First Watch Restaurant Group, Inc. FWRG

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13.19 USD -0.44 (-3.23%)

Nov 4, 2026, 2:15 PM EST

13.12 Day range 13.97
9.88 52-week range 18.77
YTD
-12.53%
1 year
-25.06%

Financial health

Altman Z-Score

1.07 Distress zone

Bankruptcy-risk model: below 1.81 distress, above 2.99 safe.

Piotroski F-Score

6 / 9 Average

Nine pass/fail tests of profitability, leverage and efficiency.

FMP rating

C+2 / 5 overall

  • DCF 1
  • Return on Equity 2
  • Return on Assets 2
  • Debt / Equity 1
  • P/E 2
  • P/B 4

Valuation

P/E 48.2×
FY 2018: -82.0×FY 2019: -28.0×FY 2020: -25.7×FY 2021: -419×FY 2022: 113×FY 2023: 46.7×FY 2024: 59.8×FY 2025: 48.2×
FY 2018 5y median 48.2× FY 2025
P/S 0.8×
FY 2018: 2.8×FY 2019: 2.9×FY 2020: 3.7×FY 2021: 1.3×FY 2022: 1.1×FY 2023: 1.3×FY 2024: 1.1×FY 2025: 0.8×
FY 2018 5y median 1.1× FY 2025
P/B 1.5×
FY 2018: 2.7×FY 2019: 3.9×FY 2020: 4.0×FY 2021: 1.6×FY 2022: 1.5×FY 2023: 2.1×FY 2024: 1.9×FY 2025: 1.5×
FY 2018 5y median 1.6× FY 2025
P/FCF -30.4×
FY 2018: -143×FY 2019: -33.8×FY 2020: -28.1×FY 2021: 29.6×FY 2022: -2035×FY 2023: 112×FY 2024: -91.1×FY 2025: -30.4×
FY 2018 5y median -30.4× FY 2025
EV/EBITDA 18.6×
FY 2018: 34.7×FY 2019: -188×FY 2020: -117×FY 2021: 23.3×FY 2022: 24.2×FY 2023: 20.5×FY 2024: 19.3×FY 2025: 18.6×
FY 2018 5y median 20.5× FY 2025
EV/Sales 1.6×
FY 2018: 3.4×FY 2019: 4.2×FY 2020: 5.5×FY 2021: 2.0×FY 2022: 1.7×FY 2023: 2.0×FY 2024: 1.9×FY 2025: 1.6×
FY 2018 5y median 1.9× FY 2025
FCF Yield -3.3%
FY 2018: -0.7%FY 2019: -3.0%FY 2020: -3.6%FY 2021: 3.4%FY 2022: -0.0%FY 2023: 0.9%FY 2024: -1.1%FY 2025: -3.3%
FY 2018 5y median -0.0% FY 2025

Profitability

Gross Margin 13.0%
FY 2018: 20.4%FY 2019: 20.0%FY 2020: 8.7%FY 2021: 20.7%FY 2022: 19.1%FY 2023: 21.3%FY 2024: 78.0%FY 2025: 13.0%
FY 2018 5y median 20.7% FY 2025
Operating Margin 2.8%
FY 2018: 0.9%FY 2019: -8.6%FY 2020: -13.8%FY 2021: 3.7%FY 2022: 2.3%FY 2023: 4.6%FY 2024: 3.8%FY 2025: 2.8%
FY 2018 5y median 3.7% FY 2025
Net Margin 1.6%
FY 2018: -3.5%FY 2019: -10.4%FY 2020: -14.5%FY 2021: -0.4%FY 2022: 0.9%FY 2023: 2.8%FY 2024: 1.9%FY 2025: 1.6%
FY 2018 5y median 1.6% FY 2025
ROE 3.1%
FY 2018: -3.3%FY 2019: -13.8%FY 2020: -15.5%FY 2021: -0.4%FY 2022: 1.3%FY 2023: 4.5%FY 2024: 3.2%FY 2025: 3.1%
FY 2018 5y median 3.1% FY 2025
ROIC 2.0%
FY 2018: 0.5%FY 2019: -3.1%FY 2020: -3.5%FY 2021: -12.7%FY 2022: 0.9%FY 2023: 2.4%FY 2024: 1.8%FY 2025: 2.0%
FY 2018 5y median 1.8% FY 2025
ROA 1.1%
FY 2018: -1.9%FY 2019: -4.6%FY 2020: -4.9%FY 2021: -0.2%FY 2022: 0.6%FY 2023: 2.0%FY 2024: 1.2%FY 2025: 1.1%
FY 2018 5y median 1.1% FY 2025

Growth (YoY)

Revenue 20.3%
FY 2018: 0.0%FY 2019: 24.8%FY 2020: -21.5%FY 2021: 75.6%FY 2022: 21.5%FY 2023: 22.1%FY 2024: 13.9%FY 2025: 20.3%
FY 2018 FY 2025
Operating Income -13.2%
FY 2018: 0.0%FY 2019: -1261.6%FY 2020: -25.7%FY 2021: 147.1%FY 2022: -24.0%FY 2023: 144.0%FY 2024: -5.7%FY 2025: -13.2%
FY 2018 FY 2025
EPS (diluted) 3.3%
FY 2018: 0.0%FY 2019: -192.6%FY 2020: -8.9%FY 2021: 95.3%FY 2022: 375.0%FY 2023: 272.7%FY 2024: -26.8%FY 2025: 3.3%
FY 2018 FY 2025
Free Cash Flow -152.5%
FY 2018: 0.0%FY 2019: -442.2%FY 2020: -20.2%FY 2021: 160.2%FY 2022: -101.4%FY 2023: 2809.9%FY 2024: -215.3%FY 2025: -152.5%
FY 2018 FY 2025

Financial Health

Current Ratio 0.3×
FY 2018: 0.8×FY 2019: 0.3×FY 2020: 0.6×FY 2021: 0.7×FY 2022: 0.7×FY 2023: 0.6×FY 2024: 0.4×FY 2025: 0.3×
FY 2018 5y median 0.6× FY 2025
Quick Ratio 0.3×
FY 2018: 0.7×FY 2019: 0.3×FY 2020: 0.6×FY 2021: 0.7×FY 2022: 0.6×FY 2023: 0.6×FY 2024: 0.4×FY 2025: 0.3×
FY 2018 5y median 0.6× FY 2025
Debt / Equity 1.6×
FY 2018: 0.5×FY 2019: 1.7×FY 2020: 2.0×FY 2021: 0.9×FY 2022: 1.0×FY 2023: 1.1×FY 2024: 1.4×FY 2025: 1.6×
FY 2018 5y median 1.1× FY 2025
Net Debt / EBITDA 9.5×
FY 2018: 5.3×FY 2019: -57.8×FY 2020: -37.4×FY 2021: 8.0×FY 2022: 8.8×FY 2023: 6.5×FY 2024: 7.9×FY 2025: 9.5×
FY 2018 5y median 8.0× FY 2025
Interest Coverage 2.0×
FY 2018: 0.0×FY 2019: -1.9×FY 2020: -2.1×FY 2021: 1.1×FY 2022: 3.2×FY 2023: 5.1×FY 2024: 3.1×FY 2025: 2.0×
FY 2018 5y median 3.1× FY 2025

Dividends

Dividend Yield 0.0%
FY 2018: 0.0%FY 2019: 0.0%FY 2020: 0.0%FY 2021: 0.0%FY 2022: 0.0%FY 2023: 0.0%FY 2024: 0.0%FY 2025: 0.0%
FY 2018 5y median 0.0% FY 2025
Payout Ratio 0.0%
FY 2018: 0.0%FY 2019: 0.0%FY 2020: 0.0%FY 2021: 0.0%FY 2022: 0.0%FY 2023: 0.0%FY 2024: 0.0%FY 2025: 0.0%
FY 2018 5y median 0.0% FY 2025

Annual · latest fiscal year ends 2025-12-28