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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInterest Coverage RatioInventory AverageInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

First Watch Restaurant (FWRG) FCF Margin (2020 - 2025)

First Watch Restaurant has reported FCF Margin over the past 6 years, most recently at 5.8% for Q4 2025.

  • Quarterly results put FCF Margin at 5.8% for Q4 2025, up 93.0% from a year ago — trailing twelve months through Dec 2025 was 2.54% (down 133.0% YoY), and the annual figure for FY2025 was 2.54%, down 133.0%.
  • FCF Margin for Q4 2025 was 5.8% at First Watch Restaurant, down from 1.73% in the prior quarter.
  • Over the last five years, FCF Margin for FWRG hit a ceiling of 9.67% in Q1 2023 and a floor of 6.73% in Q4 2024.
  • Median FCF Margin over the past 5 years was 0.19% (2022), compared with a mean of 0.51%.
  • Biggest five-year swings in FCF Margin: soared 2625bps in 2021 and later crashed -1115bps in 2024.
  • First Watch Restaurant's FCF Margin stood at 6.43% in 2021, then crashed by -108bps to 0.51% in 2022, then crashed by -567bps to 3.38% in 2023, then tumbled by -99bps to 6.73% in 2024, then grew by 14bps to 5.8% in 2025.
  • The last three reported values for FCF Margin were 5.8% (Q4 2025), 1.73% (Q3 2025), and 0.55% (Q2 2025) per Business Quant data.