First Watch Restaurant
FWRG
10.78
+0.28
+2.67%
First Watch Restaurant
US · FWRG
#3574 by market cap
Listed 2021
10.78
+0.28
+2.67%
Live - 5344 symbols - heartbeat 445s ago
· 2026-10-08 10:11
Pre-market
10.63
+1.24%
After-hours
10.40
-0.95%
- Market cap
- 665.26M
- P/E (TTM)i
- 38.50
- P/Bi
- 1.05
- EPSi
- 0.31
- Div yieldi
- 0.00%
- 52W posi
- 10%
Reader sentiment
Are you bullish or bearish on FWRG?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Weak
- Altman Z-Score is 1.01, below the 1.8 "distress zone" threshold.
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 7 years
Latest year +20.34% YoY
Margins
- Gross margin
- 19.18%
- Operating margin
- 2.49%
- Net margin
- 1.59%
Key ratios & quality
- Enterprise valuei
- 1.00B
- PEG ratioi
- 0.94
- Altman Z-Scorei
- 1.01
PEG uses trailing P/E against the 3-year net income growth rate (41.17%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG." Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 436.37M | 342.39M | 601.19M | 730.16M | 891.55M | 1.02B | 1.22B |
| Gross profit | 87.41M | 29.88M | 124.24M | 139.54M | 190.12M | 213.00M | 234.45M |
| Selling & admin expenses | 55.82M | 46.32M | 70.39M | 84.96M | 103.12M | 113.27M | 128.95M |
| Research & development | -- | -- | -- | -- | -- | -- | -- |
| Operating profit | -2.25M | -47.17M | 21.47M | 20.35M | 45.77M | 42.02M | 30.49M |
| Pretax profit | -57.89M | -69.55M | 370.00K | 12.59M | 36.08M | 28.03M | 12.13M |
| Tax | -12.42M | -19.87M | 2.48M | 5.68M | 10.69M | 9.10M | -7.30M |
| Net profit | -45.47M | -49.68M | -2.11M | 6.91M | 25.39M | 18.93M | 19.43M |
| Basic EPS | -1 | -1 | 0 | 0 | 0 | 0 | 0 |
| Diluted EPS | -0.79 | -0.86 | -0.04 | 0.11 | 0.41 | 0.30 | 0.31 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 282.24M | 307.89M | 316.02M | 316.35M | 330.96M | 354.67M |
| Gross profit | 48.77M | 59.68M | 64.06M | 61.94M | 63.67M | 69.14M |
| Selling & admin expenses | 30.22M | 33.19M | 33.75M | 31.80M | 39.95M | 38.73M |
| Research & development | -- | -- | -- | -- | -- | -- |
| Operating profit | 2.00M | 8.36M | 10.65M | 9.49M | 2.33M | 8.57M |
| Pretax profit | -1.54M | 3.58M | 5.67M | 4.42M | -3.43M | 3.37M |
| Tax | -708.00K | 1.47M | 2.68M | -10.74M | -749.00K | 1.03M |
| Net profit | -829.00K | 2.11M | 2.99M | 15.16M | -2.69M | 2.34M |
| Basic EPS | 0 | 0 | 0 | 0 | 0 | 0 |
| Diluted EPS | -0.01 | 0.03 | 0.05 | 0.24 | -0.04 | 0.04 |
Balance sheet
| Line item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Total current assets | 24.24M | 49.04M | 67.70M | 67.29M | 71.19M | 55.88M | 49.08M |
| Cash & ST investments | 11.12M | 38.85M | 51.86M | 49.67M | 49.63M | 33.31M | 21.25M |
| Inventory | 2.71M | 2.92M | 4.02M | 5.03M | 5.38M | 6.12M | 7.17M |
| Total assets | 982.08M | 1.01B | 1.05B | 1.10B | 1.27B | 1.51B | 1.74B |
| Total current liabilities | 73.02M | 76.53M | 96.52M | 99.98M | 115.07M | 138.47M | 167.50M |
| Short-term debt | 30.41M | 43.70M | 43.72M | 46.57M | 45.91M | 64.93M | 88.34M |
| Long-term debt | 250.40M | 286.40M | 99.75M | 94.67M | 119.77M | 189.04M | 269.07M |
| Total liabilities | 652,283,000.00 | 686,646,000.00 | 542,488,000.00 | 581,311,000.00 | 705,761,000.00 | 918,967,000.00 | 1,115,750,000.00 |
| Total equity | 329.80M | 320.87M | 504.43M | 523.14M | 561.28M | 595.39M | 626.28M |
| Retained earnings | -53.25M | -102.93M | -105.04M | -98.13M | -72.75M | -53.82M | -34.39M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 44.25M | 42.95M | 43.72M | 49.08M | 51.57M | 47.53M |
| Cash & ST investments | 18.61M | 19.18M | 20.71M | 21.25M | 23.57M | 20.49M |
| Inventory | 6.20M | 6.77M | 6.49M | 7.17M | 7.14M | 7.80M |
| Total assets | 1.54B | 1.68B | 1.72B | 1.74B | 1.77B | 1.82B |
| Total current liabilities | 141.85M | 158.33M | 176.77M | 167.50M | 177.49M | 177.89M |
| Short-term debt | 66.81M | 79.42M | 85.91M | 88.34M | 89.36M | 94.11M |
| Long-term debt | 191.52M | 250.01M | 250.99M | 269.07M | 268.74M | 277.69M |
| Total liabilities | 947,849,000.00 | 1,074,680,000.00 | 1,112,918,000.00 | 1,115,750,000.00 | 1,146,398,000.00 | 1,186,670,000.00 |
| Total equity | 596.29M | 601.31M | 607.31M | 626.28M | 627.66M | 634.17M |
| Retained earnings | -54.65M | -52.55M | -49.55M | -34.39M | -37.08M | -34.74M |
Cash flow
| Line item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 21.47M | -18.36M | 62.97M | 62.94M | 95.34M | 115.67M | 125.91M |
| Depreciation & amortization | 28.03M | 30.73M | 32.38M | 34.23M | 41.22M | 57.72M | 75.01M |
| Free cash flow | -37.70M | -45.34M | 27.29M | -393.00K | 11.85M | -12.34M | -31.84M |
| Dividends paid | -- | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | 0 | 0 | 182.10M | -- | -- | -- | -- |
| Ending cash balance | 11.12M | 39.10M | 52.12M | 49.92M | 49.96M | 33.31M | 21.25M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 20.14M | 39.43M | 47.88M | 18.46M | 34.46M | 27.44M |
| Depreciation & amortization | 16.56M | 18.14M | 19.66M | 20.66M | 21.40M | 21.84M |
| Free cash flow | -16.46M | -1.99M | 4.96M | -18.36M | 5.10M | -13.53M |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -- | -- | -- | -- | -- | -- |
| Ending cash balance | 18.61M | 19.18M | 20.71M | 21.25M | 23.57M | 20.49M |
Returns & efficiency
| Line item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| ROE %i | -13.78 | -16.56 | -0.51 | 1.34 | 4.68 | 3.27 | 3.18 |
| ROA %i | -4.63 | -5.41 | -0.21 | 0.64 | 2.14 | 1.36 | 1.19 |
| ROIC %i | -3.27 | -4.03 | 1.30 | 1.10 | 2.83 | 2.13 | 2.15 |
| 5-year avg ROE %i | -- | -- | -- | -- | -4.71 | -1.30 | 2.39 |
| EBIT margin %i | -8.66 | -13.65 | 3.40 | 2.44 | 4.95 | 4.00 | 2.36 |
| FCF / sales %i | -- | -- | 4.54 | -- | 1.19 | -- | -- |
| Current ratioi | 0.33 | 0.64 | 0.70 | 0.67 | 0.62 | 0.40 | 0.29 |
| Quick ratioi | 0.23 | 0.56 | 0.58 | 0.56 | 0.48 | 0.29 | 0.17 |
| Debt / assetsi | 58.70 | 63.31 | 45.27 | 45.94 | 47.90 | 53.46 | 57.90 |
| LT debt / equityi | 165.57 | 185.19 | 85.29 | 88.08 | 99.96 | 125.06 | 146.95 |
| Interest coveragei | -1.88 | -2.05 | 1.02 | 3.41 | 5.47 | 3.22 | 1.73 |
| Revenue CAGR (3Y) %i | -- | -- | -- | 18.72 | 37.58 | 19.11 | 18.74 |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- | 41.17 |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- | -- |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 1.86 | 0.69 | 0.83 | 3.18 | 2.87 | 2.88 |
| ROA %i | 0.77 | 0.26 | 0.31 | 1.19 | 1.06 | 1.02 |
| ROIC %i | 1.51 | 0.91 | 1.14 | 2.15 | 1.84 | 1.79 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 2.83 | 1.83 | 2.02 | 2.36 | 2.23 | 2.20 |
| FCF / sales %i | -- | -- | -- | -- | -- | -- |
| Current ratioi | 0.31 | 0.27 | 0.25 | 0.29 | 0.29 | 0.27 |
| Quick ratioi | 0.17 | 0.16 | 0.15 | 0.17 | 0.17 | 0.15 |
| Debt / assetsi | 54.22 | 57.21 | 57.11 | 57.90 | 58.10 | 58.95 |
| LT debt / equityi | 129.20 | 146.24 | 147.61 | 146.95 | 149.97 | 154.43 |
| Interest coveragei | 2.23 | 1.45 | 1.56 | 1.73 | 1.56 | 1.53 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
Revenue breakdown most recent period
Business
Single segment100.00%
Quote time 2026-10-08 10:11:12 · For reference only, not investment advice and not tailored to your situation.