First Watch Restaurant Group (FWRG) Financials

$15.43 -0.17 (-1.09%)

Closing price 05/30/2025 04:00 PM Eastern

Extended Trading

$15.48 +0.04 (+0.29%)

As of 05/30/2025 07:24 PM Eastern

Annual Income Statements for First Watch Restaurant Group

This table shows First Watch Restaurant Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019
Period end date	12/29/2024	12/31/2023	12/25/2022	12/26/2021	12/27/2020	12/29/2019
Net Income / (Loss) Attributable to Common Shareholders	19	25	6.91	-2.11	-50	-45
Consolidated Net Income / (Loss)	19	25	6.91	-2.11	-50	-45
Net Income / (Loss) Continuing Operations	19	25	6.91	-2.11	-50	-45
Total Pre-Tax Income	28	36	13	0.37	-70	-58
Total Operating Income	39	41	17	22	-47	-38
Total Gross Profit	793	491	558	467	265	336
Total Revenue	1,016	892	730	601	342	436
Operating Revenue	1,016	892	730	601	342	436
Total Cost of Revenue	223	400	173	134	77	101
Operating Cost of Revenue	223	400	173	134	77	101
Total Operating Expenses	754	450	541	445	313	373
Selling, General & Admin Expense	113	103	85	70	46	56
Depreciation Expense	58	41	34	32	31	28
Other Operating Expenses / (Income)	572	297	415	338	231	250
Impairment Charge	0.53	1.36	0.92	0.38	0.32	34
Other Special Charges / (Income)	10	7.17	5.41	3.31	3.88	5.82
Total Other Income / (Expense), net	-11	-5.19	-4.32	-22	-22	-20
Interest Expense	13	8.06	5.23	20	23	20
Other Income / (Expense), net	1.76	2.87	0.91	-1.77	0.48	-0.26
Income Tax Expense	9.10	11	5.68	2.48	-20	-12
Basic Earnings per Share	$0.31	$0.43	$0.12	($0.04)	($1.10)	($1.01)
Weighted Average Basic Shares Outstanding	60.37M	59.53M	59.10M	48.21M	45.01M	45.01M
Diluted Earnings per Share	$0.30	$0.41	$0.11	($0.04)	($1.10)	($1.01)
Weighted Average Diluted Shares Outstanding	62.35M	61.19M	60.14M	48.21M	45.01M	45.01M
Weighted Average Basic & Diluted Shares Outstanding	60.70M	59.91M	59.26M	59.05M	-	-

This table shows First Watch Restaurant Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/30/2025	12/29/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	9/24/2023	6/25/2023	3/26/2023	12/25/2022	9/25/2022
Net Income / (Loss) Attributable to Common Shareholders	-0.83	0.70	2.11	8.90	7.21	2.65	5.42	7.96	9.36	-0.49	0.05
Consolidated Net Income / (Loss)	-0.83	0.70	2.11	8.90	7.21	2.65	5.42	7.96	9.36	-0.49	0.05
Net Income / (Loss) Continuing Operations	-0.83	0.70	2.11	8.90	7.21	2.65	5.42	7.96	9.36	-0.49	0.05
Total Pre-Tax Income	-1.54	0.74	3.50	14	10	5.51	6.66	9.99	14	0.26	1.38
Total Operating Income	1.11	3.86	6.31	16	12	6.86	7.74	11	15	1.48	2.62
Total Gross Profit	171	299	196	145	153	39	119	169	165	317	81
Total Revenue	282	263	252	259	242	245	219	216	211	186	187
Operating Revenue	282	263	252	259	242	245	219	216	211	186	187
Total Cost of Revenue	111	-36	56	114	89	206	100	48	47	-132	106
Operating Cost of Revenue	111	-36	56	114	89	206	100	48	47	-132	106
Total Operating Expenses	170	295	189	128	141	32	112	157	149	316	78
Selling, General & Admin Expense	30	31	28	27	28	30	25	25	23	22	22
Depreciation Expense	17	16	15	15	12	12	10	9.44	9.12	8.93	8.68
Other Operating Expenses / (Income)	121	244	144	85	100	-14	74	121	116	283	46
Impairment Charge	0.01	0.14	0.11	0.15	0.12	0.74	0.19	0.30	0.13	0.35	0.34
Other Special Charges / (Income)	2.66	4.33	2.39	1.83	1.57	2.85	2.04	1.25	1.04	1.85	1.49
Total Other Income / (Expense), net	-2.65	-3.12	-2.82	-2.67	-2.27	-1.35	-1.08	-1.35	-1.41	-1.22	-1.25
Interest Expense	3.33	3.22	3.44	3.38	2.60	2.27	1.85	2.04	1.91	1.74	1.36
Other Income / (Expense), net	0.68	0.10	0.62	0.71	0.33	0.92	0.77	0.69	0.49	0.52	0.12
Income Tax Expense	-0.71	0.04	1.38	4.88	2.80	2.86	1.24	2.03	4.56	0.74	1.33
Basic Earnings per Share	($0.01)	$0.01	$0.03	$0.15	$0.12	$0.05	$0.09	$0.13	$0.16	($0.01)	$0.00
Weighted Average Basic Shares Outstanding	60.77M	60.37M	60.43M	60.38M	60.01M	59.53M	59.65M	59.39M	59.24M	59.10M	59.09M
Diluted Earnings per Share	($0.01)	$0.01	$0.03	$0.14	$0.12	$0.04	$0.09	$0.13	$0.15	($0.02)	$0.00
Weighted Average Diluted Shares Outstanding	60.77M	62.35M	61.85M	62.46M	62.48M	61.19M	61.56M	60.94M	60.60M	60.14M	60.46M
Weighted Average Basic & Diluted Shares Outstanding	60.99M	60.70M	60.57M	60.41M	60.37M	59.91M	59.82M	59.52M	59.36M	59.26M	59.20M

This table details how cash moves in and out of First Watch Restaurant Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019
Period end date	12/29/2024	12/31/2023	12/25/2022	12/26/2021	12/27/2020	12/29/2019
Net Change in Cash & Equivalents	-17	0.04	-2.19	13	28	-5.16
Net Cash From Operating Activities	116	95	63	63	-18	21
Net Cash From Continuing Operating Activities	116	95	63	63	-18	21
Net Income / (Loss) Continuing Operations	19	25	6.91	-2.11	-50	-45
Consolidated Net Income / (Loss)	19	25	6.91	-2.11	-50	-45
Depreciation Expense	58	41	34	32	31	28
Amortization Expense	0.57	0.45	0.45	1.09	1.28	1.13
Non-Cash Adjustments To Reconcile Net Income	31	16	27	14	21	45
Changes in Operating Assets and Liabilities, net	7.66	12	-5.76	18	-22	-7.59
Net Cash From Investing Activities	-207	-123	-63	-36	-27	-82
Net Cash From Continuing Investing Activities	-207	-123	-63	-36	-27	-82
Purchase of Property, Plant & Equipment	-128	-85	-62	-35	-27	-59
Acquisitions	-79	-40	-1.11	-0.37	-0.23	-23
Other Investing Activities, net	0.03	1.20	0.22	0.00	0.00	-
Net Cash From Financing Activities	74	28	-2.02	-14	73	56
Net Cash From Continuing Financing Activities	74	28	-2.02	-14	73	56
Repayment of Debt	-152	-7.56	-3.37	-294	-43	-36
Issuance of Debt	220	30	0.00	100	77	92
Other Financing Activities, net	6.05	5.63	1.35	2.87	0.00	-0.23
Cash Interest Paid	12	8.73	3.37	16	20	19
Cash Income Taxes Paid	3.11	1.95	0.92	0.08	0.16	0.15

This table details how cash moves in and out of First Watch Restaurant Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/30/2025	12/29/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	9/24/2023	6/25/2023	3/26/2023	12/25/2022	9/25/2022
Net Change in Cash & Equivalents	-15	-18	5.77	1.86	-6.46	9.71	-27	12	4.74	0.30	-4.20
Net Cash From Operating Activities	20	23	36	32	25	22	17	34	21	16	15
Net Cash From Continuing Operating Activities	20	23	36	32	25	22	17	34	21	16	15
Net Income / (Loss) Continuing Operations	-0.83	0.70	2.11	8.90	7.21	2.65	5.42	7.96	9.36	-0.49	0.05
Consolidated Net Income / (Loss)	-0.83	0.70	2.11	8.90	7.21	2.65	5.42	7.96	9.36	-0.49	0.05
Depreciation Expense	17	16	15	15	12	12	10	9.44	9.12	8.93	8.68
Amortization Expense	0.15	0.16	0.16	0.15	0.11	0.12	0.11	0.11	0.11	0.11	0.11
Non-Cash Adjustments To Reconcile Net Income	5.51	12	8.40	2.21	8.09	-3.53	7.05	6.61	5.72	6.90	7.21
Changes in Operating Assets and Liabilities, net	-1.26	-5.79	10	6.12	-2.70	11	-5.55	10	-3.16	0.84	-1.22
Net Cash From Investing Activities	-37	-41	-31	-103	-32	-41	-45	-23	-14	-17	-19
Net Cash From Continuing Investing Activities	-37	-41	-31	-103	-32	-41	-45	-23	-14	-17	-19
Purchase of Property, Plant & Equipment	-37	-41	-29	-30	-29	-32	-23	-15	-15	-17	-18
Acquisitions	-0.06	-0.09	-1.49	-74	-3.42	-9.54	-22	-8.02	-0.08	-0.40	-0.34
Other Investing Activities, net	0.01	0.03	-	0.00	0.00	0.56	0.04	0.45	0.15	0.22	-
Net Cash From Financing Activities	1.76	-0.01	0.48	73	0.56	28	1.16	0.71	-1.96	1.42	-0.27
Net Cash From Continuing Financing Activities	1.76	-0.01	0.48	73	0.56	28	1.16	0.71	-1.96	1.42	-0.27
Repayment of Debt	-4.37	-1.39	-1.36	-24	-125	-2.66	-1.73	-0.64	-2.52	-1.73	-0.13
Issuance of Debt	6.00	-	-	98	123	30	-	-	0.00	-	-
Other Financing Activities, net	0.13	1.39	1.83	-0.31	3.15	0.82	2.89	1.36	0.57	0.80	0.38
Cash Interest Paid	3.07	6.39	1.58	1.59	2.77	3.36	1.94	1.76	1.66	0.57	0.80
Cash Income Taxes Paid	0.10	0.16	0.85	2.10	0.00	0.62	0.36	0.92	0.07	0.14	0.18

This table presents First Watch Restaurant Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020
Period end date	12/29/2024	12/31/2023	12/25/2022	12/26/2021	12/27/2020
Total Assets	1,514	1,267	1,104	1,047	1,008
Total Current Assets	56	71	67	68	49
Cash & Equivalents	33	50	50	52	39
Restricted Cash	0.00	0.33	0.25	0.25	0.25
Accounts Receivable	7.24	5.53	6.16	4.45	3.92
Inventories, net	6.12	5.38	5.03	4.02	2.92
Prepaid Expenses	7.01	7.49	5.80	5.68	2.49
Other Current Assets	2.20	2.82	0.37	1.43	0.62
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	1,458	1,196	1,037	979	958
Goodwill	399	360	345	345	345
Intangible Assets	168	151	143	143	144
Other Noncurrent Operating Assets	892	685	549	491	470
Total Liabilities & Shareholders' Equity	1,514	1,267	1,104	1,047	1,008
Total Liabilities	919	706	581	542	687
Total Current Liabilities	138	115	100	97	77
Short-Term Debt	9.23	5.63	7.63	5.54	3.59
Accounts Payable	6.96	6.32	7.59	11	4.22
Accrued Expenses	40	36	23	16	13
Current Deferred Revenue	5.62	5.50	5.19	4.65	4.27
Current Employee Benefit Liabilities	21	22	18	21	11
Other Current Liabilities	56	40	39	38	40
Total Noncurrent Liabilities	780	591	481	446	610
Long-Term Debt	189	120	95	100	286
Noncurrent Deferred & Payable Income Tax Liabilities	32	25	17	12	14
Other Noncurrent Operating Liabilities	559	446	369	334	310
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	595	561	523	504	321
Total Preferred & Common Equity	595	561	523	504	321
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	595	561	523	504	321
Common Stock	650	635	621	609	424
Retained Earnings	-54	-73	-98	-105	-103
Accumulated Other Comprehensive Income / (Loss)	-0.44	-0.67	0.00	-	-

This table presents First Watch Restaurant Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/30/2025	9/29/2024	6/30/2024	3/31/2024	9/24/2023	6/25/2023	3/26/2023	9/25/2022
Total Assets	1,544	1,485	1,437	1,279	1,206	1,163	1,115	1,090
Total Current Assets	44	73	67	63	59	85	70	65
Cash & Equivalents	19	51	45	43	40	67	54	49
Accounts Receivable	5.96	4.93	4.03	4.13	4.99	4.47	3.83	3.43
Inventories, net	6.20	5.33	5.67	5.20	4.79	4.89	4.41	4.12
Prepaid Expenses	11	7.44	8.49	8.91	4.70	5.89	6.67	4.33
Other Current Assets	2.80	4.18	3.85	1.69	3.84	1.98	0.59	3.72
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	1,500	1,412	1,369	1,216	1,147	1,078	1,045	1,025
Goodwill	399	399	399	361	357	350	345	345
Intangible Assets	166	169	171	151	150	144	143	143
Other Noncurrent Operating Assets	935	844	800	704	640	583	557	537
Total Liabilities & Shareholders' Equity	1,544	1,485	1,437	1,279	1,206	1,163	1,115	1,090
Total Liabilities	948	896	851	705	649	617	580	570
Total Current Liabilities	142	134	119	106	110	109	92	93
Short-Term Debt	10	7.83	6.65	3.03	6.89	7.23	6.49	5.63
Accounts Payable	7.69	6.87	7.18	5.68	5.55	5.51	5.22	7.50
Accrued Expenses	41	44	39	32	34	32	25	24
Current Deferred Revenue	3.41	2.37	3.25	3.34	2.66	3.47	3.23	2.39
Current Employee Benefit Liabilities	23	25	17	21	18	21	11	15
Other Current Liabilities	57	48	46	41	43	40	40	38
Total Noncurrent Liabilities	806	762	732	598	539	507	489	478
Long-Term Debt	192	190	192	123	91	92	93	96
Noncurrent Deferred & Payable Income Tax Liabilities	31	32	32	28	24	23	21	17
Other Noncurrent Operating Liabilities	584	540	508	448	424	392	374	365
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	596	589	586	574	557	546	535	520
Total Preferred & Common Equity	596	589	586	574	557	546	535	520
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	596	589	586	574	557	546	535	520
Common Stock	652	646	642	640	632	627	623	618
Retained Earnings	-55	-55	-57	-66	-75	-81	-89	-98
Accumulated Other Comprehensive Income / (Loss)	-1.10	-2.48	0.19	0.26	0.83	-0.16	-	-

This table displays calculated financial ratios and metrics derived from First Watch Restaurant Group's official financial filings.

Metric	2024	2023	2022	2021	2020	2019
Period end date	12/29/2024	12/31/2023	12/25/2022	12/26/2021	12/27/2020	12/29/2019
Growth Metrics	-	-	-	-	-	-
Revenue Growth	13.95%	22.10%	21.45%	75.59%	-21.54%	0.00%
EBITDA Growth	15.31%	63.46%	-2.67%	466.11%	-70.19%	0.00%
EBIT Growth	-7.87%	147.65%	-12.93%	143.79%	-23.61%	0.00%
NOPAT Growth	-9.53%	212.99%	107.32%	-283.19%	-25.74%	0.00%
Net Income Growth	-25.45%	267.53%	427.81%	95.76%	-9.26%	0.00%
EPS Growth	-26.83%	272.73%	375.00%	96.36%	-8.91%	0.00%
Operating Cash Flow Growth	21.33%	51.48%	-0.05%	442.90%	-185.55%	0.00%
Free Cash Flow Firm Growth	-202.67%	-272.73%	92.33%	81.40%	0.00%	0.00%
Invested Capital Growth	19.42%	10.63%	3.21%	-2.48%	0.00%	0.00%
Revenue Q/Q Growth	1.87%	7.07%	3.27%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	-0.26%	11.85%	12.58%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	-8.58%	15.07%	43.13%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	-1.50%	12.09%	77.12%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	-9.34%	14.08%	152.08%	0.00%	0.00%	0.00%
EPS Q/Q Growth	-9.09%	17.14%	175.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.55%	6.72%	-3.69%	36.02%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	-3.43%	-93.89%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	3.38%	3.58%	0.58%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	78.04%	55.11%	76.37%	77.68%	77.52%	76.93%
EBITDA Margin	9.74%	9.63%	7.19%	8.97%	-4.30%	-1.98%
Operating Margin	3.83%	4.63%	2.32%	3.70%	-13.79%	-8.61%
EBIT Margin	4.00%	4.95%	2.44%	3.40%	-13.65%	-8.66%
Profit (Net Income) Margin	1.86%	2.85%	0.95%	-0.35%	-14.51%	-10.42%
Tax Burden Percent	67.53%	70.37%	54.86%	-569.46%	71.43%	78.55%
Interest Burden Percent	68.92%	81.73%	70.64%	1.81%	148.81%	153.11%
Effective Tax Rate	32.47%	29.63%	45.14%	669.46%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.76%	4.79%	1.64%	-22.43%	-11.56%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.35%	-0.93%	-2.85%	59.50%	-24.82%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-0.49%	-0.11%	-0.29%	21.92%	-19.40%	0.00%
Return on Equity (ROE)	3.27%	4.68%	1.34%	-0.51%	-30.97%	0.00%
Cash Return on Invested Capital (CROIC)	-13.94%	-5.31%	-1.52%	-19.92%	-211.56%	0.00%
Operating Return on Assets (OROA)	2.92%	3.72%	1.66%	1.99%	-4.64%	0.00%
Return on Assets (ROA)	1.36%	2.14%	0.64%	-0.21%	-4.93%	0.00%
Return on Common Equity (ROCE)	3.27%	4.68%	1.34%	-0.51%	-30.97%	0.00%
Return on Equity Simple (ROE_SIMPLE)	3.18%	4.52%	1.32%	-0.42%	-15.48%	0.00%
Net Operating Profit after Tax (NOPAT)	26	29	9.28	-127	-33	-26
NOPAT Margin	2.59%	3.26%	1.27%	-21.07%	-9.65%	-6.02%
Net Nonoperating Expense Percent (NNEP)	6.11%	5.72%	4.49%	-81.93%	13.25%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	3.31%	4.23%	1.48%	-	-	-
Cost of Revenue to Revenue	21.96%	44.89%	23.63%	22.32%	22.48%	23.07%
SG&A Expenses to Revenue	11.15%	11.57%	11.64%	11.71%	13.53%	12.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	74.21%	50.48%	74.05%	73.98%	91.31%	85.53%
Earnings before Interest and Taxes (EBIT)	41	44	18	20	-47	-38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	99	86	52	54	-15	-8.66
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	1.90	2.14	1.61	1.87	0.53	0.00
Price to Tangible Book Value (P/TBV)	38.75	23.94	24.20	58.17	0.00	0.00
Price to Revenue (P/Rev)	1.11	1.35	1.15	1.57	0.50	0.39
Price to Earnings (P/E)	59.85	47.36	121.79	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.67%	2.11%	0.82%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.71	2.01	1.55	1.79	0.74	0.00
Enterprise Value to Revenue (EV/Rev)	1.28	1.43	1.22	1.66	1.23	0.00
Enterprise Value to EBITDA (EV/EBITDA)	13.11	14.89	17.02	18.47	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	31.91	28.95	50.14	48.67	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	49.39	44.00	96.32	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	11.22	13.40	14.20	15.82	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.33	0.22	0.20	0.21	0.90	0.00
Long-Term Debt to Equity	0.32	0.21	0.18	0.20	0.89	0.00
Financial Leverage	0.21	0.12	0.10	0.37	0.78	0.00
Leverage Ratio	2.40	2.19	2.09	2.49	3.14	0.00
Compound Leverage Factor	1.66	1.79	1.48	0.05	4.67	0.00
Debt to Total Capital	24.98%	18.26%	16.36%	17.27%	47.47%	0.00%
Short-Term Debt to Total Capital	1.16%	0.82%	1.22%	0.91%	0.59%	0.00%
Long-Term Debt to Total Capital	23.82%	17.44%	15.14%	16.36%	46.89%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	75.02%	81.74%	83.64%	82.73%	52.53%	0.00%
Debt to EBITDA	2.00	1.46	1.95	1.95	-19.68	0.00
Net Debt to EBITDA	1.67	0.88	1.00	0.99	-17.03	0.00
Long-Term Debt to EBITDA	1.91	1.40	1.80	1.85	-19.44	0.00
Debt to NOPAT	7.55	4.32	11.03	-0.83	-8.77	0.00
Net Debt to NOPAT	6.28	2.60	5.65	-0.42	-7.59	0.00
Long-Term Debt to NOPAT	7.20	4.12	10.20	-0.79	-8.66	0.00
Altman Z-Score	1.38	1.72	1.42	1.51	0.16	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.40	0.62	0.67	0.70	0.64	0.00
Quick Ratio	0.29	0.48	0.56	0.58	0.56	0.00
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-97	-32	-8.63	-113	-605	0.00
Operating Cash Flow to CapEx	90.41%	112.79%	101.15%	178.33%	-68.65%	36.28%
Free Cash Flow to Firm to Interest Expense	-7.70	-3.99	-1.65	-5.60	-26.51	0.00
Operating Cash Flow to Interest Expense	9.15	11.82	12.03	3.13	-0.80	1.07
Operating Cash Flow Less CapEx to Interest Expense	-0.97	1.34	0.14	1.38	-1.98	-1.88
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.73	0.75	0.68	0.59	0.34	0.00
Accounts Receivable Turnover	159.15	152.45	137.58	143.74	87.46	0.00
Inventory Turnover	38.81	76.90	38.13	38.69	26.41	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	33.59	57.53	18.51	17.57	18.24	0.00
Days Sales Outstanding (DSO)	2.29	2.39	2.65	2.54	4.17	0.00
Days Inventory Outstanding (DIO)	9.41	4.75	9.57	9.44	13.82	0.00
Days Payable Outstanding (DPO)	10.87	6.34	19.72	20.78	20.01	0.00
Cash Conversion Cycle (CCC)	0.83	0.80	-7.50	-8.81	-2.01	0.00
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	760	637	576	558	572	0.00
Invested Capital Turnover	1.45	1.47	1.29	1.06	1.20	0.00
Increase / (Decrease) in Invested Capital	124	61	18	-14	572	0.00
Enterprise Value (EV)	1,298	1,278	894	996	421	0.00
Market Capitalization	1,133	1,202	841	943	170	170
Book Value per Share	$9.83	$9.38	$8.84	$8.54	$7.13	$0.00
Tangible Book Value per Share	$0.48	$0.84	$0.59	$0.27	($3.73)	$0.00
Total Capital	794	687	625	610	611	0.00
Total Debt	198	125	102	105	290	0.00
Total Long-Term Debt	189	120	95	100	286	0.00
Net Debt	165	75	52	53	251	0.00
Capital Expenditures (CapEx)	128	85	62	35	27	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-107	-88	-75	-75	-63	0.00
Debt-free Net Working Capital (DFNWC)	-73	-38	-25	-23	-24	0.00
Net Working Capital (NWC)	-83	-44	-33	-29	-27	0.00
Net Nonoperating Expense (NNE)	7.35	3.65	2.37	-125	17	19
Net Nonoperating Obligations (NNO)	165	75	52	53	251	0.00
Total Depreciation and Amortization (D&A)	58	42	35	33	32	29
Debt-free, Cash-free Net Working Capital to Revenue	-10.50%	-9.89%	-10.27%	-12.54%	-18.40%	0.00%
Debt-free Net Working Capital to Revenue	-7.22%	-4.29%	-3.43%	-3.87%	-6.98%	0.00%
Net Working Capital to Revenue	-8.13%	-4.92%	-4.48%	-4.79%	-8.03%	0.00%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	$0.43	$0.12	($0.04)	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	60.37M	59.53M	59.10M	48.21M	0.00	0.00
Adjusted Diluted Earnings per Share	$0.30	$0.41	$0.11	($0.04)	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	62.35M	61.19M	60.14M	48.21M	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	60.70M	59.91M	59.26M	59.05M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	33	35	13	18	-30	1.30
Normalized NOPAT Margin	3.29%	3.93%	1.75%	3.02%	-8.80%	0.30%
Pre Tax Income Margin	2.76%	4.05%	1.72%	0.06%	-20.31%	-13.27%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	3.22	5.47	3.41	1.02	-2.05	-1.88
NOPAT to Interest Expense	2.08	3.60	1.77	-6.30	-1.45	-1.31
EBIT Less CapEx to Interest Expense	-6.91	-5.01	-8.49	-0.74	-3.22	-4.83
NOPAT Less CapEx to Interest Expense	-8.04	-6.88	-10.12	-8.06	-2.62	-4.26
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-231.66%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from First Watch Restaurant Group's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/30/2025	12/29/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	9/24/2023	6/25/2023	3/26/2023	12/25/2022	9/25/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.41%	7.63%	14.78%	19.54%	14.68%	31.70%	17.32%	17.27%	22.12%	14.22%	18.68%
EBITDA Growth	-39.80%	-1.29%	16.76%	47.56%	-0.25%	82.43%	65.30%	57.75%	54.09%	113.53%	-27.46%
EBIT Growth	-85.75%	-49.11%	-18.47%	42.67%	-20.30%	289.97%	210.89%	132.69%	99.73%	159.05%	-62.85%
NOPAT Growth	-91.20%	10.91%	-39.41%	17.57%	-14.15%	217.44%	7,078.04%	167.08%	98.06%	-275.93%	-97.94%
Net Income Growth	-111.49%	-73.60%	-61.02%	11.82%	-22.93%	644.86%	11,678.26%	194.02%	101.72%	89.56%	-94.13%
EPS Growth	-108.33%	-75.00%	-66.67%	7.69%	-20.00%	300.00%	0.00%	160.00%	87.50%	77.78%	-100.00%
Operating Cash Flow Growth	-19.39%	2.83%	105.35%	-7.34%	18.16%	36.83%	17.73%	44.57%	164.65%	-12.90%	7.19%
Free Cash Flow Firm Growth	-79.37%	-107.18%	-223.15%	-3,785.51%	-4,967.05%	-179.53%	-313.50%	99.31%	99.76%	0.00%	98.43%
Invested Capital Growth	18.70%	19.42%	19.65%	27.81%	13.26%	10.63%	7.43%	2.28%	2.05%	3.21%	1.57%
Revenue Q/Q Growth	7.20%	4.64%	-2.69%	6.65%	-0.89%	11.60%	1.35%	2.32%	13.82%	-0.59%	1.30%
EBITDA Q/Q Growth	-6.84%	-10.70%	-30.14%	27.43%	24.16%	5.63%	-11.71%	-13.86%	127.06%	-4.29%	-15.74%
EBIT Q/Q Growth	-54.59%	-42.96%	-59.57%	36.06%	62.19%	-8.61%	-29.26%	-23.99%	693.63%	-27.15%	-47.05%
NOPAT Q/Q Growth	-78.70%	-4.11%	-64.10%	20.02%	168.44%	-47.61%	-30.35%	-12.36%	467.20%	-3,302.15%	-97.41%
Net Income Q/Q Growth	-218.60%	-66.90%	-76.27%	23.37%	172.43%	-51.13%	-31.93%	-14.97%	2,025.93%	-1,156.52%	-98.30%
EPS Q/Q Growth	-200.00%	-66.67%	-78.57%	16.67%	200.00%	-55.56%	-30.77%	-13.33%	850.00%	0.00%	-100.00%
Operating Cash Flow Q/Q Growth	-12.15%	-36.07%	12.36%	27.74%	12.06%	27.68%	-49.30%	62.89%	29.77%	9.85%	-37.74%
Free Cash Flow Firm Q/Q Growth	-1.72%	-2.55%	22.12%	-120.78%	-17.49%	-59.95%	-836.45%	-187.92%	93.52%	-136.61%	98.44%
Invested Capital Q/Q Growth	2.52%	3.38%	-0.49%	12.56%	3.13%	3.58%	6.29%	-0.26%	0.74%	0.58%	1.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.71%	113.52%	77.80%	55.97%	63.30%	15.80%	54.40%	77.95%	77.94%	170.92%	43.36%
EBITDA Margin	6.56%	7.55%	8.84%	12.32%	10.31%	8.23%	8.69%	9.98%	11.85%	5.94%	6.17%
Operating Margin	0.39%	1.47%	2.51%	6.36%	5.07%	2.80%	3.53%	5.24%	7.25%	0.80%	1.40%
EBIT Margin	0.64%	1.50%	2.76%	6.64%	5.20%	3.18%	3.88%	5.56%	7.49%	1.07%	1.46%
Profit (Net Income) Margin	-0.29%	0.27%	0.84%	3.44%	2.98%	1.08%	2.47%	3.68%	4.43%	-0.26%	0.02%
Tax Burden Percent	53.94%	94.72%	60.41%	64.59%	72.05%	48.10%	81.34%	79.66%	67.25%	-189.84%	3.35%
Interest Burden Percent	-85.53%	18.65%	50.40%	80.30%	79.39%	70.79%	78.28%	83.06%	87.95%	12.84%	50.24%
Effective Tax Rate	0.00%	5.28%	39.59%	35.41%	27.95%	51.90%	18.66%	20.34%	32.75%	289.84%	96.65%
Return on Invested Capital (ROIC)	0.41%	2.02%	2.24%	6.02%	5.45%	1.98%	4.03%	5.85%	6.53%	-1.95%	0.06%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.81%	-0.44%	0.57%	4.16%	2.88%	0.97%	2.43%	3.18%	4.67%	2.45%	0.03%
Return on Net Nonoperating Assets (RNNOA)	-0.18%	-0.09%	0.10%	0.68%	0.33%	0.11%	0.25%	0.24%	0.46%	0.25%	0.01%
Return on Equity (ROE)	0.22%	1.93%	2.34%	6.70%	5.78%	2.10%	4.28%	6.09%	6.98%	-1.70%	0.07%
Cash Return on Invested Capital (CROIC)	-14.55%	-13.94%	-13.94%	-19.99%	-7.97%	-5.31%	-2.80%	1.30%	0.50%	-1.52%	0.00%
Operating Return on Assets (OROA)	0.48%	1.10%	2.04%	4.93%	4.01%	2.39%	2.82%	3.97%	5.32%	0.73%	0.97%
Return on Assets (ROA)	-0.22%	0.19%	0.62%	2.56%	2.29%	0.81%	1.79%	2.63%	3.14%	-0.18%	0.02%
Return on Common Equity (ROCE)	0.22%	1.93%	2.34%	6.70%	5.78%	2.10%	4.28%	6.09%	6.98%	-1.70%	0.07%
Return on Equity Simple (ROE_SIMPLE)	1.83%	0.00%	3.54%	4.13%	4.05%	0.00%	3.99%	3.09%	2.18%	0.00%	0.53%
Net Operating Profit after Tax (NOPAT)	0.78	3.66	3.81	11	8.85	3.30	6.29	9.04	10	-2.81	0.09
NOPAT Margin	0.28%	1.39%	1.52%	4.11%	3.65%	1.35%	2.87%	4.18%	4.88%	-1.51%	0.05%
Net Nonoperating Expense Percent (NNEP)	1.21%	2.46%	1.67%	1.85%	2.57%	1.02%	1.60%	2.67%	1.86%	-4.40%	0.03%
Return On Investment Capital (ROIC_SIMPLE)	0.10%	0.46%	-	-	-	0.48%	-	-	-	-0.45%	-
Cost of Revenue to Revenue	39.29%	-13.52%	22.20%	44.03%	36.70%	84.20%	45.60%	22.05%	22.06%	-70.92%	56.64%
SG&A Expenses to Revenue	10.71%	11.68%	11.00%	10.52%	11.41%	12.24%	11.49%	11.69%	10.74%	11.72%	11.61%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	60.31%	112.05%	75.29%	49.61%	58.23%	13.00%	50.87%	72.71%	70.69%	170.12%	41.95%
Earnings before Interest and Taxes (EBIT)	1.80	3.96	6.94	17	13	7.78	8.51	12	16	1.99	2.74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	19	20	22	32	25	20	19	22	25	11	12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.72	1.90	1.61	1.81	2.57	2.14	1.91	1.75	1.70	1.61	1.65
Price to Tangible Book Value (P/TBV)	32.23	38.75	44.77	65.47	23.64	23.94	21.38	18.64	19.64	24.20	26.74
Price to Revenue (P/Rev)	0.97	1.11	0.95	1.10	1.60	1.35	1.28	1.19	1.18	1.15	1.21
Price to Earnings (P/E)	94.05	59.85	45.56	43.84	63.47	47.36	47.88	56.62	78.23	121.79	312.87
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.06%	1.67%	2.20%	2.28%	1.58%	2.11%	2.09%	1.77%	1.28%	0.82%	0.32%
Enterprise Value to Invested Capital (EV/IC)	1.55	1.71	1.49	1.64	2.37	2.01	1.83	1.71	1.65	1.55	1.59
Enterprise Value to Revenue (EV/Rev)	1.14	1.28	1.10	1.26	1.69	1.43	1.35	1.23	1.24	1.22	1.29
Enterprise Value to EBITDA (EV/EBITDA)	13.91	13.11	11.06	12.64	18.16	14.89	14.64	14.28	15.58	17.02	19.50
Enterprise Value to EBIT (EV/EBIT)	40.42	31.91	24.67	26.35	38.05	28.95	29.28	30.32	37.12	50.14	73.01
Enterprise Value to NOPAT (EV/NOPAT)	65.87	49.39	41.14	41.65	56.40	44.00	43.35	48.58	65.72	96.32	173.56
Enterprise Value to Operating Cash Flow (EV/OCF)	10.89	11.22	9.54	12.56	15.70	13.40	12.57	11.40	12.55	14.20	13.91
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	132.88	331.87	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.33	0.34	0.34	0.22	0.22	0.18	0.18	0.19	0.20	0.20
Long-Term Debt to Equity	0.32	0.32	0.32	0.33	0.21	0.21	0.16	0.17	0.17	0.18	0.18
Financial Leverage	0.23	0.21	0.18	0.16	0.11	0.12	0.10	0.08	0.10	0.10	0.34
Leverage Ratio	2.41	2.40	2.35	2.30	2.16	2.19	2.13	2.11	2.07	2.09	2.52
Compound Leverage Factor	-2.06	0.45	1.18	1.84	1.71	1.55	1.67	1.75	1.82	0.27	1.27
Debt to Total Capital	25.29%	24.98%	25.11%	25.33%	17.96%	18.26%	14.94%	15.41%	15.75%	16.36%	16.33%
Short-Term Debt to Total Capital	1.29%	1.16%	1.00%	0.85%	0.43%	0.82%	1.05%	1.12%	1.02%	1.22%	0.91%
Long-Term Debt to Total Capital	24.00%	23.82%	24.11%	24.48%	17.52%	17.44%	13.89%	14.29%	14.72%	15.14%	15.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	74.71%	75.02%	74.89%	74.67%	82.04%	81.74%	85.06%	84.59%	84.25%	83.64%	83.67%
Debt to EBITDA	2.33	2.00	1.99	2.07	1.47	1.46	1.28	1.44	1.63	1.95	2.18
Net Debt to EBITDA	2.11	1.67	1.48	1.60	0.96	0.88	0.75	0.47	0.74	1.00	1.11
Long-Term Debt to EBITDA	2.21	1.91	1.91	2.00	1.43	1.40	1.19	1.33	1.52	1.80	2.06
Debt to NOPAT	11.02	7.55	7.40	6.82	4.55	4.32	3.78	4.89	6.88	11.03	19.38
Net Debt to NOPAT	10.00	6.28	5.49	5.26	2.98	2.60	2.22	1.59	3.11	5.65	9.91
Long-Term Debt to NOPAT	10.46	7.20	7.11	6.59	4.44	4.12	3.51	4.53	6.43	10.20	18.31
Altman Z-Score	1.21	1.30	1.22	1.36	1.90	1.62	1.56	1.53	1.54	1.38	1.40
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.31	0.40	0.54	0.57	0.60	0.62	0.53	0.78	0.77	0.67	0.70
Quick Ratio	0.17	0.29	0.42	0.41	0.44	0.48	0.41	0.65	0.64	0.56	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-122	-120	-117	-150	-68	-58	-36	-3.87	-1.34	-21	-8.76
Operating Cash Flow to CapEx	55.09%	56.36%	123.32%	107.75%	87.40%	70.20%	75.61%	227.21%	145.62%	94.54%	80.53%
Free Cash Flow to Firm to Interest Expense	-36.60	-37.27	-34.00	-44.43	-26.18	-25.50	-19.59	-1.90	-0.70	-11.92	-6.43
Operating Cash Flow to Interest Expense	6.04	7.12	10.42	9.44	9.61	9.82	9.45	16.91	11.09	9.37	10.89
Operating Cash Flow Less CapEx to Interest Expense	-4.93	-5.51	1.97	0.68	-1.39	-4.17	-3.05	9.47	3.47	-0.54	-2.63
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.75	0.73	0.74	0.74	0.77	0.75	0.73	0.71	0.71	0.68	0.66
Accounts Receivable Turnover	209.26	159.15	201.02	227.08	231.87	152.45	197.74	192.03	224.20	137.58	223.29
Inventory Turnover	39.63	38.81	51.74	57.97	49.92	76.90	14.04	15.46	30.65	38.13	74.06
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	33.78	33.59	42.14	48.20	43.97	57.53	9.59	10.95	18.90	18.51	38.82
Days Sales Outstanding (DSO)	1.74	2.29	1.82	1.61	1.57	2.39	1.85	1.90	1.63	2.65	1.63
Days Inventory Outstanding (DIO)	9.21	9.41	7.06	6.30	7.31	4.75	25.99	23.61	11.91	9.57	4.93
Days Payable Outstanding (DPO)	10.81	10.87	8.66	7.57	8.30	6.34	38.08	33.34	19.31	19.72	9.40
Cash Conversion Cycle (CCC)	0.15	0.83	0.21	0.33	0.58	0.80	-10.24	-7.83	-5.77	-7.50	-2.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	779	760	735	739	657	637	615	578	580	576	572
Invested Capital Turnover	1.47	1.45	1.48	1.46	1.49	1.47	1.40	1.40	1.34	1.29	1.25
Increase / (Decrease) in Invested Capital	123	124	121	161	77	61	42	13	12	18	8.84
Enterprise Value (EV)	1,207	1,298	1,097	1,213	1,557	1,278	1,123	988	955	894	909
Market Capitalization	1,023	1,133	951	1,060	1,475	1,202	1,065	956	910	841	857
Book Value per Share	$9.82	$9.83	$9.75	$9.70	$9.59	$9.38	$9.36	$9.19	$9.02	$8.84	$8.81
Tangible Book Value per Share	$0.52	$0.48	$0.35	$0.27	$1.04	$0.84	$0.84	$0.86	$0.78	$0.59	$0.54
Total Capital	798	794	787	785	700	687	655	645	634	625	622
Total Debt	202	198	197	199	126	125	98	99	100	102	102
Total Long-Term Debt	192	189	190	192	123	120	91	92	93	95	96
Net Debt	183	165	146	153	82	75	58	32	45	52	52
Capital Expenditures (CapEx)	37	41	29	30	29	32	23	15	15	17	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-106	-107	-104	-90	-84	-88	-85	-84	-70	-75	-71
Debt-free Net Working Capital (DFNWC)	-87	-73	-53	-45	-40	-38	-45	-17	-15	-25	-22
Net Working Capital (NWC)	-98	-83	-61	-51	-43	-44	-51	-24	-22	-33	-27
Net Nonoperating Expense (NNE)	1.61	2.96	1.70	1.72	1.64	0.65	0.88	1.08	0.95	-2.32	0.04
Net Nonoperating Obligations (NNO)	183	165	146	153	82	75	58	32	45	52	52
Total Depreciation and Amortization (D&A)	17	16	15	15	12	12	11	9.55	9.23	9.04	8.79
Debt-free, Cash-free Net Working Capital to Revenue	-10.03%	-10.50%	-10.46%	-9.34%	-9.05%	-9.89%	-10.19%	-10.49%	-9.07%	-10.27%	-10.09%
Debt-free Net Working Capital to Revenue	-8.27%	-7.22%	-5.33%	-4.64%	-4.34%	-4.29%	-5.36%	-2.11%	-1.95%	-3.43%	-3.07%
Net Working Capital to Revenue	-9.24%	-8.13%	-6.12%	-5.33%	-4.67%	-4.92%	-6.18%	-3.01%	-2.80%	-4.48%	-3.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	$0.01	$0.03	$0.15	$0.12	$0.05	$0.09	$0.13	$0.16	($0.01)	$0.00
Adjusted Weighted Average Basic Shares Outstanding	60.77M	60.37M	60.43M	60.38M	60.01M	59.53M	59.65M	59.39M	59.24M	59.10M	59.09M
Adjusted Diluted Earnings per Share	($0.01)	$0.01	$0.03	$0.14	$0.12	$0.04	$0.09	$0.13	$0.15	($0.02)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	60.77M	62.35M	61.85M	62.46M	62.48M	61.19M	61.56M	60.94M	60.60M	60.14M	60.46M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	60.99M	60.70M	60.57M	60.41M	60.37M	59.91M	59.82M	59.52M	59.36M	59.26M	59.20M
Normalized Net Operating Profit after Tax (NOPAT)	2.65	7.89	5.32	12	10	7.31	8.10	10	11	2.57	3.11
Normalized NOPAT Margin	0.94%	3.00%	2.12%	4.60%	4.15%	2.99%	3.69%	4.75%	5.25%	1.38%	1.67%
Pre Tax Income Margin	-0.54%	0.28%	1.39%	5.33%	4.13%	2.25%	3.04%	4.62%	6.58%	0.14%	0.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.54	1.23	2.02	5.08	4.85	3.42	4.60	5.90	8.30	1.15	2.01
NOPAT to Interest Expense	0.23	1.14	1.11	3.14	3.41	1.45	3.41	4.44	5.41	-1.62	0.06
EBIT Less CapEx to Interest Expense	-10.43	-11.41	-6.43	-3.68	-6.15	-10.56	-7.89	-1.54	0.68	-8.77	-11.51
NOPAT Less CapEx to Interest Expense	-10.73	-11.50	-7.34	-5.62	-7.59	-12.53	-9.09	-3.01	-2.21	-11.53	-13.46
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	218.18%

Frequently Asked Questions About First Watch Restaurant Group's Financials

When does First Watch Restaurant Group's fiscal year end?

According to the most recent income statement we have on file, First Watch Restaurant Group's financial year ends in December. Their financial year 2024 ended on December 29, 2024.

How has First Watch Restaurant Group's net income changed over the last 5 years?

First Watch Restaurant Group's net income appears to be on a downward trend, with a most recent value of $18.93 million in 2024, falling from -$45.47 million in 2019. The previous period was $25.39 million in 2023. See First Watch Restaurant Group's forecast for analyst expectations on what’s next for the company.

What is First Watch Restaurant Group's operating income?

First Watch Restaurant Group's total operating income in 2024 was $38.91 million, based on the following breakdown:

Total Gross Profit: $792.81 million
Total Operating Expenses: $753.91 million

How has First Watch Restaurant Group revenue changed over the last 5 years?

Over the last 5 years, First Watch Restaurant Group's total revenue changed from $436.37 million in 2019 to $1.02 billion in 2024, a change of 132.8%.

How much debt does First Watch Restaurant Group have?

First Watch Restaurant Group's total liabilities were at $918.97 million at the end of 2024, a 30.2% increase from 2023, and a 33.8% increase since 2020.

How much cash does First Watch Restaurant Group have?

In the past 4 years, First Watch Restaurant Group's cash and equivalents has ranged from $33.31 million in 2024 to $51.86 million in 2021, and is currently $33.31 million as of their latest financial filing in 2024.

How has First Watch Restaurant Group's book value per share changed over the last 5 years?

Over the last 5 years, First Watch Restaurant Group's book value per share changed from 0.00 in 2019 to 9.83 in 2024, a change of 983.0%.

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This page (NASDAQ:FWRG) was last updated on 6/1/2025 by MarketBeat.com Staff

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First Watch Restaurant Group (FWRG) Financials

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First Watch Restaurant Group (FWRG) Financials

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