InsiderClue
Stocks · Consumer discretionary · Retail-Eating Places

First Watch Restaurant Group, Inc.

FWRG Clue Score56
United States Fiscal year ends December CIK 0001789940
$10.98 +0.18% Close, 9 Oct 2026
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Price $10.98 −47.29% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 1 Oct 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue436.4Operating income−37.6Net income−45.4EPS, diluted−1.01Fiscal year 2020Revenue342.4 −21.5%Operating income−47.2Net income−49.7EPS, diluted−1.10Fiscal year 2021Revenue601.2 +75.6%Operating income22.2Net income−2.1EPS, diluted−0.04Fiscal year 2022Revenue730.2 +21.5%Operating income16.9Net income6.9EPS, diluted0.11Fiscal year 2023Revenue891.6 +22.1%Operating income41.3Net income25.4 +267.5%EPS, diluted0.41 +272.7%Fiscal year 2024Revenue1,015.9 +13.9%Operating income38.9Net income18.9 −25.4%EPS, diluted0.30 −26.8%Fiscal year 2025Revenue1,222.5 +20.3%Operating income27.5Net income19.4 +2.7%EPS, diluted0.31 +3.3%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 436.4 342.4 601.2 730.2 891.6 1,015.9 1,222.5
Growth −21.5% +75.6% +21.5% +22.1% +13.9% +20.3%
Operating income −37.6 −47.2 22.2 16.9 41.3 38.9 27.5
Net income −45.4 −49.7 −2.1 6.9 25.4 18.9 19.4
Growth +267.5% −25.4% +2.7%
EPS, diluted −1.01 −1.10 −0.04 0.11 0.41 0.30 0.31
Growth +272.7% −26.8% +3.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2019Operating margin−8.6%Net margin−10.4%Free cash flow margin−8.6%Fiscal year 2020Operating margin−13.8%Net margin−14.5%Free cash flow margin−13.2%Fiscal year 2021Operating margin3.7%Net margin−0.4%Free cash flow margin4.6%Fiscal year 2022Operating margin2.3%Net margin0.9%Free cash flow margin0.1%Fiscal year 2023Operating margin4.6%Net margin2.8%Free cash flow margin1.3%Fiscal year 2024Operating margin3.8%Net margin1.9%Free cash flow margin−1.2%Fiscal year 2025Operating margin2.3%Net margin1.6%Free cash flow margin−2.5%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −8.6% −13.8% 3.7% 2.3% 4.6% 3.8% 2.3%
Net margin −10.4% −14.5% −0.4% 0.9% 2.8% 1.9% 1.6%
Free cash flow margin −8.6% −13.2% 4.6% 0.1% 1.3% −1.2% −2.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow21.5Capital expenditure−59.2Free cash flow−37.7Fiscal year 2020Operating cash flow−18.4Capital expenditure−26.7Free cash flow−45.1Fiscal year 2021Operating cash flow63.0Capital expenditure−35.3Free cash flow27.7Fiscal year 2022Operating cash flow62.9Capital expenditure−62.2Free cash flow0.7 −97.4%Fiscal year 2023Operating cash flow95.3Capital expenditure−83.3Free cash flow12.0 +1,572.6%Fiscal year 2024Operating cash flow115.7Capital expenditure−127.9Free cash flow−12.2 −201.9%Fiscal year 2025Operating cash flow125.9Capital expenditure−156.9Free cash flow−31.0
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 21.5 −18.4 63.0 62.9 95.3 115.7 125.9
Capital expenditure −59.2 −26.7 −35.3 −62.2 −83.3 −127.9 −156.9
Free cash flow −37.7 −45.1 27.7 0.7 12.0 −12.2 −31.0
Growth −97.4% +1,572.6% −201.9%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2019Cash11.1Shareholders’ equity329.8Fiscal year 2020Cash38.8Shareholders’ equity320.9Fiscal year 2021Cash51.9Shareholders’ equity504.4Fiscal year 2022Cash49.7Shareholders’ equity523.1Fiscal year 2023Cash49.6Shareholders’ equity561.3Fiscal year 2024Cash33.3Shareholders’ equity595.4Fiscal year 2025Cash21.2Shareholders’ equity626.3
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 11.1 38.8 51.9 49.7 49.6 33.3 21.2
Shareholders’ equity 329.8 320.9 504.4 523.1 561.3 595.4 626.3

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 29 Dec 2019 FY2020 27 Dec 2020 FY2021 26 Dec 2021 FY2022 25 Dec 2022 FY2023 31 Dec 2023 FY2024 29 Dec 2024 FY2025 28 Dec 2025
Operations
21.5 −18.4 63.0 62.9 95.3 115.7 125.9
Growth −185.6% −0.1% +51.5% +21.3% +8.9%
Investment
−59.2 −26.7 −35.3 −62.2 −83.3 −127.9 −156.9
calc −37.7 −45.1 27.7 0.7 12.0 −12.2 −31.0
Growth −97.4% +1,572.6% −201.9%
calc −0.84 −1.00 0.57 0.01 0.20 −0.20 −0.49
−82.4 −27.0 −35.7 −63.1 −123.4 −206.7 −213.8
Financing
55.8 73.3 −14.3 −2.0 28.1 74.3 75.8

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.