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First Watch Restaurant Group, Inc., through its subsidiaries, operates and franchises restaurants under the First Watch trade name 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 based in Bradenton, Florida.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.2B | $104M | $19M | $-32M | 3.1% | 20.3% | 2.7% |
| 2024 | $1.0B | $98M | $19M | $-12M | 3.2% | 13.9% | -25.4% |
| 2023 | $892M | $85M | $25M | $12M | 4.5% | 22.1% | 267.5% |
| 2022 | $730M | $52M | $7M | $-0M | 1.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2025 |
|---|---|
| Total Revenue | 1,222.50 |
| Operating Revenue | 1,222.50 |
| Cost Of Revenue | 988.05 |
| Gross Profit | 234.45 |
| Operating Expense | 203.96 |
| Selling General And Administration | 128.95 |
| Total Expenses | 1,192.01 |
| Operating Income | 30.49 |
| Total Operating Income As Reported | 27.51 |
| EBITDA | 103.84 |
| Normalized EBITDA | 106.82 |
| EBIT | 28.83 |
| Interest Expense | 16.70 |
| Net Interest Income | -16.70 |
| Other Non Operating Income Expenses | 1.32 |
| Other Income Expense | -1.66 |
| Interest Expense Non Operating | 16.70 |
| Net Non Operating Interest Income Expense | -16.70 |
| Pretax Income | 12.13 |
| Tax Provision | -7.30 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | -0.63 |
| Net Income Continuous Operations | 19.43 |
| Net Income From Continuing And Discontinued Operation | 19.43 |
| Net Income From Continuing Operation Net Minority Interest | 19.43 |
| Net Income | 19.43 |
| Net Income Common Stockholders | 19.43 |
| Net Income Including Noncontrolling Interests | 19.43 |
| Normalized Income | 21.79 |
| Diluted NI Availto Com Stockholders | 19.43 |
| Basic Average Shares | 60.96 |
| Diluted Average Shares | 62.84 |
| Reconciled Depreciation | 75.01 |
| Reconciled Cost Of Revenue | 988.05 |
| Total Unusual Items | -2.98 |
| Total Unusual Items Excluding Goodwill | -2.98 |
| Minority Interests | - |
| Special Income Charges | -2.98 |
| Other Special Charges | 1.31 |
| Impairment Of Capital Assets | 0.45 |
| Restructuring And Mergern Acquisition | 1.23 |
| Depreciation Amortization Depletion Income Statement | 75.01 |
| Depreciation And Amortization In Income Statement | 75.01 |
| General And Administrative Expense | 128.95 |
| Other Gand A | 128.95 |
| Rent Expense Supplemental | 100.79 |
| Other Operating Expenses | - |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| First Watch Restaurant Group, Inc.this co. | FWRG | $631M | 32.48↑ premium | 1.01 | 3.1% | 15.59 |
| Bally's Corporation | BALY | $663M | - | 0.67 | -57.1% | 53.99 |
| Hovnanian Enterprises, Inc. | HOV | $655M | 10.26 | 0.94 | 9.2% | 9.69 |
| Envela Corporation | ELA | $644M | 44.13 | 9.61 | 21.8% | 30.76 |
| Cannae Holdings, Inc. | CNNE |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $635M |
| -1.24 |
| 0.62 |
| -50.1% |
| -4.36 |
| ThredUp Inc. | TDUP | $619M | -30.64 | 10.46 | -34.1% | -119.15 |
| Bloomin' Brands, Inc. | BLMN | $611M | 74.21 | 1.83 | 2.5% | 11.92 |
| Carriage Services, Inc. | CSV | $596M | 11.57 | 2.34 | 20.2% | 9.22 |
| Ranpak Holdings Corp. | PACK | $589M | -15.37 | 1.10 | -7.2% | 17.86 |
| Peer Median | - | 10.26 | 1.47 | -2.3% | 10.81 | |