First Watch Restaurant reported a gross margin of 76.71% and a net margin of 0.66% for the quarter ended Jun 2026. These financial ratios cover 24 quarters of results from Sep 2020 through Jun 2026, standardized by Business Quant from the company’s SEC filings.
| Ratios | Sep2020 | Dec2020 | Mar2021 | Jun2021 | Sep2021 | Dec2021 | Mar2022 | Jun2022 | Sep2022 | Dec2022 | Mar2023 | Jun2023 | Sep2023 | Dec2023 | Mar2024 | Jun2024 | Sep2024 | Dec2024 | Mar2025 | Jun2025 | Sep2025 | Dec2025 | Mar2026 | Jun2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||||||||||||||||
| Gross Margin | 77.22% | 76.74% | 77.24% | 75.48% | 76.14% | 76.66% | 77.94% | 77.95% | 77.78% | 77.78% | 78.48% | 78.42% | 77.80% | 77.50% | 76.39% | 76.62% | 77.94% | 77.32% | 77.55% | 76.71% | ||||
| EBT Margin | 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% | 0.95% | ||||
| EBIT Margin | 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% | 2.29% | ||||
| EBITDA Margin | 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% | 2.29% | ||||
| Operating Margin | 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% | 2.29% | ||||
| Net Margin | 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% | 0.66% | ||||
| FCF Margin | 3.77% | 6.43% | -1.95% | 4.67% | -1.92% | -0.51% | 3.13% | 8.91% | -2.57% | -3.38% | -1.49% | 0.89% | 2.70% | -6.73% | -5.81% | -0.54% | 1.71% | -5.80% | 1.54% | -3.68% | ||||
| Efficiency | ||||||||||||||||||||||||
| Inventory AverageInventory Avg. | 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 | 7.47M | |||||
| Assets AverageAssets Avg. | 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 | 1,797.45M | |||||
| Invested CapitalInvested Cap. | 615.44M | 609.77M | 614.91M | 619.22M | 621.81M | 625.44M | 634.45M | 645.24M | 654.93M | 686.68M | 700.18M | 784.50M | 787.00M | 793.76M | 798.36M | 863.46M | 872.02M | 909.56M | 910.28M | 927.05M | ||||
| Asset Utilization RatioAsset Util. | 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 | 0.73 | |||||
| Leverage & Solvency | ||||||||||||||||||||||||
| Interest Coverage RatioInterest Cover | 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 | 1.66 | ||||
| Debt Ratio | 0.28 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 | 0.10 | 0.10 | 0.14 | 0.13 | 0.13 | 0.13 | 0.16 | 0.15 | 0.16 | 0.16 | 0.16 | ||||
| Times Interest Earned | 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 | 1.66 | ||||
| Valuation | ||||||||||||||||||||||||
| Price to EarningsP/E | -165.48 | 160.09 | 316.44 | 0.02M | -0.00M | 97.22 | 120.29 | 197.55 | 454.62 | 206.04 | 119.18 | 451.27 | 0.00M | -0.00M | 466.81 | 326.48 | 64.14 | -236.63 | 336.13 | |||||
| Price to SalesP/S | 4.73 | 4.29 | 4.64 | 4.59 | 4.53 | 4.30 | 4.43 | 4.88 | 4.92 | 6.13 | 4.10 | 3.79 | 4.31 | 3.64 | 3.19 | 3.09 | 3.07 | 1.92 | 2.22 | |||||
| Price to BookP/B | 1.53 | 1.45 | 1.66 | 1.65 | 1.61 | 1.70 | 1.75 | 1.92 | 2.14 | 2.59 | 1.81 | 1.62 | 1.91 | 1.72 | 1.63 | 1.61 | 1.55 | 1.01 | 1.24 | |||||
| Enterprise Value | 717.86M | 696.06M | 802.78M | 808.16M | 791.47M | 855.35M | 889.88M | 1,029.57M | 1,153.73M | 1,442.44M | 1,014.60M | 901.96M | 1,101.76M | 1,009.42M | 963.92M | 955.80M | 951.36M | 611.79M | 765.73M | |||||
| EV to EBIT | -672.79 | 89.70 | 158.87 | 308.34 | 535.14 | 55.79 | 78.45 | 133.05 | 168.31 | 117.41 | 61.69 | 142.87 | 285.36 | 906.94 | 131.81 | 95.10 | 105.30 | 612.40 | 94.22 | |||||
| EV to EBITDA | -672.79 | 89.70 | 158.87 | 308.34 | 535.14 | 55.79 | 78.45 | 133.05 | 168.31 | 117.41 | 61.69 | 142.87 | 285.36 | 906.94 | 131.81 | 95.10 | 105.30 | 612.40 | 94.22 | |||||
| Market Capitalization | 769.98M | 742.83M | 856.60M | 857.78M | 841.39M | 910.02M | 957.37M | 1,070.33M | 1,203.82M | 1,486.37M | 1,060.67M | 953.09M | 1,135.09M | 1,028.03M | 983.10M | 976.51M | 972.61M | 635.36M | 786.22M | |||||
| Price to FCFP/FCF | 73.61 | -220.56 | 99.44 | -239.14 | -894.14 | 137.38 | 49.65 | -190.04 | -145.65 | -412.65 | 461.97 | 140.51 | -64.06 | -62.66 | -592.23 | 180.50 | -53.04 | 124.34 | -60.19 | |||||
| EV to FCF | 68.63 | -206.67 | 93.19 | -225.30 | -841.09 | 129.13 | 46.15 | -182.81 | -139.59 | -400.46 | 441.90 | 132.97 | -62.18 | -61.53 | -580.67 | 176.67 | -51.88 | 119.72 | -58.62 | |||||
| EV to CFO | 38.38 | 87.13 | 33.70 | 54.49 | 48.58 | 40.46 | 25.84 | 58.96 | 51.75 | 57.74 | 31.79 | 25.16 | 48.06 | 50.13 | 24.45 | 19.96 | 51.54 | 17.76 | 27.91 | |||||
| Return Ratios | ||||||||||||||||||||||||
| Return on Sales [ROS]ROS | 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% | 2.29% | ||||
| Return on Capital Employed [ROCE]ROCE | 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% | 1.74% | |||||
| Return on Invested Capital [ROIC]ROIC | -20.68% | 2.06% | 1.43% | 0.84% | 1.49% | 2.31% | 3.18% | 3.99% | 4.33% | 3.98% | 3.92% | 3.39% | 3.32% | 2.30% | 1.46% | 1.51% | 4.95% | 5.17% | 5.45% | |||||
| Return on Assets [ROA]ROA | -0.20% | 0.44% | 0.33% | 0.25% | 0.63% | 1.05% | 1.48% | 1.88% | 2.05% | 1.83% | 1.78% | 1.43% | 1.26% | 0.71% | 0.25% | 0.29% | 1.12% | 1.00% | 0.99% |