First Watch Restaurant Group annual debt-to-equity ratio
2020
2021
2022
2023
2024
2025
First Watch Restaurant Group Debt-to-Equity Ratio Growth & History (FWRG)
First Watch Restaurant Group's debt-to-equity ratio was 1.61 for fiscal 2025.
View full First Watch Restaurant Group company overviewFirst Watch Restaurant Group annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-28 | 1.61 | 0.25 | +18.45% |
| 2024 | 2024-12-29 | 1.36 | 0.28 | +25.74% |
| 2023 | 2023-12-31 | 1.08 | 0.11 | +11.81% |
| 2022 | 2022-12-25 | 0.97 | 0.03 | +3.45% |
| 2021 | 2021-12-26 | 0.93 | −1.05 | −52.97% |
| 2020 | 2020-12-27 | 1.99 | — | — |
First Watch Restaurant Group quarterly debt-to-equity ratio
Q4.20
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-28 | 1.69 | 0.10 | +6.16% |
| Q1 2026 | 2026-03-29 | 1.64 | 0.24 | +16.95% |
| Q4 2025 | 2025-12-28 | 1.61 | 0.25 | +18.45% |
| Q3 2025 | 2025-09-28 | 1.62 | 0.30 | +22.35% |
| Q2 2025 | 2025-06-29 | 1.59 | 0.32 | +24.77% |
| Q1 2025 | 2025-03-30 | 1.40 | 0.34 | +31.91% |
| Q4 2024 | 2024-12-29 | 1.36 | 0.28 | +25.74% |
| Q3 2024 | 2024-09-29 | 1.32 | 0.31 | +31.24% |
| Q2 2024 | 2024-06-30 | 1.28 | 0.31 | +32.45% |
| Q1 2024 | 2024-03-31 | 1.06 | 0.11 | +11.51% |
| Q4 2023 | 2023-12-31 | 1.08 | 0.11 | +11.81% |
| Q3 2023 | 2023-09-24 | 1.01 | 0.06 | +5.85% |
| Q2 2023 | 2023-06-25 | 0.96 | 0.02 | +2.13% |
| Q1 2023 | 2023-03-26 | 0.95 | 0.03 | +2.84% |
| Q4 2022 | 2022-12-25 | 0.97 | 0.03 | +3.45% |
| Q3 2022 | 2022-09-25 | 0.95 | −1.06 | −52.79% |
| Q2 2022 | 2022-06-26 | 0.94 | — | — |
| Q1 2022 | 2022-03-27 | 0.93 | — | — |
| Q4 2021 | 2021-12-26 | 0.93 | −1.05 | −52.97% |
| Q3 2021 | 2021-09-26 | 2.02 | — | — |
| Q4 2020 | 2020-12-27 | 1.99 | — | — |
First Watch Restaurant Group debt-to-equity ratio trends
Over the last five fiscal years, First Watch Restaurant Group's debt-to-equity ratio decreased from 1.99 to 1.61, a change of −0.38. The latest reported quarter, Q2 2026, shows 1.69.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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