First Watch Restaurant Group, Inc. FWRG

10.14 (0.08) (0.78%) as of 25 Sep
Market cap
$642.4M
P/E
33.8×
Growth Flags show if company had growth for consecutive years

Insider Decisions

Total sells 1.15
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — 1 1 — 13 — — — — — —
Insider Ownership 2.22%

Capital & Financial Ratios

Market Cap 642.36
Revenue 1,318.01
Net Income 17.81
Free Cash Flow (21.84)
Net Debt 272.05
Current Ratio 0.27
Debt/Equity 0.46
P/E ratio 33.77
P/S ratio 0.47
P/B ratio 0.99
Past 5Y EPS Growth —
This Y EPS Growth (62.60%)
Next Y EPS Growth 126.75%
Next 5Y EPS Growth 6.85%
in millions of $

Dividends

Payout Ratio 0.00
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 50 33 21 20
Receivables 6 7 7 7
Inventory 5 6 7 8
Other 3 2 6 2
71 56 49 48
2023 2024 2025 Q'26
Payables 6 7 9 10
ST’ Debt 6 9 13 15
Other — 0 1 0
115 138 167 178
in millions of $

Compound Annual Growth

10y 5y 3y
Sales — 28.99% 18.74%
Cash Flow — 0.00% 26.00%
Earnings — 0.00% 41.17%
Book Value — 14.31% 6.18%

Revenue

Mar Jun Sep Dec Year
’26 331 355 — — —
’25 282 308 316 316 1,223
’24 242 259 252 263 1,016
’23 211 216 219 245 892
’22 173 184 187 186 730
’21 127 154 157 163 601
’20 — — 100 — 342
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

Mar Jun Sep Dec Year
’26 34 27 — — —
’25 20 39 48 18 126
’24 25 32 36 23 116
’23 21 34 17 22 95
’22 8 24 15 16 63
’21 6 25 14 19 63
’20 — — (20) 2 (18)
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

Mar Jun Sep Dec Year
’26 5 (14) — — —
’25 (16) (2) 5 (18) (32)
’24 (4) 2 7 (18) (12)
’23 7 19 (6) (8) 12
’22 (3) 8 (4) (1) 0
’21 (5) 16 6 10 27
’20 — — (43) (3) (45)
in millions of $ · fiscal quarters ending in the months shown

EPS

Mar Jun Sep Dec Year
’26 (0.04) 0.04 — — —
’25 (0.01) 0.03 0.05 0.24 0.31
’24 0.12 0.14 0.03 0.01 0.30
’23 0.15 0.13 0.09 0.04 0.41
’22 0.08 0.05 0.00 (0.01) 0.11
’21 (0.05) 0.08 0.02 (0.08) (0.04)
’20 — — (0.25) — (1.10)
fiscal quarters ending in the months shown

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
— — — — — 14.90 11.57 13.32 12.90 12.90

Analyst estimates 2026–2028

Powerpack
Low Price
— — — — — 25.46 18.95 20.95 25.98 22.71
High Price
— — — — 8,000 10,000 12,000 14,000 15,000 17,500
Employees
— — — 0 0 0 0 0 0 0
Revenue/Emp
— — — 436 342 601 730 892 1,016 1,223
Revenue
— — — 20.03% 9.86% 21.22% 19.85% 22.13% 21.96% 20.24%
Gross Margin
— — — (58) (70) 0 13 36 28 12
EBT
— — — (13.27%) (20.31%) 0.06% 1.72% 4.05% 2.76% 0.99%
EBT Margin
— 0 — (45) (50) (2) 7 25 19 19
Net Income
— — — 29 32 33 35 42 58 76
Depreciation
— — — 9.69 7.61 12.47 12.36 14.98 16.83 20.05
Revenue/Sh
— — — (1.01) (1.10) (0.04) 0.12 0.43 0.31 0.32
Earnings/Sh
— — — 0.48 (0.41) 1.31 1.07 1.60 1.92 2.07
Cash Flow/Sh
— — — (1.31) (0.60) (0.74) (1.07) (1.40) (2.12) (2.59)
Capex/Sh
— — — (0.84) (1.01) 0.57 (0.01) 0.20 (0.20) (0.52)
Free CF/Sh
— — — 7.33 7.13 10.46 8.85 9.43 9.86 10.27
Book Value/Sh
— — — 45 45 48 59 60 60 61
Shares
— — — 0.00 0.00 0.00 114.90 46.71 60.03 47.66
PE Ratio
— — — 1.85 1.85 1.34 1.12 1.31 1.11 0.75
PS Ratio
— — — 3.07 3.07 1.60 1.57 2.08 1.89 1.47
PB Ratio
— — — 2.29 2.29 1.43 1.19 1.39 1.27 0.97
EV/Sales
— — — 87.30 87.30 31.47 (2,217.00) 104.95 (104.39) (37.07)
EV/FCF
— — — 21 (18) 63 63 95 116 126
Op' Cash Flow
— — — (59) (27) (36) (63) (83) (128) (158)
Capex
— — — (38) (45) 27 0 12 (12) (32)
FCF
— — — (49) (27) (29) (33) (44) (83) (118)
Working Cap'
— — — 253 290 103 101 125 198 282
Total Debt
— — — 242 251 51 51 75 165 261
Net Debt
— — — 330 321 504 523 561 595 626
Sh' Equity
— — — (9.25%) (4.99%) (0.21%) 0.64% 2.14% 1.36% 1.19%
ROA
— — — (4.10%) (5.16%) 2.50% 1.84% 4.05% 3.20% 1.94%
ROIC
— — — (13.96%) (15.27%) (0.51%) 1.34% 4.68% 3.27% 3.18%
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

First Watch Restaurant Group, Inc. peers in Restaurants

All 56 Restaurants stocks →

First Watch Restaurant Group, Inc. (FWRG) key facts

  • First Watch Restaurant Group, Inc. (FWRG) is a Restaurants company in the Consumer Cyclical sector, listed on Nasdaq.
  • First Watch Restaurant Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 20.3% from fiscal 2024.
  • Net income was $19.4 million, or $0.32 per share (basic), a net margin of 1.59%.
  • As of September 25, 2026, FWRG traded at $10.14, a market capitalization of $642.4 million.
  • At that price the stock trades at 33.8× trailing-twelve-month earnings and 0.5× sales.
  • Return on equity was 3.18% and debt-to-equity 0.46.

Source: company filings (standardised) and stockrow calculations.

First Watch Restaurant Group, Inc. (FWRG) Latest News

News by impact score

Fine-tune

14 Aug

3

First Watch Restaurant Group faces three major risks that undermine its investment appeal, leading to a recommendation for an alternative stock instead. Negative risk assessment may pressure investor sentiment and near-term share price without altering core operations.

12 Aug

3

First Watch Restaurant Group’s Q2 earnings call drew five key analyst questions on performance metrics, growth initiatives, and margin pressures. Earnings call questions can shape near-term investor sentiment around financial outlook without altering long-term strategy.

11 Aug

3 transcript

First Watch (FWRG) released its Q2 2026 earnings call transcript covering financial results, operations and outlook. Earnings call delivers updated metrics and guidance that can shift near-term sentiment and performance expectations.

4 Aug

4 transcript

First Watch Restaurant Group Inc (FWRG) reported 15% revenue growth in Q2 2026 earnings call highlights. 15% revenue surge signals strong growth likely to lift stock performance and investor outlook.

4

First Watch Restaurant Group reports higher sales and raises its outlook following solid Q2 results. Higher sales and raised outlook indicate stronger financial performance that can lift stock valuation and investor sentiment.

3

First Watch Restaurant Group, Inc. released its Q2 2026 earnings call summary covering financial results and operational updates. Q2 earnings updates supply financial metrics that moderately shift near-term investor sentiment and valuation.

3

First Watch Restaurant Group (FWRG) released Q2 earnings, comparing key metrics directly to Wall Street estimates. Q2 earnings metrics versus estimates can shift short-term investor views on performance without major strategic shifts.

3 transcript

First Watch Restaurant Group reported Q2 revenue growth, same-store sales gains, and expansion plans during its earnings call while noting labor and cost pressures. Q2 earnings call updates on sales, costs, and expansion may moderately shift near-term investor views without altering long-term trajectory.

3

First Watch Restaurant Group, Inc. (FWRG) reported Q2 earnings that missed estimates. Q2 earnings miss signals potential challenges for FWRG financial performance and stock valuation.

3

First Watch Restaurant Group beats Q2 CY2026 revenue estimates, driving a sharp rise in its stock price. Single-quarter revenue beat lifts near-term stock price but leaves core operations and long-term trajectory unchanged.

3

First Watch Restaurant Group, Inc. reported its Q2 2026 financial results. Quarterly earnings directly shape near-term stock valuation and investor outlook.

3 Aug

3

First Watch Restaurant Group, Inc. (FWRG) is scheduled to report earnings tomorrow. Upcoming earnings release may shift near-term stock performance and investor views.

28 Jul

3

First Watch Restaurant Group earnings projected to grow ahead of next week's release. Anticipated earnings growth may moderately influence investor sentiment and short-term stock performance for First Watch Restaurant Group.

22 Jul

3

FWRG faces three key risks that render the stock unattractive, with one alternative stock recommended for purchase instead. Negative risk highlights may pressure near-term investor sentiment and share price.

11 Jun

3

First Watch Restaurant Group (FWRG) Q1 performance featured in sit-down dining stocks highlights, covering operational and financial results for the period. Q1 results disclosure provides earnings data likely to affect near-term stock sentiment and valuation without indicating major strategic shifts.

10 Jun

4

First Watch Restaurant Group shares surge after the company delivers stronger-than-expected results and raises full-year guidance, lifting investor sentiment. Positive earnings surprise and raised guidance directly improve near-term financial outlook and market valuation for FWRG.

4 Jun

3

New analyst price targets for First Watch Restaurant Group (FWRG) indicate a shifting narrative on the company's outlook and valuation. Revised analyst targets can moderately sway near-term investor sentiment and stock trading without fundamentally changing operations.

15 May

3

First Watch Restaurant Group (FWRG) Q1 earnings call featured top five analyst questions on restaurant-level margins amid cost pressures, breakfast traffic trends, labor challenges, expansion plans, and long-term growth outlook. Analyst questions spotlight operational margins, traffic, labor costs, and growth strategy, exerting moderately noticeable influence on FWRG's financial performance and investor sentiment.

11 May

4

First Watch Restaurant Group (FWRG)'s investment story is shifting amid evolving market dynamics and company developments. Shifting investment story signals major strategic or operational changes likely to alter FWRG's trajectory and investor sentiment.

6 May

4 transcript

First Watch Restaurant Group, Inc. (FWRG) released Q1 2026 earnings call transcript detailing quarterly financial results, operational updates, and forward guidance. Q1 2026 earnings transcript reveals financial performance and guidance directly impacting FWRG's stock trajectory and investor sentiment.

4

First Watch Restaurant Group, Inc. (FWRG) reported Q1 2026 revenue surging 17% to $331 million. 17% revenue growth to $331 million in Q1 2026 demonstrates strong financial performance, likely enhancing investor sentiment and future market trajectory.

5 May

4

First Watch Restaurant Group, Inc. released Q1 2026 earnings call summary highlighting financial results, operational updates, and future outlook. Q1 2026 earnings call summary discloses critical financial performance and strategic guidance impacting stock valuation and investor confidence.

4 transcript

First Watch Restaurant Group, Inc. (FWRG) released its Q1 2026 earnings call transcript detailing quarterly financial performance, operational updates, and forward guidance. Q1 2026 earnings transcript reveals financial results, strategic updates, and guidance that significantly influence FWRG's market performance and investor outlook.

4

First Watch Restaurant Group stock surged over 10% today after reporting third-quarter results that beat Wall Street expectations, with revenue up 3% to $267 million, restaurant-level operating margin at 21.2%, and comparable sales growth of 7.1%, prompting reaffirmed full-year guidance. Q3 earnings beat and strong comparable sales growth represent major positive financial momentum likely to boost investor confidence and trajectory.

4

First Watch Restaurant Group (FWRG) released Q1 earnings call highlights covering financial results, operational updates, and future outlook. Q1 earnings call highlights detail financial performance and strategic updates that significantly influence FWRG's trajectory and investor sentiment.

4

First Watch Restaurant Group (FWRG) reported Q1 earnings, with key metrics highlighting performance insights. Q1 earnings reports significantly influence financial trajectory and market sentiment for FWRG.

4

First Watch Restaurant Group, Inc. (FWRG) reported Q1 2026 financial results. Quarterly earnings reports significantly impact stock price, investor sentiment, and market performance.

3

First Watch Restaurant Group benefits from new menu items and marketing efforts, driving positive momentum in sales and customer traffic. New menu and marketing initiatives positively influence financial performance and market sentiment but remain balanced by broader industry factors.

3

First Watch Restaurant Group, Inc. (FWRG) reported a Q1 net loss but beat revenue estimates. Q1 loss despite revenue beat highlights mixed results with moderate effects on financial performance and investor sentiment.

4 May

4

First Watch Restaurant Group, Inc. (FWRG) releases earnings tomorrow, with preview covering expected revenue growth, EPS, comparable sales, and guidance amid industry challenges. Upcoming earnings report carries potential for major stock volatility and shifts in investor sentiment depending on results versus expectations.

stockrow.com/FWRG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com