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.
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Revenue Segmentation
By Product / Service
Revenue by Segment (5-Year Trend)
Income Trends
Revenue
$1.2B
+20.3% ▲
5Y CAGR: +29.0%
Gross Profit
$159M
-79.9% ▼
5Y CAGR: +39.8%
Operating Income
$34M
-13.2% ▼
Net Income
$19M
+2.7% ▲
EPS (Diluted)
$0.31
+3.3% ▲
EBITDA
$109M
+10.6% ▲
Profit Margins
Year-over-Year Growth
View Full Income Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | $601M | $730M | $892M | $1.0B | $1.2B |
| YoY Growth | +75.6% | +21.5% | +22.1% | +13.9% | +20.3% |
| Cost of Revenue | $477M | $591M | $701M | $223M | $1.1B |
| Gross Profit | $124M | $140M | $190M | $793M | $159M |
| Gross Margin | 20.7% | 19.1% | 21.3% | 78.0% | 13.0% |
| R&D Expenses | $0 | $0 | $0 | $0 | $0 |
| SG&A Expenses | $70M | $85M | $103M | $113M | $129M |
| Operating Expenses | $102M | $123M | $149M | $754M | $126M |
| Operating Income | $22M | $17M | $41M | $39M | $34M |
| Operating Margin | 3.7% | 2.3% | 4.6% | 3.8% | 2.8% |
| Interest Expense | $20M | $5M | $8M | $13M | $17M |
| Income Before Tax | $370K | $13M | $36M | $28M | $12M |
| Tax Expense | $2M | $6M | $11M | $9M | -$7M |
| Net Income | -$2M | $7M | $25M | $19M | $19M |
| Net Margin | -0.4% | 0.9% | 2.8% | 1.9% | 1.6% |
| EPS (Diluted) | $-0.04 | $0.11 | $0.41 | $0.30 | $0.31 |
| EBITDA | $53M | $52M | $85M | $98M | $109M |
| Shares Outstanding | 48M | 60M | 61M | 62M | 63M |