What is First Watch Restaurant Group, Inc.'s Shariah compliance score?

First Watch Restaurant Group, Inc. (FWRG) has a Shariah compliance score of 0/100 (Grade: F, Non-Compliant). AAOIFI Standard No. 21 requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30%, (3) interest-bearing deposits below 30%, and (4) prohibited income below 5%.

Does First Watch Restaurant Group, Inc. pass AAOIFI screening?

First Watch Restaurant Group, Inc. (FWRG) does not pass AAOIFI Shariah screening. AAOIFI Standard No. 21 requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30%, (3) interest-bearing deposits below 30%, and (4) prohibited income below 5%. FWRG's debt-to-market-cap is 42.7%.

How much purification is needed for First Watch Restaurant Group, Inc.?

Muslim investors purify the portion of dividends and realized gains that comes from non-permissible income by donating it to charity. HalalScreener's purification calculator at halalscreener.app/en/purification computes the percentage and amount for First Watch Restaurant Group, Inc. (FWRG) using the latest financial data.

Where can I screen First Watch Restaurant Group, Inc. for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for First Watch Restaurant Group, Inc. (FWRG) and 8,200+ securities. US-listed stocks and ETFs are screened under AAOIFI Standard No. 21. Bursa Malaysia securities carry the Securities Commission Malaysia's official status. Coins are screened separately, under published scholarly opinion. The verdict is free, with no credit card or signup required for basic screening. The compliance grade, score, and debt ratio are free too; the full ratio breakdown is part of Pro.

FWRGNot HalalF

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Compliance Status

Not Halal

Screened on Oct 12, 2026 · AAOIFI Standard 21

Non-Compliant

0Score

Is First Watch Restaurant Group, Inc. (FWRG) halal? Not Halal. Based on AAOIFI screening, First Watch Restaurant Group, Inc. passes the business activity screen but fails financial ratio screens with a compliance score of 0/100 (Grade: F).

Quote this verdict

HalalScreener rates First Watch Restaurant Group, Inc. (FWRG) Not Halal, 0/100, grade F under AAOIFI Standard 21, screened Oct 12, 2026. Source: https://halalscreener.app/en/stock/FWRG

AvoidBorderlineClean

Business activity

Its main business is permissible, with some incidental non-compliant revenue.

Passed

Company debt

Over the limit

How much the company borrows, compared to its total value. AAOIFI allows up to 30%.

42.7% of 30.0% limit

PRO DETAIL

The verdict above is final and free.

Pro members can verify every number behind it: interest-bearing deposits, prohibited income breakdown, and the full AAOIFI math.

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Screened according to AAOIFI Standard 21

What this means for you

Most scholars advise not holding FWRG

It does not pass AAOIFI Shariah screening.

See halal alternatives from the same sector further down this page

FWRG: Is First Watch Restaurant Group, Inc. Halal?

First Watch Restaurant Group, Inc.

NASDAQConsumer CyclicalUS

$12.12

Market Cap: 748.0M

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About First Watch Restaurant Group, Inc.

First Watch Restaurant Group, Inc. oversees and licenses restaurant operations under the First Watch brand. As of March 23, 2022, its extensive presence included 341 company-owned eateries and 94 franchised outlets, operating across 28 U.S. states. The enterprise, established in 1983 with its main office in Bradenton, Florida, previously traded as AI Fresh Super Holdco, Inc. before changing its designation to First Watch Restaurant Group, Inc. in December 2019.

Sector: Consumer Cyclical · Industry: Restaurants

Why this does not pass

Interest-bearing debt is 42.7% of market cap, over the 30% AAOIFI limit.

Screened under AAOIFI Standard 21. The exact figure behind this is part of Pro; the failing check and its limit are always free.

Shariah Compliance Status

AAOIFI Standard 21Updated Oct 12, 2026

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Institutional-grade Shariah analysis

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Business Activity Screen

Passed

Checks if the business is involved in prohibited activities (alcohol, gambling, pork, conventional banking, etc.)

Peripheral exposure (still halal, purify this share)

2.0%

Primary business is permissible. AAOIFI allows up to 5% revenue from incidental non-compliant sources, provided the share is purified.

•Estimated 2.0% of revenue from non-compliant sources. This is an average for Restaurants, not a figure the company reports.

Use the Purification Calculator to compute exactly how much of your dividend income to donate.

PRO DETAIL

The verdict above is final and free.

Pro members can verify every number behind it: interest-bearing deposits, prohibited income breakdown, and the full AAOIFI math.

Card needed, nothing charged today

Screened according to AAOIFI Standard 21

Compliance History

Not Halal, unchanged since May 2026.

No status changes recorded since we began tracking.

Tracked since May 2026. Updates automatically on each re-screen.

Fiscal: Q2 2026Data source: EDGAR

Halal Alternatives in Consumer Cyclical

This stock is not Shariah-compliant. Here are halal alternatives from the same sector, ranked by compliance score:

0380.KLA+

Aquawalk Group Berhad

$0.14

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Teamstar Berhad

$0.23

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Lien Hoe Corporation Berhad

$0.10

+0.00%

3891.KLA+

Malayan United Industries Berhad

$0.04

+0.00%

5336.KLA+

CUCKOO International (MAL) Berhad

$0.35

-0.01%

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Frequently Asked Questions

Is First Watch Restaurant Group, Inc. (FWRG) halal to invest in?

First Watch Restaurant Group, Inc. (FWRG) is rated Not Halal under AAOIFI Standard 21 screening. It fails either the business activity screen (primary involvement in prohibited sectors such as conventional banking, alcohol, or gambling) or one of the quantitative financial ratio thresholds. Muslim investors should avoid or exit this position.

Why did First Watch Restaurant Group, Inc. get a F compliance rating?

First Watch Restaurant Group, Inc. (FWRG) received a grade of F (Non-Compliant) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 42.7% (limit 30%). The grade reflects the margin of safety across all three ratios relative to their thresholds.

What could change First Watch Restaurant Group, Inc.'s Shariah verdict?

First Watch Restaurant Group, Inc.'s verdict is re-evaluated at each annual re-screen. Three events could change it: (1) the debt-to-market-cap ratio crossing 30%, typically from new debt issuance or a major drop in share price; (2) interest-bearing deposits exceeding 30% of market cap; or (3) prohibited revenue (alcohol, gambling, conventional finance, etc.) exceeding 5% of total revenue. Verdict flips are tracked in the compliance history section above.

How often is First Watch Restaurant Group, Inc. re-screened for Shariah compliance?

First Watch Restaurant Group, Inc. (FWRG) is re-screened annually using the most recent full-year financial data from SEC filings. HalalScreener also triggers an on-demand re-screen whenever the stored data is more than 7 days old, ensuring the ratios reflect the latest available financial statements. Last screened: Oct 12, 2026.

Screened according to AAOIFI Standard No. 21 · For informational purposes only. Consult a qualified Islamic finance advisor before investing.

Disclaimer: This screening is for informational purposes only and does not constitute financial, legal, or religious advice. Compliance is evaluated using AAOIFI financial standards (debt, deposits, and prohibited income ratios) and publicly available data. Ethical, political, social, or environmental considerations are outside the scope of this screening. Individual scholars and methodologies may differ. Always consult a qualified Islamic finance advisor before making investment decisions.