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Friday 6 November 2026 Export FWRG’s income statement to Excel — free account

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.

Revenue
+10.7%
EPS
+55.2%
Free cash flow
+2.94%
Total debt
+10.3%

Quarter to September 2026, against a year earlier

13.04 0.46 −3.41%
Market cap
$809.9M
P/E
39.8×
Fwd P/E
138×
Dividend yield
—
F-score
4/9
Altman Z
1.14
Beneish M
−2.79
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

First Watch Restaurant Group, Inc. (FWRG) P/E ratio

Alert me on P/E ratio

As of 5 November 2026, First Watch Restaurant Group, Inc. (FWRG) trades at a P/E ratio of 39.8×. Over the past ten years it has ranged from 0.0× (March 2022) to 340× (August 2025); the current reading is higher than 20% of that period. That is above the Restaurants industry median of 26.2× and above the Consumer Cyclical sector median of 18.1×.

P/E ratio, daily

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Annual newest first

Period P/E ratio Change
FY2025 47.7× (20.61%)
FY2024 60.0× 28.51%
FY2023 46.7× (59.34%)
FY2022 115× —
FY2021 0.0× —
FY2020 0.0× —
FY2019 0.0× —

Quarterly newest first

Period P/E ratio Change
Sep 2026 31.0× (27.75%)
Jun 2026 43.0× 18.90%
Mar 2026 36.1× (24.18%)
Dec 2025 47.7× (76.72%)
20 more quarters

Against its own ten years

Low 0.0× High 340×
Ten-year median 59.3×
Current reading's percentile 11

P/E ratio against peers

Company P/E ratio
BH Biglari Holdings Inc. compare n/m
CNNE Cannae Holdings, Inc. compare n/m
BRCB Black Rock Coffee Bar, Inc. compare n/m
LOCO El Pollo Loco Holdings, Inc. compare 13.9×
PZZA Papa John's International, Inc. compare 26.2×
BJRI BJ's Restaurants, Inc. compare 29.9×
BLMN Bloomin' Brands, Inc. compare 32.7×
HDL Super Hi International Holding Ltd. Unsponsored ADR compare 38.7×
FWRG First Watch Restaurant Group, Inc. 39.8×
Restaurants industry median 26.2×
Consumer Cyclical sector median 18.1×
Market median 17.9×

What P/E ratio is

Price to Earnings Ratio shows how much investors pay for each dollar of a company’s annual profit per share.

Stock Price ÷ EPS (Basic) (TTM)

The full definition of P/E ratio →

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