First Watch Restaurant Group Inc (FWRG) — Working Capital to Net Assets Ratio
First Watch Restaurant Group Inc (FWRG) has a Working Capital to Net Assets ratio of -21.9% as of September 2025. Working capital of $-133.05 Million (current assets of $43.72 Million minus current liabilities of $176.77 Million) is measured against net assets of $607.31 Million. A higher ratio indicates strong short-term liquidity financed by the equity base. See FWRG defensive interval ratio to measure how many days the company can operate on defensive assets alone.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
First Watch Restaurant Group Inc Working Capital to Net Assets (2018–2024)
This chart shows how First Watch Restaurant Group Inc's Working Capital to Net Assets ratio has evolved across 7 annual periods from 2018 to 2024. As of September 2025, the ratio stands at -21.9%, reflecting working capital of $-133.05 Million against net assets of $607.31 Million USD. For the complete balance sheet picture, see balance sheet size of First Watch Restaurant Group Inc.
Annual Working Capital to Net Assets for First Watch Restaurant Group Inc (2018–2024)
The table below presents the year-by-year Working Capital to Net Assets ratio for First Watch Restaurant Group Inc from 2018 to 2024, covering 7 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. Check FWRG cash and liquid asset ratio to evaluate the company's liquid asset resilience ratio.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2024 | -13.9% | $-82.60 Million | $595.39 Million | $55.88 Million | $138.47 Million | ▼ -6.1 pp |
| 2023 | -7.8% | $-43.88 Million | $561.28 Million | $71.19 Million | $115.07 Million | ▼ -1.6 pp |
| 2022 | -6.2% | $-32.69 Million | $523.13 Million | $67.29 Million | $99.98 Million | ▼ -0.5 pp |
| 2021 | -5.7% | $-28.83 Million | $504.43 Million | $67.70 Million | $96.52 Million | ▲ +2.9 pp |
| 2020 | -8.6% | $-27.49 Million | $320.87 Million | $49.04 Million | $76.53 Million | ▲ +6.2 pp |
| 2019 | -14.8% | $-48.77 Million | $329.80 Million | $24.24 Million | $73.02 Million | ▼ -12.8 pp |
| 2018 | -2.0% | $-7.46 Million | $374.67 Million | $29.44 Million | $36.90 Million | — |