash Ratio | |||||||||||||||||
| Net Working Capital | |||||||||||||||||
| Debt to EBITDA TTM | |||||||||||||||||
| Net Debt to EBITDA TTM | |||||||||||||||||
| Net Debt to Equity | |||||||||||||||||
| Altman A | |||||||||||||||||
| Altman B | |||||||||||||||||
| Altman C | |||||||||||||||||
| Altman D | |||||||||||||||||
| Altman E | |||||||||||||||||
| Altman Z-Score | |||||||||||||||||
| ROA TTM | |||||||||||||||||
| ROE TTM | |||||||||||||||||
| NOPAT TTM | |||||||||||||||||
| ROIC TTM | |||||||||||||||||
| Effective Tax Rate TTM | |||||||||||||||||
| Payout Ratio TTM | |||||||||||||||||
| Dilution Ratio | |||||||||||||||||
| Retained Earnings to Equity | |||||||||||||||||
| Treasury Stock to Equity | |||||||||||||||||
| Treasury Stock Change (1Y) | |||||||||||||||||
| Accrued to Current Liabilities | |||||||||||||||||
| NCAV | |||||||||||||||||
| NCAV Per Share TTM | |||||||||||||||||
Valuation Ratios | |||||||||||||||||
| P/CF TTM | |||||||||||||||||
| Dividend Yield TTM | |||||||||||||||||
| Free Cash Flow Yield TTM | |||||||||||||||||
| EV EBITDA TTM | |||||||||||||||||
| EV EBIT TTM | |||||||||||||||||
| Stock Compensation TTM | |||||||||||||||||
| Adjusted Net Income TTM | |||||||||||||||||
| Billings TTM | |||||||||||||||||
| Total Debt | |||||||||||||||||
| Invested Capital | |||||||||||||||||
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Institutional Ownership
First Watch Restaurant Group, Inc. (FWRG) — SEC Financial Statements & Analysis
First Watch Restaurant Group, Inc. (FWRG) is a retail-eating places company, incorporated in DE. First Watch Restaurant Group, Inc. trades on Nasdaq as: FWRG. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), First Watch Restaurant Group, Inc. reported a 19.27% year-over-year revenue growth, a Gross Profit Margin of 100.95% (TTM), a Debt-to-Equity ratio of 1.87x, a Price-to-Sales (P/S) ratio of 0.60x (TTM), a Price-to-Book (P/B) ratio of 1.25x (TTM), at a market cap of $794.92M. Figures below are sourced from SEC EDGAR, as-filed.
- Net Revenue TTM Growth 1Y
- 19.27%
- Gross Profit Margin TTM
- 100.95%
- Debt To Equity
- 1.87x
- P/S TTM
- 0.60x
- P/B TTM
- 1.25x
- Market Cap
- $794.92M
Data as of 2026-06-30 · Source: SEC EDGAR
Frequently Asked Questions
What industry is First Watch Restaurant Group, Inc. in?
First Watch Restaurant Group, Inc. (FWRG) operates in the Retail-Eating Places industry.
What is FWRG's market cap?
First Watch Restaurant Group, Inc. (FWRG) has a market capitalization of $794.92M as of 2026-06-30.
What is FWRG's P/E ratio?
First Watch Restaurant Group, Inc. (FWRG)'s trailing twelve month P/E ratio is 44.64x as of 2026-06-30.
What exchange does FWRG trade on?
First Watch Restaurant Group, Inc. (FWRG) trades on the Nasdaq.
Where is First Watch Restaurant Group, Inc. incorporated?
First Watch Restaurant Group, Inc. is incorporated in DE.