Is a complete FWRG research report available?

No complete published report is available for First Watch Restaurant Group, Inc. (FWRG) on this page. Market-directory data, when present, is not a substitute for a validated stock analysis.

First Watch Restaurant Group, Inc. (FWRG)

NASDAQ: FWRG · USD

$11.5

+0.39 (+3.6%)· Recorded snapshot

Market cap	708.8M
Revenue (ttm)	1.3B
Net income (ttm)	17.8M
EPS (ttm)	$0.28
Shares out	61.7M
P/E (trailing)	40.6x
P/E (forward)	64.2x
Volume	1,948,436
Beta	1.05

Market data

Price

Recent price action with selectable time range.

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	Sprzedaj
AMZN	Amazon.com Inc.	2.7T	20.5x	3.5x	11.9%	+11.8%	+12.2%	Sprzedaj
APTV	Aptiv PLC	9.1B	42.8x	0.4x	7.8%	+5.5%	-49.2%	Kupuj

Metric	Value
Amount currency	USD
CIK code	0001789940
Company name	First Watch Restaurant Group, Inc.
Country	United States
Country code	US
CUSIP number	33748L101
Earnings date	2026-11-03
Earnings time	bmo
Employees	18,000
Employees change	500
Employees growth	2.86%
Enterprise value	$1.8B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-06-28
First seen	2026-05-09
Fiscal year end	December
Founded	1983
In index	RUSSELL2000
Industry	Restaurants
IPO date	2021-10-01
Is primary listing	Yes
Is SPAC	No
ISIN number	US33748L1017
Last 10-K release date	2026-02-24
Last earnings date	2026-08-04
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$708.8M
Market cap category	Small-Cap
Next earnings date	2026-11-03
Options	Yes
Price	$11.49
Price currency	USD
Sector	Consumer Discretionary
SIC code	5812
Stock price date	2026-10-28
Symbol	FWRG
U.S. state	Florida
Website	https://www.firstwatch.com

Metric

Value

Amount currency

USD

CIK code

0001789940

Company name

First Watch Restaurant Group, Inc.

Country

United States

Country code

CUSIP number

33748L101

Earnings date

2026-11-03

Earnings time

bmo

Employees

18,000

Employees change

500

Employees growth

2.86%

Enterprise value

$1.8B

Exchange

NASDAQ

Financial currency

USD

Financial report date

2026-06-28

First seen

2026-05-09

Fiscal year end

December

Founded

1983

In index

RUSSELL2000

Industry

Restaurants

IPO date

2021-10-01

Is primary listing

Yes

Is SPAC

ISIN number

US33748L1017

Last 10-K release date

2026-02-24

Last earnings date

2026-08-04

Last refreshed

2026-10-28

Last stock split type

Never

Market cap

$708.8M

Market cap category

Small-Cap

Next earnings date

2026-11-03

Options

Yes

Price

$11.49

Price currency

USD

Sector

Consumer Discretionary

SIC code

5812

Stock price date

2026-10-28

Symbol

FWRG

U.S. state

Florida

Website

https://www.firstwatch.com

Metric	Value
Adjusted P/E ratio	33.93x
Average P/E ratio (3Y)	80.78x
Average P/E ratio (5Y)	108.2x
Earnings yield	2.47%
EV/Earnings	100.23x
EV/EBIT	54.27x
EV/EBITDA	15.33x
EV/Sales	1.35x
FCF / EV yield	-1.17%
FCF yield	-2.85%
Forward EV/Sales	1.21x
Forward P/E	64.24x
Forward P/S	0.5x
Graham number	8.09094
Graham upside	-31.75%
Industry forward P/E	21.86x
Industry P/E	25.8x
Lynch fair value	$1.42
Lynch upside	-88.06%
P/(OCF - SBC) ratio	6.34x
P/B ratio	1.08x
P/E ratio	40.56x
P/OCF ratio	5.71x
P/S ratio	0.56x
Price / tangible book value	16.94x
Price/EBITDA ratio	6.28x
Sector forward P/E	24.43x
Sector P/E	30.53x

Metric

Value

Adjusted P/E ratio

33.93x

Average P/E ratio (3Y)

80.78x

Average P/E ratio (5Y)

108.2x

Earnings yield

2.47%

EV/Earnings

100.23x

EV/EBIT

54.27x

EV/EBITDA

15.33x

EV/Sales

1.35x

FCF / EV yield

-1.17%

FCF yield

-2.85%

Forward EV/Sales

1.21x

Forward P/E

64.24x

Forward P/S

0.5x

Graham number

8.09094

Graham upside

-31.75%

Industry forward P/E

21.86x

Industry P/E

25.8x

Lynch fair value

$1.42

Lynch upside

-88.06%

P/(OCF - SBC) ratio

6.34x

P/B ratio

1.08x

P/E ratio

40.56x

P/OCF ratio

5.71x

P/S ratio

0.56x

Price / tangible book value

16.94x

Price/EBITDA ratio

6.28x

Sector forward P/E

24.43x

Sector P/E

30.53x

Metric	Value
EBIT margin	2.5%
EBITDA margin	8.83%
Gross margin	20.63%
Operating margin	2.5%
Pretax margin	0.76%
Profit margin	1.35%
Profit per employee	$989
Profitable quarters	1
Profitable years	4
Revenue per employee	$73,223
ROA	1.18%
ROA (5Y)	1.75%
ROCE	2%
ROE	2.88%
ROE (5Y)	2.39%
ROIC	1.98%
ROIC (5Y)	-1.55%
SBC / revenue	0.97%
Tax / revenue	-0.59%

Metric

Value

EBIT margin

2.5%

EBITDA margin

8.83%

Gross margin

20.63%

Operating margin

2.5%

Pretax margin

0.76%

Profit margin

1.35%

Profit per employee

$989

Profitable quarters

Profitable years

Revenue per employee

$73,223

ROA

1.18%

ROA (5Y)

1.75%

ROCE

ROE

2.88%

ROE (5Y)

2.39%

ROIC

1.98%

ROIC (5Y)

-1.55%

SBC / revenue

0.97%

Tax / revenue

-0.59%

Metric	Value
EPS growth	376.94%
EPS growth (Q)	26.42%
EPS growth 3Y	1.41%
EPS growth quarters	1
EPS growth years	1
Gross profit growth	22.34%
Gross profit growth (Q)	14.67%
Gross profit growth 3Y	17.17%
Gross profit growth 5Y	24.02%
Net income growth	335.64%
Net income growth (Q)	11.06%
Net income growth 3Y	1.8%
Net income growth quarters	1
Net income growth years	1
OCF growth	8.36%
OCF growth (Q)	-30.41%
OCF growth (QoQ)	-20.36%
OCF growth 3Y	13.93%
OCF growth 5Y	32.02%
Operating income growth	29.08%
Operating income growth (Q)	-3.9%
Operating income growth 3Y	-3.67%
Operating income growth 5Y	47.72%
Revenue growth	19.27%
Revenue growth (Q)	15.2%
Revenue growth (QoQ)	7.16%
Revenue growth 3Y	18.09%
Revenue growth 5Y	21.87%
Revenue growth quarters	20
Revenue growth years	5

Metric

Value

EPS growth

376.94%

EPS growth (Q)

26.42%

EPS growth 3Y

1.41%

EPS growth quarters

EPS growth years

Gross profit growth

22.34%

Gross profit growth (Q)

14.67%

Gross profit growth 3Y

17.17%

Gross profit growth 5Y

24.02%

Net income growth

335.64%

Net income growth (Q)

11.06%

Net income growth 3Y

1.8%

Net income growth quarters

Net income growth years

OCF growth

8.36%

OCF growth (Q)

-30.41%

OCF growth (QoQ)

-20.36%

OCF growth 3Y

13.93%

OCF growth 5Y

32.02%

Operating income growth

29.08%

Operating income growth (Q)

-3.9%

Operating income growth 3Y

-3.67%

Operating income growth 5Y

47.72%

Revenue growth

19.27%

Revenue growth (Q)

15.2%

Revenue growth (QoQ)

7.16%

Revenue growth 3Y

18.09%

Revenue growth 5Y

21.87%

Revenue growth quarters

Revenue growth years

Metric	Value
Capital expenditures	$-149.1M
Depreciation and amortization	$83.6M
EBIT	$32.9M
EBITDA	$116.4M
EPS	$0.28
FCF per share	$-0.34
Financing cash flow	$24.5M
Free cash flow	$-20.9M
Free cash flow minus SBC	$-33.6M
Gross profit	$271.9M
Income taxes	$-7.8M
Investing cash flow	$-151.4M
Net borrowing	$23.3M
Net cash flow	$1.3M
Net income	$17.8M
Operating cash flow minus SBC	$115.5M
Operating income	$32.9M
Revenue	$1.3B
Stock-based compensation	$12.8M

Metric

Value

Capital expenditures

$-149.1M

Depreciation and amortization

$83.6M

EBIT

$32.9M

EBITDA

$116.4M

EPS

$0.28

FCF per share

$-0.34

Financing cash flow

$24.5M

Free cash flow

$-20.9M

Free cash flow minus SBC

$-33.6M

Gross profit

$271.9M

Income taxes

$-7.8M

Investing cash flow

$-151.4M

Net borrowing

$23.3M

Net cash flow

$1.3M

Net income

$17.8M

Operating cash flow minus SBC

$115.5M

Operating income

$32.9M

Revenue

$1.3B

Stock-based compensation

$12.8M

Metric	Value
Altman Z-Score	1.14
Book value per share	$10.28
Debt / EBITDA	4.63
Debt / equity	1.69
Goodwill	$420.2M
Interest coverage	1.73
Long-term assets	$1.8B
Long-term liabilities	$1B
Net cash (debt)	$-1.1B
Net cash / market cap	-143.97%
Net debt / EBITDA	9.05
Net debt / equity	1.66
Piotroski F-Score	6
Property, plant and equipment	$1.2B
Shareholders' equity	$634.2M
Tangible book value	$43.2M
Tangible book value per share	$0.70
Total assets	$1.8B
Total cash	$20.5M
Total debt	$1.1B
Total liabilities	$1.2B
WACC	4.9%

Metric

Value

Altman Z-Score

1.14

Book value per share

$10.28

Debt / EBITDA

4.63

Debt / equity

1.69

Goodwill

$420.2M

Interest coverage

1.73

Long-term assets

$1.8B

Long-term liabilities

$1B

Net cash (debt)

$-1.1B

Net cash / market cap

-143.97%

Net debt / EBITDA

9.05

Net debt / equity

1.66

Piotroski F-Score

Property, plant and equipment

$1.2B

Shareholders' equity

$634.2M

Tangible book value

$43.2M

Tangible book value per share

$0.70

Total assets

$1.8B

Total cash

$20.5M

Total debt

$1.1B

Total liabilities

$1.2B

WACC

4.9%

Metric	Value
Asset turnover	0.75
Current assets	$47.5M
Current liabilities	$177.9M
Current ratio	0.27
Inventory turnover	143.56
Net working capital	$-56.4M
Quick ratio	0.15
Working capital	$-130.4M
Working capital turnover	-10.73

Metric

Value

Asset turnover

0.75

Current assets

$47.5M

Current liabilities

$177.9M

Current ratio

0.27

Inventory turnover

143.56

Net working capital

$-56.4M

Quick ratio

0.15

Working capital

$-130.4M

Working capital turnover

-10.73

Metric	Value
Buyback yield / dilution	0.41%
Dividend yield	0%
Shareholder yield	0.41%

Metric

Value

Buyback yield / dilution

0.41%

Dividend yield

Shareholder yield

0.41%

Metric	Value
150-day SMA	$11.76
1D price change	3.56%
1M price change	12.53%
1M total return	12.53%
1W price change	-4.68%
1W total return	-4.68%
1Y price change	-36.72%
1Y return CAGR	-36.74%
1Y total return	-36.72%
20-day SMA	$11.26
200-day SMA	$12.47
3M price change	-11.45%
3M total return	-11.45%
3Y price change	-31.84%
3Y return CAGR	-11.99%
3Y total return	-31.84%
50-day SMA	$11.37
50-day SMA vs 200-day SMA	50under200
52-week high	$18.77
52-week high date	2025-12-01
52-week low	$9.88
52-week low date	2026-09-28
5Y price change	-47.76%
5Y return CAGR	-12.18%
5Y total return	-47.76%
6M price change	-13.3%
6M total return	-13.3%
All-time high	$25.98
All-time high date	2024-04-30
All-time low	$9.88
All-time low date	2026-09-23
Average true range (ATR)	$0.61
Average volume	1.7M
Beta (1Y)	1.38
Beta (2Y)	1.25
Beta (5Y)	1.05
Change from 52-week high	-38.81%
Change from 52-week low	16.25%
Change from all-time high	-56.08%
Change from all-time low	15.49%
Change from open	3.1%
Day's gap	0.45%
Dollar volume	$22.4M
High price	$11.94
Low price	$11.14
Monthly RSI	41.6
Open price	$11.14
Position in 52-week range	43.12%
Previous close	$11.09
Price vs 150-day SMA	-2.98%
Price vs 20-day SMA	1.31%
Price vs 200-day SMA	-8.48%
Price vs 50-day SMA	0.38%
Relative volume	1.13
Return from IPO open	-43.55%
Return from IPO price	-34.14%
RSI	51.77
Sharpe ratio	-0.65
Sharpe ratio (3Y)	-0.11
Sharpe ratio (5Y)	-0.1
Sortino ratio	-0.79
Sortino ratio (3Y)	-0.05
Sortino ratio (5Y)	-0.02
Volume	1.9M
Weekly RSI	46.29
YTD price change	-24.34%
YTD total return	-24.34%

Metric

Value

150-day SMA

$11.76

1D price change

3.56%

1M price change

12.53%

1M total return

12.53%

1W price change

-4.68%

1W total return

-4.68%

1Y price change

-36.72%

1Y return CAGR

-36.74%

1Y total return

-36.72%

20-day SMA

$11.26

200-day SMA

$12.47

3M price change

-11.45%

3M total return

-11.45%

3Y price change

-31.84%

3Y return CAGR

-11.99%

3Y total return

-31.84%

50-day SMA

$11.37

50-day SMA vs 200-day SMA

50under200

52-week high

$18.77

52-week high date

2025-12-01

52-week low

$9.88

52-week low date

2026-09-28

5Y price change

-47.76%

5Y return CAGR

-12.18%

5Y total return

-47.76%

6M price change

-13.3%

6M total return

-13.3%

All-time high

$25.98

All-time high date

2024-04-30

All-time low

$9.88

All-time low date

2026-09-23

Average true range (ATR)

$0.61

Average volume

1.7M

Beta (1Y)

1.38

Beta (2Y)

1.25

Beta (5Y)

1.05

Change from 52-week high

-38.81%

Change from 52-week low

16.25%

Change from all-time high

-56.08%

Change from all-time low

15.49%

Change from open

3.1%

Day's gap

0.45%

Dollar volume

$22.4M

High price

$11.94

Low price

$11.14

Monthly RSI

41.6

Open price

$11.14

Position in 52-week range

43.12%

Previous close

$11.09

Price vs 150-day SMA

-2.98%

Price vs 20-day SMA

1.31%

Price vs 200-day SMA

-8.48%

Price vs 50-day SMA

0.38%

Relative volume

1.13

Return from IPO open

-43.55%

Return from IPO price

-34.14%

RSI

51.77

Sharpe ratio

-0.65

Sharpe ratio (3Y)

-0.11

Sharpe ratio (5Y)

-0.1

Sortino ratio

-0.79

Sortino ratio (3Y)

-0.05

Sortino ratio (5Y)

-0.02

Volume

1.9M

Weekly RSI

46.29

YTD price change

-24.34%

YTD total return

-24.34%

Metric	Value
Float	60.6M
Float percentage	98.27%
Shares change (QoQ)	1.72%
Shares change (YoY)	-0.41%
Shares held by insiders	1.73%
Shares held by institutions	105.04%
Shares outstanding	61.7M
Short % of float	11.18%
Short % of shares	10.99%
Short ratio	5.3 days

Metric

Value

Float

60.6M

Float percentage

98.27%

Shares change (QoQ)

1.72%

Shares change (YoY)

-0.41%

Shares held by insiders

1.73%

Shares held by institutions

105.04%

Shares outstanding

61.7M

Short % of float

11.18%

Short % of shares

10.99%

Short ratio

5.3 days

First Watch Restaurant Group, Inc. (FWRG)

Price

Financial snapshot

Fair-value bridge

Latest news · FWRG

Valuation

Profitability

Balance sheet

Trading

Next earnings

Sector percentile context

All FWRG indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on FWRG

Frequently asked questions