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
- –
First Watch Restaurant statistics
Financials through Jun 28, 2026, price as of Oct 19, 2026, median of Retail-Eating Places companies for comparison
Valuation
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Market Cap | $750.42M | $665.26M |
| Enterprise Value | $1.02B | $788.55M |
| PE Ratio | 41.93 | 26.51 |
| PS Ratio | 0.57 | 0.97 |
| PB Ratio | 1.18 | 2.88 |
| P/TBV Ratio | 17.37 | 4.84 |
| P/OCF Ratio | 5.85 | 9.87 |
Enterprise value
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| EV / Sales | 0.78 | 1.31 |
| EV / EBITDA | 9.15 | 12.90 |
| EV / EBIT | 36.24 | 20.38 |
Income (trailing twelve months)
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Revenue | $1.32B | $899.84M |
| Operating Income | $28.21M | $29.10M |
| Pretax Income | $10.03M | $10.03M |
| Net Income | $17.81M | $13.77M |
| EBITDA | $111.76M | $65.16M |
| EPS (Diluted) | $0.29 | $0.39 |
Margins
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Operating Margin | 2.14% | 4.34% |
| Pretax Margin | 0.76% | 2.01% |
| Profit Margin | 1.35% | 1.89% |
| EBITDA Margin | 8.48% | 8.55% |
| FCF Margin | -1.58% | 2.18% |
Returns
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Return on Equity (ROE) | 2.88% | 6.83% |
| Return on Assets (ROA) | 1.02% | 1.58% |
| Return on Invested Capital (ROIC) | 3.22% | 11.2% |
| Return on Capital Employed (ROCE) | 1.72% | 5.45% |
Growth
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Revenue Growth (YoY) | 19.3% | 6.51% |
| Net Income Growth (YoY) | 335.6% | 4.71% |
| EPS Growth (YoY) | 383.3% | 5.93% |
| Revenue Growth (3Y CAGR) | 18.7% | 6.75% |
| Revenue Growth (5Y CAGR) | 29.0% | 9.78% |
| EPS Growth (3Y CAGR) | 41.3% | 9.11% |
Balance sheet
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Cash & Short-Term Investments | $20.49M | $36.54M |
| Total Debt | $292.53M | $314.88M |
| Net Cash (Debt) | -$272.05M | $1 |
| Net Cash Per Share | -$4.41 | $0.00 |
| Equity (Book Value) | $634.17M | $78.83M |
| Book Value Per Share | $10.28 | $2.13 |
| Tangible Book Value | $43.19M | $4.40M |
| Working Capital | -$130.36M | -$6.03M |
Financial position
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Current Ratio | 0.27 | 0.74 |
| Quick Ratio | 0.15 | 0.45 |
| Debt / Equity | 0.46 | 0.56 |
| Debt / EBITDA | 2.62 | 3.35 |
| Net Debt / EBITDA | 2.43 | 3.04 |
| Interest Coverage | 1.48 | 1.50 |
Cash flow (trailing twelve months)
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Operating Cash Flow | $128.24M | $84.30M |
| Capital Expenditures | -$149.12M | -$71.66M |
| Free Cash Flow | -$20.88M | $28.71M |
| FCF Per Share | -$0.34 | $0.54 |
Efficiency
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Asset Turnover | 0.75 | 1.01 |
| Revenue Per Employee | $43.93M | $99.32K |
| Profits Per Employee | $593.63K | $2.11K |
| Employee Count | 30 | 6,500 |
Dividends and yields
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Earnings Yield | 2.37% | 2.05% |
| FCF Yield | -2.78% | 3.55% |
Shares
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Shares Outstanding | 61,712,400 | 34,830,600 |
| Shares Change (YoY) | 0.72% | 0.16% |
| Shares Change (QoQ) | 0.14% | 0.03% |
| Shares Held by Institutions | 105.9% | 77.8% |
Taxes
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Income Tax | -$7.78M | $1.63M |
| Effective Tax Rate | -77.6% | 24.2% |
Scores
| Measure | First Watch Restaurant | Industry median |
|---|---|---|
| Graham Number | $8.19 | $9.28 |
| Graham Upside | -32.7% | -62.4% |
| Altman Z-Score | 1.04 | 1.83 |
| Piotroski F-Score | 4 | 5 |
Calculated by StockData from First Watch Restaurant's SEC filings and the latest closing price. Hover a measure to see its formula. The grey column is the median of companies in the same industry group (two-digit SIC code); green or red marks a better or worse value than that median.