First Watch Restaurant Group, Inc.
FWRG Nasdaq· Retail-Eating Places
Last close · Oct 23, 2026
$10.89
KIRA · Stoqly’s AI analyst, in plain words
- First Watch Restaurant Group, Inc. had $1.2B of revenue in fiscal 2025, up 20.3% on the year before. Over five years, revenue changed +29.0% a year on average.
- Its operating margin was 2.3%, down 1.6 pts: of every 100 in sales, about 2 is left after running the business.
- First Watch Restaurant Group, Inc. made $19.4M of net profit in fiscal 2025.
- Free cash flow was −$31.0M in fiscal 2025, −2.5% of revenue.
- First Watch Restaurant Group, Inc. owes $274M more than it holds in cash, about 2.7 years of operating profit.
Market cap
$678M
P/E
37.6x
Revenue
$1.2B
Net income
$19.4M
Free cash flow
−$31.0M
Operating margin
2.3%
First Watch Restaurant Group, Inc. in 30 seconds · fiscal 2025
Are sales growing?
+20.3%
Yes. Sales grew 20.3% last year.
Does it make a profit?
1.6%
A little. It keeps 1.6% of every sale as profit.
Does profit turn into cash?
−2.5%
No. It spent more cash than it brought in.
Is debt under control?
2.7x
Keep an eye on it. Repaying its debt would take 2.7 years of operating profit.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
37.6x
One share costs 37.6 times its yearly profit per share.
What First Watch Restaurant Group, Inc. does
No business description yet.
- Fiscal year ends
- December 28, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Legal name
- First Watch Restaurant Group, Inc.
- CIK
- 0001789940
First Watch Restaurant Group, Inc. · FWRG
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $601M | $730M | $892M | $1.0B | $1.2B |
| Revenue growth | 75.6% | 21.5% | 22.1% | 13.9% | 20.3% |
| Operating margin | 3.7% | 2.3% | 4.6% | 3.8% | 2.3% |
| Net income | −$2.1M | $6.9M | $25.4M | $18.9M | $19.4M |
| Net margin | −0.4% | 0.9% | 2.8% | 1.9% | 1.6% |
| Diluted EPS | −$0.04 | $0.11 | $0.41 | $0.30 | $0.31 |
| Cash | |||||
| Cash from operations | $63.0M | $62.9M | $95.3M | $116M | $126M |
| Capital expenditure | $35.3M | $62.2M | $83.3M | $128M | $157M |
| Free cash flow | $27.7M | $0.7M | $12.0M | −$12.2M | −$31.0M |
| FCF margin | 4.6% | 0.1% | 1.3% | −1.2% | −2.5% |
| Share count change | 7.1% | 24.7% | 1.7% | 1.9% | 0.8% |
| Debt and strength | |||||
| Cash and short-term investments | $51.9M | $49.7M | $49.6M | $33.3M | $21.2M |
| Debt incl. finance leases | $105M | $102M | $126M | $201M | $295M |
| Shareholders' equity | $504M | $523M | $561M | $595M | $626M |
| Net debt / EBITDA | 1.0x | 1.0x | 0.9x | 1.7x | 2.7x |
| Current ratio | 0.7x | 0.7x | 0.6x | 0.4x | 0.3x |
| Interest coverage | 1.1x | 3.2x | 5.1x | 3.1x | 1.6x |
| Returns and quality | |||||
| Return on capital | 2.6% | 1.9% | 4.6% | 3.5% | 3.1% |
| Return on equity | −0.5% | 1.3% | 4.7% | 3.3% | 3.2% |
| Return on tangible equity | −13.0% | 19.9% | 50.6% | 64.7% | 62.4% |
| Piotroski F-score | 6 | 6 | 5 | 3 | 4 |
| Altman Z'' | 0.6 | 0.6 | 0.6 | 0.4 | 0.2 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$1.6M
8 insiders
Of sales under plans
13%
$0.2M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
First Watch Restaurant Group, Inc. · FWRG
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $10.89 a share, the company is worth $678M: 37.6 times its earnings of the last four quarters.
Source: SEC EDGAR XBRL filings (CIK 0001789940). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.