FWRG · CIK 0001789940 · FY2025 live · 2025-12-31
First Watch Restaurant Group, Inc.
View as
Model
Z″
FY2025
0.19
Zone
Distress
Prior
—
Market DD
—
1y PD
—
0.19
Classic Z 0.98
Z″ 0.19 · distress below 1.10, grey to 2.60, safe above.
Z″ factor contributions
X1 Working capital / assets
Short-term liquidity. Carries more weight in Z″ than in classic Z.
−0.076.56 × = −0.45X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−0.023.26 × = −0.06X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
0.026.72 × = 0.11X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names keep turnover from dragging the score.
0.561.05 × = 0.59
Five-year path
Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings.
Meridian Rank
35.82
0–100 · Z″ family
Book standing
35
Year change
—
Market PD
—
O-score
38
Events on this name
Same published rows as Today.
No published events on this print.
Overview
rule-v1
First Watch Restaurant Group, Inc. is on Z″ at 0.19 (distress) for FY2025, from an SEC 10-K. Book equity / liabilities is the line that sets the print; working capital / assets is the runner-up. This is the first live year on the desk. No market tape loaded. Z″ omits sales/assets so asset-light names keep turnover from dragging the score. X4 is book equity on every name.
Book screen Distress; market PD —. Market PD has not been priced on this name.
Market DD · naive Merton
No market tape yet.
Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.
Sector peers
Closest Z″ scores · 35th percentile in Consumer.
- CBRLDistressCRACKER BARREL OLD COUNTRY STORE, INC0.19
- MBDistressMASTERBEEF GROUP0.19
- PTLODistressPortillo's Inc.0.17
- RDGTDistressRidgetech Inc.0.16
- XHRDistressXenia Hotels & Resorts, Inc.0.21
- ACIDistressAlbertsons Companies, Inc.0.16
- LYVDistressLive Nation Entertainment, Inc.0.22
- PLAYDistressDave & Buster's Entertainment, Inc.0.15
Filing line items
Current assets
$49M
Total assets
$1.7B
Current liabilities
$167M
Total liabilities
$1.1B
Working capital
−$118M
Retained earnings
−$34M
EBIT
$28M
Total sales
$1.2B
Book equity
$626M
Accession 0001789940-26-000014. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as is a display overlay. X4 is book equity. Pulled 13 Sept 2026.