First Watch Restaurant (FWRG) Interest Coverage Ratio (2020 - 2026)
First Watch Restaurant's Interest Coverage Ratio came in at 1.66 for Q2 2026, down 9.1% from 1.83 a year earlier but up 694.6% from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) Interest Coverage Ratio (2020 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 28, 2026, First Watch Restaurant reported Interest Coverage Ratio of 1.48, up 11.5% year-over-year; for FY2025, it was 1.65, down 46.5% from FY2024.
- Going back by year, Interest Coverage Ratio was 3.08 in FY2024 (-39.9%), 5.12 in FY2023 (+58.3%), 3.23 in FY2022 (+192.1%) and 1.11 in FY2021.
- The five-year range for quarterly Interest Coverage Ratio is -0.74 (Q4 2021) to 8.04 (Q1 2023).
- Year-over-year, Interest Coverage Ratio increased in two of the last eight quarters, with an average decline of 30.2%.
- The fastest year-over-year change in Interest Coverage Ratio over five years came in Q4 2023 (growth of 254.7%), and the weakest in Q1 2025 (a decline of 92.9%).
- Business Quant data shows FWRG's Interest Coverage Ratio at 0.21 (Q1 2026), 1.88 (Q4 2025) and 2.20 (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Interest Cover (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 165.62 Bn | 160.44 Bn | 6.42 Bn | 8.16 |
| 2 | Starbucks | 108.79 Bn | 96.42 Bn | - | 7.28 |
| 3 | Chipotle Mexican Grill | 40.35 Bn | 36.33 Bn | - | - |
| 4 | Yum Brands | 37.59 Bn | 34.48 Bn | 1.47 Bn | - |
| 5 | Restaurant Brands International | 24.96 Bn | 22.07 Bn | 1.38 Bn | - |
| 6 | Darden Restaurants | 22.28 Bn | 21.39 Bn | -113.70 Mn | - |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | 5.77 |
| 8 | Yum China Holdings | 14.08 Bn | 8.44 Bn | 537.00 Mn | - |
| 9 | Texas Roadhouse | 10.31 Bn | 9.67 Bn | - | - |
| 10 | First Watch Restaurant | 640.58 Mn | 554.57 Mn | - | 1.66 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 1.66 |
| Mar 29, 2026 | 0.21 |
| Dec 28, 2025 | 1.88 |
| Sep 28, 2025 | 2.20 |
| Jun 29, 2025 | 1.83 |
| Mar 30, 2025 | 0.33 |
| Dec 29, 2024 | 1.20 |
| Sep 29, 2024 | 1.83 |
| Jun 30, 2024 | 4.86 |
| Mar 31, 2024 | 4.73 |
| Dec 31, 2023 | 3.02 |
| Sep 24, 2023 | 4.19 |
| Jun 25, 2023 | 5.57 |
| Mar 26, 2023 | 8.04 |
| Dec 25, 2022 | 0.85 |
| Sep 25, 2022 | 1.92 |
| Jun 26, 2022 | 4.49 |
| Mar 27, 2022 | 7.71 |
| Dec 26, 2021 | -0.74 |
| Sep 26, 2021 | 1.18 |
API Access
First Watch Restaurant Interest Coverage 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=interest-coverage-ratio&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "interest-coverage-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=interest-coverage-ratio&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();