First Watch Restaurant Group, Inc. (FWRG)
First Watch Restaurant Group, Inc. oversees and licenses restaurant operations under the First Watch brand. As of March 23, 2022, its extensive presence included 341 company-owned eateries and 94 franchised outlets, operating across 28 U.S. states. The enterprise, established in 1983 with its main office in Bradenton, Florida, previously traded as AI Fresh Super Holdco, Inc. before changing its designation to First Watch Restaurant Group, Inc. in December 2019.
Sector: Retail-Eating Places
Industry: Restaurants
First Watch Restaurant Group, Inc.
NASDAQ:FWRGConsumer Cyclical · Restaurants
AHAfter hours+0.00%$13.85
Prev close$12.86+7.70%Close$13.850.00%Now$13.85
Close$13.85+7.70%
Mkt Cap$854.91M
Float57.95M
O/S61.73M
VOL2.42M sh
$ Vol$33.29M
RVOL1.16×
Inst Own-
SI11.1%
Dilution
Financials Summary
Revenue$1.22B
Net Income$19.43M
Total Assets$1.74B
Free Cash Flow-$30.99M
Debt & Equity
Debt 62%
Equity 38%
Total Debt$1.01B
Total Equity$626.28M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in FWRG's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$1.74B
Liabilities$1.12B
Accounts Receivable$6.86M
Accounts Payable$8.7M
Inventory$7.17M
PP&E (Net)$1.09B
Goodwill$420.21M
Intangible Assets$174.91M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-28 | 2024-12-29 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Revenue | $1.22B | $1.02B | $891.55M | $730.16M | $601.19M | $342.39M | $436.37M | $349.77M |
| YoY Growth | 20.3% | 13.9% | 22.1% | 21.5% | 75.6% | -21.5% | 24.8% | - |
| Cost of Revenue | $1.06B | $223.1M | $701.43M | $590.63M | $476.96M | $312.51M | $348.96M | $278.4M |
| Gross Profit | $159.44M | $792.81M | $190.12M | $139.53M | $124.23M | $29.88M | $87.41M | $71.36M |
| Gross Margin | 13.0% | 78.0% | 21.3% | 19.1% | 20.7% | 8.7% | 20.0% | 20.4% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $128.95M | $113.27M | $103.12M | $84.96M | $70.39M | $46.32M | $55.82M | $37.53M |
| Other | -$3.28M | $640.64M | $45.73M | $37.66M | $31.6M | $30.78M | $69.15M | $30.6M |
| Total Operating Expenses | $125.67M | $753.91M | $148.85M | $122.62M | $101.99M | $77.1M | $124.97M | $68.13M |
| Operating Income (EBIT) | $33.77M | $38.91M | $41.27M | $16.91M | $22.24M | -$47.22M | -$37.56M | $3.23M |
| Operating Margin | 2.8% | 3.8% | 4.6% | 2.3% | 3.7% | -13.8% | -8.6% | 0.9% |
| Interest Expense | $16.7M | $12.64M | $8.06M | $5.23M | $20.1M | $22.82M | $20.08M | $0 |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$21.64M | -$10.88M | -$5.19M | -$4.32M | -$21.87M | -$22.33M | -$20.34M | -$15.76M |
| Income Before Tax (EBT) | $12.13M | $28.03M | $36.08M | $12.59M | $370K | -$69.55M | -$57.89M | -$12.52M |
| Income Tax Expense | -$7.3M | $9.1M | $10.69M | $5.68M | $2.48M | -$19.87M | -$12.42M | -$221K |
| Net Income | $19.43M | $18.93M | $25.39M | $6.91M | -$2.11M | -$49.68M | -$45.44M | -$12.3M |
| Net Income Margin | 1.6% | 1.9% | 2.8% | 0.9% | -0.4% | -14.5% | -10.4% | -3.5% |
| Supplementary Data | ||||||||
| EPS | 0.32 | 0.31 | 0.43 | 0.12 | -0.04 | -0.86 | -0.79 | -0.27 |
| Diluted EPS | 0.31 | 0.30 | 0.41 | 0.11 | -0.04 | -0.86 | -0.79 | -0.27 |
| Weighted Average OS | 60.96M | 60.37M | 59.53M | 59.10M | 48.21M | 57.63M | 57.63M | 45.01M |
| EBITDA | $103.84M | $98.38M | $85.36M | $52.05M | $52.85M | -$16.01M | -$9.78M | $33.83M |
| EBITDA Margin | 8.5% | 9.7% | 9.6% | 7.1% | 8.8% | -4.7% | -2.2% | 9.7% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-28 | 2024-12-29 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $21.25M | $33.31M | $49.63M | $49.67M | $51.86M | $38.85M | $11.12M | $16.28M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $21.25M | $33.31M | $49.63M | $49.67M | $51.86M | $38.85M | $11.12M | $16.28M |
| Accounts Receivable | $6.86M | $7.24M | $5.53M | $6.16M | $4.45M | $3.92M | $5.74M | $1.91M |
| Inventory | $7.17M | $6.12M | $5.38M | $5.03M | $4.02M | $2.92M | $2.71M | $2.14M |
| Other Current Assets | $5.86M | $2.2M | $3.15M | $624K | $1.68M | $872K | $1.56M | $4.29M |
| Total Current Assets | $49.08M | $55.88M | $71.19M | $67.29M | $67.7M | $49.04M | $24.24M | $29.44M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $1.09B | $889.07M | $683.08M | $547.49M | $489.69M | $468.3M | $466.85M | $124.76M |
| Goodwill | $420.21M | $398.56M | $359.88M | $345.22M | $345.22M | $345.22M | $345.22M | $330.83M |
| Intangible Assets | $174.91M | $167.6M | $151.19M | $143.15M | $143M | $143.66M | $144.56M | $178.25M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $4.83M | $3.25M | $1.7M | $1.3M | $1.31M | $1.29M | $1.21M | $1.23M |
| Total Long-Term Assets | $1.69B | $1.46B | $1.2B | $1.04B | $979.22M | $958.47M | $957.84M | $635.07M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $1.74B | $1.51B | $1.27B | $1.1B | $1.05B | $1.01B | $982.08M | $664.51M |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $8.7M | $6.96M | $6.32M | $7.59M | $11.06M | $4.22M | $5.09M | $5.56M |
| Short-Term Debt | $13.31M | $9.23M | $5.63M | $7.63M | $5.54M | $3.59M | $2.97M | $1.9M |
| Current Income Tax Payable | $10.26M | $8.75M | $7.08M | $4.74M | $3.98M | $2.58M | $3.94M | $0 |
| Current Unearned Revenue | $6.78M | $5.62M | $5.5M | $5.19M | $4.65M | $4.27M | $7.12M | $0 |
| Other Current Liabilities | $29.23M | $23.87M | $23.3M | $19.43M | $22.55M | $12.15M | $13.05M | $10.88M |
| Total Current Liabilities | $167.5M | $138.47M | $115.07M | $99.98M | $96.52M | $76.53M | $73.02M | $36.9M |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $269.07M | $189.04M | $119.77M | $94.67M | $99.75M | $286.4M | $250.4M | $188.61M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $21.97M | $32.22M | $25.33M | $17.17M | $12.49M | $13.65M | $30.3M | $0 |
| Other Long-Term Liabilities | $5.95M | $3.66M | $4.3M | $3.38M | $3.23M | $2.27M | $2.93M | $59.79M |
| Total Long-Term Liabilities | $948.25M | $780.5M | $590.69M | $481.33M | $445.96M | $610.11M | $579.27M | $252.93M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.12B | $918.97M | $705.76M | $581.31M | $542.49M | $686.65M | $652.28M | $289.84M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $3K | $0 | $0 |
| Common Stock | $611K | $607K | $599K | $592K | $590K | $450K | $450K | $38K |
| Retained Earnings | -$34.39M | -$53.82M | -$72.75M | -$98.13M | -$105.04M | -$102.93M | -$53.25M | -$7.69M |
| Comprehensive Income & Other | -$1.09M | -$441K | -$667K | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $660.06M | $648.6M | $633.43M | $620.67M | $608.88M | $423.35M | $382.6M | $382.08M |
| Total Equity | $626.28M | $595.39M | $561.28M | $523.13M | $504.43M | $320.87M | $329.8M | $374.42M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $250K |
| Total Liabilities and Equity | $1.74B | $1.51B | $1.27B | $1.1B | $1.05B | $1.01B | $982.08M | $664.26M |
| Supplementary Data | ||||||||
| Total Debt | $1.01B | $809.55M | $606.97M | $507.35M | $473.97M | $637.9M | $576.44M | $195.04M |
| Net Debt | $987.42M | $776.24M | $557.33M | $457.68M | $422.11M | $599.06M | $565.32M | $178.76M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-28 | 2024-12-29 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Operating Activities | ||||||||
| Net Income | $19.43M | $18.93M | $25.39M | $6.91M | -$2.11M | -$49.68M | -$45.47M | -$12.3M |
| Depreciation & Amortization | $75.01M | $57.72M | $41.22M | $34.23M | $32.38M | $30.73M | $28.03M | $26.12M |
| Deferred Income Tax | -$10.03M | $6.82M | $8.31M | $4.68M | $2.18M | -$19.99M | -$12.56M | -$538K |
| Stock-Based Compensation | $10.76M | $8.53M | $7.6M | $10.37M | $8.6M | $750K | $1.16M | $1.3M |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | $376K | -$1.7M | $632K | -$1.71M | -$535K | $1.83M | -$3.19M | -$332K |
| Inventory | -$867K | -$508K | -$62K | -$1M | -$1.11M | -$203K | -$439K | -$432K |
| Accounts Payable | $1.74M | $637K | -$1.3M | -$3.47M | $6.7M | -$866K | -$740K | $0 |
| Other Working Capital | -$4.41M | -$2.74M | -$6.54M | -$4.25M | $907K | $5.75M | $9.34M | $10.84M |
| Total Working Capital Change | -$3.16M | -$4.31M | -$7.27M | -$10.44M | $5.96M | $6.51M | $4.97M | $10.07M |
| Other Non-Cash Items | $33.9M | $28M | $20.09M | $17.18M | $15.96M | $13.32M | $45.34M | $5.57M |
| Net Cash from Operating | $125.91M | $115.67M | $95.34M | $62.94M | $62.97M | -$18.36M | $21.46M | $30.77M |
| Investing Activities | ||||||||
| Capital Expenditures | -$156.91M | -$128.05M | -$84.69M | -$63.33M | -$35.68M | -$26.97M | -$59.17M | -$37.73M |
| Acquisitions | -$56.01M | -$78.64M | -$39.88M | $0 | $0 | $0 | -$23.22M | -$14.17M |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$850K | $34K | $1.2M | $219K | $0 | $0 | $0 | -$14.17M |
| Net Cash from Investing | -$213.76M | -$206.65M | -$123.37M | -$63.11M | -$35.68M | -$26.97M | -$82.39M | -$51.9M |
| Financing Activities | ||||||||
| Debt Repaid | -$74.59M | -$48.21M | -$23.82M | $2.39M | $191.6M | -$50.31M | -$47.4M | -$30.28M |
| Common Stock Issuance | $1.19M | $6.43M | $0 | $0 | $182.09M | $40M | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | -$2.81M | $5.63M | $1.35M | -$7.12M | $0 | -$1.14M | $0 |
| Net Cash from Financing | $75.79M | $74.33M | $28.07M | -$2.02M | -$14.27M | $73.31M | $55.76M | $30.28M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.12M |
| Net Change in Cash | -$12.07M | -$16.65M | $38K | -$2.19M | $13.02M | $27.98M | -$5.16M | $16.28M |
| Supplementary Data | ||||||||
| Operating Cash Flow | $125.91M | $115.67M | $95.34M | $62.94M | $62.97M | -$18.36M | $21.46M | $30.77M |
| Capital Expenditure | -$156.91M | -$127.95M | -$84.69M | -$63.33M | -$35.68M | -$26.97M | -$59.17M | -$37.73M |
| Free Cash Flow | -$30.99M | -$12.28M | $10.65M | -$393K | $27.29M | -$45.34M | -$37.7M | -$6.95M |
| Cash at Beginning | $33.31M | $49.96M | $49.92M | $52.12M | $39.1M | $11.12M | $16.28M | $0 |
| Cash at End | $21.25M | $33.31M | $49.96M | $49.92M | $52.12M | $39.1M | $11.12M | $16.28M |