FWRG - NASDAQ

First Watch Restaurant Group, Inc.

FWRG·NASDAQ

$10.53

+0.86%

Consumer CyclicalRestaurants

First Watch Restaurant Group, Inc. operates and franchises restaurants under the First Watch trade name. As of March 23, 2022, it operated 341 company-owned restaurants and 94 franchised restaurants in 28 states in the United States. The company was formerly known as AI Fresh Super Holdco, Inc. and changed its name to First Watch Restaurant Group, Inc. in December 2019. First Watch Restaurant Group, Inc. was founded in 1983 and is headquartered in Bradenton, Florida.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$649.12M

EPS0.3200

P/E Ratio32.91

Earnings Date08/04/2026

1.74B

Assets

15%

3Y+58.0%

5Y+73.0%

10Y+162.0%

1.12B

Total Liabilities

21%

3Y+92.0%

5Y+62.0%

10Y+285.0%

626.28M

Total Equity

3Y+20.0%

5Y+95.0%

10Y+67.0%

First Watch Restaurant Group, Inc. Funding & Solvency Profile

FWRG · NASDAQ

Current Assets

Cash & Cash Equivalents21.25M

Net Receivables6.86M

Inventory7.17M

Other Current Assets13.80M

Total Current Assets49 M

Non-Current Assets

Property, Plant & Equipment1.09B

Goodwill & Intangible Assets595.12M

Long-Term Investments0.00

Other Non-Current Assets4.83M

Total Non-Current Assets1 B

Total Assets

1.74B

Financial Health Analysis

Current Ratio

0.29x

Warning: Liquidity concerns. Current assets may not be sufficient to cover short-term obligations.

Debt-to-Equity Ratio

1.78x

Elevated leverage. Debt exceeds equity, which amplifies both gains and risks. Monitor debt servicing ability.

Working Capital

-118419000

Negative working capital indicates short-term liabilities exceed short-term assets—potential liquidity stress.

Asset Composition

3% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

Financial Health Insight

Financial stress indicators: Both liquidity and leverage metrics raise concerns. The company may face challenges meeting obligations and should focus on strengthening its balance sheet.

First Watch Restaurant Group, Inc. Balance Sheet

FWRG • NASDAQ

First Watch Restaurant Group, Inc. Balance Sheet	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	21.2M	33.3M	49.6M	49.7M	51.9M	38.8M	11.1M	16.3M
Cash & Short-Term Investments	21.2M	33.3M	49.6M	49.7M	51.9M	38.8M	11.1M	16.3M
Net Receivables	6.9M	7.2M	5.5M	6.2M	4.5M	3.9M	5.7M	1.9M
Accounts Receivables	6.9M	2.4M	2.9M	2.1M	2.4M	1.6M	763K	1.9M
Other Receivables	0.0	4.8M	2.6M	4.1M	2.1M	2.3M	5M	0.0
Inventory	7.2M	6.1M	5.4M	5M	4M	2.9M	2.7M	2.1M
Prepaids	0.0	7M	7.5M	5.8M	5.7M	2.5M	3.1M	4.8M
Other Current Assets	13.8M	2.2M	3.2M	624K	1.7M	872K	1.6M	4.3M
Total Current Assets	49.1M	55.9M	71.2M	67.3M	67.7M	49M	24.2M	29.4M
NON-CURRENT ASSETS
Property, Plant, and Equipment (Net)	1.1B	889.1M	683.1M	547.5M	489.7M	468.3M	466.8M	124.8M
Goodwill	420.2M	398.6M	359.9M	345.2M	345.2M	345.2M	345.2M	330.8M
Intangible Assets	174.9M	167.6M	151.2M	143.2M	143M	143.7M	144.6M	178.2M
Goodwill & Intangible Assets	595.1M	566.2M	511.1M	488.4M	488.2M	488.9M	489.8M	509.1M
Other Non-Current Assets	4.8M	3.3M	1.7M	1.3M	1.3M	1.3M	1.2M	1.2M
Total Non-Current Assets	1.7B	1.5B	1.2B	1B	979.2M	958.5M	957.8M	635.1M
Total Assets	1.7B	1.5B	1.3B	1.1B	1B	1B	982.1M	664.5M
LIABILITIES
CURRENT LIABILITIES
Total Payables	8.7M	15.7M	13.4M	12.3M	15M	6.8M	9M	5.6M
Accounts Payable	8.7M	7M	6.3M	7.6M	11.1M	4.2M	5.1M	5.6M
Other Payables	0.0	8.7M	7.1M	4.7M	4M	2.6M	3.9M	0.0
Accrued Expenses	0.0	28.3M	27M	16.5M	10.6M	9.6M	13.4M	18.6M
Short Term Debt	88.3M	9.2M	5.6M	7.6M	5.5M	3.6M	3M	1.9M
Capital Lease Obligations (Current)	0.0	55.7M	40.3M	38.9M	38.2M	40.1M	27.4M	0.0
Tax Payables	0.0	8.7M	7.1M	4.7M	4M	2.6M	3.9M	0.0
Deferred Revenue	6.8M	5.6M	5.5M	5.2M	4.7M	4.3M	7.1M	0.0
Other Current Liabilities	63.7M	23.9M	23.3M	19.4M	22.5M	12.2M	13.1M	10.9M
Total Current Liabilities	167.5M	138.5M	115.1M	100M	96.5M	76.5M	73M	36.9M
NON-CURRENT LIABILITIES
Long Term Debt	651.3M	189M	119.8M	94.7M	99.8M	286.4M	250.4M	188.6M
Deferred Tax Liabilities (Non-Current)	22M	32.2M	25.3M	17.2M	12.5M	13.6M	30.3M	0.0
Other Non-Current Liabilities	275M	3.7M	4.3M	3.4M	3.2M	2.3M	2.9M	59.8M
Total Non-Current Liabilities	948.3M	780.5M	590.7M	481.3M	446M	610.1M	579.3M	252.9M
Capital Lease Obligations	0.0	611.3M	481.6M	405M	368.7M	347.9M	323.1M	4.5M
Total Liabilities	1.1B	919M	705.8M	581.3M	542.5M	686.6M	652.3M	289.8M
SHAREHOLDERS' EQUITY
Preferred Stock	0.0	0.0	0.0	0.0	0.0	3K	0.0	0.0
Common Stock	611K	607K	599K	592K	590K	450K	450K	38K
Additional Paid-In Capital	0.0	649M	634.1M	620.7M	608.9M	423.3M	382.6M	382.1M
Retained Earnings	-34.4M	-53.8M	-72.7M	-98.1M	-105M	-102.9M	-53.3M	-7.7M
Accumulated Other Comprehensive Income/Loss	-1.1M	-441K	-667K	0.0	0.0	0.0	0.0	0.0
Other Total Stockholders' Equity	661.2M	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Stockholders' Equity	626.3M	595.4M	561.3M	523.1M	504.4M	320.9M	329.8M	374.4M
Total Equity	626.3M	595.4M	561.3M	523.1M	504.4M	320.9M	329.8M	374.7M
Minority Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	250K
SUMMARY
Total Liabilities & Equity	1.7B	1.5B	1.3B	1.1B	1B	1B	982.1M	664.5M
Total Debt	739.6M	809.6M	607M	507.4M	474M	637.9M	576.4M	195M
Net Debt	718.4M	776.2M	557.3M	457.7M	422.1M	599.1M	565.3M	178.8M
Shares Outstanding	61,032,105	61,032,105	61,032,105	61,032,105	61,032,105	61,032,105	61,032,105	61,032,105

SEC Filings

FWRG - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	May 21, 2026	May 20, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	May 05, 2026	March 29, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 05, 2026	May 05, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	April 08, 2026	May 20, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 27, 2026	March 27, 2026	2026	View Filing
8-K 8-K 2026 N/A	February 24, 2026	February 20, 2026	2026	View Filing
8-K/A 8-K/A 2026 (Amended) N/A	February 24, 2026	February 20, 2026	2026	View Filing
10-K 10-K 2025 FY FY	February 24, 2026	December 28, 2025	2025	View Filing
8-K 8-K 2026 N/A	January 12, 2026	January 12, 2026	2026	View Filing
8-K 8-K 2025 N/A	December 29, 2025	December 23, 2025	2025	View Filing

Showing 1 to 10 of 90 filings

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