FWRG - First Watch Restaurant Group, Inc.
Price:
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--
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$17.33
DETAILS
HIGH:
$19.00
LOW:
$14.00
MEDIAN:
$19.00
CONSENSUS:
$17.33
UPSIDE:
50.83%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| Revenue | 1,222.5 | 1,015.9 | 891.6 | 730.2 | 601.2 | 342.4 | 436.4 | 349.8 |
| Cost of Revenue | 1,063.1 | 223.1 | 701.4 | 590.6 | 477.0 | 312.5 | 349.0 | 278.4 |
| Gross Profit | 159.4 | 792.8 | 190.1 | 139.5 | 124.2 | 29.9 | 87.4 | 71.4 |
| Operating Expenses | ||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 128.9 | 113.3 | 103.1 | 85.0 | 70.4 | 46.3 | 55.8 | 37.5 |
| Other Expenses | (3.3) | 640.6 | 45.7 | 37.7 | 31.6 | 30.8 | 69.1 | 30.6 |
| Operating Expenses | 125.7 | 753.9 | 148.8 | 122.6 | 102.0 | 77.1 | 125.0 | 68.1 |
| Operating Income | ||||||||
| Operating Income | 33.8 | 38.9 | 41.3 | 16.9 | 22.2 | (47.2) | (37.6) | 3.2 |
| Interest Expense | 16.7 | 12.6 | 8.1 | 5.2 | 20.1 | 22.8 | 20.1 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | ||||||||
| EBITDA | 108.8 | 98.4 | 85.4 | 52.1 | 52.8 | (16.0) | (9.8) | 33.8 |
| EBIT | 33.8 | 40.7 | 44.1 | 17.8 | 20.5 | (46.7) | (37.8) | 7.7 |
| Income Before Tax | 12.1 | 28.0 | 36.1 | 12.6 | 0.4 | (69.6) | (57.9) | (12.5) |
| Income Tax Expense | (7.3) | 9.1 | 10.7 | 5.7 | 2.5 | (19.9) | (12.4) | (0.2) |
| Net Income | 19.4 | 18.9 | 25.4 | 6.9 | (2.1) | (49.7) | (45.4) | (12.3) |
| Per Share Data | ||||||||
| EPS (Basic) | 0.32 | 0.31 | 0.43 | 0.12 | -0.04 | -0.86 | -0.79 | -0.27 |
| EPS (Diluted) | 0.31 | 0.30 | 0.41 | 0.11 | -0.04 | -0.86 | -0.79 | -0.27 |
| Shares Outstanding | 61.0 | 60.4 | 59.5 | 59.1 | 48.2 | 57.6 | 57.6 | 45.0 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||
| Cash & Cash Equivalents | 21.2 | 33.3 | 49.6 | 49.7 | 51.9 | 38.8 | 11.1 | 16.3 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 6.9 | 7.2 | 5.5 | 6.2 | 4.5 | 3.9 | 5.7 | 1.9 |
| Inventory | 7.2 | 6.1 | 5.4 | 5.0 | 4.0 | 2.9 | 2.7 | 2.1 |
| Other Current Assets | 13.8 | 2.2 | 3.2 | 0.6 | 1.7 | 0.9 | 1.6 | 4.3 |
| Total Current Assets | 49.1 | 55.9 | 71.2 | 67.3 | 67.7 | 49.0 | 24.2 | 29.4 |
| Non-Current Assets | ||||||||
| Property, Plant & Equipment | 1,093.0 | 889.1 | 683.1 | 547.5 | 489.7 | 468.3 | 466.8 | 124.8 |
| Goodwill | 420.2 | 398.6 | 359.9 | 345.2 | 345.2 | 345.2 | 345.2 | 330.8 |
| Intangible Assets | 174.9 | 167.6 | 151.2 | 143.2 | 143 | 143.7 | 144.6 | 178.2 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.8 | 3.3 | 1.7 | 1.3 | 1.3 | 1.3 | 1.2 | 1.2 |
| Total Non-Current Assets | 1,692.9 | 1,458.5 | 1,195.9 | 1,037.2 | 979.2 | 958.5 | 957.8 | 635.1 |
| Total Assets | 1,742.0 | 1,514.4 | 1,267.0 | 1,104.4 | 1,046.9 | 1,007.5 | 982.1 | 664.5 |
| Current Liabilities | ||||||||
| Account Payables | 8.7 | 7.0 | 6.3 | 7.6 | 11.1 | 4.2 | 5.1 | 5.6 |
| Short-Term Debt | 88.3 | 9.2 | 5.6 | 7.6 | 5.5 | 3.6 | 3.0 | 1.9 |
| Deferred Revenue | 6.8 | 5.6 | 5.5 | 5.2 | 4.7 | 4.3 | 7.1 | 0 |
| Other Current Liabilities | 63.7 | 23.9 | 23.3 | 19.4 | 22.5 | 12.2 | 13.1 | 10.9 |
| Total Current Liabilities | 167.5 | 138.5 | 115.1 | 100.0 | 96.5 | 76.5 | 73.0 | 36.9 |
| Non-Current Liabilities | ||||||||
| Long-Term Debt | 651.3 | 189.0 | 119.8 | 94.7 | 99.8 | 286.4 | 250.4 | 188.6 |
| Deferred Tax Liabilities | 22.0 | 32.2 | 25.3 | 17.2 | 12.5 | 13.6 | 30.3 | 0 |
| Other Non-Current Liabilities | 275.0 | 3.7 | 4.3 | 3.4 | 3.2 | 2.3 | 2.9 | 59.8 |
| Total Non-Current Liabilities | 948.3 | 780.5 | 590.7 | 481.3 | 446.0 | 610.1 | 579.3 | 252.9 |
| Total Liabilities | 1,115.8 | 919.0 | 705.8 | 581.3 | 542.5 | 686.6 | 652.3 | 289.8 |
| Stockholders' Equity | ||||||||
| Common Stock | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | 0.0 |
| Retained Earnings | (34.4) | (53.8) | (72.7) | (98.1) | (105.0) | (102.9) | (53.3) | (7.7) |
| Accumulated Other Comprehensive Income | (1.1) | (0.4) | (0.7) | 0 | 0 | 0 | 0 | 0 |
| Total Stockholders' Equity | 626.3 | 595.4 | 561.3 | 523.1 | 504.4 | 320.9 | 329.8 | 374.4 |
| Total Liabilities & Equity | 1,742.0 | 1,514.4 | 1,267.0 | 1,104.4 | 1,046.9 | 1,007.5 | 982.1 | 664.5 |
| Debt Metrics | ||||||||
| Total Debt | 739.6 | 809.6 | 607.0 | 507.4 | 474.0 | 637.9 | 576.4 | 195.0 |
| Net Debt | 718.4 | 776.2 | 557.3 | 457.7 | 422.1 | 599.1 | 565.3 | 178.8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | 19.4 | 18.9 | 25.4 | 6.9 | (2.1) | (49.7) | (45.5) | (12.3) |
| Depreciation & Amortization | 75.0 | 57.7 | 41.2 | 34.2 | 32.4 | 30.7 | 28.0 | 26.1 |
| Stock-Based Compensation | 10.8 | 8.5 | 7.6 | 10.4 | 8.6 | 0.8 | 1.2 | 1.3 |
| Change in Working Capital | (3.2) | (4.3) | (7.3) | (10.4) | 6.0 | 6.5 | 5.0 | 10.1 |
| Other Non-Cash Items | 33.9 | 28.0 | 20.1 | 17.2 | 16.0 | 13.3 | 45.3 | 5.6 |
| Operating Cash Flow | 125.9 | 115.7 | 95.3 | 62.9 | 63.0 | (18.4) | 21.5 | 30.8 |
| Investing Activities | ||||||||
| Capital Expenditure | (156.9) | (127.9) | (84.7) | (63.3) | (35.7) | (27.0) | (59.2) | (37.7) |
| Acquisitions | (56.0) | (78.6) | (39.9) | 0 | 0 | 0 | (23.2) | (14.2) |
| Purchases of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | (0.8) | 0.0 | 1.2 | 0.2 | 0 | 0 | 0 | (14.2) |
| Investing Cash Flow | (213.8) | (206.7) | (123.4) | (63.1) | (35.7) | (27.0) | (82.4) | (51.9) |
| Financing Activities | ||||||||
| Net Debt Issuance | 74.6 | 70.7 | 22.4 | (3.4) | (189.2) | 33.3 | 56.9 | 30.3 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | (2.8) | 5.6 | 1.3 | (7.1) | 0 | (1.1) | 0 |
| Financing Cash Flow | 75.8 | 74.3 | 28.1 | (2.0) | (14.3) | 73.3 | 55.8 | 30.3 |
| Cash Position | ||||||||
| Net Change in Cash | (12.1) | (16.6) | 0.0 | (2.2) | 13.0 | 28.0 | (5.2) | 16.3 |
| Cash at Beginning | 33.3 | 50.0 | 49.9 | 52.1 | 39.1 | 11.1 | 16.3 | 0 |
| Cash at End | 21.2 | 33.3 | 50.0 | 49.9 | 52.1 | 39.1 | 11.1 | 16.3 |
| Free Cash Flow | (31.0) | (12.3) | 10.7 | (0.4) | 27.3 | (45.3) | (37.7) | (7.0) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 1,222.5 | 1,015.9 | 891.6 | 730.2 | 601.2 | 342.4 | 436.4 | 349.8 |
| Gross Profit | 159.4 | 792.8 | 190.1 | 139.5 | 124.2 | 29.9 | 87.4 | 71.4 |
| Operating Income | 33.8 | 38.9 | 41.3 | 16.9 | 22.2 | (47.2) | (37.6) | 3.2 |
| Net Income | 19.4 | 18.9 | 25.4 | 6.9 | (2.1) | (49.7) | (45.4) | (12.3) |
| EPS (Diluted) | 0.31 | 0.30 | 0.41 | 0.11 | -0.04 | -0.86 | -0.79 | -0.27 |
| Balance Sheet | ||||||||
| Cash & Equivalents | 21.2 | 33.3 | 49.6 | 49.7 | 51.9 | 38.8 | 11.1 | 16.3 |
| Total Assets | 1,742.0 | 1,514.4 | 1,267.0 | 1,104.4 | 1,046.9 | 1,007.5 | 982.1 | 664.5 |
| Total Debt | 739.6 | 809.6 | 607.0 | 507.4 | 474.0 | 637.9 | 576.4 | 195.0 |
| Stockholders' Equity | 626.3 | 595.4 | 561.3 | 523.1 | 504.4 | 320.9 | 329.8 | 374.4 |
| Cash Flow | ||||||||
| Operating Cash Flow | 125.9 | 115.7 | 95.3 | 62.9 | 63.0 | (18.4) | 21.5 | 30.8 |
| Capital Expenditure | (156.9) | (127.9) | (84.7) | (63.3) | (35.7) | (27.0) | (59.2) | (37.7) |
| Free Cash Flow | (31.0) | (12.3) | 10.7 | (0.4) | 27.3 | (45.3) | (37.7) | (7.0) |