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Ratios
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) Operating Margin (2020 - 2026)

First Watch Restaurant has reported Operating Margin over the past 7 years, most recently at 0.3% for Q1 2026.

  • For Q1 2026, Operating Margin fell 9.0% year-over-year to 0.3%; the TTM value through Mar 2026 reached 2.16%, down 47.0%, while the annual FY2025 figure was 2.25%, 158.0% down from the prior year.
  • Operating Margin for Q1 2026 was 0.3% at First Watch Restaurant, down from 2.86% in the prior quarter.
  • Over five years, Operating Margin peaked at 7.25% in Q1 2023 and troughed at 0.3% in Q1 2026.
  • A 5-year average of 3.1% and a median of 2.8% in 2023 define the central range for Operating Margin.
  • Biggest five-year swings in Operating Margin: crashed -526bps in 2022 and later surged 277bps in 2023.
  • Year by year, Operating Margin stood at 0.8% in 2022, then soared by 252bps to 2.8% in 2023, then tumbled by -48bps to 1.47% in 2024, then soared by 95bps to 2.86% in 2025, then crashed by -89bps to 0.3% in 2026.
  • Business Quant data shows Operating Margin for FWRG at 0.3% in Q1 2026, 2.86% in Q4 2025, and 3.18% in Q3 2025.