Company / Operating Margin
First Watch Restaurant Group, Inc. Operating Margin History
FY2019-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Operating Margin
2.3%
FY2025
5-year range
-13.8% / 4.6%
FY2021-FY2025
Trend
-41.3%
vs FY2024
Sector context
#157 of 195
Consumer Discretionary
What the data says
First Watch Restaurant Group, Inc.'s operating margin of 2.3% is lower than 81% of companies in the Consumer Discretionary sector (FY2025). Operating Margin has fluctuated over the past 7 years, ranging from -13.8% in FY2020 to 4.6% in FY2023.
Based on SEC 10-K filings.
2.3% in FY2025 with a 5-year CAGR of +16.0%.
Declined from 4.6% to 2.3% over the past 2 years.
Consumer Discretionary sector context is included.
Operating Margin over time
Growth rates
- 3-Year Change
- +16.0pp
- 5-Year Change
- +16.0pp
- 10-Year Change
- -
Sector benchmark
-37.3% below sector average
Key checks
Key Insights
- In FY2025, operating margin decreased 41.3% year-over-year.
- Currently 1.3pp below the Consumer Discretionary sector average.
- Peak operating margin was recorded in FY2023.
- Lowest operating margin in the period was in FY2020.
Company context
Key Data Points
- Altman Z-Score 0.92 (distress zone, below 1.8 threshold)
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Operating MarginValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | 2.3% | -41.3% |
| FY2024 | 3.8% | -17.3% |
| FY2023 | 4.6% | +133.6% |
| FY2022 | -13.8% | -60.2% |
| FY2021 | -8.6% | +37.6% |
| FY2020 | -13.8% | -60.3% |
| FY2019 | -8.6% | - |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026