First Watch Restaurant Group, Inc. (FWRG) Key Metrics
FWRG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $748.0M
- Enterprise value
- $1.69B
- P/E (TTM)
- 43.3 10-yr median 55.0
- Forward P/E
- 63.7
- PEG ratio
- —
- Price / sales
- 0.6 10-yr median 1.1
- Price / book
- 1.0 10-yr median 1.6
- EV / EBITDA
- 15.0 10-yr median 20.9
- Dividend yield
- —
- Beta
- 1.05
FWRG key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFWRG valuation Price multiples at each fiscal year-end price.
FWRG returns How much profit the business earns on the capital it uses.
FWRG per-share figures Results divided by the shares outstanding at year-end.
FWRG financial health Debt, liquidity and how easily interest is covered.
FWRG efficiency & capital use Working capital cycle and where the cash goes.
FWRG valuation history
FWRG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FWRG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FWRG price vs earnings per share
FWRG key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $947.7M | $1.16B | $1.23B | $813.7M | $808.1M | — | — | — |
| Enterprise value | $1.94B | $1.94B | $1.79B | $1.27B | $1.23B | — | — | — |
| P/E ratio | 48.8 | 61.3 | 48.5 | 117.8 | — | — | — | — |
| Price / sales | 0.8 | 1.1 | 1.4 | 1.1 | 1.3 | — | — | — |
| Price / book | 1.5 | 1.9 | 2.2 | 1.6 | 1.6 | — | — | — |
| Price / free cash flow | — | — | 115.5 | — | 29.6 | — | — | — |
| Price / operating cash flow | 7.5 | 10.0 | 12.9 | 12.9 | 12.8 | — | — | — |
| EV / sales | 1.6 | 1.9 | 2.0 | 1.7 | 2.0 | — | — | — |
| EV / EBITDA | 18.6 | 19.7 | 20.9 | 24.4 | 23.3 | — | — | — |
| EV / free cash flow | — | — | 167.8 | — | 45.1 | — | — | — |
| Earnings yield | 2.1% | 1.6% | 2.1% | 0.8% | −0.3% | — | — | — |
| Free cash flow yield | −3.3% | −1.1% | 0.9% | −0.0% | 3.4% | — | — | — |
| Share price at fiscal year-end | $15.08 | $18.61 | $20.10 | $13.53 | $16.76 | — | — | — |
| Per share | ||||||||
| Revenue per share | $19.45 | $16.29 | $14.57 | $12.14 | $12.47 | $5.85 | $7.46 | $7.77 |
| Earnings per share | $0.31 | $0.30 | $0.41 | $0.11 | −$0.04 | −$0.85 | −$0.78 | −$0.27 |
| Operating cash flow per share | $2.00 | $1.86 | $1.56 | $1.05 | $1.31 | −$0.31 | $0.37 | $0.68 |
| Free cash flow per share | −$0.49 | −$0.20 | $0.17 | −$0.01 | $0.57 | −$0.77 | −$0.64 | −$0.15 |
| Cash per share | $0.34 | $0.53 | $0.81 | $0.83 | $1.08 | $0.66 | $0.19 | $0.36 |
| Book value per share | $9.97 | $9.55 | $9.17 | $8.70 | $10.46 | $5.48 | $5.64 | $8.32 |
| Tangible book value per share | $0.50 | $0.47 | $0.82 | $0.58 | $0.34 | −$2.87 | −$2.73 | −$2.99 |
| Capex per share | $2.50 | $2.05 | $1.38 | $1.05 | $0.74 | $0.46 | $1.01 | $0.84 |
| Debt per share | $16.05 | $12.98 | $9.92 | $8.44 | $9.83 | $10.90 | $9.85 | $4.33 |
| Shares outstanding | 62.8M | 62.4M | 61.2M | 60.1M | 48.2M | 58.5M | 58.5M | 45.0M |
| Change in shares outstanding | +0.8% | +1.9% | +1.7% | +24.7% | −17.6% | 0.0% | +30.0% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | 3.2% | 3.3% | 4.7% | 1.3% | −0.5% | −15.3% | −12.9% | −3.3% |
| Return on invested capital (ROIC) | 2.3% | 2.1% | 2.8% | 1.0% | 1.2% | −4.1% | −4.1% | 0.5% |
| Return on assets (ROA) | 1.2% | 1.4% | 2.1% | 0.6% | −0.2% | −5.0% | −5.5% | −1.9% |
| Return on tangible assets | 1.7% | 2.0% | 3.4% | 1.1% | −0.4% | −9.6% | −9.2% | −7.9% |
| Free cash flow margin | −2.5% | −1.2% | 1.2% | −0.1% | 4.5% | −13.2% | −8.6% | −2.0% |
| Income quality (OCF / net income) | 6.48 | 6.11 | 3.76 | 9.11 | — | — | — | — |
| Financial health | ||||||||
| Total debt | $1.01B | $809.6M | $607.0M | $507.4M | $474.0M | $637.9M | $576.4M | $195.0M |
| Cash & short-term investments | $21.2M | $33.3M | $49.6M | $49.7M | $51.9M | $38.8M | $11.1M | $16.3M |
| Net debt | $987.4M | $776.2M | $557.3M | $457.7M | $422.1M | $599.1M | $565.3M | $178.8M |
| Debt / equity | 1.61 | 1.36 | 1.08 | 0.97 | 0.94 | 1.99 | 1.75 | 0.52 |
| Debt / assets | 0.58 | 0.53 | 0.48 | 0.46 | 0.45 | 0.63 | 0.59 | 0.29 |
| Net debt / EBITDA | 9.51 | 7.89 | 6.53 | 8.79 | 7.99 | — | — | 5.28 |
| Current ratio | 0.29 | 0.40 | 0.62 | 0.67 | 0.70 | 0.64 | 0.33 | 0.80 |
| Quick ratio | 0.25 | 0.36 | 0.57 | 0.62 | 0.66 | 0.60 | 0.29 | 0.74 |
| Interest coverage | 2.0 | 3.1 | 5.1 | 3.2 | 1.1 | -2.1 | -1.9 | — |
| Working capital | −$118.4M | −$82.6M | −$43.9M | −$32.7M | −$28.8M | −$27.5M | −$48.8M | −$7.5M |
| Invested capital | $1.61B | $1.37B | $1.12B | $980.8M | $926.5M | $919.9M | $895.1M | $553.2M |
| Tangible asset value | $31.2M | $29.2M | $50.2M | $34.8M | $16.2M | −$168.0M | −$160.0M | −$134.4M |
| Net current asset value | −$1.07B | −$863.1M | −$634.6M | −$514.0M | −$474.8M | −$637.6M | −$628.0M | −$260.4M |
| Graham number | $8.33 | $8.08 | $9.25 | $4.74 | — | — | — | — |
| Graham net-net per share | −$17.28 | −$14.07 | −$10.61 | −$8.72 | −$10.07 | −$11.00 | −$10.86 | −$6.02 |
| Capital allocation | ||||||||
| Capex / revenue | 12.8% | 12.6% | 9.5% | 8.7% | 5.9% | 7.9% | 13.6% | 10.8% |
| Capex / operating cash flow | 124.6% | 110.6% | 88.8% | 100.6% | 56.7% | — | 275.7% | 122.6% |
| Capex / depreciation | 2.09 | 2.22 | 2.05 | 1.85 | 1.10 | 0.88 | 2.11 | 1.44 |
| Stock-based compensation / revenue | 0.9% | 0.8% | 0.9% | 1.4% | 1.4% | 0.2% | 0.3% | 0.4% |
| SG&A / revenue | 10.5% | 11.1% | 12.4% | 11.6% | 11.7% | 13.5% | 12.8% | 10.7% |
| Efficiency | ||||||||
| Days sales outstanding | 2.1 | 2.3 | 2.4 | 2.7 | 2.5 | 5.1 | 3.2 | 2.0 |
| Days of inventory on hand | 2.3 | 9.4 | 2.7 | 2.8 | 2.7 | 3.3 | 2.5 | 2.8 |
| Days payables outstanding | 2.7 | 10.9 | 3.6 | 5.8 | 5.8 | 5.4 | 5.6 | 7.3 |
| Cash conversion cycle (days) | 1.7 | 0.8 | 1.5 | -0.3 | -0.7 | 3.0 | 0.2 | -2.5 |
| Receivables turnover | 173.48 | 159.15 | 152.45 | 137.58 | 143.74 | 70.92 | 114.14 | 183.60 |
| Payables turnover | 135.75 | 33.59 | 100.82 | 63.34 | 62.43 | 67.16 | 65.56 | 50.08 |
| Inventory turnover | 159.97 | 38.81 | 134.77 | 130.51 | 137.49 | 111.09 | 143.93 | 130.22 |
| Asset turnover | 0.75 | 0.73 | 0.75 | 0.68 | 0.59 | 0.34 | 0.53 | 0.53 |
| Average receivables | $7.0M | $6.4M | $5.8M | $5.3M | $4.2M | $4.8M | $3.8M | $1.9M |
| Average payables | $7.8M | $6.6M | $7.0M | $9.3M | $7.6M | $4.7M | $5.3M | $5.6M |
| Average inventory | $6.6M | $5.7M | $5.2M | $4.5M | $3.5M | $2.8M | $2.4M | $2.1M |
| Intangibles / total assets | 34.2% | 37.4% | 40.3% | 44.2% | 46.6% | 48.5% | 49.9% | 76.6% |
Computed from FWRG's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FWRG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), First Watch Restaurant traded at 48.8 times earnings, against a 8-year median of 55.0. Based on the latest twelve months, the trailing P/E is 43.3 and the forward P/E is 63.7. First Watch Restaurant earned a return on equity of 3.2% and a return on invested capital of 2.3% in fiscal 2025. It ended the year with $1.0 billion of debt and $21.2 million in cash and short-term investments, net debt of $987.4 million. The share count rose 39.6% from 45.0M to 62.8M over 7 years.
See the FWRG income statement, the FWRG chart for price history, or the FWRG stock overview for the latest quote and news.
FWRG key metrics FAQ
What is First Watch Restaurant's P/E ratio?
First Watch Restaurant's trailing P/E ratio is 43.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 63.7. At the end of fiscal 2025 it was 48.8, compared with a 8-year median of 55.0.
What is First Watch Restaurant's EV/EBITDA?
First Watch Restaurant's enterprise value was 18.6 times EBITDA at the end of fiscal 2025 (enterprise value $1.9 billion, EBITDA $103.8 million); the current EV/EBITDA is 15.0.
What is First Watch Restaurant's return on equity?
First Watch Restaurant's return on equity (ROE) was 3.2% in fiscal 2025: net income of $19.4 million on average shareholders' equity of $610.8 million.
What is First Watch Restaurant's ROIC?
First Watch Restaurant's return on invested capital was 2.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does First Watch Restaurant have?
First Watch Restaurant had total debt of $1.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.61 and $987.4 million of net debt (9.51 times EBITDA).
What is First Watch Restaurant's free cash flow yield?
First Watch Restaurant generated -$31.0 million of free cash flow in fiscal 2025, a free cash flow yield of −3.3% on its market value at year-end ($947.7 million).
What is First Watch Restaurant's current ratio?
First Watch Restaurant's current ratio was 0.29 at the end of fiscal 2025: current assets were 0.29 times current liabilities.