FWRG NASDAQ
First Watch Restaurant Group, Inc.
1W: -7.3%
1M: +9.3%
3M: -16.0%
YTD: -27.9%
1Y: -39.4%
3Y: -36.5%
5Y: -47.8%
$11.09
+0.03 (+0.27%)
Weekly Expected Move ±7.6%
$9
$10
$11
$12
$13
Credit Risk of going bust: higher than 67% of companies Debt: 61.1% of company value Bonds: none of note held by US funds details ▾
Of US companies ranked in the middle of the pack, about 1 in 580 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $0.49 (down 96%), First Watch Restaurant Group, Inc. would be worth roughly what it owes.
Total debt $1.07B against a stock market value of $684.4M.
Distance to default 3.62 (Merton model): prices to 2026-10-27, balance sheet 2026-06-28, debt counted $153.7M (short-term plus half of long-term), stock volatility 54.7%; Altman Z'' 0.10. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.
If the stock fell to about $0.49 (down 96%), First Watch Restaurant Group, Inc. would be worth roughly what it owes.
Total debt $1.07B against a stock market value of $684.4M.
Distance to default 3.62 (Merton model): prices to 2026-10-27, balance sheet 2026-06-28, debt counted $153.7M (short-term plus half of long-term), stock volatility 54.7%; Altman Z'' 0.10. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.
Overview
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Income Statement
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Balance Sheet Trends
Total Assets
$1.7B
+15.0% ▲
5Y CAGR: +11.6%
Total Liabilities
$1.1B
+21.4% ▲
5Y CAGR: +10.2%
Shareholders Equity
$626M
+5.2% ▲
5Y CAGR: +14.3%
Cash & Investments
$21M
-36.2% ▼
5Y CAGR: -11.4%
Total Debt
$740M
-8.6% ▼
5Y CAGR: +3.0%
Net Debt
$718M
-7.5% ▼
Assets vs Liabilities & Equity
Year-over-Year Growth
View Full Balance Sheet
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Assets — | |||||
| Cash | $52M | $50M | $50M | $33M | $21M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 |
| Cash & ST Investments | $52M | $50M | $50M | $33M | $21M |
| Net Receivables | $4M | $6M | $6M | $7M | $7M |
| Inventory | $4M | $5M | $5M | $6M | $7M |
| Other Current Assets | $2M | $624K | $3M | $2M | $14M |
| Total Current Assets | $68M | $67M | $71M | $56M | $49M |
| Property, Plant & Equip. | $490M | $547M | $683M | $889M | $1.1B |
| Goodwill & Intangibles | $488M | $488M | $511M | $566M | $595M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 |
| Other Non-Current Assets | $1M | $1M | $2M | $3M | $5M |
| Total Non-Current Assets | $979M | $1.0B | $1.2B | $1.5B | $1.7B |
| Total Assets | $1.0B | $1.1B | $1.3B | $1.5B | $1.7B |
| — Liabilities — | |||||
| Accounts Payable | $11M | $8M | $6M | $7M | $9M |
| Short-Term Debt | $6M | $8M | $6M | $9M | $88M |
| Deferred Revenue | $5M | $5M | $5M | $6M | $7M |
| Other Current Liabilities | $23M | $19M | $23M | $24M | $64M |
| Total Current Liabilities | $97M | $100M | $115M | $138M | $167M |
| Long-Term Debt | $100M | $95M | $120M | $189M | $651M |
| Other Non-Current Liab. | $3M | $3M | $4M | $4M | $275M |
| Total Non-Current Liabilities | $446M | $481M | $591M | $780M | $948M |
| Total Liabilities | $542M | $581M | $706M | $919M | $1.1B |
| — Equity — | |||||
| Common Stock | $590K | $592K | $599K | $607K | $611K |
| Retained Earnings | -$105M | -$98M | -$73M | -$54M | -$34M |
| Accumulated OCI | $0 | $0 | -$667K | -$441K | -$1M |
| Total Stockholders Equity | $504M | $523M | $561M | $595M | $626M |
| Total Liabilities & Equity | $1.0B | $1.1B | $1.3B | $1.5B | $1.7B |
| — Key Metrics — | |||||
| Total Debt | $474M | $507M | $607M | $810M | $740M |
| Net Debt | $422M | $458M | $557M | $776M | $718M |
| Total Investments | $0 | $0 | $0 | $0 | $0 |