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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Financials
Income Statement
Cash Flow
Balance Sheet
Earnings
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Analysis
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Institutions
ETF Exposure
Dark Pool
Short Interest
Supply Chain
Cash Flow Trends
Operating Cash Flow
$126M
+8.9% ▲
Capital Expenditures
$157M
-22.6% ▼
5Y CAGR: +42.2%
Free Cash Flow
-$31M
-152.5% ▼
Dividends Paid
$0
+0.0% ▲
Buybacks
$0
+0.0% ▲
Net Change in Cash
-$12M
+27.5% ▲
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | -$2M | $7M | $25M | $19M | $19M |
| Depreciation & Amort. | $32M | $34M | $41M | $58M | $75M |
| Stock-Based Comp. | $9M | $10M | $8M | $9M | $11M |
| Change in Working Capital | $6M | -$10M | -$7M | -$4M | -$3M |
| Other Non-Cash Items | $16M | $17M | $20M | $28M | $34M |
| Operating Cash Flow | $63M | $63M | $95M | $116M | $126M |
| — Investing Activities — | |||||
| Capital Expenditures | -$36M | -$63M | -$85M | -$128M | -$157M |
| Acquisitions (Net) | $0 | $0 | -$40M | -$79M | -$56M |
| Investment Purchases | $0 | $0 | $0 | $0 | $0 |
| Investment Sales | $0 | $0 | $0 | $0 | $0 |
| Other Investing | $0 | $219K | $1M | $34K | -$850K |
| Investing Cash Flow | -$36M | -$63M | -$123M | -$207M | -$214M |
| — Financing Activities — | |||||
| Net Debt Issuance | -$189M | -$3M | $22M | $71M | $75M |
| Stock Repurchased | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 |
| Other Financing | -$7M | $1M | $6M | -$3M | $0 |
| Financing Cash Flow | -$14M | -$2M | $28M | $74M | $76M |
| Net Change in Cash | $13M | -$2M | $38K | -$17M | -$12M |
| Cash End of Period | $52M | $50M | $50M | $33M | $21M |
| Free Cash Flow | $27M | -$393K | $11M | -$12M | -$31M |