First Watch Restaurant Group Inc
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. The company was founded in 1983 and is based in Bradenton, Florida.
First Watch Restaurant Group Inc (FWRG) - Net Assets
Latest net assets as of September 2025: $607.31 Million USD
Based on the latest financial reports, First Watch Restaurant Group Inc (FWRG) has net assets worth $607.31 Million USD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.72 Billion) and total liabilities ($1.11 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $607.31 Million |
| % of Total Assets | 35.3% |
| Annual Growth Rate | 8.02% |
| 5-Year Change | 85.56% |
| 10-Year Change | N/A |
| Growth Volatility | 22.12 |
First Watch Restaurant Group Inc - Net Assets Trend (2018–2024)
This chart illustrates how First Watch Restaurant Group Inc's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for First Watch Restaurant Group Inc (2018–2024)
The table below shows the annual net assets of First Watch Restaurant Group Inc from 2018 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $595.39 Million | +6.08% |
| 2023-12-31 | $561.28 Million | +7.29% |
| 2022-12-31 | $523.13 Million | +3.71% |
| 2021-12-31 | $504.43 Million | +57.21% |
| 2020-12-31 | $320.87 Million | -2.71% |
| 2019-12-31 | $329.80 Million | -11.98% |
| 2018-12-31 | $374.67 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to First Watch Restaurant Group Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 4613100000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $607.00K | 0.10% |
| Other Comprehensive Income | $-441.00K | -0.07% |
| Other Components | $649.04 Million | 109.01% |
| Total Equity | $595.39 Million | 100.00% |
First Watch Restaurant Group Inc Competitors by Market Cap
The table below lists competitors of First Watch Restaurant Group Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Vicat SA
PINK:SDCVF
|
$693.66 Million |
|
Sinosteel Anhui Tianyuan Technology Co Ltd
SHE:002057
|
$693.86 Million |
|
Develop Global Ltd
AU:DVP
|
$693.99 Million |
|
Indiamart Intermesh Limited
NSE:INDIAMART
|
$694.09 Million |
|
Charter Hall Social Infrastructure REIT
PINK:FKKEF
|
$693.51 Million |
|
Rizhao Port Co Ltd
SHG:600017
|
$693.50 Million |
|
Edelweiss Financial Services Limited
NSE:EDELWEISS
|
$693.26 Million |
|
Meren Energy Inc.
NASDAQ:MRNFF
|
$693.15 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in First Watch Restaurant Group Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 561,284,000 to 595,389,000, a change of 34,105,000 (6.1%).
- Net income of 18,925,000 contributed positively to equity growth.
- Other comprehensive income increased equity by 226,000.
- Other factors increased equity by 14,954,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $18.93 Million | +3.18% |
| Other Comprehensive Income | $226.00K | +0.04% |
| Other Changes | $14.95 Million | +2.51% |
| Total Change | $- | 6.08% |
Book Value vs Market Value Analysis
This analysis compares First Watch Restaurant Group Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.32x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 1.52x to 1.32x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2018-12-31 | $8.32 | $12.61 | x |
| 2019-12-31 | $5.64 | $12.61 | x |
| 2020-12-31 | $5.48 | $12.61 | x |
| 2021-12-31 | $10.46 | $12.61 | x |
| 2022-12-31 | $8.70 | $12.61 | x |
| 2023-12-31 | $9.17 | $12.61 | x |
| 2024-12-31 | $9.55 | $12.61 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently First Watch Restaurant Group Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 3.18%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 1.86%
- • Asset Turnover: 0.67x
- • Equity Multiplier: 2.54x
- Recent ROE (3.18%) is above the historical average (-3.42%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2018 | -3.28% | -3.52% | 0.53x | 1.77x | $-49.74 Million |
| 2019 | -13.78% | -10.41% | 0.44x | 2.98x | $-78.42 Million |
| 2020 | -15.48% | -14.51% | 0.34x | 3.14x | $-81.77 Million |
| 2021 | -0.42% | -0.35% | 0.57x | 2.08x | $-52.55 Million |
| 2022 | 1.32% | 0.95% | 0.66x | 2.11x | $-45.41 Million |
| 2023 | 4.52% | 2.85% | 0.70x | 2.26x | $-30.74 Million |
| 2024 | 3.18% | 1.86% | 0.67x | 2.54x | $-40.61 Million |
Industry Comparison
This section compares First Watch Restaurant Group Inc's net assets metrics with peer companies in the Restaurants industry.
Industry Context
- Industry: Restaurants
- Average net assets among peers: $1,100,683,888
- Average return on equity (ROE) among peers: -9.48%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| First Watch Restaurant Group Inc (FWRG) | $607.31 Million | -3.28% | 1.83x | $693.66 Million |
| Alsea S.A.B. de C.V (ALSSF) | $9.60 Billion | 31.08% | 7.07x | $902.51 Million |
| Arcos Dorados Holdings Inc (ARCO) | $695.30 Million | 7.75% | 2.14x | $952.86 Million |
| AmRest Holdings SE (ARHOF) | $264.70 Million | -68.76% | 6.99x | $477.90 Million |
| Ark Restaurants Corp (ARKR) | $7.80 Million | -3.85% | 0.72x | $10.36 Million |
| Big Buck Brewery & Steakhouse Inc (BBUCQ) | $5.62 Million | -39.20% | 3.43x | $1.94 |
| Flanigans Enterprises Inc (BDL) | $7.67 Million | 17.79% | 0.46x | $18.25 Million |
| Bagger Dave's Burger Tavern Inc (BDVB) | $2.41 Million | -143.08% | 1.53x | $654.12K |
| BurgerFi International, Inc. (BFICQ) | $78.95 Million | -131.01% | 2.51x | $1.57K |
| Biglari Holdings Inc (BH-A) | $1.80 Million | 233.33% | 36.28x | $310.04 Million |
| BJs Restaurants Inc (BJRI) | $345.51 Million | 1.18% | 2.51x | $663.68 Million |