First Watch Restaurant Group Ratios (2020-2025) | FWRG

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Ratios	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Profitability
Gross Margin	77.89%	78.12%	78.83%	78.18%	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%
EBT Margin	-14.44%	-10.03%	-1.74%	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%
EBIT Margin	-8.64%	-4.32%	3.02%	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%
EBITDA Margin	-11.17%	-6.51%	-1.61%	2.47%	0.50%	-2.86%	2.68%	1.47%	0.02%	3.72%	4.43%	3.61%	2.92%	10.10%	3.36%	3.41%	-0.22%	1.04%	-0.53%	0.65%	0.97%
Operating Margin	-8.64%	-4.32%	3.02%	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%
Net Margin	-11.17%	-6.51%	-1.61%	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%
FCF Margin		-2.32%	-3.68%	10.36%	3.77%	6.43%	-1.95%	4.67%	-1.92%	-0.51%	3.13%	8.91%	-2.57%	-3.87%	-1.49%	0.89%	2.70%	-6.74%	-5.82%	-0.55%	1.73%
Efficiency
Inventory Average						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
Assets Average						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
Equity Average						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
Invested Capital		610.86M			615.44M	607.37M	511.36M	517.12M	520.27M	624.06M	633.59M	644.89M	654.93M	686.68M	700.18M	784.50M	786.61M	793.66M	798.10M	863.14M	871.42M
Asset Utilization Ratio						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
Leverage & Solvency
Interest Coverage Ratio	-1.48	-0.75	0.61	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
Debt to Equity		0.90			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
Debt Ratio		0.29			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
Equity Ratio		0.32			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
Times Interest Earned	-1.48	-0.75	0.61	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
Valuation
Enterprise Value		-39.10M			-52.10M	890.89M	696.06M	802.39M	807.63M	791.30M	854.96M	888.28M	1,024.72M	1,152.25M	1,431.05M	1,014.07M	899.80M	1,099.32M	1,004.80M	963.42M	955.67M
Market Capitalization						943.00M	742.83M	856.20M	857.26M	841.23M	909.63M	955.77M	1,065.48M	1,202.33M	1,474.98M	1,060.14M	950.93M	1,132.66M	1,023.40M	982.60M	976.38M
Return Ratios
Return on Sales				-0.03%	-0.01%	0.00%	0.01%	0.01%	0.00%	0.01%	0.02%	0.02%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.01%	0.00%	0.00%
Return on Capital Employed						0.02%	0.03%	0.02%	0.01%	0.02%	0.02%	0.03%	0.03%	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.01%	0.01%
Return on Invested Capital							0.02%	0.02%	0.01%	0.02%	0.02%	0.03%	0.04%	0.04%	0.04%	0.04%	0.03%	0.03%	0.02%	0.01%	0.02%
Return on Assets						0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.00%	0.00%
Return on Equity						-0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.03%	0.04%	0.05%	0.04%	0.04%	0.04%	0.03%	0.02%	0.01%	0.01%

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First Watch Restaurant Group Ratios (2020-2025) | FWRG

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