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Other financials

Income statement

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Revenue$331.0M+17.3%
Operating income$999.0K-10.2%
Net income-$2.7M-224%
EPS (diluted)-$0.04-300%

Balance sheet

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Cash & equivalents$23.6M+26.6%
Total debt$1.0B+24.1%
Total equity$627.7M+5.3%
Total assets$1.8B+14.9%

Cash flow

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Operating cash flow$34.5M+71.1%
CapEx$29.3M-19.7%
Free cash flow$5.1M+131%

Valuation

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Market cap$768.32M-29.2%
Enterprise value$1.78B-12.1%
P/E43.7×-222×
P/S0.6×-0.4×

Profitability

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Operating margin2.2%-0.5pp
Net margin1.4%+0.4pp
FCF margin-2.6%

Returns & leverage

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Return on equity2.9%+1.0pp
Current ratio0.3×0.0×

Where this comes from

Calculated from First Watch Restaurant Group, Inc.’s reported figures.

Based on the most recent quarter.

The source filing: First Watch Restaurant Group, Inc.’s 10-Q, filed May 5, 2026. Open the filing →

Filed
May 5, 2026, 7:03 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001789940-26-000060

FAQ

What is First Watch Restaurant Group, Inc.'s debt-to-equity?
First Watch Restaurant Group, Inc. (FWRG) reported debt-to-equity of 1.6× in Q1 2026.
How has First Watch Restaurant Group, Inc.'s debt-to-equity changed year-over-year?
First Watch Restaurant Group, Inc.'s debt-to-equity increased by 17.9% year-over-year, from 1.4× to 1.6×.
What is the long-term trend for First Watch Restaurant Group, Inc.'s debt-to-equity?
Over 5 years (2020 to 2025), First Watch Restaurant Group, Inc.'s debt-to-equity has grown at a -4.2% compound annual growth rate (CAGR), from 2× to 1.6×.
What does debt-to-equity mean?
Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.

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