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FWRG · Nasdaq · United States · Retail-Eating Places
In shortFirst Watch Restaurant Group, Inc. is profitable, burns cash and carries moderate debt, with revenue growing (+20.3% last year).
Financial health
Mixed
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 2.3% | 24/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 1.6% | 26/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 3.2% | 16/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 2.4% | 16/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.29× | 0/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.45× | 86/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 2.55× | 42/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 1.65× | 1/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 0.19 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -2.5% | 10/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | -1.59× | 0/100 |
| Years with positive free cash flow (last 5) | 3 of 5 | 50/100 |
Weight in the score: 20%
| Profitable years (last 5) | 4 of 5 | 80/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 25.3% | 17/100 |
| Operating margin volatility | 1.0% | 100/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 18.7% | 100/100 |
|---|---|---|
| EPS growth, 3-year average | 41.3% | 100/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
2 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 601 | 730 | 892 | 1,016 | 1,223 |
| Operating income | 22 | 17 | 41 | 39 | 28 |
| Interest expense | 20 | 5.2 | 8.1 | 13 | 17 |
| Pre-tax income | 0.4 | 13 | 36 | 28 | 12 |
| Income tax | 2.5 | 5.7 | 11 | 9.1 | (7.3) |
| Net income | (2.1) | 6.9 | 25 | 19 | 19 |
| Diluted EPS | −$0.04 | $0.11 | $0.41 | $0.30 | $0.31 |
| Diluted shares (millions) | 48 | 60 | 61 | 62 | 63 |
2 older years available with the 10-year history. Essential plan, from €8.25/month →
0.19 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
4/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 28, 2026 · Data updated Aug 4, 2026