First Watch Restaurant (FWRG) Debt Ratio (2020 - 2026)
First Watch Restaurant's (FWRG) Debt Ratio was 0.16 for Q2 2026, up 2.8% from 0.16 a year earlier and up 1.0% from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) Debt Ratio (2020 - 2026) Analysis & Trends
Dating back to Q4 2020, First Watch Restaurant's Debt Ratio record includes 21 quarters.
- Debt Ratio has increased for three consecutive years.
- By year, Debt Ratio came in at 0.13 in FY2024 (+32.3%), 0.10 in FY2023 (+6.8%), 0.09 in FY2022 (-7.9%) and 0.10 in FY2021 (-65.0%).
- Five-year quarterly Debt Ratio spans a low of 0.08 in Q3 2023 and a high of 0.28 in Q3 2021.
- Year over year, Debt Ratio has now increased in each of the last 11 quarters, with growth averaging 25.7% over the last eight quarters.
- The high point for year-over-year Debt Ratio in five years was Q3 2024 (growth of 63.9%); the low point was Q3 2022 (a decline of 66.8%).
- Per Business Quant data, the three quarters before Q2 2026 came in at 0.16 (Q1 2026), 0.16 (Q4 2025) and 0.15 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Debt Ratio (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 165.62 Bn | 160.44 Bn | 6.42 Bn | 0.67 |
| 2 | Starbucks | 108.79 Bn | 96.42 Bn | - | 0.47 |
| 3 | Chipotle Mexican Grill | 40.35 Bn | 36.33 Bn | - | - |
| 4 | Yum Brands | 37.59 Bn | 34.48 Bn | 1.47 Bn | 1.41 |
| 5 | Restaurant Brands International | 24.96 Bn | 22.07 Bn | 1.38 Bn | 0.53 |
| 6 | Darden Restaurants | 22.28 Bn | 21.39 Bn | -113.70 Mn | 0.05 |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | 0.53 |
| 8 | Yum China Holdings | 14.08 Bn | 8.44 Bn | 537.00 Mn | 0.01 |
| 9 | Texas Roadhouse | 10.31 Bn | 9.67 Bn | - | 0.01 |
| 10 | First Watch Restaurant | 640.58 Mn | 554.57 Mn | - | 0.16 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 0.16 |
| Mar 29, 2026 | 0.16 |
| Dec 28, 2025 | 0.16 |
| Sep 28, 2025 | 0.15 |
| Jun 29, 2025 | 0.16 |
| Mar 30, 2025 | 0.13 |
| Dec 29, 2024 | 0.13 |
| Sep 29, 2024 | 0.13 |
| Jun 30, 2024 | 0.14 |
| Mar 31, 2024 | 0.10 |
| Dec 31, 2023 | 0.10 |
| Sep 24, 2023 | 0.08 |
| Jun 25, 2023 | 0.09 |
| Mar 26, 2023 | 0.09 |
| Dec 25, 2022 | 0.09 |
| Sep 25, 2022 | 0.09 |
| Jun 26, 2022 | 0.09 |
| Mar 27, 2022 | 0.10 |
| Dec 26, 2021 | 0.10 |
| Sep 26, 2021 | 0.28 |
API Access
First Watch Restaurant Debt Ratio API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=debt-ratio&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "debt-ratio", "ticker": "FWRG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=debt-ratio&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();