First Watch Restaurant Ratios (2020-2026) | FWRG

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Ratios	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025	Dec2025	Mar2026
Profitability
Gross Margin (Quarter)	91.06%	99.92%	76.74%	77.24%	91.95%	91.92%	107.93%	85.01%	85.12%	84.63%	84.91%	92.09%	92.08%	91.62%	77.50%	84.32%	76.62%	91.81%	134.00%	77.55%
EBT Margin (Quarter)	3.96%	0.84%	-2.96%	4.00%	2.19%	0.74%	0.14%	6.58%	4.62%	3.04%	2.25%	4.13%	5.33%	1.39%	0.28%	-0.54%	1.16%	1.80%	1.40%	-1.04%
EBIT Margin (Quarter)	8.00%	4.54%	-0.66%	4.48%	2.74%	1.40%	0.80%	7.25%	5.24%	3.53%	2.80%	5.07%	6.36%	2.51%	1.47%	0.39%	2.38%	3.18%	2.86%	0.30%
EBITDA Margin (Quarter)	2.47%	0.50%	-2.86%	2.68%	1.47%	0.02%	-0.26%	4.43%	3.61%	2.92%	0.47%	3.36%	3.41%	-0.22%	1.04%	-0.53%	0.65%	0.97%	4.81%	-0.64%
Operating Margin (Quarter)	8.00%	4.54%	-0.66%	4.48%	2.74%	1.40%	0.80%	7.25%	5.24%	3.53%	2.80%	5.07%	6.36%	2.51%	1.47%	0.39%	2.38%	3.18%	2.86%	0.30%
Net Margin (Quarter)	2.47%	0.50%	-2.86%	2.68%	1.47%	0.02%	-0.26%	4.43%	3.68%	2.47%	1.08%	2.98%	3.44%	0.84%	0.27%	-0.29%	0.68%	0.95%	4.79%	-0.81%
FCF Margin (Quarter)	3.59%	3.77%	6.43%	-1.95%	4.67%	-1.92%	-0.51%	9.67%	2.53%	-2.57%	-3.38%	-1.49%	0.89%	2.70%	-6.73%	-5.81%	-0.55%	1.73%	-5.80%	1.54%
Efficiency
Inventory Average (Quarter)			3.75M	3.87M	3.85M	4.04M	4.57M	4.72M	4.65M	4.84M	5.09M	5.29M	5.43M	5.50M	5.72M	6.16M	6.49M	6.63M	6.83M	7.16M
Assets Average (Quarter)			1,042.88M	1,048.13M	1,064.79M	1,085.36M	1,097.46M	1,109.75M	1,138.84M	1,184.23M	1,236.45M	1,273.15M	1,357.95M	1,460.81M	1,499.66M	1,529.25M	1,610.07M	1,698.11M	1,731.13M	1,758.04M
Equity Average (Quarter)	320.95M	323.55M	414.29M	507.90M	514.24M	518.70M	521.70M	528.85M	540.20M	551.46M	559.19M	567.86M	580.11M	587.46M	592.26M	595.84M	598.80M	604.31M	616.79M	626.97M
Invested Capital (Quarter)	322.94M	615.44M	607.37M	511.36M	615.92M	619.07M	624.06M	633.59M	644.89M	654.93M	686.68M	700.18M	784.50M	786.61M	793.66M	798.10M	863.14M	871.42M	908.66M	909.76M
Asset Utilization Ratio (Quarter)			0.58	0.62	0.64	0.65	0.67	0.69	0.70	0.70	0.72	0.72	0.71	0.68	0.68	0.69	0.69	0.69	0.71	0.72
Leverage & Solvency
Interest Coverage Ratio (Quarter)	1.96	1.18	-0.74	7.71	4.49	1.92	0.85	8.04	5.57	4.19	3.02	4.73	4.86	1.83	1.20	0.33	1.83	2.20	1.88	0.21
Debt to Equity (Quarter)		0.90	0.20	0.19	0.19	0.18	0.18	0.17	0.17	0.16	0.21	0.21	0.33	0.32	0.32	0.32	0.42	0.41	0.43	0.43
Debt Ratio (Quarter)		0.28	0.10	0.09	0.09	0.09	0.09	0.08	0.08	0.08	0.09	0.10	0.13	0.13	0.12	0.12	0.15	0.15	0.15	0.15
Equity Ratio (Quarter)		0.31	0.48	0.49	0.48	0.48	0.47	0.48	0.47	0.46	0.44	0.45	0.41	0.40	0.39	0.39	0.36	0.35	0.36	0.35
Times Interest Earned (Quarter)	1.96	1.18	-0.74	7.71	4.49	1.92	0.85	8.04	5.57	4.19	3.02	4.73	4.86	1.83	1.20	0.33	1.83	2.20	1.88	0.21
Valuation
Enterprise Value (Quarter)		-52.10M	-52.12M	-46.77M	-53.82M	-49.62M	-49.92M	-54.67M	-67.49M	-40.76M	-49.96M	-43.50M	-45.36M	-51.13M	-33.33M	-18.61M	-19.18M	-20.71M	-21.25M	-23.57M
Return Ratios
Return on Sales (Quarter)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Capital Employed (Quarter)			2.35%	2.71%	1.94%	1.45%	1.70%	2.40%	2.99%	3.34%	3.68%	3.28%	3.50%	3.16%	2.86%	2.00%	1.28%	1.47%	1.76%	1.73%
Return on Invested Capital (Quarter)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (Quarter)			0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (Quarter)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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First Watch Restaurant Ratios (2020-2026) | FWRG

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