First Watch Restaurant (FWRG) Equity Ratio (2020 - 2026)

First Watch Restaurant's Equity Ratio history runs 7 years deep, the most recent figure standing at 0.35 for Q1 2026.

• In Q1 2026, Equity Ratio fell 8.38% year-over-year to 0.35; the TTM figure through Mar 2026 stood at 0.35 (down 8.38% YoY), while the FY2025 annual figure was 0.36, down 8.56% from the prior year.
• Equity Ratio was 0.35 for Q1 2026 at First Watch Restaurant, down from 0.36 in the prior quarter.
• In the past five years, Equity Ratio ranged from a high of 0.49 in Q1 2022 to a low of 0.35 in Q3 2025.
• Historically, Equity Ratio has averaged 0.43 across 5 years, with a median of 0.44 in 2023.
• The sharpest annual moves came in 2022 and 2024: Equity Ratio surged 52.9% in 2022, then declined 14.13% in 2024.
• A 5-year view of Equity Ratio shows it stood at 0.47 in 2022, then slipped by 6.48% to 0.44 in 2023, then decreased by 11.25% to 0.39 in 2024, then declined by 8.56% to 0.36 in 2025, then slipped by 1.59% to 0.35 in 2026.
• The last three Equity Ratio figures came in at 0.35 (Q1 2026), 0.36 (Q4 2025), and 0.35 (Q3 2025), per Business Quant data.