First Watch Restaurant Group, Inc. (FWRG) vs Papa John's International, Inc. (PZZA)

First Watch Restaurant Group, Inc. and Papa John's International, Inc. are both Restaurants companies. First Watch Restaurant Group, Inc. and Papa John's International, Inc. are of similar size ($675.3M and $642.4M). Papa John's International, Inc. trades at the lower P/E: 24.1× against 33.8×. First Watch Restaurant Group, Inc. grew revenue faster over the last twelve months: 19.3% against −5.65%. First Watch Restaurant Group, Inc. has the higher net margin (1.35% vs 1.34%) and the lower return on invested capital (1.95% vs 18.6%). Across the 20 metrics below, Papa John's International, Inc. leads on 12 and First Watch Restaurant Group, Inc. on 8.

Valuation

Metric FWRG PZZA Restaurants median
P/E 33.77 24.14 22.14
P/S 0.47 0.33 0.91
P/B 0.99 n/m 2.01
Price to free cash flow n/m 25.21 19.41
EV/EBITDA 7.98 7.77 11.48
EV/Sales 0.68 0.70 1.20
Earnings yield 2.96% 4.14% 2.30%
Free cash flow yield (3.50%) 3.97% 3.92%

Profitability

Metric FWRG PZZA Restaurants median
Gross margin 20.63% 28.73% 38.77%
Operating margin 2.14% 4.30% 4.30%
Net margin 1.35% 1.34% 1.85%
Free cash flow margin (1.66%) 1.30% 3.12%
Return on equity 2.88% (6.16%) 3.07%
Return on assets 1.02% 3.12% 1.50%
Return on invested capital 1.95% 18.60% 3.14%

Growth

Metric FWRG PZZA Restaurants median
Revenue growth (TTM) 19.27% (5.65%) 5.16%
EPS growth (last fiscal year) 3.33% (64.57%) —
Revenue growth, 5-year CAGR 28.99% 2.52% 10.57%
Net income growth, 5-year CAGR 0.00% (6.66%) 0.00%

Health

Metric FWRG PZZA Restaurants median
Debt to equity 0.46 (1.71) 0.10
Current ratio 0.27 0.83 0.81
Net debt to EBITDA 2.53 3.91 0.43

Dividend

Metric FWRG PZZA Restaurants median
Dividend yield — 2.32% 2.32%
Payout ratio 0.00 0.80 0.00

Size

Metric FWRG PZZA Restaurants median
Market cap 642.36m 675.28m 482.66m

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