FWRGNasdaqRetail-Eating PlacesFiscal year ends December 28
First Watch Restaurant Group, Inc.
Financials through Q2 FY2026, quarter ended Jun 28, 2026Last filing: 10-Q on Aug 4, 2026
$12.16+0.04 (+0.33%)
Close on Oct 19, 2026
- Market cap
- $757.53M
- P/E (TTM)
- 41.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Operating margin
2.3%+16.0 pts over 5 years
Net margin
1.6%+16.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +20.3% | +18.7% | +29.0% | – | |
| Operating income | -29.3% | +17.6% | – | – | |
| Net income | +2.7% | +41.2% | – | – | |
| EPS, diluted | +3.3% | +41.3% | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -15.3% | 3.2% | |
| Return on assets | – | – | 1.2% | |
| Current ratio | – | 0.64 | 0.29 | |
| Debt to equity | – | 0.90 | 0.45 | |
| Net debt to EBITDA | – | -15.21× | 2.55× | |
| Interest coverage | – | -2.1× | 1.6× | |
| Capex to revenue | – | 7.8% | 12.8% | |
| Diluted shares | – | 45M | 63M |
Where the cash went
Fiscal 2021 to 2025, five years combined
First Watch Restaurant generated $462.83M from operations and spent $465.68M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$462.83M
Used
$465.68M
Capital expenditure$465.68M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.6%
×Asset turnover0.75×
×Equity multiplier2.67×
=Return on equity, FY20253.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1.6% | 0.75× | 2.67× | 3.2% |
| FY2024 | 1.9% | 0.73× | 2.40× | 3.3% |
| FY2023 | 2.8% | 0.75× | 2.19× | 4.7% |
| FY2022 | 0.9% | 0.68× | 2.09× | 1.3% |
| FY2021 | -0.4% | 0.59× | 2.49× | -0.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$19.43M
- Cash generatingOperating cash flow above zero$125.91M
- Return on assets improvedROA up on the prior year1.5% → 1.3%
- Earnings backed by cashOperating cash flow above net income$125.91M vs $19.43M
- Less leverageLong-term debt to assets fell12.5% → 15.4%
- Better liquidityCurrent ratio rose0.40 → 0.29
- No dilutionShare count did not rise62M → 63M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.80 → 0.81