Where do First Watch Restaurant Group, Inc.'s ratios come from?

Every ratio is computed from First Watch Restaurant Group, Inc.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Profitability
Operating margin	2.2%-0.1pp	2.3%+0.3pp	1.9%+0.2pp	1.7%-0.9pp	2.6%-1.2pp
Net margin	1.4%-0.2pp	1.6%+1.2pp	0.4%+0.1pp	0.4%-0.7pp	1%-0.8pp
Returns
Return on equity	2.9%-0.3pp	3.2%+2.4pp	0.8%+0.1pp	0.7%-1.2pp	1.9%-1.4pp
Return on invested capital	1.8%0.0pp	1.8%+0.9pp	0.9%+0.1pp	0.9%-0.6pp	1.4%-0.7pp
Efficiency
Asset turnover	0.8×0.0×	0.8×0.0×	0.7×0.0×	0.7×0.0×	0.7×0.0×
Liquidity
Current ratio	0.3×0.0×	0.3×0.0×	0.2×0.0×	0.3×0.0×	0.3×-0.1×
Leverage
Debt-to-equity	1.6×0.0×	1.6×0.0×	1.6×0.0×	1.6×+0.2×	1.4×0.0×
Net debt / EBITDA	9.4×-0.2×	9.6×-0.8×	10.4×-0.7×	11.1×+2.0×	9.1×+1.1×
Per Share
Book value per share	$10.25+2.8%	$9.97+3.1%	$9.67+0.6%	$9.61-2.1%	$9.81+2.8%
Valuation
Market capitalization	$744.67M-22.1%	$920.36M-3.6%	$954.41M+0.8%	$946.61M-6.3%	$1.01B-10.3%
Price / earnings	42.4×-45.5×	47.4×-145×	192.2×-39.4×	231.6×+139×	92.9×+33.3×
Price / sales	0.6×-0.3×	0.8×-0.1×	0.8×0.0×	0.9×-0.1×	1×-0.2×
Price / book	1.2×-0.4×	1.5×-0.1×	1.6×0.0×	1.6×-0.1×	1.7×-0.2×
EV / EBITDA	16.4×-3.4×	18.6×-2.1×	20.7×-1.6×	22.3×+2.0×	20.3×+0.7×

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Where do First Watch Restaurant Group, Inc.'s ratios come from?: Every ratio is computed from First Watch Restaurant Group, Inc.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.