First Watch Restaurant Group, Inc.
FWRGConsumer CyclicalNASDAQRestaurants · Last scanned Jun 1, 2026
Scan Results
Daily timeframePart of the consumer cyclical sector, First Watch Restaurant Group, Inc. (FWRG) is listed under Restaurants. Valued at $716.9M, FWRG is a small-cap name in its sector. The company was formerly known as AI Fresh Super Holdco, Inc.
Market Cap
$716.9M
Beta
1.12
P/E (TTM)
41.54
P/E (Fwd)
43.78
EPS (TTM)
$0.28
EPS (Fwd)
$0.27
ROE
2.9%
ROA
1.3%
Cash
$23.6M
Total Debt
$1.03B
Free CF
-$38.2M
52W Change
-24.1%
Annual Financials
Cash vs Debt
On the balance sheet, FWRG has $23.6M in cash with $1.03B in obligations. The ability to service this debt comfortably depends on continued operational cash generation. Free cash flow is running at -$38.2M, which bears watching. Negative free cash flow can be acceptable during heavy investment periods but needs to improve over time. Return on equity stands at 2.9%, which is modest for the sector. ROE measures how effectively a company uses shareholder capital to generate profits. ROA of 1.2% is on the lower side, which is common in asset-heavy industries. Revenue has grown from $730.2M (2022) to $1.22B (2025), reflecting a 67% increase over the period.
The debt-to-cash ratio suggests meaningful leverage on the balance sheet, a factor worth monitoring if credit conditions tighten. The company is burning cash at the operating level, which is not unusual for growth-phase companies but adds risk if it persists. It is important to consider these factors alongside broader market conditions and individual financial goals when reviewing FWRG.