First Watch Restaurant (FWRG) FCF Margin (2020 - 2026)
First Watch Restaurant (FWRG) reported FCF Margin of 1.47% for Q3 2026, down 0.24 percentage points from 1.71% a year earlier but up 5.15 percentage points from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) FCF Margin (2020 - 2026) Analysis & Trends
Over the twelve months ended Sep 27, 2026, First Watch Restaurant's FCF Margin came in at -1.56%, up 1.03 percentage points year-over-year; for FY2025, it came in at -2.54%, down 1.33 percentage points from FY2024.
- FCF Margin has a five-year change of +10.64 percentage points (FY2020 to FY2025).
- By year, FCF Margin came in at -1.21% in FY2024 (-2.55 pp), 1.35% in FY2023 (+1.25 pp), 0.10% in FY2022 (-4.50 pp) and 4.60% in FY2021 (+17.78 pp).
- Five-year quarterly FCF Margin spans a low of -6.73% in Q4 2024 and a high of 8.91% in Q2 2023.
- Year over year, FCF Margin gained in two of the last eight quarters, with an average year-over-year change of -0.65 percentage points.
- The high point for year-over-year FCF Margin in five years was Q4 2021 (a gain of 8.75 percentage points); the low point was Q2 2024 (a drop of 8.03 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at -3.68% (Q2 2026), 1.54% (Q1 2026) and -5.80% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 199.07 Bn | 195.11 Bn | 6.47 Bn | 29.09% |
| 2 | Starbucks | 125.34 Bn | 125.35 Bn | - | - |
| 3 | Chipotle Mexican Grill | 45.50 Bn | 42.00 Bn | - | 10.54% |
| 4 | Yum Brands | 42.97 Bn | 38.79 Bn | 1.38 Bn | 18.89% |
| 5 | Restaurant Brands International | 27.07 Bn | 24.44 Bn | 1.40 Bn | 18.97% |
| 6 | Darden Restaurants | 25.87 Bn | 24.97 Bn | 1.68 Bn | 3.09% |
| 7 | Restaurant Brands International Limited Partnership | 24.67 Bn | 20.46 Bn | 1.40 Bn | -30.73% |
| 8 | Yum China Holdings | 16.86 Bn | 11.73 Bn | 652.00 Mn | 10.32% |
| 9 | Texas Roadhouse | 12.35 Bn | 11.68 Bn | 1.02 Bn | 0.71% |
| 10 | First Watch Restaurant | 829.60 Mn | 743.24 Mn | 3.14 Mn | 1.47% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 27, 2026 | 1.47% |
| Jun 28, 2026 | -3.68% |
| Mar 29, 2026 | 1.54% |
| Dec 28, 2025 | -5.80% |
| Sep 28, 2025 | 1.71% |
| Jun 29, 2025 | -0.54% |
| Mar 30, 2025 | -5.81% |
| Dec 29, 2024 | -6.73% |
| Sep 29, 2024 | 2.70% |
| Jun 30, 2024 | 0.89% |
| Mar 31, 2024 | -1.49% |
| Dec 31, 2023 | -3.38% |
| Sep 24, 2023 | -2.57% |
| Jun 25, 2023 | 8.91% |
| Mar 26, 2023 | 3.13% |
| Dec 25, 2022 | -0.51% |
| Sep 25, 2022 | -1.92% |
| Jun 26, 2022 | 4.67% |
| Mar 27, 2022 | -1.95% |
| Dec 26, 2021 | 6.43% |
API Access
First Watch Restaurant FCF Margin 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=fcf-margin&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "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=fcf-margin&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();