First Watch Restaurant Group, Inc. FWRG
First Watch Restaurant Group, Inc. is a Delaware holding company. Unless the context otherwise requires, "we," "us," "our," "First Watch," the "Company," "Management" and other similar references refer to First Watch Restaurant Group, Inc. and, unless otherwise stated, all of its subsidiaries.
Since opening our doors in 1983, we have been a pioneer in Daytime Dining, serving made-to-order breakfast, brunch and lunch using the freshest of ingredients. We have built our brand on our commitment to operational excellence, our culinary mission centered around a fresh, continuously evolving menu, and our "You First" culture. Our focus on one daytime shift enables us to optimize restaurant operations while generating an average unit volume of $2.3 million per restaurant in 2025 in only 7.5 hours per day. This daytime focus also provides us with a competitive advantage, allowing us to attract and retain employees who are passionate about hospitality and drawn to our "No Night Shifts Ever" approach, among other attractive benefits.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.02B | $891.6M | $730.2M | $601.2M | $342.4M | $436.4M | — |
| SG&A | $128.9M | $113.3M | $103.1M | $85.0M | $70.4M | $46.3M | $55.8M | — |
| Total operating expenses | $1.19B | $977.0M | $850.3M | $713.2M | $579.0M | $389.6M | $473.9M | — |
| Operating income | $27.5M | $38.9M | $41.3M | $16.9M | $22.2M | -$47.2M | -$37.6M | — |
| Interest expense | $16.7M | $12.6M | $8.1M | $5.2M | $20.1M | $22.8M | $20.1M | — |
| Pre-tax income | $12.1M | $28.0M | $36.1M | $12.6M | $370.0K | -$69.6M | -$57.9M | — |
| Income tax | $7.3M | $9.1M | $10.7M | $5.7M | $2.5M | $19.9M | $12.4M | — |
| Net income | $19.4M | $18.9M | $25.4M | $6.9M | -$2.1M | -$49.7M | -$45.4M | — |
| EPS, basic | 0.32 | 0.31 | 0.43 | 0.12 | -0.04 | -1.10 | -1.01 | — |
| EPS, diluted | 0.31 | 0.30 | 0.41 | 0.11 | -0.04 | -1.10 | -1.01 | — |
| Shares, diluted (wtd. avg.) | $62.8M | $62.4M | $61.2M | $60.1M | $48.2M | $45.0M | $45.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $21.2M | $33.3M | $49.6M | $49.9M | $52.1M | $39.1M | $11.1M | $16.3M |
| Receivables | $6.9M | $7.2M | $5.5M | $6.2M | $4.5M | $3.9M | — | — |
| Inventory | $7.2M | $6.1M | $5.4M | $5.0M | $4.0M | $2.9M | — | — |
| Total current assets | $49.1M | $55.9M | $71.2M | $67.3M | $67.7M | $49.0M | — | — |
| Property, plant and equipment | — | — | — | — | $164.7M | $160.7M | — | — |
| Goodwill | $420.2M | $398.6M | $359.9M | $345.2M | $345.2M | $345.2M | — | — |
| Other intangibles | $174.9M | $167.6M | $151.2M | $143.2M | $143.0M | $143.7M | — | — |
| Total assets | $1.74B | $1.51B | $1.27B | $1.10B | $1.05B | $1.01B | — | — |
| Accounts payable | $8.7M | $7.0M | $6.3M | $7.6M | $11.1M | $4.2M | — | — |
| Total current liabilities | $167.5M | $138.5M | $115.1M | $100.0M | $96.5M | $76.5M | — | — |
| Total liabilities | $1.12B | $919.0M | $705.8M | $581.3M | $542.5M | $686.6M | — | — |
| Retained earnings | -$34.4M | -$53.8M | -$72.7M | -$98.1M | -$105.0M | -$102.9M | — | $100.0K |
| Total equity | $626.3M | $595.4M | $561.3M | $523.1M | $504.4M | $320.9M | $329.8M | $374.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $125.9M | $115.7M | $95.3M | $62.9M | $63.0M | -$18.4M | $21.5M | — |
| Depreciation and amortisation | $66.5M | $52.1M | $39.7M | $33.3M | $31.3M | $29.6M | $25.9M | — |
| Stock-based compensation | $10.8M | $8.5M | $7.6M | $10.4M | $8.6M | $750.0K | — | — |
| Capital expenditure | $156.9M | $127.9M | $83.3M | $62.2M | $35.3M | $26.7M | $59.2M | — |
| Investing cash flow | -$213.8M | -$206.7M | -$123.4M | -$63.1M | -$35.7M | -$27.0M | -$82.4M | — |
| Financing cash flow | $75.8M | $74.3M | $28.1M | -$2.0M | -$14.3M | $73.3M | $55.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001789940-26-000048.
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