A Business at a Glance
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First Watch Restaurant Group, Inc.
FWRG
$760M
Mkt Cap
$12.12
+1.34%
First Watch Restaurant Group, Inc. (FWRG) has a current P/E ratio of 39.1, compared to its historical median P/E of 51.3. The stock is currently considered Cheap based on its historical valuation range.
First Watch Restaurant Group, Inc. (FWRG) has a 5-year average return on invested capital (ROIC) of 3.2%. This is below average and may indicate limited pricing power.
First Watch Restaurant Group, Inc. (FWRG) has a market capitalization of $747M. It is classified as a small-cap stock.
First Watch Restaurant Group, Inc. (FWRG) does not currently pay a regular dividend.
Based on historical P/E analysis, First Watch Restaurant Group, Inc. (FWRG) appears cheap. The current P/E of 39.1 is 24% below its historical median of 51.3. The estimated fair value CAGR (P/E method) is 65.8%.
First Watch Restaurant Group, Inc. (FWRG) operates in the Retail-Eating Places industry, within the Consumer Cyclical sector.
First Watch Restaurant Group, Inc. is a Delaware holding company. Unless the context otherwise requires, “we,” “us,” “our,” “First Watch,” the “Company,” “Management” and other similar references refer to First Watch Restaurant Group, Inc. and, unless otherwise stated, all of its subsidiaries. Since opening our doors in 1983, we have been a pioneer in Daytime Dining, serving made-to-order breakfast, brunch and lunch using the freshest of ingredients. We have built our brand on our commitment to operational excellence, our culinary mission centered around a fresh, continuously evolving menu, and our “You First” culture. Our focus on one daytime shift enables us to optimize restaurant operations while generating an average unit volume of $2.3 million per restaurant in 2025 in only 7.5 hours per day.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.3B | 1.2B | 1.0B | 892M | 730M | 601M |
| Net Income | 18M | 19M | 19M | 25M | 6.9M | -2.1M |
| EPS | $0.29 | $0.31 | $0.30 | $0.41 | $0.11 | $-0.04 |
| Free Cash Flow | -9.5M | -31M | -12M | 12M | 718K | 28M |
| ROIC | 5.3% | 3.3% | 3.8% | 4.8% | 1.8% | 2.3% |
| Gross Margin | - | 20.5% | 22.1% | 21.7% | 19.4% | 24.1% |
| Debt/Equity | 0.45 | 0.45 | 0.33 | 0.22 | 0.19 | 0.22 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 27M | 28M | 39M | 41M | 17M | 22M |
| Operating Margin | 2.2% | 2.3% | 3.8% | 4.6% | 2.3% | 3.7% |
| ROE | 2.8% | 3.2% | 3.3% | 4.7% | 1.3% | -0.5% |
| Shares Outstanding | 62M | 63M | 63M | 62M | 63M | 53M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 436M | 342M | 601M | 730M | 892M | 1.0B | 1.2B | 1.3B |
| Gross Margin | 15.2% | 31.6% | 24.1% | 19.4% | 21.7% | 22.1% | 20.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 56M | 46M | 70M | 85M | 103M | 113M | 129M | 139M |
| EBIT | -38M | -47M | 22M | 17M | 41M | 39M | 28M | 27M |
| Op. Margin | -8.6% | -13.8% | 3.7% | 2.3% | 4.6% | 3.8% | 2.3% | 2.2% |
| Net Income | -45M | -50M | -2.1M | 6.9M | 25M | 19M | 19M | 18M |
| Net Margin | -10.4% | -14.5% | -0.4% | 0.9% | 2.8% | 1.9% | 1.6% | 1.4% |
| Non-Recurring | 32M | 15K | -19K | 20K | 559K | 25K | 48K | 48K |
| Returns on Capital | ||||||||
| ROIC | N/A | -10.1% | 2.3% | 1.8% | 4.8% | 3.8% | 3.3% | 5.3% |
| ROE | N/A | -15.3% | -0.5% | 1.3% | 4.7% | 3.3% | 3.2% | 2.8% |
| ROA | N/A | -9.9% | -0.2% | 0.6% | 2.1% | 1.4% | 1.2% | 1.0% |
| Cash Flow | ||||||||
| Op. Cash Flow | 21M | -18M | 63M | 63M | 95M | 116M | 126M | 140M |
| Free Cash Flow | -38M | -45M | 28M | 718K | 12M | -12M | -31M | -9.5M |
| Owner Earnings | -7.7M | -105M | 22M | 18M | 47M | 49M | 40M | 49M |
| CapEx | 59M | 27M | 35M | 62M | 83M | 128M | 157M | 150M |
| Maint. CapEx | 28M | 86M | 32M | 34M | 41M | 58M | 75M | 80M |
| Growth CapEx | 31M | 0 | 2.9M | 28M | 42M | 70M | 82M | 70M |
| D&A | 28M | 86M | 32M | 34M | 41M | 58M | 75M | 80M |
| CapEx/OCF | N/A | N/A | 56.1% | 98.9% | 88.7% | 110.6% | 124.6% | 106.7% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.2M | 750K | 8.6M | 10M | 7.6M | 8.5M | 11M | 12M |
| Debt Repayment | 33M | 39M | 2.2M | 0 | 0 | 53M | 388M | 388M |
| Balance Sheet | ||||||||
| Net Debt | 39M | 262M | 62M | 51M | 76M | 165M | 261M | 259M |
| Cash & Equiv. | 11M | 39M | 52M | 50M | 50M | 33M | 21M | 24M |
| Long-Term Debt | 50M | 286M | 100M | 95M | 120M | 189M | 269M | 269M |
| Debt/Equity | N/A | 0.94 | 0.22 | 0.19 | 0.22 | 0.33 | 0.45 | 0.45 |
| Interest Coverage | -1.9 | -2.1 | 1.1 | 3.2 | 5.1 | 2.7 | 1.5 | 42.9 |
| Equity | N/A | 321M | 504M | 523M | 561M | 595M | 626M | 628M |
| Total Assets | N/A | 1.0B | 1.0B | 1.1B | 1.3B | 1.5B | 1.7B | 1.8B |
| Total Liabilities | N/A | 687M | 542M | 581M | 706M | 919M | 1.1B | 1.1B |
| Intangibles | N/A | 144M | 143M | 143M | 151M | 168M | 175M | 173M |
| Retained Earnings | N/A | -103M | -105M | -98M | -73M | -54M | -34M | -37M |
| Working Capital | N/A | -27M | -29M | -33M | -44M | -83M | -118M | -126M |
| Current Assets | N/A | 49M | 68M | 67M | 71M | 56M | 49M | 52M |
| Current Liabilities | N/A | 77M | 97M | 100M | 115M | 138M | 167M | 177M |
| Per Share Data | ||||||||
| EPS | -1.01 | -1.10 | -0.04 | 0.11 | 0.41 | 0.30 | 0.31 | 0.29 |
| Owner EPS | -0.17 | -2.33 | 0.42 | 0.29 | 0.75 | 0.78 | 0.64 | 0.79 |
| Book Value | N/A | 7.10 | 9.58 | 8.33 | 9.07 | 9.44 | 9.99 | 10.19 |
| Cash Flow/Share | 0.48 | -0.41 | 1.20 | 1.00 | 1.54 | 1.83 | 2.01 | 1.58 |
| Dividends/Share | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 45.0M | 45.2M | 52.7M | 62.8M | 61.9M | 63.1M | 62.7M | 61.6M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | 122.7 | 48.9 | 62.3 | 51.3 | 41.8 |
| P/FCF | N/A | N/A | 31.2 | N/A | 103.3 | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | 38.9 | 50.3 | 30.7 | 33.7 | 45.0 | 36.7 |
| Price/Book | N/A | N/A | 1.7 | 1.6 | 2.2 | 2.0 | 1.6 | 1.2 |
| Price/Sales | N/A | N/A | 1.8 | 1.3 | 1.2 | 1.2 | 0.9 | 0.6 |
| FCF Yield | N/A | N/A | 3.2% | 0.1% | 1.0% | -1.0% | -3.1% | -1.3% |
| Market Cap | 0 | N/A | 863M | 848M | 1.2B | 1.2B | 997M | 747M |
| Avg. Price | 0.00 | N/A | 20.09 | 14.90 | 17.12 | 19.24 | 17.60 | 12.12 |
| Year-End Price | 0.00 | N/A | 16.39 | 13.50 | 20.03 | 18.70 | 15.91 | 12.12 |
First Watch Restaurant Group, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
First Watch Restaurant Group, Inc. trades at 39.1x trailing earnings, compared to its 15-year median P/E of 51.3x, suggesting it is currently Cheap relative to its historical range. The company's 5-year average ROIC is 3.2% with a gross margin of 21.5%. At current prices, the estimated annualized return to fair value is -17.2%.
First Watch Restaurant Group, Inc. (FWRG) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
First Watch Restaurant Group, Inc. (FWRG) has a net profit margin of 1.6%. This is a modest margin.
First Watch Restaurant Group, Inc. (FWRG) generated $-31 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
First Watch Restaurant Group, Inc. (FWRG) has a debt-to-equity ratio of 0.45. This indicates a conservatively financed balance sheet.
First Watch Restaurant Group, Inc. (FWRG) reported earnings per share (EPS) of $0.31 in its most recent fiscal year.
First Watch Restaurant Group, Inc. (FWRG) has a return on equity (ROE) of 3.2%. This indicates moderate shareholder returns.
First Watch Restaurant Group, Inc. (FWRG) has a 5-year average gross margin of 21.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 7 years of financial data for First Watch Restaurant Group, Inc. (FWRG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
First Watch Restaurant Group, Inc. (FWRG) has a book value per share of $9.99, based on its most recent annual SEC filing.