First Watch Restaurant Group, Inc.
FWRG Consumer Cyclical Restaurants
First Watch Restaurant Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 20.3% from fiscal 2024. In the quarter to June 2026, revenue grew 15.2%, EPS grew 33.3%, free cash flow fell 580.4% and total debt rose 11.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
Follow FWRG
First Watch Restaurant Group, Inc. (FWRG) EV/Sales
As of 16 October 2026, First Watch Restaurant Group, Inc. (FWRG) trades at a EV/Sales of 0.8×. Over the past ten years it has ranged from 0.7× (September 2026) to 2.3× (October 2021); the current reading is higher than 6% of that period. That is below the Restaurants industry median of 1.2× and below the Consumer Cyclical sector median of 1.0×.
EV/Sales, daily
Embed this chart
Annual newest first
| Period | EV/Sales | Change |
|---|---|---|
| FY2025 | 1.0× | (23.86%) |
| FY2024 | 1.3× | (9.07%) |
| FY2023 | 1.4× | 16.88% |
| FY2022 | 1.2× | (16.47%) |
| FY2021 | 1.4× | (37.75%) |
| FY2020 | 2.3× | 0.00% |
| FY2019 | 2.3× | — |
Quarterly newest first
| Period | EV/Sales | Change |
|---|---|---|
| Jun 2026 | 0.8× | 14.29% |
| Mar 2026 | 0.7× | (26.65%) |
| Dec 2025 | 1.0× | (5.73%) |
| Sep 2025 | 1.0× | (7.31%) |
| 19 more quarters | Free account |
Against its own ten years
EV/Sales against peers
| Company | EV/Sales |
|---|---|
| HDL Super Hi International Holding Ltd. Unsponsored ADR compare | −0.1× |
| BLMN Bloomin' Brands, Inc. compare | 0.4× |
| PZZA Papa John's International, Inc. compare | 0.7× |
| FWRG First Watch Restaurant Group, Inc. | 0.8× |
| LOCO El Pollo Loco Holdings, Inc. compare | 1.0× |
| KRUS Kura Sushi USA, Inc. compare | 1.3× |
| SG Sweetgreen, Inc. compare | 1.5× |
| CNNE Cannae Holdings, Inc. compare | 1.7× |
| BH.A Biglari Holdings Inc. compare | 17.5× |
| Restaurants industry median | 1.2× |
| Consumer Cyclical sector median | 1.0× |
| Market median | 2.1× |
What EV/Sales is
EV/Sales tells an investor how the value of a whole company, counting its debt and cash, compares with the sales it brings in.
((Stock Price × Shares (Basic, Weighted) (latest quarter)) + (Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter)) − Cash & Short Term Investments (latest quarter)) ÷ Revenue (TTM)