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Saturday 17 October 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. 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.

12.12 0.24 −1.94%
Market cap
$762.8M
P/E
40.4×
Fwd P/E
67.6×
Dividend yield
—
F-score
4/9
Altman Z
1.14
Beneish M
−2.79
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

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

Alert me on P/E ratio

As of 16 October 2026, First Watch Restaurant Group, Inc. (FWRG) trades at a P/E ratio of 40.4×. Over the past ten years it has ranged from 0.0× (March 2022) to 340× (August 2025); the current reading is higher than 21% of that period. That is above the Restaurants industry median of 24.3× and above the Consumer Cyclical sector median of 17.3×.

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
Jun 2026 43.0× 18.90%
Mar 2026 36.1× (24.18%)
Dec 2025 47.7× (76.72%)
Sep 2025 205× (28.02%)
19 more quarters

Against its own ten years

Low 0.0× High 340×
Ten-year median 59.9×
Current reading's percentile 12

P/E ratio against peers

Company P/E ratio
CNNE Cannae Holdings, Inc. compare n/m
BH.A Biglari Holdings Inc. compare n/m
KRUS Kura Sushi USA, Inc. compare n/m
LOCO El Pollo Loco Holdings, Inc. compare 13.8×
PZZA Papa John's International, Inc. compare 23.9×
BLMN Bloomin' Brands, Inc. compare 31.1×
HDL Super Hi International Holding Ltd. Unsponsored ADR compare 37.9×
FWRG First Watch Restaurant Group, Inc. 40.4×
SG Sweetgreen, Inc. compare 91.3×
Restaurants industry median 24.3×
Consumer Cyclical sector median 17.3×
Market median 18.1×

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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